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No. 27,618 

Monday July 24 1978 



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7£L GUILDFORD t048ji 7Sg jg 


colnbrook 3131 






Holiday BL Cars 
flights Plans 
held up 7,ooo 
again cu ! 

Holidaymakers flying from 
British airports faced more 
delays yesterday as French and 
Spanish air traffic controllers 
continued their ivork-to-raJe. 

At some northern airports, 
prasengers bound for Spain had 
to wail for up to eight hours Tor 
a flight yesterday. At Heathrow, 
continental flights were being 
delayed by up to four hours. 

Delays were generally shorter 
than last week, because French 
controllers allowed more flights 
. through and the Department o[ 

1 Trade lifted its restrictions on 
night flying. 

Fishing talks 

Britain's Ashing conservation 
moves, particularly its herring 
fishing ban. are likely to be criti- 
cised at today's meeting in 
Brussels of Common Market farm 
and fisheries Ministers. 

Team withdrawn 

• A British Armed Forces team, 
due Id compete in next month’s 
world helicopter championships 
in the Soviet Union, has been 
withdrawn on the advice of 
Foreign Secretary Dr. David 
Owen, who thinks participation 
inappropriate " after recent 
•Soviet dissidents’ trials. 

Belief ‘lost’ 

, Dr. Donald Coggan, Archbishop 
of Canterbury, told 400 bishops 
attending an international con- 
ference in Lambeth that some 
or (hem had virtually “given 
up believing " that Cod spoke to 
the Church. 

Cycling win 

Frenchman Bernard Hinault. 23, 
riding in the race, for the first 
lime, won ihe Tour de France 
cycling marathon. T.l. Raleigh 
won the team points prize. 
Feature, Page 10 

Sun dispute 

The Sun newspaper was not 
published today. The manage- 
ment said thai journalists were 
taking unofficial action in support 
i»f a pay claim which breached 
ihe Government's guidelines. 
Times disputes. Page 4 

Guards killed 

Three guards were killed in a 
•lot by 400 prisoners at an 
Minot* iail ancl a fourth critic* 
illy injured. Snaring tempera- 
ores and overcrowding were 
.aid to have provoked the riot. 

Montreal, two prisoners sur- 
•endcred four hostages seized 
hree days ago. 

Guerrilla link 

lad rid investigators are con- 
idertnc a possible link between 
Spain's' most active guerrilla 
roup* — the Basque separatist 
roup F.TA and the. anti-fascist 
■ roup (TRAFO— after the murder 
n Friday or an army general 
nd his aide in the city. 

- Egyptians quit 

he LMfl-strong Egyptian team at 
ip third African . games in 

bigger share 

of sea 


_ ip mira r; 

f I Inters left /or home last night 

*. ty£yt' ,cr a brawJ w,th lhc L,hyan 

’iccer team. The Libyans were 
.■polled From the soccer lourna- 
cm bv the African Football 
nnfederauon after the incident. 


>me overnight tTains and sleep- 
.« c ar services from Euston 
ere cancelled last night because 
. industrial action by Warring* 

n si coalmen. 

■mi bombs exploded fn Athens 
st night, the fourth anniversary 
restored democratic rule in 
recce. No one was hurt, 
eekly £50,000 Premium Bond 
izc was won by bond number 
■ 'W 272410. The winner lives 
. Buckinghamshire. 

8L CARS, is expected to- open 
talks with unions within the next 
few weeks on plans io shed 
about 7,000 jobs by the end of 
the year. It hopes to achieve 
this by natural wastage and 
voluntary redundancy. 

The blow will be softened, by 
a recruitment programme, now 
gaining momentum, to attract 
about 2,000 men to meet ihe 
company's shortfall of skilled 

BL. formerly British Leyland, 
is to lease an office block in 
Hammersmith. West London, as 
its new corporate headquarters. 
Back Page 

dence survey shows people feel- 
ing less confident about the 
future than six months ago. in 
spite of better news about prices. 
Page 29 

rn GOVERNMENT is expected to 
publish this week its detailed 
proposals for new legislation on 
supervision of the banking 

For the first time in Britain, 
the new law will set np a system 
of licensing for all deposit- 
taking institutions. 

Back Page •' 

ft PROGRESS in establishing 
new EEC rules for regulating 
banks is expected to speed up 
shortly, with the creation of a 
new advisory committee of 
supervisory authorities. 

Page 3 

• CBI launched an initiative 
aimed at increasing the number 
of MPs with direct experience of 
working io industry- The Con- 
federation also endorsed calls 
from a wide range of pressure 
groups for fundamental chanc*% 
to the European Common AfltF 
cultural Policy- Back Page and 
Page 3 

Sugar pay pact 
details sought 

• BRITISH SUGAR Corporation 
is being asked by the Govern- 
ment for details of a pay settle- 
ment which provides 5,500 
employees with 9.5 per cent 
increases after the 5 per cent 
guidelines of Phase Four, come 
into force. 

Back Page 

• CONSTRUCTION companies 
operating In Nigeria, Britain's 
ninth biggest export market, may 
be hit by a 21 per cent levy 
on their turnover. 

Back Page 

agement. which has said that it 
will suspend all publication from 
November 30 unless it achieves 
improvements in industrial rela- 
tions. this week will ’send 
proposals for a new disputes 
procedure to print union leaders. 
Page 4 

sional figures show that -43m was 
withdrawn in the five weeks to 
Julv 7. Still bigger withdrawals 
took place in the second week 
of this month, and will show up 
in the next set of figures. Page 3 

e RECOVERABLE oil reserves- 1 
in the Hamilton group’s North 
Sea Argyll Field are expected to 
be uprated substantially as a 
result of the latest development 
Page 3 

• SECOND STAGE of the Stock 
Exchange's evidence to tne 
Wilson Committee is to be pub- 
lished at the end of this week. 
Back Page 

• CIBA-Gclgy first-half sales 
fell 12 per cent. Shareholders 
should reckon with a lower level 
of sales and profits this year, 
compared with last, directors 
said. Page 27 


THE GOVERNMENT is proposing to make North Sea operating conditions 
tougher for oil companies. Plans being formulated in the Department of 
Energy and the Treasury include a substantia! increase in taxation and a 
greater involvement in future licences by State-owned British National Oil 



nerseas news 

i'nrld Hade news * 

inme new*— general 3 

— labour * 

r'erftiiJral page * 

lanagcraent page 1 

Arts page - 

Leader page 

UJL companies 

International companies ... jj' 

Foreign Exchanges •>« 

Mining Notebook 


fliy Raleigh is stUl riding 

a winner - ■ ■ 

lew hope for the innovators to 

Justinian — 8 


Arab Banking & Finance «■» 

plofagusia {Chill) and 

Bolivia Railway 

ham her lain and Hill 


Lloyds Bank 

London Boro, of Camden. 


’ 29 Young and Co-’s Brewery “ 

. - 7ambra "7,7.7. - 3 Petbow Holdings • 

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{crtalinMni Guido 

lancial Diary 



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Mon and MBW* - 
Parliament OMfV - 
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For latest Share Index ’plane 01*246 8026 

Details of planned changes in 
the petroleum revenue tax and 
the final conditions for the next 
round of offshore licences are 
expected to be announced as a 
combined package before Parlia- 
ment rises for the summer 
recess early next, month by two 
Cahinet Ministers. Mr. Joel 
Barnett. Chief Secretary to ihe. 
Treasury, and Mr. Anthony 
Wedgwood Benn. Energy Sec- 

In a bid to siphon off more 
'if the big profits being made 
by gome North Sea operators, 
the Treasury is planning to 
amend the oil taxation Act. It 
is thought that it wants fa raise 
the basic rate of petroleum 
revenue — 45 per cent levied on 
specially defined profits — to 
nearer 60 per cent At the same 
time, changes would be made 
to tho conditions of the tax 
which at present can be used lo 
delay payment. 

But. there seems little chance 
of the Government's making any 
changes before an autumn 
election. It wpuld either need 
Parliamentary approval for an 
amendment to the oil taxation 
Act nr a special clause in a 
finance Act. 

It is known that Lord Kearton. 
chairman and chief executive of 
the oil corporation and one of 
Mr. Benn's closest advisers, is 
unhappy about the effect of the 
tax allowances, in particular the 

concession which enables com- 
panies to write off 175 per cent or 
investment before paying the tax. 

This 75 per cent “uplift” was 
designed to belp companies meet 
interest charges on loans needed 
to pay for capital equipment 
However. Lord Kean on com- 
mented after one recent corpora- 
tion Board meeting that the con- 
cession also acted as a benefit to 
the inefficient. 

The Government concedes that 
tax and royalty payments will 
become significant only when 
capital and other allowances have 
been taken into account. Conse- 
quently, although North Sea oil 
and gas strengthened the overall 
balance of payments by £2.5bn 
last year, receipts from tax and 
royalties were just £J28m. 


According to the Energy De- 
partment, Government revenues 
should approach £4bn a year by 
the mid-1980s. 

Any changes in the taxation 
system almost certainly will be 
strongly contested by the oil 
companies which say that when 
ihe allowances have worked 
through, ' the total tax level — 
including corporation tax— will 
be about 70 per cent. 

The Treasury and Energy 
Department have been concerned 
about the high profit levels being 

earned by companies In such 
fields as Forties, riper. Beryl. 
Claymore, Auk and Argyll. How- 
ever, they arc also trying to 
arrive at. a formula which will 
continue to benefit the small or 
marginally profii;ihi e discoveries.! 

Even so. companies will bej 
concerned that tougher taxation; 
will make future exploration and 
production less a (tractive in the 
North Sed where there is a feel- 
ing that the hest fields and the 
majority of reserves have been 

Tbis was an argument put ftr- 
ward by the LiK Offshore Opera- 
tors' Association in its rerent 
consultations with the Energy 
Department over conditions for 
more than 40 blocks fo he 
offered shortly under the sixth 
round of licences. It seems that 
the department has refused to 
concede any hasic change in its 
draft conditions. 

Thus companies wifi be asked 
to offer the oil corporation a 
greater stake than the basic 51 
per cent State participation in 
the previous fifth round blocks. 

They wilt also be invited to 
“ bid ** . the amount of oil cor- 
poration exploration costs they 
are prepared to meet This 
novel type - of auction could re- 
sult In the Staie corporation's 
expenses being carried by the 
industry to a substantial extent 
Argyll reserves. Page 3 
Continued on Back Page 

Callaghan faces test 

on economic 


severe political test in the 
Commons this week of the 
central economic policies on 
which its General Election 
campaign largely wifi be 

The series of conflicts over the 
phase four pay policy, dividend 
control and unemployment is 
regarded as a crucial dress 
rehearsal for an - autumn poll. 

Two defeats for the Govern- 
ment are almost certain — on the 
dividend control Bill and. to- 
night. on an order which would 
extend job protection to dockers 
In the smaller ports. 

The Prime Minister is expected 
to lead the Government’s 
vigorous defence of its counter 
inflation proposals in the debate 
tomorrow on the pay White 

A Government motion, out- 
lining- the anti-inflation policy 
achievements of the fast four 
years, calls for a farther sus- 
tained national effort 

Mr. David Steel. Liberal leader, 
confirmed yesterday that his 
MPs would hack the Govern- 
ment's 5 per. cent policy. “We 
accept the need for severe wage 
restraint although we don't like 
(he methods being used by the 

The Lib-Lab pact will ensure a 
Commons majority for the 
Government's general policy. 

- Rol. Mr. Steel re-emphasised 
that. Jn the absence t.-f statutory 
controls on . pay. Liberal MPs 
would oppose dividend control 
legislation which the Govern- 
ment hopeB to get through the 
Commons in one day on Thurs- 

Legal restraints on dividends 
would be unfair and would bit 
pension funds in particular, he 
said. "Most companies would.’ 
accept voluntary guidelines oh 
dividends as on pay.” 

Without Liberal support, the 
Government's chances of enact- 
ing the Bill appear remote. The 
outcome now rests -on the votes 
of the Scottish Nationalists, who 
are divided on the issue, and on 
the Ulster Unionists. 

Labour's strength may be 
further sapped by sickness — four 
Ministers were in hospital or 
convalescing last week. 

The Conservative whips have 
refused pairing arrangements. 
As a result, the Government has 
recalled Mrs. Shirley Williams, 
Education Secretary, from a visit 
to China shortly after her arrival 
at the weekend. 

Ministers view the prospect of 
defeat on .the Bill with some 
equanimity. - 

The Cabinet has decided that 
in such an event control wilt be 
exercised through the placing of 
Government contracts and aid. 

At the same time. Ministers 
believe that opposition by the 
Conservatives. Liberals and 
others to such an important 
feature of successive pay policies 
will bring the Government some 
political bonus. 

The Opposition's moves would 
be cast as an attempt to sabo- 
tage the Government's counter- 
inflation policy in general. 

Any excessive dividend pay. 
rnents — as well as any high wage 
claims which they could he 
shown to have encouraged — 
would be laid at the Conservative 

The Conservative shadow 
Cabinet meets tomorrow to 
deride tactics for countering this 
political threat and to lay down 
the main lines of its alternative 

Mrs. Margaret Thatcher and 
Sir Geoffrey Howe, economics 
spokesman, recognise that they 
must spell out in greater clarity 
the attitude* that an incoming 
Tory government would adopt. 

Federal system proposal. Page 3 

Benn calls a meeting 

senior Ministers prepare For 
this pre-election struggle in the 
Commons, the Labour Party’s 
Left-wing wiU seek to establish 
a stronger base from which, to 
influence the party's election 

Mr. • Anthony Wedgwood 
Benn. Energy Secretary, has 
called a special meeting on 

Thursday of the national execu- 
tive’s home policy committee 
to consider the results of the 
joint working parties on -elec- 
tion policies set op by the 
Cabinet and the executive. 

The committee^ conclusions 
will be set out in a paper and 
be pressed on the Prime Minis- 
ter as guidelines for the draft- 
ing of ihe manifesto. 

Norsk, DSM bid for Conoco’s 
chemical interests in UK 


TWO BIG - West European 
chemical companies have 
emerged ay the front-runnersin 
the bid to buy Continental Oil's 
chemical interests in the UK. 

Norsk Hydro and DSM, the 
Dutch state-owned chemicals 
group, arc both understood to 
be seeking to take over Conoco's 
share in Vlnatex and Staveley 

.The U.S. oil company has been 
negotiating wilh potential buyers 
for more than two months and 
a decision is expected in the 
near future. 

Vina lex Is half owned by 
Conoco and half by Staveley 

Conoco aiso has a 10 per cen t 
share in Staveley Chemicals, 
which is jointly owned with the 
National Coal Beard (45 per 
cent) and the British Steel 
Corporation (45 per cent). 

• The attraction of such an 
acquisition for both Norsk Hydro 
and DSM is the prospect of build- 
ing-up their share of the British 
PVC (polyvinyl chloride) market. 

pvc is one of the most widely 
used, plastics in 1/1/651601 Europe. 

It Is manufactured from VCM 
(vinyl chloride monomer), an 
intermediate chemical for which 
both Norsk Hydro and DSM have 
been building new plants. 

The half stake in Vi oat ex 
would offer .the two companies 
a captive market for part of their 
VCM capacity. 


Norsk Hydro, for instance, has 
recently completed a 300,000 
tonnes a year VCM plant at Its 
new petrochemicals complex at 
Bam We. But its plans to build 
a PVC plant in Denmark have 
been thwarted by environmental 
opposition, and it is thought io 
be keen to secure new outlets 
for its VCM. 

Vinatex has a PVC capacity of 
only 60.000 .tonnes a year, but 
the company received planning 
permission this year to double 
the size of the plant. 

Existing UK producers of 
VCM and PVC are understood to 
be unhappy at the thought of 
added competition from strong 
Continental rivals at a time of 

serious overcapacity and weak 

Exploratory talks have been 
held by Conoco with both 

Imperial Chemical Industries 
and BP Chemicals, the dominant 
domestic producers. 

ICt has a special interest in 
the future of Vinatex.' It is the 
existing supplier of VCM to the 
company and is building a 
further 150.000 tonnes-a-year 
VCM plant at Teesside. But it 
is known to be .concerned al 
the market prospects for this 
new plant. 

The hoards of both Vinatev 
and Staveley Chemicals are due 
fo meet tbis week, and senior 
officials of Conoco's chemicals 
division are expected in the UK. 
. Whichever buyer Conoco 
chooses, the decision will he 
vetted closely by the National 
Coal Board and the British Steel 
Corporation, which, have Ihe 
opportunity to make a pre- 
emptive hid. 

The Coal Board is keen to 
maintain its foothold in the 
petrochemicals industry and is 
seeking a partner committed to 
the expansion of Vlnatex. 






By Peter RirfdcH, 

Economics Correspondent 

Chancellor, will try today to 
persuade his fclInw-Cimunon 
Market Finance Ministers to 
continue lo base Uieir further 
work on currency stabilisation 
on the guidelines they agreed 
a month ago. 

These outline conditions are 
preferred by ihe British as a 
starling poinl for discussion to 
the specific and controversial 
Franco-German plans unex- 
pectedly lablert at the Bremen 
summit of EEC Heads of 
Government a fortnight ago. 

The French Government is 
known to he determined to 
press ahead as rapidly as 
possible with its particular 
scheme, which It will want to 
keep to lhc fore in detailed 

The British sec today 1 * meet- 
ing In Brussels as relatively 
low-key. though they believe it 
importani that precise guide- 
lines he laid down for the 
parallel work of the monelary 
commlrtee of officials. 

Mr. Healey, in common with 
the. Prime Minister, supports 
tlie general goal of currency 
stabilisation, hut has reserva- 
tions about the particular 
Franco-German scheme. 

Consequently, he believes 
that future -discussions should 
be based on the broad criteria 
agreed by the Finance 
Ministers in Luxembourg in 
June, against which the 
Franco-German plan can be 
compared and tested. 


The points agreed in 
Luxembourg were that any 
currency stabilisation scheme 
should ensure symmetry of 
adjustment between countries 
with current account surpluses 
and delicts; that it should 
permit adjustment of parities 
to reflect fundamental diver- 
gences of inflation rates: and 
that there should be adequate 
supporting credit facilities. 

The UK pressed for an 
increased transfer or real 
resources within the EEC. It 
has now become clear that 
Britain's main concern will be 
to improve the existing machi- 
nery of transfers within (he 
Community. notably the 
Common Agricultural Policy 
and the regional fund, rather 
than try to devise new 

It Is expected that today's 
discussions will not be on a 
detailed level but will concern 
important procedural matters. 

Begin rejects 
Sadat call 
to withdraw 



I ISRAEL today rejected Presi- 
dent Sadat’s request for Ihe 
return to Egypt of two areas in 
Sinai as a unilateral gesture of 
coodwill, thus weakening the 
prospects for a successful new 
round of direct talks which tho 
Americans had hoped to get 
Istanort within two weeks. 

' *' No one can «ol something 

i for nothing.’* said Mr. Menahem 
j Begin, the Prime Minister, in a 
| statement after a six-hour 
Cabinet meeting. “A one-sided 
{step is unthinkable." However. 

! Israel was ready for talks about 
jboth countries' proposals. 

| The latest Israeli move is 
hound to east a shadow over 
.'hopes for prwgres> m the Middle 
East peace negotiations, revived 
by recent meetings between 
Egyptian and Israeli leaders. 

Mr. Begin said that the 
Government had accepted the 
suggestion by Mr. Cyrus Vance. 

‘ U.S Secretary of Slate, that 
Israel and Egypt should send 
jiheir Foreign and Defence 
'Ministers in a meeting at an 
' American early warning station 
■ in (he Sinai buffer zone Today's 
' Cabinet decisinn. however, is 
| hardly likely in make such a 
meeting a success. 

Sinai deal 

President Sadat has said that 
{hits agreement would be depen- 
dent on some new Israeli ideas, 
but none has so far emerged. 

Mr. Alfred Atherton, the U.S. 
roving amhassador. is in the 
region to prepare Ihe ground for 
the planned talks. He is due in 
Israel later this week, after visit- 
ing Saudi Arabia and Jordan. 

The tough Israeli position will 
clearly make it more difficult for 
him to create the constructive 
atmosphere needed for such a 

The Cabinet today heard a 
report by Mr. Moshe Dayan, the 
Foreign Minister, about bis meet- 
ing with Mr. Ibrahim Kamel, the 
Egyptian Foreign Minister, at 
Leeds CasUe Iasi week under the 
chairmanship of Mr. Vance. 

On his return, Mr. Dayan said 
that he would recommend Israel 
io amend its peace plans as there 
could he no progress unless hoth 
sides changed their position in 
the negotiations. Yet Mr. Begin 
claimed the Foreign Minister had 
made no such suggestion to the 

The Egyptian request for the 
return of Mount Sinai and the 
northern Sinai town of El Arish 
was made by President Sadat 
when he met Mr. Ezer Weizman. 
the Defence Minister, in Salzburg 
10 days ago. 

It was suggested at the Cabinet 
that Israel might consider hand- 
ing over parts of Sinai in return 
for Egyptian agreement lo Israel 
keening its settlements planted 
in the peninsula. But it was 
decided that such exchanges 
could he arranged- only in direct 

TEL AVIV. July 23. 


■■One sided step mii thinkable'* 


The Cahinet decision w,w not 
unanimous. Professor Yigacl 
Yadm. Deputy Prime Minister, is 
believed In have hd-n among 
i hose in favour of granting Presi- 
dent Sadat's request. 

The unusual lensih nf the 
meeting, and (he fart that it 
required a vote to reach ,i deci- 
sion. arc clear indications of 
dissent within the Gnvemmcni. 

However. President Sadat's 
description of the Israeli Premier 
as an nbslncic lo peace almost 
certainly contributed in Mr. 
Brgin's refusal to contemplate 
anv ronriwil] cesliires 

In Washington, Mr. Cyrus 
Vance. U.S. Secretary of State 
said that Israel must accept the 
principle of withdrawal from the 
occupied West Bank as a pre- 
condition for resuming peace 
negotiations with Egypt. 

He added that the meetings he 
headed in Britain last week 
between the Egyptian and Israeli 
Foreign Ministers had not nar- 
rowed fundamental differences. 

Bitter attack 

Roger Matthews add* from 
Cairo; Mr. Sadat yesterday 
launched his most hitter ever 
personal attack on Mr. Begin 
He said peace could he achieved 
in a matter of hours if ir was 
nol for the “ expansionist 
ambitions" of Mr. Begin. "It 
is possible to establish peace m 
hours. The only obstacle is 
Israeli Prime Minister Begin, 
who thinks he can have Peace 
and above that. land. We tell 
him 'no.'" said Mr, Sadat. 

“Peace, yes: guarantees for 
both parties, yes: friendly co- 
existence. yes;, recognition. ye.<; 
hut land, no: sovereignty, no. no. 
and a thousand times, no." 

Mr. Sadat went on to stre.-s 
that he was not rejecting Israel’s 
peace proposals because of 
personal antagonism for Mr. 
Begin. Although Egypt rejected 
a separate settlement with 
Israel, it remained responsive 
io any new ideas. 

I .. tun am* 

west Scotch WiflSKf 

zMattkew Gtoacf&i SaflUd* 
Perth. Scotland 

Hi 1300 AT THE SAME AD ppRS 

Quality m an age cf change.’ 

- t 

Financial Times Monday July 24 



Syrian guns pound Christian Beirut i Ethiopian 


• BEIRUT. July 23. 

The secnrity situation took a 
turn for the worse as fighting 
raged today In Lebanon be- 
tween Syrian troops and 
Christian militiamen In the 
lulls overlooking the capital. - 

The echo of explosions coaid 
also be heard in various parts 
of Beirut. as rocket launchers 
and mortar guns were used by 
the Syrians serving with the 
Arab League Peace-keeping 

The Christian town of A! 

Hadass was the scene of ,the 
new clashes, which broke a 
12-day period of quiet. 

The militia of the National 
Liberal Party of former presi- 
dent Camille Chamoim is the 
dominant political' force' in 

Tension had been moon ting 
there after the reported 
murder of two Syrian soldiers- 
Another soldier was wounded 
when a supply lorry he was 

driving was fired on hy the 
militias, a communique by the 
command of the peace force 

Christian leaders have urged 
President Ellas Sarkis to re- 
place the Syrians in the caiptal 
by units oF the Lebanese army. 

Observers noted the Intensity 
of shelling last night showed 
the Syrians have not been 
deterred hy Israel's recent 
threat to come to the help of 
the Christians. 




U.S. and Japan compete to 
aid China oil development 

Coal from 



By Stewart Fleming 


Sadat to form new party 


CAIRO, July 23. 

EGYPT’S FORMAL political 
structure is to undergo another 
major change, the main effect 
of which will be to concentrate 
more power and responsibility 
in the hands of President Anwar 
Sadat. During a speech yesterday 
to mark the 26th anniversary 

of the 1952 Revolution, Mr. Sadat 
announced that he would be 
forming his own political party 
and would be relaxing the regu- 
lations for the formation of other 
new parties in order “to enricb 
and strengthen democratic life" 
within the country. 

It is expected that the post 
of Prime Minister will be 
abolished and that fresh elec- 
tions to the 360-members 
People's Assembly will be held 
in the autumn. Mr. Sadat as 
President and the certain 
majority leader of the new Par- 
liament will then take, responsi- 
bility for the day-to-day running 
of the nation. 

The President’s decision is his 
.response to the bitter political 
wrangling earlier this year *inre 
when he has attempted to curb 
some of his more outspoken 
critics. Both left and right-wing 
parties had been accused by Mr. 
Sadat of launching campaigns 

against the Prime Minister. Mr. 
Mamdouh Salem, and the Cabinet 
with the aim of creating condi- 
tions under which they could 
seize power. 

Mr. Sadat’s political opponents 
had in turn accused him of try- 
ing to stifle democracy and 
impose a personal dictatorship. 
The right-wing New Wafd 
dissolved itself in protest at the 
President's actions while the left- 
wing Unionist Progressive Party 
has frozen its activities. This 
leaves only the tiny Centre-Right 
Liberal Socialist Party and the 
majority Arab Socialist Party 
which was meeting to-day under 
the Prime Minister to discuss its 
future. Virtually all the Arab 
Socialist Party’s members can 
be expected to join .Mr. Sadat's 
new party, although it Is not yet 
certain whether the party as such 
will be dishanded. 

Mr. Sadat also announced yes- 
terday that the number of 
People's Assembly members 
needed to form n new political 
party would be reduced from its 
p resen f figure cF 20. This .spoil Jd 
pave the way for the establish- 
ment of at least two more 
parties that Mr. Sadat would like 
to see formed. They will 
probably be a “nationalist" 

party, aud a new “left-wins" 
party that will effectively re- 
place the Unionist Progressive 

The Central Committee of the 
Arab Socialist Union, that under 
President Gamal Abdul Nasser 
and until 1976 was the only 
political organisation permitted, 
will be dissolved, but will be 
reconstituted as a supervisory 
body to meet once a year on the 
anniversary of the 1952 Revo- 

Throughout his speech Mr. 
Sadat reiterared three points: 
that be would fight for demo- 
cracy and would deal with any- 
one who threatened the security 
of the people; that there would 
be no return to the one-party 
system, and that a Code of Ethics 
would have to be drawn up in 
order to safeguard the principles 
of democracy. 

The Code of Ethics is likely to 
emerge from the .“National 
Debate" which Mr. Sadat 
launched after his 98.29 per cent 
victory in the May referendum. 
The referendum was called 
specifically to give him the extra 
authority he considered neces- 
sary before dealing with his 

By Dan ConnaO, in Eritrea 
ETHIOPIAN forces have broken 
through Eritrean Liberation 
Front (ELF) lines in Eritrea's 
heavily populated ceutral high- 
lands and are driving deep into 
guerrilla held territory. 

The large mechanised Ethio- 
pian force yesterday captured 
the ELF-held town of Adi Quala 
and now threatens the ELF-held 
city of Mendefera 60 kilometers 
: inside the strategic Red Sea ter- 
ritory, according- to reports 
reaching the Sudanese capital. 

Ethiopian units are also 
reported to be thrusting into 
South-western Eritrea on two 
fronts from government bases in 
Ethiopia's Tigre and Gondar 

provinces after over-running 
ELF positions along the border 
last week. 

ELF resistance .appears to be 
crumbling throughout the areas 
under their control as every 
major city in their hands is now 
under immediate . threat by the 
advancing Ethiopian forces. 

A spokesman for the Eritrean 
Peop le's Liberation Front 
(EPLF), the* larger of the two 
Eritrean independence move- 
ments, says that all ts quiet now 
in EPLF-con trolled areas after 
a series of major. assaults by the 
Ethiopians- whic h he says were 
defeated by the EPLF. 

UNITED STATES and Japanese 
oil companies are competing for 
the right to participate with 
China in the exploration and 
development of considerable off- 
shore oil and gas reserves. 

In Washington it was reported 
that four U.S. oil companies have 
been invited to Peking to discuss 
co-operation, while talks are also 
taking place with the Japan 
National Oil Corporation. 

Japan has been told that China 
plans to develop the resources 
in the East and South China Sees 
for export and that It needs to 
obtain foreign technology to do 
so. News agency reports from 
Tokyo suggest that Japan is 
regarded as the most desirable 

US. State Department officials 
consider it most unlikely that 
President Carter’s decision 
earlier this week to put all oil 
technology sales under Govern- 
ment review would result in a 
ban on any export licences to 
China as the President’s action 
was aimed at the Soviet union. 

The Administration is keen to 
accelerate trade links with 
Peking, and earlier this month 
U.S. Department of Energy 
representatives visited China as 
part of a high powered Govern- 
ment delegation. 

Executives from Pen nr oil of 
Houston visited, Peking last 

month, and teams from the three 
other companies — Exxon, Union 
Oil of California and Phillips 

Petroleum— arc to visit the 
Chinese capital separately m the 
next month. 

The U.S. Trade Council, asked 
by the Chinese to arrange the 
visits, says the discussions are 
only preliminary and that it is 
too early for the companies to be 
aiming any competitive bids for 
any specific deals. • • . . 

But the council is optimistic 
that China, pledged to increase 
its annual production from over 
SOm tonnes last year to 400m 
tonnes hv 1990, will eventually 
buy U.S. technology and 
expertise. It has already bought 
some U.S.-built offshore rigs- 

Last autumn a Chinese delega- 
tion visited U.S. oilfields ranging 
from the Gulf of Mexico to 

Peking mission for Australia 

Sixth week 

U.S. interest I Portuguese coalition split 



over health and farming 


LISBON. July 23. 

By David Buchan 

economy is “ at the danger point, 
where any substantial further 
tightening of interest rates would 
seriously affect the general level 
of business activity,'’ and sectors 
like housing, Mr. Michael 
Blumenthal, Treasury Secretary, 
said today. 

But Mr. Blumenthal. in a tele- 
vision interview, sald- h e- 4 toagh*- 
ifae Federal Reserve Board was 
well aware of the danger. Un to 
the end of last week the Federal 
Reserve, concerned that over- 
rapid increases in the money 
supply would fuel inflation, was 
still acting to raise interest rates. 

The Treasury Secretary saw 
no evidence that what has been 
the longest sustained U.S. busi- 
ness recovery since the Second 
World War would end in 

Trends in company inventories 
and housing and car sales, he 
said, did not point that way. 
Figures released last week show 
that the U.S. economy grew at 
an annual rate of 7.4 per cent in 
the second quarter of 197S. 

Constituting mainly a rebound 
from a very bad first quarter of 
the year, that was slightly dis- 
appointing to the Administra- 
tion which hoped for even better 
figures But Mr. Blumenthal 
still thought that annual growth 
of 4 per cent or slightly less 
could be achieved for the . fore- 
seeable future. 

He conceded thai inflation, at 
over 10 per cent annual rate 
between April and June, was 
worrying. Rut he ruled out com- 
pulsory wage and price controls. 

SIX MONTHS aFter taking autumn; he could offer his 
power, the ruling Socialist- resignation, be asked to form a 
Conservative alliance, split by new Governmeni with the CDS 
a row over farming and health and in the process drop the 
policies, is showing signs of controversial Agricultural and 
possible collapse. Health Ministers or there could 

Although both the Socialist be early general elections. 

Prime Minister. Sr. Mario Soares (ast alternative is the one 

and the Conservative leader, Sr. ] ea<i f favoured because of the six 
Diego Freitas do Amaral are t 0 e ighj months time lag. before 
playing down the crisis, hopes voting could take pface. and the 
i are fading of saving the alliance S ev er ^ economic damage which 
in J ts ^ pr ^ 8enT form ‘ . . coaid result. 

ti;? 0 np^r a ^“r^\ lV a n d h the - Th ® CDS. fearin 8 The risin S 
~ : I- , ! 5 jl L ina Sc conservatism of the. riewi? 

problem with tiTeir national S 0 ™ 1 

party executives and are expec £SJ> ‘ ^"^p'^nnTrnvL^f itnH 
ted to make announcements soon. e S and 

Both leaders have had extensive re J' t > nn J . . • 

consultations with the President. The CDS had demanded the 
General Antonin Ramalhn Eanes, sacking oF the Agricultural 
Press commentary today was Minister. Dr. Luis Sais because 
sloomilv predicting the exodus it claims be is not returning 
of CDS Ministers from the illegally occupied land to its 
alliance and the collapse of the rightful owners. The party also 
Government. objects to a proposed national 

But the picture is not as simple health scheme, 
as that. Even if the CDS. junior MeanwhMe. ex-Admiral Americo 
partners in the administration. Thoraaz. aged 83. the Portuguese ! 
pull out. there are several options President overthrown by the 
Sr. Soares could continue in 1974 coup, returned from exile 
office with independent Left- in Brazil today. A relative said 
wingers filling the vacant post, he would rest with his family 
until Parliament reopens in the outside Lisbon. j 

OAU defers the issues 


KHARTOUM. July 23. 

Caution on oil find 
by Texaco 

By David Uscelles 

NEW YORK, July 23. 
offshore exploration area, the 
Baltimore Canyon off the coast 
of New Jersey has shown traces 
of oil or natural gas. according 
to an announcement from Texaco- 

But with two dry holes already 
logged in the area since drilling 
began in March, the company is 
anxious not to raise false hopes. 

Denying that tt had made a 
major oil strike on Block 593, 
the company said a speedy 
announcement would be made 
after le>ts to determine whether 
hydrocarbons existed in commer- 
cial quantities. 

'CRUCIATE. ISSUES "dividing' 
Africa ttave .been shelved, 
passed “to. committees, tn: 
covered by compromise resolu- 
tions by the summit meeting of 
the Organisation of African 
Unity wbicb ended on Saturday 
after a 14-bour session. 

Africa is now more than ever 
divided publicly into “moderates” 
and “progressives." and the 
moderates were seen to have 
the edge. As Zaire’s Foreign 
Minister said: “The silent 
majority is now speaking loud 
and clear." 

The final resolution condemn- 
ing' foreign intervention, for 
instance, reaffirmed the right of 

any country to adopt any means 
and to call on any State to pro- 

Jaalar Nimairi of - Sudan, the I 
OAU'chalrraan which will report : 
back in a year. 

A conciliation committee look- 
ing at Sudan-Ethinpian rela- 
tions. was told to continue • its 

Hopes that conflicts in the 
Horn of Africa would be 
tackled strenuously were dis- 
appointed. A resolution by 
Guinea proposing a ceasefire in 
the Snmali-Ethiopia conflict, a 
withdrawal by both sides to 
three miles inside each horrier. 
and the creation of a mediation 
committee, was accepted by 
President Siad Barre of Somalia, 
but was rejected bv Ethiopia on 
the ground that guerrillas backed 

Now in the sixth week of the 
largest military offensive 
launched In the lT?year Eritrean 
war. the Soviet and Cuban-backed 
Ethiopian Government appears 
to be concentrating its efforts on 
winning back the central and 
south-western areas of Eritrea 
from the ELF. 

Government victories in ELF 
areas will soon threaten the more 
successful EPLF with further 
attacks against their formerly 
secure rear areas. 

The EPLF occupies ’ the 
northern Eritrean lowlands, 
much of the central highlands, 
including the' Red Sea coast and 
the south-eastern regions of the 
100.000 square kilometre former 
Italian colony. 

The EPLF spokesman claims 
that Ethiopia has now committed 
close to 200.000 troops to the 
present offensive from bases 
along Eritrea's southern border 
and from government-held garri- 
sons inside Eritrea. 

A lengthy period of intense 
battle will have a profound 
political impact on the parties 
involved which may well orovp 
the determining factor In the 
eventual outcome of the war. 

More than mere tem'torv Is 
at issue Both sides have staked 
their political existence nn their 
ahMitv tn brine about a military 
victory. T ime, a s a 1 wavs , favour* 
the’ iri«ur5enFC amfalreadv tRere 
•»”« that thn nhiMtv of 

Estonia's ruling military Dergue 
to^prosenite the offensive' ir 
being threatened bv politics 1 
infighting over the direction of 
the nrofrarted war, 

Diplomatic sources hased on 
the Addis Ababa capital say that 
Dcrsue chairman Menglstu 
Haile Mariam is fighting tn 
intense rearguard action against 
So’ iet-hackpd efforts to mist him. 

Inside F.ritre.i the effects nf 
the current fighting are also 
“ngenderins important shifts ;p 
the ipadprshlp of the divided 
indortondenee movement. 

Frfr Menglstu the Eritrea cam- 
n3igo is a race against time 
Facing a rieenening economic 
rri*j* nnd continuing politics’ 
instability, the fieri - national 1 *: 
needs a nuirk vrlnrv in Eritrea 
to assuage his critic and con- 
solidate his own shaky power; 
base. 1 

With both agricultural and 
indii'frial production reported 
steadily declining in Ethinois 
some evngrts are now nredictin" 
a famine there which con'd 


CHINESE metallurgical authori- 
ties are making arrangements to 
send a mission to Australia 
following the successful visit to 
China this month of an 
Australian iron and steel group. 

The composition and itinerary 
of the Chinese delegation are 
uncertain but an invitation from 
Australia has been accepted and 
the visit is likely to take place in 

The Chinese group will be 
eager to study Australia’s exploi- 
tation of its ferrous and non- 
ferrous mineral resources, 
prospecting and exploration 
techniques, and iron and steel 

It could he followed later in 
the same month hy a purchasing 
mission with short term orders 
for high grade Australian ore and 
finished steel. 

Tf Australia wins sales — and 
handsome contracts are likely — 
they will be the first since the 
injection of optimism which 
followed negotiations in China by 
Mr. Lynch, the Minister for 
Industry and Commerce, last 

Short term contracts for ore 
and steel are not new. China 
has dealt with Australian pro 1 
ducers on a quarterly basis for 
several years. 

However. Chinese authorities 
have recently shown a willing- 
ness to consider longer term 

In a further acceleration of 
activity between iron and steel 
interests in China and Australia, 
a delegation of Conzinc Rio 
Tinto Australia executives, ex- 
perts in ore extraction, steel- 
making and metallurgical tech- 
nology, will arrive in Peking in 
the first few days of August 
under the leadership of Sir 
Roderick Carnegie. 

This month’s Australian mis- 
sion, led by Mr. J. A. times, a 
director and general manager of 
Hamersley Iron Pty LttL, 
returned to Australia a week ago 
after an intensive study of 
China’s mines and steelworks. 

Australian trade officials in 
Peking said that few foreign 
groups had been granted such a 
throough view of the indsutry. 

Chinese authorities, who in the 
past had regarded Australia only 

PEKING. July 23, 
as a supplier of materials, were 

impresed with Australia’s grasp 
of advanced metallurgical teen- 1 
oology. This had pro bah ly 
influenced the speed with which 
China was assembling its return 
mission, which would -be looking 
for ways to upgrade methods of 
exploration and processing. 

China's plentiful but lowgradc 
ore creates quality problems at 
the bottom end of the production < 
line and Chinese steelmakers' 
agree that they have much to 
learn about beneficiation and 
sintering processes. 

The possibility of Australia's 
trading its expertise, perhaps as 
part of a materials and know-how 
package, is a new element In 
Si no- Australian arrangements. 

A further prospect which 
emerged during the visit of the 
times misison is that of a Chinese 
demand for Australian coking 
coal. China was noncommittal 
about the prospect but agreed 
that increased production of 
higher quality steels might 
demand a better grade of coking 
coal than China itself produces. 


Tanker rates 

By Lynton McLain 

Rio ore deal seen as promising 



BRAZIL'S new trade agreement 
with China, involving the sale of 
250.000 tonnes of Brazilian iron 
ore {half in pellets, half sinter 
feed) and the purchase of 652.000 
barrels of light, low sulphur 
.•ontent Chinese oil, is regarded 
here as modest but important in 
its implications. 

The financial sum involved is 
only S10m; fafc is -Brazil's 
diplomatic and mineral authori- 
ties are concerned, it iff a worthy 
beginning and, if two-way trade 
develops as they expect it to. in 
the foreseable future there will 
n justification for establishing 
full diplomatic relations with the 
People’s Republic of China. 

The body that benefits most 
immediately from the new deal, 
signed in Peking this week, is 
the Brazilian Stale mining con- 
glomerate, Companhia Vale do 
Rio Doce (CVRD), responsible 
for this first, experimental ship- 
ment of iron ore to China. 

Anticipating the conclusion of 
the Chinese deal, it has secured 
rights from the Government of 
ibe Philippines to set up an iron 
ore depot in the Philippines port 
of Mindanao, so that it can 

trans-ship China-bound cargo 
from its large ore carriers to 
smaller vessels (the port of 
Shanghai can only take vessels 
under 40.000 tonnes). 

CVRD’s expectations of a 
much larger deal with China, 
involving between 10 and 15m 
tonnes of sinter feed ' or* pelle- 
tised iron ore rest on the- new 
Shanghai steelworks,' with a 
planned annual output of 6ra 
tonnes, and a requirement for 
the high iron ratio ore which 
China's own Liao o*Ning reserves 
cannot provide. 

The experimental shipments 
(beginning this October) will be 
tested in conjunction with 
Chinese ore. CVRD is confident 
that the results will be in its 

O At the completion of its visit 
to Bulgaria, a Brazilian trade 
mission has signed three trade 
agreements covering the period 
of 1979B0 and involving $20m In 
two way trade. 

Under these agreements, Brazil 
will sell automobiles,* iron ore 
and soya to Bulgaria, and import 
soda ash. steel .products, phar- 

maceutical raw materials and. 
possibly, wheat 
The agreements with Bulgaria 
follow new deals with the German 
Democratic Republic (S1.25bn 
in two way trade) . and with 
Poland (two agreements — one for 
S350m in -exchanges of Brazilian 
textiles and Polish chemicals, the 
other for S2flbn, covering 
Brazilian iron ore and Polish 

Abu Dhabi oil deal 

ABU DHABI, July 23. 
ABU DHABI and three foreign 
oil companies today signed a 
$l.6bn project to collect, process 
and export natural gas from the 
emirate’s onshore oilfields. 

Under the 30-year agreement, 
the State-owned Abu Dhabi 
National Oil Company will have 
a 68 per cent holding in the new 
venture, with Shell and the Com- 
pagnie Fransaise des Wtroles 
each holding 15 per cent and the 
Lisbon-based Parxte the remain- 
ing 2 per cent. 


Steel mill mission 

By Our Own Correspondent 

ISLAMABAD. July 23. 

A DELEGATION headed by Mr. 
Ghulam Ishaq ue Khan, 
Pakistan’s Finance Minister, left 
today for Moscow to negotiate 
more funds for the country’s 
first steel mill being built with 
Soviet assistance. The mill, near 
Karachi.- has cost over Slbn and 
is said by officials to need an- 
other 3260m before completion- 


rrach fhc dfmpnrions nf the 1P7S 
74 drought that helnerl bring 
^hnm th" downfall nf the late 
E m no rnr -Haile Selassie. 

Thp rtisnintion of cninmercp' 
herur»®n rural and urban area' 
U al«o cau«ine a transfer of 
hunger to the cities — with an 
attendant rise in political in- 
stability there. 

Amazon success for Petrobras 


leci its territorial integrity. 
Anorher compromise condemned 
attempts by non-African powers 
to create instability in Africa, 
which could be taken to refer to 
either the Cubans or the French. 

Perhaps the biggest battle was 
between Aleena. which ts back- 
ing the Polisario guerrillas' 
claim to the Western Sahara, 
and Morocco and Mauritania over 
Algeria's resolution calling on 
all Africa to recognise the 
Sahara People’s Republic. It 
was decided to form a five-man 
committee, under President 

E y Somalia wpre fighting miles 
evnnd the border. ■ 

bevnnd the border. ■ 

The only issues on which the 
OAU could agree wholeheartedly 
were backing liberation move- 
ments in Zimbabwe and 
Namibia and tightening embar- 
goes on South Africa. More aid 
to the guerrillas was approved 
and there is to. be another 
attempt to mount an oii embargo 
against South Africa. 

Mr Ed**m Kodjo. Togo’s 
Foreign Minister, was elected 
OAU secretary-general in succes- 
sion to Mr. William Eteki of 

Greece plans transport reforms 


ATHENS. July 23 

intends to draw up an ambitious 
ten-year programme dealing with 
seven major transportation 
projects crucial to the future 
development of the Athens area. 

The decision was taken after 
three lengthy meetings held this 
month under the chairmanship of 
the Prime Minister, Mr. 
Constantine Karamanlis. 

The projects concern the new 
Athens international airport at 
Spata. modernisation of the 
present Athens airport at 
Helienikon. plus improvements 
in Olympic Airways and the 
Greek railways. The projects also 
include the construction of the 
Athens underground railway and 
schemes to solve the traffic 
problem In the greater Athens 

Mr. Karamanlis has asked the 
Ministers concerned to prepare 
within the next three months a 
■ jo-year programme which will 
tackle these major projects. The 

programme is to be discussed at 
a new meeting towards the end 
of October. 

According to early plans, the 
new Athens international airport 
in Spata. 23 km east of rhe Greek 
capital, will cost an estimated 
S500m. of which some Slim will 
go towards preliminary studies 
for the project. The funds for 
the whole project are expected 
to eome from the sale nf the 
land on which the present airport 
of Helienikon is located, some 
10 km from the centre of the 

The present airport will be 
modernised to meet the needs 
or air. traffic linnl the year 19S6 
when the Spata airport is ex- 
pected to be ready The Spata 
airport will have two parallel 
runways nf 4.000 metres which 
will be *.575 metres apart- with 
for a third runway. 

11 ,s reeled to employ 
25.000 people and serve 16m 
passengers. According to the 

plans, the projected Athens 
underground system will carry 
passengers fo the new airport 
from the centre of Athens in 
15 minutes, 
srs lc 

The underground itself will 
have two lines covering a total 
distance of 27 km and will help | 
deconsest traffic in ;he centre i 
of the city. The preliminary! 
study will he readv in 1979 and J 
actual work on the project is 1 
expected to becin in 19S1. The! 
Government would like to see ! 
at least part nf the underground i 
m operation by iflSj. The cost 1 
of the whole system and the! 
extension of an existing electric! 
railway line is estimated at j 

To modernise urban transport. | 
the Government plans tn import | 
1.500 new buses, in addition to I 
300 recently ordered from Hun-i 
pary. Tne cost of these buses 
and relevant faciiiftp* such asj 
garages is put at $139m. \ 

Demanding pay 

There are also reports that 
soldiers of. the peasant militia- 
now estimated at between 150.000 
and 200,000 men — are demanding 
full military wages. It is claimed 
here that deserting militiamen, 
say they have been receiving 
only the equivalent of S10 per 
month, often two or three months] 

Workers and civil servants are! 
also reported to be demanding 
wage and salary increases to keep 
pace with war-time inflation. 

Diplomats say the Soviet Union 
has lost confidence in Menglstu's 
leadership and wants to see him: 
replaced by a civilian govern- 
ment under the now suppressed 
Meeson party in the short term. 
Soviet support is apparently 
being thrown behind Lieut. 
Legese Asfaw, head of the 
Derg ue's political committee and 
the second ranking member nf 
the current government, accord- 
ing tn these sources. 

The struggle for power, accord- 
ing to this view, win focus on 
the question of who will lead an 
official Ethiopian political party 
and who will head the sover- 
menr after September when the 
formation of such a parly and the 
declaration nf 3 Democra*’r 
Republic of Ethiopia are 
scheduled to he announced. 

ABOUT 3.000 metres (well over 
a mile) beneath the earth's 
surFace, Petrobras. Brazil's oil 
conglomerate, has found oil deep 
in the Amazon Jungle. 

The discovery puts an end to 
decades of frustrated drilling of 
200 wells in the lower, middle 
and upper Amazon, regions, with 
some !m square kilometres of 
sedimentary basins which. Petro- 
bras hoped, might harbour oil. 

Well Jurua-l 769 km south of 
Manaus. 65 km east of the small 
town of Carauari on the banks of 
the Junta River (the nearest area 
of human habitation) cost Petro- 
bras SSm to drill, over a period 
of nine months, wearing out 
htmHredq of 300-carat diamond 
drillheads. In fact, the prohe 
was almost abandoned as another 
lost cause. 

The drills had to penetrate a 
15-000 metre-thick layer of dia- 
base (ultra hard magnetite and 
liraonitei— 3 layer of the sort 
thar made accurate seismic 
measurements virtually impos- 
sible, meaning that Petrobras was 

drilling on hopes and determina- 
tion rather than firm prospects 
of oiL 

Having penetrated . that layer, 
the drills continued for a further 
1,000 metres, while the crew 
fought off clouds of mosquitoes 
and gnats, and suffered painful, 
often dangerous bites from 
hordes of poisonous spiders, in 
the clearing they had hacked in 
the jungle. Still- there were no 
e- ’ iuraging signs. -The drills 
slopped at 3.064 metres. 

Having almost decided to give 
up. Petrobras’s technicians re- 
checked data they bad gleaned 
from the well. They found that, 
deep down. Jurua-l showed a 
high rate of electric conductivity 
— a sign of the presence of 
□arural gas. 

Indeed. Jurua-l, after further 
probes of its chambers, yielded 
natural, gas ar a -measured rate 
of 360.000 cubic metre's a day. 
What rushed to the surface was 
originally thought to be a con-* 
densation of natural gas and 
natural petrol. 

That “ condensation ” * after 
samples bad been shipped thou- 
sands of miles south to Rio de 
Janeiro for testing, turned - oat 
to be oil-— super-light and excep- 
tionally high. quality (45 'degrees! 
on the API — American. Petro- 
leum Institute — scale). ~ 

As a . e a sure of comparison, 
Venezuela's oil at 19 degrees 
R-P.I. is heavy and Arabian oil 
(light)- has-, an average- of J30 - to 
40 degrees- AJU. - • 

irfif Too* soon to telf whether' 
Jurua-l 's oil is commercially 
viable. Other wells will be drilled 
to define the field only then will 
the potential of the area be cal- 

But the disevery means a total 
review of Petrobras's Amazon 
programme. Probing through the 
obstinate diabase, however 
costly in time witli only il 
metres, drilled .a day. ‘compared 
with- 3 J- to- 59 -metres In less- 
resistant sedimertary areas, has 
paid off. 

And the people of Carauari. a 
municipality of 75,000 in habi- 
tants whose only access to the 
outside world is by boat, living 
with gho«ls of the-19th century 
Amazon- rubber boom and- sub- 
sequent bust, are taking a new 
lease on life 

If the Jurui field proves to 
a commercial proposition Petro- 
bras wi" build a -pipeline -from 
the jungle depths lo the Jurua 
River, (nay igable II year round), 
and ship the oil on rafts to 
Manaus or Belem, 2,000 km 

Meanwhile, four foreign oil 
companies, now that Petrobras 
has found 'oil in the jungle, are 
reported to - have sounded out 
possibilities of risk contracts 
there-»ard been turned down. 
Currently, only offshore areas 
are available for risk contracts— 
Including. . the Amazon mouth, 
where. Shell is reported ro have 
found “ encouraging signs" tn 

its probes there. 

EWorld Economic Indicators 


China-Vietnam talks 

HONG KONG. July 23. 
Vietnam has agreed to open 
is* lies with China on the exodus 
of Chinese refugees across the 
Vietnamese border. Hanoi radio 
reported today. The Vietnamese 
Government has suggested that 
negotiations could start in Hanoi 
on August 'S. 

The Vietnamese response 
comes four days after China 
proposed talks in either Peking 
or Hanoi. 


W. Germany 



Pi-mncim, Tim a. piiMiVKd dally ncen Sun- 
day! tnd holiday* U ¥ tuhicriprion ijun rid 
fair freight! Jjwnn -air rmtn annum 
nwowJ elan gonna Mid *l New York. N.Y. 

July 78 

June 78 

May 78 

July 77 




. 1,342 





June 78 

May 78 

April 78 

June 77 














S- 1 



May 78 

April 78 

March 78 

May 77 









April 78' March 78 

Feb. 73 

April 77 

























April 78 

Jan. 78 

Oct, 77 

April 77 





7 2 




Seasonally adjusted 



... ■ ■ Authority 


Interest Minimum Life of 1 

(telephone number in' 







£ ’ 


Barnsley Metro- (0226 203232) 


{•year - 

- 25ff 

' 5-7 

Knowsl ey (051 54S6555) 





PoolB (02013 51511 




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Poole (02013 5151) 





Redbridge (Qlr478 3020) 


f-year . ■ 

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Limited. 91 Waterloo Road, London SEI 8XP (01-928' 7322, . 
Ext. 177). Cheques payable to “ Bank of England, a/c FIV * - 
FFI is the holding company for. ICFC and FCL • - f 


NEW YORK. July 23. 
States are being forced to accent 
cutbacks in their export sales In 
Japanese steelmakers and lower 
price increases than had been 
anticipated under new contracts 
that arc now being finalised. 

Earlier this week one of (he 
largest U.SL coal companies, 
rittfitom announced that U had 
accepted a 15 per cent reduction 
in the amount of coal ,u 
Japanese customers will buy in 
the fiscal year beginning April 1. 
and a furthnr 15 per cent or sales 
j will be deferred In the period 
beginning April 1879. 

While Pittstnn said that it .was 
receiving a 5.5 per ccat-.^rire 
increase under the contracts, coal 
Industry analysts say that this 
rise is loss than might bare been 

It .suggested that Japanese 
companies have tightened up nn 
the terms of contracts allowing 
U.S. coal Ttroducers to pass nn 
costs and that this will rcMill m 
further pressure on profit 

OIL TANKER freight rates last 
week failed to maintain the 
upward momentum of the begin- 
ning of the month when brokers 
reported at the weekend. 

Only one large ship, an ultra- 
large crude carrier, was reported 
to have fixed a cargo. This was 
for "a voyage out of the Gulf to 
Greece at Worldscale 21. There 
were tentative reports that a 
VLCC had fixed a cargn out of 
the Gulf at Worldscale 27. 

The failure of the market to 
maintain any upward momentum 
in rates has caused bunching of 
| tonnage in loading areas, includ- 
ing the Gulf. Brokers reported 
few fixtures for smaller vessels 
from' the area last week. . . 

There was better news for 
owners trading out of the 
Mediterranean last week. Rates 
improved marginally, with a 
140.000 ton vessel fixing a charter 
to the U.S. East Coast at World- 
I scale 35. 

The proportion of combined 
earners operating in the nil 
trades drooped again last month. 
John I. Jacobs and Company, 
shipeharterers said. This was 
likely to have heen more a 
reflection of the depressed oil 
tanker market -than an improve- 
meat In the dry^ "cargo 'sector. " 

• Rates in dry cargo’ trades con- 
tfnuea to move -downwards last 
week. The rate tor grain cargo 
between the Gulf and Japan on 
a 51)000 ton vessel fell to Sift 
compared, with $10.75 the 
previous week,' 




t * 

J^aancial Times Monday July 24 1978 


Argyll oil reserves 
may be up-rated 

Br RAY oafter, energy correspondent 

THE AMOUNT of recoverable 
ail reserves in the Hamilton 
prpup£ North Sea Argyll Field 

?»2E? ,ed t0 he "feanillSw 

up-rated as a result of the latest 

development well. 

H J!“ We, J- ,h e ninth to be 

Silo K 0 ? i*®* M /24, has just 
r been tanked to the Argyll pro- 

g«* ,on . *y«Mn. boosting output 
, 171 about 20.000 barrels a day 
to nearer 30.000 b/d. 

. If the well continues to per- 
form satisfactorily over a period 
nr several months, Hamilton 
Brothers — the field's operator-— 
and its partners may submit an 
amended production profile to 
the Government. It is likely that 
the group will sink further weiis 
m order to tap more 0 f the 
reserves on the faulted struc- 

- A „i a - ^sult. is expected 
>n the industry that the Anvil 
- Brou P will boost its estimate 'of 
recoverable reserves from about 
barrels to more than 30m 
barrels, an increase worth more 
than £55m at current prices. 
Stockbrokers Wood. Macken- 
*n its North -Sea report 
published today, savs that on 
the basis of the latest well, and 
assuming that two more wells 
•&re successful, it is increasing 
its estimate of recoverable 

reserves from 25m barrels to 
Wj'haps as much as 40m barrels. 

wood. Mackenzie adds that 
the field’s life also could be 
extended. It i* thought in the 
industry that Argyll-, the first 
UK offshore field to be brought 
on stream,' still coiilB be pro- 
ducing oil well into the 1080s. 

The latest production well is 
expected to transform the 
medium-terra-' prospects for 
Argyll. About a' year ago the 
partners became ' "concerned 
about the amount of water seep- 
ing into three-of the field's four 
production wells. At that time 
it seemed that : oil production 
could not be continued much 
beyond early 1070. 

Pipe inquiry 

interests in Argvlr are: 
Hamilton Brothers (36- per cent); 
Rio Tinto-Zinc. <25 per cent); 
Texaco (24 per cent): Black friars 
Oil (12.5 per centV. Trans- 
European (2.5 per cent). 

• Shell and Esso have been 
investigating the possibility of 
using a Norwegian pipeline 
system to transport oil ashore 
from Us North Sea Fulmar Field. 

Fulmar lies in British waters, 
about 35 miles northwest of the 
Argyll find and just. 20 miles 

from the major pipeline which 
runs from the Norwegian Ekofisk 
Field to the shore terminal on 

According lo the Norwegian 
newspaper, Rogalands Avis, fcfr. 
Kjeil Traa. managing director of 
Norpipe, the pipeline's operator, 
said that the company had been 
in touch with Shell about the 
transport of oil from a UK field. 

The pipeline was built to 
transport -up to 1m barrels of 
oil a day from the Phillips 
Group's Ekoflsk Field and other 
discoveries in the area, although 
total production from this com- 
plex is not expected to rise 
beyond 700,000 b/d. Mr. Traa 
said that oil from the UK field 
could be transported at the 
earliest in 1980. 

Shell, as operator for the 
Fulmar partnership, said that it 
was continuing its planning on 
the basis of a Government- 
approved scheme for tanker- 
loading facilities. But, it was 
keeping an open mind on the 
subject and pipeline transmis- 
sion was still a possibility. 

Fulmar, with about 450m 
barrels of recoverable reserves, 
is expected to produce oil at a 
rate of 150,000 to 180,000 barrels 
a day. 

New committee likely to speed 
EEC banking rules 


PROGRESS in establishing new 
EEC rules for the regulation of 
banks is expected to accelerate 
shortly with the creation of a 
new advisory committee of 
supervisory authorities. 

UK bankers regard this step 
as likely to provide the pace- 
setter for important develop- 
ments in the harmonisation of 
the Community's banking regu- 
lations. These will include the 
planned legislation in the UK 
which will for the first time 
establish a system of licensing 
for all deposit-taking iostiutions. 

A top-level group of repre- 
sentatives from the British 
Bankers’ Association, which in- 
cludes all types of UK bank, 
was encouraged by the results 
of a recent visit to the European 
Commission. This included talks 
with Mr. Christopher Tugendhat, 
the British Commissioner who 
has responsibility for financial 

As new regulations are intro- 
duced, they are tikel.v to make a 
significant impact on UK banks 
in relation particularly to their 
-disclosure of profits and provi 

sions and possibly to the shape 
of their reports and accounts. 

The establishment of * the 
advisory committee appears to 
be taking rather longer than had 
been hoped. Some difficulties 
have arisen as a result of differ- 
ing structures oF supervision in 
the member countries. . And 
there may be uncertainty over 
which institutions -should be 

However, it Is confidently ex- 
pected that the impetus which 
has recently been given to har- 
monisation will be maintained. 
The major .event has been 
adoption by the Council of 
Ministers late last year of a 
directive covering the harmon- 
isation of banking regulation. 

After long debate .within the 
Community, this set out basic 
guidelines for the individual 
countries to follow, without in- 
hibiting their freedom Jo adopt 
-their own -partieuktt; style of 
-regulation.- Tn particular; •iyeff 
the Bank of England able, to 
.retain, it? . non-stamtory. ■System s 

Details which will have ’to be 

filled in include the basic pruden- 
tial ratios — the liquidity and 
capital ratios . which indicate a 
bank's security — to whi-'h super 
visory authorities will be 
expected to work. 

There will also be new dis- 
closure provisions. These could 
require the disclosure Of ‘rue 
profits and possibly the publica- 
tion of provisions made hy hanks 
Ai present. the merchant hanks 
are among the lmpn-iant groups 
•/F institutions in the l* K. which 
are allowed to *.eep hidden 
reserves; gad (he dec ring banks, 
though showing rue profits, do 
not disclose provisions. 

Thr*rt is als- some concern in 
the British Bankers' Association 
about the ideas. be ’ mj floated for 
harmonization rf bmk .ccoum* 
They are worried that an 
attempt may 'be mode id "rring 
their reporting more into Tine 
with the requi 'emeni-s for indus- 
trial qnd commercial corjpanits 
already adofAed:'rjtnd--'tnat -this- 
could- reduce The international 
cottiparahUitv n£- bank. accounts 
which fall-, into,. a category’ lot 
their own.. : i. - ■ : 

Short-time compensation plan attacked 

GOVERNMENT proposals to 
provide compensation for short- 
time working seem to penalise 
companies and industries which 
practise effective manpower 
planning or have stable markets 
and little short-time working- 
says the British Institute of 

“ Successful companies and 
industries would be required to 
■finance special arrangements for 
* lanie ducks,’ for tbe less suc- 
cessful of their competitors, nr 
tn meet the .problems of difficult 
industries. This not equitable,]* 
says a submission by the insti- 

tute to the Department of Em- 
ployment published today. 

The institute was responding 
to a DE consultative document 
issued in April, which proposed 
that all employers (including the 
public sector ) might be required 
to pay 75 per cent normal gross 
pay (taxable) for each day 
(minimum £6.60; maximum £15 
a day) when employees were put 
on short-time for any reason 
other than a strike. 

There would he no limit on the 
number of days for which com- 
pensation was . paid provided 
there was not more than one 
week’s continuous lay-off. 

Tbe employer would he 
refunded 50 per cent of tbe cost 
from a central fund to which he 
and the Exchequer would con- 
tribute equally following a 0J5 
per cent increase in employers’. 
National Insurance contribution! 

The institute said: “The re- 
action of our members to these 
proposals varied from strong 
condemnation to grave reserva- 
tions about tbe likely benefits to 
he derived from them. 

“ By providing relatively easy 
access ’ to public funds, the 
scheme detracts from the need to 
make individual concerns 
economically viable. 

1 nnP 

Lloyds Bank 

First six months of 1978 

fall £43m 


LARGE amounts ot money 
have been withdrawn from the 
National Savings Bank’s invest- 
ment accounts during the past 
two months. 

Provisional figures from the [ 
Department for National Sav- 
ings show that £43ra was with- 
drawn in the five weeks to 
July 7. Still larger amonpls 
were taken out In tbe second 
week of this month and they 
Mill show in the next set of 

These withdrawals reflpci (he 
decision ■ of institutional de- 
positors thar the money (Iie.v 
invested during early summer 
Iasi year, hefore (he Depart- 
ment for National Savings put 
a £50,000 limit on the size of 
boldines, should he pul lo other 
nse. The general level of in- 
terest rates, which strongly 
favoured deposits in the 
National Savings Bank’s invest- 
ment accounts this time last 
year, is working in the opposite 

Partly because of these with- 
drawals — which resulted in a 
net oniBow from investment 
accounts or £21 Jim — net re- 
ceipts from National Sarings 
fell in i he flvp weeks to the 
beginning of July, for the 
^second time running. As 
against net receipts of £8T.8m 
in May — and £1 37.4m in April 
— they amounted to only 
£65.6ra in the period to July 7. 

Sharp slide 

Another factor in their de- 
cline was the sharp reduction 
in the sales of British Savings 
Bonds, where net receipts or 
£4Jlm were tbe lowest since 
September. However. National 
Savings Certificates — other 
than the Index-linked retire- 
ment issue— continue to do 
well and net receipts in the 
five weeks now reported 
climbed (n £57. 5m from E47.6m 
in May. The National Savings 
Bank ordinary arroum also Ls 
attracting money and net re- 
cepits of £7.4m are the best in 
June for many years. 

A relatively Tow level of rc- 
cepits in the past two months 
has meant lhai first-quarter 
figures for National Savings are 
well down on those reported for 
tbe corresponding period last 

"Net receipts of £2S4.8ni— ex- 
cluding accrued interest — are 
liffle over half or (he £5.*13J5m 
received in the first quarter or 
1977-7 8. , ' * . 

State spending 
cuts"*fhe only 
inflation cure’ 

THE ONLY remedy For inflation 
is to cut Government expenditure 
and so eliminate the excessive 
public borrowing requirement, 
according to a report prepared 
by the Economic Research 

Government borrowing has 
always been associated with high 
inflation, says the study. 

It also recommends that taxes 
on earned income should be 
reduced and indirect taxes 

Taxes on changes in capital 
assels by individuals or groups 
should be completely abolished 
because they impede the free 
flow of capital. Both these moves 
would lower unemployment 1 by 
stimulating private industry and 
directing it to growth areas. 

Tbe state has been taking an 
increasing share of the country's 
total income from production and 
services, says the report. This 
has increased from 9.9 per cent 
in 1955 to 22.7 per cent in' 1976. 
The share taken by employees has 
fallen from 71.1 per cent to 63.2 
per cent and tbe employers’ share 
is down from 19.1 per cent to 14.1 
per cent. 

f Excessive Taxes Lead to In- 
flation and Unemployment. 
Economic Research Council. 55 
Park Lane, London. Price 7 5p.) 

Private health 
service growing 

Britain should consider 
federal system, says Pym 


A FEDERAL system of govern- 
ment should YfP considered as an 
alternative tn the Government’s 
devolution proposal*;, Mr. Francis 
Pym. Conservative spokesman on 
devolution, said at ihe week-end. 

He told Young Conservatives 
at Prestwich. Manchester that 
tbe Scotland Bill could lead to 
*■ federalism by stealth.” 

There were already signs of 
resentment among English MPs 
that Scots MPs would be able 
to vote at Westminster on 
English issues. Such pressures 
would push tbe English towards 
a separate executive and 

“If that happened we would 
have a qua si-federal system 
based on a series of assemblies, 
all of which would hear the hall- 
marks of instability, inconsist- 
ency and confusion inherent in 
the Governmem’s Bill for lbe 
initial Assembly In Scotland." 

Thorough examination should 
be made *»f 3 federal option that 
would provide more precise and 
stable government, 

"This i» not a call for 
federalism. It is a contribution 
lo a discussion on federalism.” 

Such an examination could 
best be carried out in the all- 
parrv conference which the 
Conservatives hart suggested 
should discing various schemes 
for devolution. 

The operation of Northern 
Ireland's GnvcrnmeTti in (he past 
pninted tn some of the henefits 
that could result from the exten- 
sion of such a system to the rest 
of the United Kingdom. 

Four assemblies could exer- 
cise concurrent powers in 
England. Scotland. Wales and 
Northern Ireland. 

The UK Government would 
retain overall sovereignly .and 
authority* to legislate on any 
matter, though a convention 
could be established that it did 
not normally legislate in the 
devolved spheres. If there were 
any conflict in Ihe laws, those 
of the UK would take prece- 


The precise powers to he 
devolved would be a matter fnr 
debate, but probably they would 
include housing. education, 
health, local government and 

“The forms of regional aid 
could be devolved though 
perhaps not the amount of it." 

Defence, foreign affairs, irade 
customs and hanks would be 
reserved lo Westminster which, 
in the interests nf co-ordinaunn. 
might also retain its powers. over 
social services, nationalised 

industries, energy, company law. ; 
agriculture and fishing. j 

“ Finance might to he no more I 
nf a problem than for Northern) 
Ireland. A block budset could) 
form the basis . . . calculated on j 

need. I 

“The important point is thal| 
the assemblies are free to spend! 
Ihe monies allocated to them asi 
they wish — and the fact that they 
cover ihe whole U.K. would! 
assist them. { 

"A small additional tax-- 
raising power may help to 
alleviate any feeling of unfair) 
treatment that arises." [ 

A Bill of Rights to govern ihej 
assemblies would have to be con-t 
sidered. *' We need to protect I 
citizens from arbitrary admints-i 
trative decisions, to guarantee) 
the independence of non-eovcm-| 
mem institutions and to protect | 

The House nf Lords mighi 
function as a second chamber for 
assembly legislation, sn that a 

UK view could be given on 
devolved legislation. 

Mr. Pym said that sdeh an 
option offered many possible 
improvements on the Govern 
ment’s plans. •• if we are to end 
up with quast-ferieraltsm 1 would 
rather we do so on the basis of 
a scheme founded on federal 
practices and principles than one 
that is internally inconsistent.” 

CBI backs calls for reducing 
EEC agricultural surpluses 


British Industry yesterday 
endowed calls by a wide ran-je 
of pressure groups in this 
country for fundamental changes 
to the European Common 
Agricultural Policy. 

Using more restrained lan- 
guage than snme organisations 
such as the Consumers’ Associa- 
tion. it said that EEC prices 
should be more closely linked to 
world prices, thus avoiding pro- 
duction of large surpluses which 
were stored at great expense at 
subsidised prices. 

In a Paper approved by the 
Confederation's council last 
week, the CBI said that there 
should be a gradual return lo 
a genuine common price system. 

The present system nf mone- 
tary compensation payments 
divided Ihe Community into a 
series of national markets, with 
West German . fanners - Betting 

far higher prices than those in. 
some other countries, including 

This, it said, was an un- 
economic allocation of resources. 
The abjective should be to 
return .to a common price where 
devaluations and revaluations 
had the same effect bn agricul- 
tural production as on any 
other indusiiy. 

Acknowledging that such a 
change could not be introduced 
immediately, the CBI proposed 
that in the long term this 
common price should be ex- 
pressed in terms of a weighted 
average of the currencies of all 
the member countries and not 
just the strong ones. 

The CBI echoed calls for 
allowing reliable producers of 
cheap food access to Com- 
munity markets. 

The emphasis on self sufficiency 
should pot he such a* .to,pre- r 

vent the EEC's buying part of 
its requirements through inter- 
national trade, where there were 
producers whose efliciencj 
seemed likely to ensure a 
reliable supply al cheap prices 

In general the EEC should 
participate more fully »n Inter- 
national commodity agreements. 

Turning tn the highly emo- 
tional subject of ihe ” food 
mountains” created by present 
EEC policies, the CBI suggested 
three measures for reducing the 

Firstly a greater marketing 
effort to promote increased con- 
sumption of products such as 
milk: secondly, more forward 
planning to estimate future 
developments in world produc- 
tion and prices; and thirdly 
“social measures” such as re- 
training to deal with prohleuts of 
•small farmers.- ■ 

call for 

By Michael Donne. 

Aerospace Correspondent 

EXPANSION of facilities a* 
Heathrow, Gatwick and Stansted 
Airports is so essential that 
planning permission for new 
developments at those airports 
should he given without .further 
delay, says Lundon Chamber of 
Commerce and industry in a 
memorandum on airports policy- 
sent lo the Department of Trade. 

It says that not only should the 
proposed Terminal Four at 
Heathrow he permitted, but also 
serious consider a non given in 
development nf a fifth terminal 
un the site of the Perry Oaks 
Sewage Works, though the 
British Airports Authority has 
ruled out the latter development. 

While accepting that there are 
disadvantages to the location of 
Terminal Four, which is designed 
in raise Heathrow's capacity from 
'.tOni pa'-engers 3 year tn 3Sm. 
iho Chamber says lhar this is 
the host alternative to easing air 
traffic congestion in the short-tn- 
medium term. 

Handicap fear 

It fines nut sec the diversion 
or London traffic in other airports 
as a solution tn the capital's air 
transport problems. II might he 
a serious handicap tn maintain- 
ing London as a centre, for 
international irade, finance and 

The memorandum sees Heath- 
row as having to carry the main 
burden nf expansion, hut con- 
siders that both Gatwtck and 
Stansted could be hetier utilised. 

Gatwick does not offer" an 
alternative tn the fourth terminal 
at Heathrow, hut as larger air- 
craft are introduced, could he 
developed for more passenger 

While there' mighi ho objec- 
tions to a big expansion 'nf Stan- 
sted. U would he “well worth 
examining ” whether snnjg expan- 
sion there could contribute tn a 
solution nf East End employ moot 
problems, given actual nr' pro- 
posed improved road and rail 

Lister extension 

A £200.000 extension is tn he 
added to the factory at Thrupp. 
Gloucestershire, nt R. A. Lister 
Power Plant, a Hawker Siddeley 
company. The 1.000 square 
metre extension, due for com- 
pletion in November, will be.used 
for assembly and. ..electrical 
swHrhgerir work. 

Group profit before tax was £76m 
Out of this, taxation takes £40m anc 
the interim dividend takes £8m, so 
profit retained is £28m. 

This goes to support growing world-wide operations and 
a balance sheet which now totals over . 

£13,900 million. 

says report 

THE ACT to take pay-beds out 
of the National Health Service 
will encourage the growth of a 
separate private health service, 
according to a report published 

'The reduction in the- number 
of pay-beds from the original 
4,400 id around 3,000 means that 
there are now more beds for 
private medical care outside the 
Health Service than there are in 
it. This move will encourage the 
trend in which more money is 
spent on private medical care 
outside the Health Service than 

in it. according to the report. 
Private and National Health 
Services, by the Policy Studies 

Farmer could 
soon be silicon 


TOMORROW’S farmer could well 
be a silicon chip no bigger than 
a pin's head. Mr. John Silkin, 
Agriculture Minister, said yester- 

The technological revolution 
heralded hy the microprocessor, 
applied to agriculture, would 
completely alter the roles .of the 
farmer and the farm-worker. 

He suggested that the social 
implications of this new tech 
oology would he to prove yet 
again that the land belongs to 
the people. 


(Manufacturers of microprocessor s> stems, industrial and aerospace instruments, electrical 
control systems and photographic, medical and meteorological instruments) 


Issues to raise approximately £1.6 million in association with 
the National Enterprise Board to expand microprocessing 


Proposed rights issue of 460,622 9°' Convertible Preference Shares of £1 at par in the proportion of 
one Convertible Preference Share for every five Ordinary Shares held. 

The allotment of the same number of Convertible Preference Shares to the National Enterprise 
Board, which will also subscribe for 960,000 Deferred Ordinary Shaves, which will not rank for 
dividend for iwo years, at a price of 74p. per share. 

This subscription, which is subject to shareholders' approval, will gi\e the National Enterprise 
Board 29.91 percent of ihe enlarged equity capital. 

Extracts from the statement by Mr. R. E. Ford, the Chairman, circulated with the Report and Accounts Tor 

the year ended 31st March, 1978. 

• During the last twelve months the Group has 
made major progress in iis plans to establish a 
strong product, organisational and financial base 
from which to move forward into the 1 980s. a 
decade which l believe holds exciting prospects. 

£ The Group is:t leading supplier of micropro- 
cessor-based systems to ihe process control industry 
and systems have already been sold lo & range of 
major companies in the EEC in the food, chemical, 
petro-chcmical. textile and power generation 
industries. In.'tddilion.dcfiveriesof.-i microprocessor- 
based structural damage measurement system lor 
the Tornado aircraft have already commenced. 

# Jn order tn realise the full growth potential 
available to ihe Group in the 1980s. especially in 
the important Held of microprocessor technology, 
the Directors are proposing to raise approximately 
£1.6 million in cash. 

0 An important element of the proposed scheme is 
participation by the National Enterprise Board, 

which will be a most valuable partner in the Group's 
plans for the future. 

0 Trading performance for (he first two months of 
the current financial year, normally a period oflow 
activity for the Group, shows an improvement over 
(he comparable period oflast \ear. although this 
trend was subsequently marred by a period of 
limited industrial action ai our Aylesbury factory 
w hich has now been resolved. The Directors expect 
that the loss of profit which resulted from this 
aciion can be made up by ihe end of the financial 
year. Order books have continued to rise and show' 
a healthy increase on their level of a year ago. 

# A number of the Group's plans, though, arc of a 
longer term nature and will require further 
investment before they bear fruii in ihe early 19S0s. 
but given the proceeds ofthe proposed issues, and ihe 
associated partnership \riih ihe National Enterprise 
Board. I believe the Group ill be well placed to 
seize ihe gronih opportunities of ibe nc.u decade. 


Copies nf the Company's Report and Accounts may be obtained from The Secretary, Negroni <C- Zambia 
Limited, Siocklake, Aylesbury', Buckinghamshire, HP20 l DR. 

Issued by Laurence, Prim & Co-, Msmbors of the Stock Exchanns 























































































• li- 















' ;» 

















■ hi 

j. : 


7 re 

3 ri 
.9 1 

Tin Us of JMloHaM wffi open si 38 ». m. or wriinrfiTi 2Mh July, 1*78, and mb 
close at any time thereafter on tM sane day . 

TJ8* Bsoe fs made ni ammUnxe trttn a General Gnraent owes by tftr Treasum 
under the Control ot florroirtrw Order, 1K8,- - 
amUcumb-Ju# bean made lo Use Council of TUf Stodt EfCWM.Ibr the "Stock. betas! 
- • * . • * • Uaued to be admitted to Uhp OSaAl List- .. / _ | 



£i5, 000,000 - C 

I2J per cent Redeemable Stock, 1985 , 

ABthortsal by the Council ol toe Liwdim Bonraoh of Camd*r. and tutted fit accordance- 
wM the pnortsWriR of the Loral Govermmml Act 1ST?, the Loenf Ai/Otonlii fSmeiU 
and Bonds! Rewlnitatu 1874. ami urn Conwhduwtf Lava Fund i Camden' 

Scheme ZKi : * 

Price of Issue £99J per cent ; 


On . AppUcadee - 

On 22jnd August. IW# 

Ob 2LK November. 1971 - 

EU per eatii 
(W per cent 
' -*d?i mt teat. 

CHI 8W cent. 

lMtonat Clear tocom* Tax) will be payable hatf-ynrly an the 15th January end 
the 15th July. A flrat payment of E3J467 (leu Income Taxi P«r 090 suck will ba 
made an the 15th January. 1579. , . 

The Stock ia an investment faUtna within Port tr of the Fin: Schedule to Uw Treatee 
Investments Ac L 1861. 

In pursuance of a Resolution passed by ctur Council of (he London Borough of 
Camden on the 19th Jnlr. 1978. NATIONAL WESTMINSTER BANK LIMITED an 
authorised to receive applications lor the above n mount of Sioch at the New Issues 
Department. p.O. Bos No. T9. Drapers Gardena. 12 T&rwanorton A venae. London 

]. Security.— The stock and the Interest riierwn win be secured on all the 
revenues of the Council and mil rank pan ixuai with the e xlsttmt and future debt 
of the Council. 

2. Provision for Repayment of Loam.— The Council is cea aired by Acts or 
Parliament to make annual provision towards redemption of loans raised for capital 
expenditure, and to make such returns in connection therewith as may be required 
br the Secret arr of State Tor the Environment. 

3. Purpose of Issua.— The net proceeds of the presi-n: issue of Stock Hill bo 
applied to replace manuina debt and to finance atunortsm capital expend l rare. 

4. Redemption of Stock.— The Stock will be redeemed si par on the 13th July. 
JBS5. unless twnoualj- cancelled bj- purchase in iJie opa marker or by agreement 
with the holders 

3. Registration.— The Stock, when rally paid, will be registered and transferable 
free or chart:?, In multiples or one nennr. by Instrument In writing to accordance 
with the Stock Transfer Act 1983 at National WestmlnMer Bank Limited. Registrar's 
Department, p.o. Box No. S3. National U’eunnJnsier Court. 'SI Broad Street. Bristol 
BS99 7NH. 

6. Interest.— Interest -less Income Taxi will he paid half-yearly on the 
15th January -ami the I3tb July by warrants, which will be sent by post ar the rtsb 
or the stockholders). In the case of joint accounts, ibe warrants will be forwarded 
to the oe non first named tn the account unless imtructlona to the contrary are given 
in writing. 

The firm payment at £3.5487 (less Income Taxi per £100 Stock win be made on 
the 1 5th January, 1979. by warrant in the usual way to the Boldens) registered on 
the 15lb Deveraber. I97S. 

7. Applications and General Arrangements*— Applications on the prescribed form, 
accompanied by a deposit of £10 Per cent, of ibe oominal amount applied for. will be 
received at National Westminster Bank Limited, New Issues Deparment. P.O. Box 
79. Drapers Cardens, li Throgmorton Avenue. London EC2H 2BD. and must be for 
a minimum of £100 or Slock or tor multiples thereof up to £1.000 Slock. 

Larger applications must be made In accordance with the toUowlng scale:— 

Applications abore £1.000 Stock and not exceeding £5,000 5' nek m multiples of £509 

Applications above £5.000 Stock and nor exceeding £30.000 Stock in multiples ot 
of n.DOO. % . ' 

Applications above no.oflo Stock In multiples of £3.000, 

A separate di.-quc mad.- payable fa ; "National vrsmtliwrer Bank Lfm/red and 
crossed "Not Negotiable" drawn nit a Bank in and parable in Ibe L'nded Kingdom 
must accompany each application form and no application -will be -considered -unless 
this condition i* fulfilled ’. 1 ' ' ' 

Id ihe even! of partial allotment, the uirplu* from rh*- amount paid as deomtir 
will be refunded io the applicant by cheoue No allmtu-.-ni will be made tar levs 
than £100 Stock. -If- no a Harmed is made. Ibe deposit will he relumed in toll. 

National Westminster Bank Limited 'reserves the right io return, surplus applica- 
tion moneys by meana. af a cheque drawn on a connirv branch of National wesritHnsu-r 
Bank Limited lo-anr . applicant whose duplication was -not' supported by a Banker's 
Draft or br a cheoue drawn on a Town Clearing Branch of a Bank in tbe Cur of 

Payment In lull may be made at any time after alloimenr. but no discount wfif 
be allowed. 

Default In tbe payment of any Instalment br lu due dat- will render all prenouE 
payments liable tn forfeiture, and the altotmeni to cancellatleo. 

Each applicant to whom an allotment of Stock Is made will be aent a Letter of 
Anoimeni, which most be produced when Instalment payments are made. Allotment 
Letters, which may be spill up to 3 pan on 13tb December. IP74. wfB contain forms 
of renunciation which will be available up to 3 p.m. on tbe I5tb December. 1978. on 
payment of the Instalments due on the 22nd August. 1978. and the 21 sr November. 
1875. the Letter will be appropriately marked and returned to the snider. When 
payment In full is made, the Letter of Allotment win be appropriately marked and 
returned io the sender, unless the registration application form has been completed, 
is which case pages I and S only of the Lenar wUl be re fumed to tbe sender. 

Partly-paid Letters of Allotment will be aplir tn multiples of £1M Slock bur 
fully-paid Letters will be split In multiples of Ip of Stock. No Le Iters of Allotment 
will be split unless all instalments then due have been paid. There will be no charge 
tor splitting Letter) of Allotment. 

Stack Certificates will be forwarded on the l2tb January. 1979. br ordinary dost 
at ibe risk of the stockholdensi tn the first, named rwjpTereri holder, at hls/lmr 
registered address, unless between tbe 15th December, 1978 and the 3th January. 1979 
the Letter of Allotment has been lothred refit -.National '-Veatmlnster Bank Limned. 
New Usovs Department, tor eschnnse for .a Certificate. After the !2ib January. 1979 
Letters of AUormpnt'wtll ceaae to-be -valid. •• 

A commission of l2*p per fioo Stock will be allowed to rccoytuwd Bankers and 
SMdebrvkw on alloimi'nis made In respect of applications beam-' rftelr »WP an (j 
v.a.T. registration numher if applicable this commission will nor. however.' be 
paid m resjk-.-t of any allnrmcn! Avtoch-udecerotK-tif an unri' i-wnimg commitment; • '• 

8. Statistics.— Relating to Hi- Lonttcm •'Borfinsh of Cat.idar. I " ' ' 

Population June 1977 -R(»isirar-C«i«ar* estimate, ‘.99 400 

Raii-able Value— 1st April. I97S - . £104.;«.4« 

Product of a rare of Ip in £—191* T9 -estimated' EMS.OOB 

Rate in the £—1979 79 i Domestic TCHOpi B2.S0p 

Net Loan Debt a; 3ist March 1975 OTi.8l8.J64 

9. Prospectuses and application forms ran be obtained from — 


New Issues Department. P.O. Bax 79. Drapery Gardens. 13 Throgmorton 
Avenue. London ECSP 2BD. 


P.O. Box C5. 30 Finsbury Circus, London ECSP 2HB. 


The Town Ball, Euston Road. London NW1 2RX. 

By Order of tbe Council. 


CMef Execs free and 7btpn Ctorfc. 


Director ol Finance. 




JI*f Ja h/i NTS. 

The List or Applications will open at 10 a.m. on Wednesday. 26th Jufy, 1978, anil wifi 
close at any lime thereafter an the same day. . . — . 


London Borough of Camden I2$:per eent 
Redeemable Stock, 1985 

Issue of £15,000.000 Stock at £99J per cent. 


New tisucs. Department. P.O Box 79. Draprra Oardenk, - ll Tbrogmertpn Avenue. 
London ECTP JBD 

LtiS’e hereby apply for 

... pounds t of London Borough 

of Camden 129 per cent Redeemable Stock. 198o according tn the conditions contained 
tn the Prospectus dated 3lsi July. 1978. and undertake to accent the rane or any less 
amount :t|at may be allotti-d tn rnc us and to pav for tly.' same in --oofortniiy with 
tbe lenus of tfte said Prospectus I We rvaucRt that any Letter or Allotmem In 
respect of Siock allotted to me ns be seni to me.u« by post at nty-onr risk to the first 
under mentioned address and that such Slock be registered in my our name-st. 

I We i-ni-lose tbe rcuuired d-twsit of £• .. being £10 per cent. 

on the nominal amount applu-d lor. and warrant ihoi the cheooe atiacb-sl hereto will 
be honnun-d on flror presonatlon acid agree that any allotment of Stock is made 
smelly on this understanding 

rl-Wc declare that f am noi ’no one ol us la resident outside the Scheduled 
Territories: within the meaning of the Exchange Control Act. 1S47. and that I, we 
shall not be acquiring the Stock on behalf of or as nominee! si of any person's! 
resident outside those Territories 


First Names) 'In full) 

— — 

iMr.. Mrs . Miss or Title ' 

Address >ln toll lacludins postal code) 

.. . 

Pkiase use Blade Letters 



First Name's! In full 

Surname and Dwlimaiion 

i Mr.. Mrs.. Miss or Title* 

Address lu full 

Please use Block Loner* 

First Noams! hi full 


Surname and Designation .. — 
i Mr.. Mt*., Miss or TlileJ 

Address lu full 

Ptoatt use Blndr Letter* 

wL. Application must bo for a malmm of ON Stock or lu multiples thereof on to 
OJNKl Suck. 

Laytr application must be made hi accordance with the following scale:— 
Application* above CU13S Stock and not oxceedfog BLOW Mode in multiples of £SM. 
Applications above £3.000 Stock and not exceed Ins E2JMM Stack in multiples of RJtt. 
Application above £23,006 stuck hi multipin tS.®*- 

1 1 t this declaration cannot be made, it should be deleted and reference should 
be made to an Authorised Depositary or. in the Republic Of Ireland, an Approved 
AMU. through whom lodgment should he effected. Authorised Depositaries are listed 
10 the Bank nr England's Notice SC.I. and include m»t Banks and stockbrokers 
in and solicitors practising in the Untied Kingdom, the Ch-inuei islands or the isle 
Of Man. Apprnred Agents In the Rrnubllc of Ireland are defined m ihc Bank ol 
England's Notice 

1 Tht' Scheduled Teminnr* at preiidll eotnpne*: ton _ i.n.tpft Kingdom, the Channel 
Minds. Hi*' isle of Mail ih>- Rermbl". ol Ireland l and I nlhraliar 

This Form should he completed and ^on: io:— 

79 Draper! Hardens, li Throgmorton Avemi- Ltmdnn EC2P :bd. -enh a ehea'io 
r.«'pat»ie to NafiAtuf H'efunmMer Bank Limited tor tfv amount of rhe depone 
raMiro must be crn«-rt "Not Ni-gonable" 

rer-ipt will he t««ttod tor payment or- tni* appM--a:ion nii in iriwct-lgmen- 
wtii'be forwarded bj aor. in due coune. cither by Letter of Alltuarm, or by re;um 
of depot:*.- 


Times Newspapers plans 
new disputes procedure 


get £4.50 


By Our Labour Correspondent 

tion from' Noveinber.W unless it>' legal '. requiremeuiii and in- offer is there. - .1 

achieves .Improvements -in Indus- dlvulua) contracts. Concern about tne failure or. 

trial relations, ivill . this week Mr. Hussey said yesterday *?reed disputes procedures ioi 

send proposals lor a new dis- thar. the details of the chanscs in JJ®* hfl '^nr^fri bv Sir ‘ TH E (iovernment should amend 

putes procedure to print union disputes procedure- which Times heen rh I ! lcn 3 v4licvWhiTc Paper so 

leaders: Newspapers* wishes W discuss R’^ard Marsh i rhafrman ' of the . ts P a > ” Said -roups 

. The warning that publication with the unions had now been 5P®Pe r nSSber^ocSsToni" ' of worfceri are guarSnieed 

of all. the group's newspapers prepared and would be sent tn hob. ? n a n^oer or wc asions. , ot worser. 

might, be suspended was first general secretaries later this 

fiyen at;the end of April when week. 

Times Newspapers wrote to print Mr. Bill Keys, general secrfe- newspapers 
union general secretaries seek- tary of the Society of Graphical and that the only sanction wbicn 
ing talks on ways df overcoming, and -Allied Trstdes and chairman union leaders could use to «m- 

disruptinq of production and of- the TU.C printing:. industries trol their members was .ne nrcoareu tw »*=v 

resolving, disputes moTe-speedriy-. committee, said that- he had power to withhold union mem- !‘ l increases higher 

• These -talks have not yet’ taken - responded to Mr.' fftissey s Apnl bersbip from those who break i pert enlage * 

■place, and -at the weekend. Mr. letter on behalf .of hifr executive union rules or uqiuq agrec-ithan it. o p r n ■ - 
Ml J. Huxfeey, chief executive, the following month making ments.“ ! where theae »ouw not 

wrote again to the unions asking 

n lion, on a numuer ut ucvasiu-io. ; ui <ruinu>.-< ~ - -- , 

is He said last week that indus- 1 minimum cash increases "i 
trial disruption in national (£i30 a week, the L°»-Pjy JjJJJ 
u. newspapers was “intolerable" says in a report publishi-a 

In a White Paper published 
on Friday the Gwernmeni said 
would be prepared to see 

for an early meeting. He alsn 
sent a letter to all members of 
Times Newspapers’ staff which 
will reach them this morning. 

This letter repeats tbe Novem- 
ber 30 deadline for achieving " iavaiiable "under incomes policies 

agreement on the industrial REPRESENTATIVES of Mersey- Transport House, Liverpool. ; 

Mersey dock strike talks 


in earnings of more than M4-50 
for a normal full-time week. 
The £44.50 figure is compuTcd 
by the Government tn represent 

the TUC’s £30 minimum wage 
i target in 1974-75 updated by 
maximum increases generally 

«5IRIIIEU! U1I Lite "iuiwu iaj KgPK tatiV 1 rt Jl VBia Of AIBrMS}- iiailipoil ni"t^ 1^1 v ci |niuu . . then 

relations refonns which the w . 300 striking lock-gate men today in an .effort to settle ! 5 However.’ the Low-Pay Unit 
th» .he company and member, of the fran.pon frtke paralyamg Lrrerpool doeba. ; „ y , lhal in ,.s view the TUC', 
II stresses tnat tne company . Wnrtn „, ThirLr ocean-going vessels areirao figure should be updated tn 

beUeves the proposed changes and General Workers’ Union are -iSirfVSe^cffand^otherifq^Hut* to” £+4 50 but to £55 
can be agreed by negotiation by to get together with officials at ! fugues that policies which do 

~ ’ n ot guarantee minimum cash 
increases are of little benefit to 
the low-paid and asks instead for 
a formula wh*ch would require 
all wage councils lo award 
minimum increases of £4.50 — -the 
equivalent of 5 per cent on 
average male earnings. 

In another attack on low pay 

The Lbl of Applications will anon- at 10 «-m. ax Wednesday, 26th July/ 1478 and will 
dose at any time thereafter on the same day. 

Thu unto la made in accordance, vxtii a General Consent atren t>y the Treason/ 
under the Cmuml of Borrowing Order. 1858. 

Application baa been made tn the Cour>mi or The Stock Exchange for the Stodt 
being Issued to he admitted to the Official Last. 



. Variable Rale Redeemable. Slock, 1983 

ABttorifHl tv Our Council of the isnrion -Bo rough ol C.tmden rad tamed m accordance 
milt 0* vu-nsjuw ut tii<- tL>cnl burernhirai Art 1973. the i u--nl Anrhurtto -Mocks 
and Bonds/ peauiaUonz IS 14. and the Cmsahdnied Urns Fuxd > Camden i 

bchentt. 1963. 

Price of Issue £99} per cent 

PA i Ail Lb iN t ULI.. u.s APFUCAI1UN 

Interest flex* Income tax) will be payable tuV yearly on ZRfc January ami 
27th July. A Aral payment of E5AU9 (less. Income tax) per OM Stock will be made 
on 27 Lb January, 1979. 

The Stock u an int-eatinenl falRno nUMn Fart II ol the First Schedule to the Trustee 
Investment* Act IWi. and on the first dan ol deattoo tt aih ba an investment tailing 
icitMn Fart l ol Ute Schedule to the Butldtuo .Societies (Authorised IvmtmenUf 
No. h Order 1977. 

In accordance with a Resolution panted by the Council of tbe London Borough 
of Camden on the I9tii Joty. 1978. NATIONAL WESTMINSTER BANK LIMITED are 
oiitbortsed to receive applications tor tbe above amount of Stock at tbe New Issues 
Department. P.O. Box 79. Drapera Gardens. 12. Throgmorton Avenue. London 
EC2P 2BD. 

l. SECURITY — The Stock and the hiterest thereun will be secured on all the 
revenues of the Council jntf-WH. rank part hussu v.itb the eJchuox -and future debt 
of tbe -Council " C-L ,' . 

- 2. PROVISION FOB REPAYMENT OK LOANS.— The Council Is recurred by 

Act of ParManiem to txutite'.ainiiBf provtSMip vpvanfc redeiupilQ" tot. loins raised- tor 
rapflat '.oxpendamv and "to "jutUie s-ich return» in copnectkm tflerrwuh as may be 
rouutred bF,the Sevretorj 6t Saie tor the Environment. . . 

" 3. PURPOSE OF ISSUE.— Th'- .,et proceeds ot the present issue of Stack will 
he applied to rumm* authorised capital expenditure and to replace maturing drbL 

4. REDEMPTION OF STOCK.-TIte Stock will be redeemed at par on *Ttn July. 
1953 unless previously cancelled by purchase In the open market or by agreement 
with the bolder.-!. 

9. REGISTRATION.— The Stock will be registered and transferable free of charge 
in multiples of one pound, by instrument in writing u accordance with the Stock 
Transfer Act 1963 at National Westn duster Bank Limited. New issues Department . 
P.O. Box 78. Drapers Gardens. 12 Throgmorton Avenue. London EdP 2 BO t" tito 
Registrar - ». In respect ol transfers indeed by band before noon Stock Certificates 
In the namersi of the transferee's) will be available tor' collection by 2 p.m. on the 
same day. Certificates in respect of transfers lodged ky.poai wlU be sent by ordmary 
post at the risk of the Stockholder! si to tbe (first named) registered balder at his/her 
registered address unless Instructions to the contrary, are given in writing. 

8. INTEREST.— Interest Hess Income taxi wifl be payable by half-yearly 
Instalments in arrear on 27th January and 27th July .t" interest Payment Dales 

T. THE RATE OF INTEREST.— Tne first payment of interest will be made 
on fftb January, 1979 ai the rate ol £3.9129 per.' cent. Hess lucume tax', being 
iu3J.385ths or the rate per annum determined by National Westminster Bank Limited, 
acting as an expert, to he eouaJ to i per cent per annum above die average 
irounded upwards to the nearest iLOOtll oer cent.) -if Ibf rates per annum at which 
National Westminster Bank Limited was advised by Lloyds Associated Banking 
Company Limited and Barclays -Bant Limited i" {he Reference Ranks "»' that sterting 
deposits in a marketable amount would be offered to them tor a period ol six 
months- fh the London interbank- markerat or about ID a.m. on Slat July. I97K. Tbe 
rate of I merest payable (“ interest Rale ") on each Interest Payment Dale 
suhMxuieut to 27th January, 1979 in' respect ol the immediately preceding half year 
r— Inte rest- Period ”i will be at me rate per anmnu dorermuied by National 
Westminster Bank Limned. acUns as an expen. to be eaual to i per cent, per 
annum above the average (rounded upwards to the nearest D.U0Q1 per rent . i a! tbe 
rales per annum ai vtairh National Westminster Bonk Limited Is aditseo by each 
of the Reference Banks thar sterling deposits In a marketable amount would be 
offered ra them tor a period at six i nonius in the London toter-bank market ai or 
abont to a.nt. on the busiuesv day Immediately preceding the roi mn entree lent ol 
such. Interval Period iv Rate Wxtow Day "i. II either ot (he Reference Banks shall 
fall on request to advise such rate to National Westminster Bank Limited on any 
Rate Fixing Day. ibe Interest Rale shall be determined by reterence to the rale 
advised by (he other Reference Bank (f both Reference Banks shall no fail the 
Interest Rate she it be that determined as being lair and reasonable hi National 
Westminster Bank Limited acting as aa expert. Tto* Council will use Its ties' 
endeavour* to ensure that there will at all times be two Reference Banks. Wnb 
the agreement of National Westminster Bank Limited the Council may appoint any 
leading bank In tbe Chy of London ns a substitute Reference Bank. 

A ol National Westminster Bank Limited as to the Interest Rate 
payable in respect of any Interest Period shall be conclusive and binding on the 
Council and Stockholders. Each determination of the Interest Rate for Interest 
Period* oth**r than ibe Aral ln'erest Period shall be certified tn the Coundl and io 
The Stock Exchange not later than 9.30 a.m. on the first business day ol the relevant 
Interest Period by National Westminster Bank Limited and the Council will cause 
such rate tu be published Ui two leading, dally newspapers not mure than one business 
day later. 

5. PAYMENTS.— Payments of principal and Interest will he made by warrants 

available for Town Clearing In tbe City of London, which will be seal by post at tbe 
nsk of the Stockholder! sv tn the case or Joint accounts the warrant will be 
forwarded lo Ibe person first named In ibe account unless instructions to the contrary 
are given In writing. Payments of principal will be made against surrender of the 
role van I Stock Cfrtificateia*. . 

B. STATISTICS. — Rotating lo the London Borough of Camden. 

Population June. 19T7 'Registrar General's estimate' . .. li».4» 

Rateable Value— 1st April. 1978 . £1M.»;.442 

Product of a rata.- OflP in 1 l— 1978/79 'estimated) £985.000 

Rate In tbe £~1 979 '79 'Domestic 72.9rtpi KLSDp 

Net loan debt at 3 LSI March. 1B7S £325.519.364 

10. APPLICATION PROCEDI’ RE.— Applications on (he prescribed form, 
accompanied by payment in lull will bo received at National Westminster Bank 
Limited. New Issues Department. P.D. Box 79. Drapers Gardens. 12 Throgmorton 
Avenue. London ECSP 2BD before tie dosing of the list or aaoUcatiooB or 'J6th July. 
ISTK, add must be tor a minimum of £t00 Stock or tor multiples thereat up to n.ono 

Larger spoUcanons mlist be made In accordance with Uie following scale — 

Applies now- above n.ono Mock and oof exceeding £5.000 block in muffiplBs 
of £30" 

Applications above £5 .>}<y> siocV and not exceeding CD 000 Slock In multiples 
nf ft. uw 

Applications jbme 120.000 Stock in multiples of G.UM. 

A sxuraie chniui- made payable to '• National West minster Rank Limited " and 
crossed Not N.-goilable " representing payment tn full at the issue price and drawn 
<m a bank in and payable in Enuland. Scotland or Walid. mum sccompady -ach 
appllcatinn. No appliratlnn win be considered unless these condliiuns arc fulfilled 
RtymeiiK of ij/Wu or more should be made by Banker's draff or by chcxjue drawn 
an i Juwi UearlnE branch of a Bank in ihc City or London. 

The Council reserve the right to Instinct NalKmaJ U'eatwhisfcr Bulk [.tinned -li 
m present all cheques tor pay-moil ood to retain the definitive Stock Cenllicaies and 
curplns application moneys pfiiadlnR clearance of the applicants' cheques Jnd >2i in 
relect any application or io accent any application in parr only if any application is 
not accepted the aqiaunt paid on application will be renirn-d tjy post rf i the 
spplr. ants’ risk and If aw application ts accepted for a smaller a mo am ol Stock than 
that applied tor. the bfltatwe of the amount paid on application will ho returned 
likewise. All money? will be returned by Town Clearlm: cheque cxn-pi that the 
CounviJ roerve tbe right to instruct National "AesDiimster Bank LlmJiefi to nnrn 
surplus application moneys bv means of a cheque drawn on a country- branch of 
National W'eSDnhutcr Buk ' Limited to any applicant whose application was not 
supported by a Bankor*' draft or by a cheque drawn on a Town Clearing branch of 
a Bank la ti» Cfty of London. 

Each APPllCMi to whom an allotmem ts made will .be sent a definitive «m«e 
Oroficaie. l» I s expected that such certificates mil be posted on 26th July. I97S and 
that declines in the stock will begin on 27ih j u iy. 19^9. 

11 Prewecntsev and appUcaim- »rms pan he nbtalned from — 


New ixtiKii Drparnneni. p.ri Bov re. Drapers Gardnis. 12 
Tnnipniorion Avenue. London ECJP .‘BD. 


P C Rn\ i“i. in Finsbury Circus, London EC2P 2HB. 


The Town Rail. Eusion Road. London Xtt'l 2RT. 

By Order of the Coundl. 

F. NICKS') N. 

Chief Eici-uhoe n*d Tout. Clerk. 


_ _ _ Director ol fmanea, 

’Tie Town RiR. 

Ennon Road 
London W1 2HJ. 

si st July. un. 

14 miles out at tbe Mersey Bur. 

Ships cannot move without the 
aid of the lock-gate men on both 
sides of the river, and ships for 
Bromborough Eastham arid the 
Manchester Ship CanaJ are also 
affected. ' 

A number of dockers worked 

overtime as usual yesterday; yest?rday Mr _ Jacfe Boddy, 

on specialised ships la the port 
and a harbour official said: u We 
are hoping some solution will 
emerge to end this disastrous 

The strike developed from an 
official dispute tn which fiO 
Transport and General Workers i 

general secretary of the National 
Union of Agricultural and Allied 
Workers, said it was incredible 
that in 1978 many people who 
worked to feed the nation could 
not afford to keep their 
families fed. 

Manv farmworkers with 

Union men in cold stores refused 
to stamp imported butter under 
EEC regulations some weeks 
ago. The lock-gate men came 
out in sympathy, and the trouble 
became worse when "one ship 
slipped out nf the port when 
gates were open. 

Isle of Man and !ri®h car 
ferry services are not affected. 

Bid to change 
TUC council 

THE General and Municipal 
Workers* Union is to renew 
attempts to change the structure 
of the TUC general council in 
a motion it will put before the 
annual congress in September. 

This calls for automatic repre- 
sentation for all unions. -with 
more than 100.000 raembptjraffd 
elections to decide represent! 

! families, he told the annual 
Dorset rally commemorating the 
Tolpuddlc martyrs, had their 
wages supplemented by family 
income supplement. This was 
intolerable because the supple- 
ment was devised for people 
whose earnings were not enough 
to keep their families at a bare 
subsistence level. 

The agricultural workers’ 
union will seek this year to 
almost double exislina minimum 
rates to £80 and win a five-hour 
cut In the working week In Its 
claim to the Agricultural Wages 

Mr. Boddy told the rally that 
farmworkers would regard a 
5 per cent, increase — represent- 
ing a rise In the minimum wage 
of £215 — as an insult. 

“It would be bad enough if 
we did not hear of other better- 
paid groups being regarded as 
special cases. But with that it 
becomes intolerable.. More than 
that, it -ensures that thi* industry 
will ndt^rviveV- fMvflj 4ie for 

elections to decide represent* lack of people to renter it. when 
tion on behalf qfsmaHerunlon^J wages are io lo'iv." . „ 

The Uot rt Application will am at 10 a.m an Wedm-ntey. Mih July. Wtt. and will 
do*# at any time thereafter an Uw same day. 


Variable Rale Redeemable Slock, 1983 

Issue ol £10,000,000 Stock at £991 per eenl. 


New isnes Department. p.O. Box 79. Drapera Gardena, 13 TJTOKmertan Avenue. 
London EC2P 2BD. 

J/W* Hereby apply tor 

f9iy : 

............. .. . ..... pound b i of. London Borough of 

Camden Variable Rate Redeemable Stock i893. according u the conditions contained 
in the Prospectus dated 21 a July. 1975. and undertake io accopl Uie same or any 
less amount that may he allotted to me/us and to pay lor the same In cotuormlty 
with the terms of ihe said Prospectus. I.'We rmuosr thai any Certificate hi respect 
of Srack allotted to me 'is be sem to me'us by post at my/our risk to the first written 
address and that such Stock oe registered In tny/aur name's). 

l>1Vc Wrtjttf Uw required payment of £. twins parment in full at 

tire rale of £180 per cent, or the nominal amount applied for. and irarrani rhat the 
cheque attached hereto v>1H t» honoured on first prw- email op and agree that any 
uuuiment of Stock is mode strictly on t hre aodorstandltw 

'I we declare lhal I am nol/ao one of us is rcsideoi outside the Scheduled 
lernioncsi wiihto the meaning of Uie Exchange Control Act 1947. and Hut r-we 
shall not be araulrlne the Srack on behalf of or as nominee's) of any tw rooms) 
resident outside those Terrtiorlea. 



First Name'.o Mb toll) 

Surname and Designation 
«Mr- Mrs., Mias or Title) 

Address (tn full including postal code) 

Please km Black Letters 
trJw spares below are for sure In tfte c*se of Jomt applications i 

iipnuoi re 

Please use Block Letters 

SifTtao/rs- ... 

First Nome's i to toil 

Surnome mtd Deatoiution 
'Jtr. Mrs. Miss or Title- 

Address in full 

First Vs™* «. tr. *,U 

iurtiome end Denor-mpn 
'Mr.. Mr*.. Mi-* or TiU*‘ 

Address in p/ll 

Plane use Black Letters 

* Applicatlaits must be lor a minimum of £109 Stock or In mL-lUpIcs thereof up id 
CL 030 Slock. “* 

Laracr applications must bo made In accordance with the lollewlng scale: — 
Applications above ELBM Such and hoi exceed In a CSJHM Slack in multiples of ESOO 
Anplluilonc above £5.900 Suck and not axceed'its VBM Stock in multiples ot EL0M. 
Anplicotiou above £29.600 stock In muftiplas of B.toa. 


1 In fhr caw of tohu apphcaiio. all musi sinn and. in the ras* nf a rwpnratini,. 
suu/hiS T 'dMtoriam.n a,n,D Med UDfcr h “ tf b ' 1 du,v a“ti>oris«l offiver, who should 


Bankers draft or by cheque drawn on a Tuwn Cl van a*; branch of a Bunk in ihr 
Chy ni London. In UUs connection, attemlrm .a dra« n to fihe prorEi below 
record uie the return of unroll* application moneys. onroihiima nelov. 

.1 Thin fonn shniki be completed and wnt in —NATIONAL WKstmiyrykh 

bank, limited, new ism-es depahtment. p.o. box jv, drapers^ gardens 

! ? THKfi: MORTON. AVENUE. LONDON EC!P 2BD, «o|b • dS? arable fo 

,ar ' b ‘ a,,,0,,nI ^ should 

* ?US rrC0lpl wW 'be u*wfi ftw ihp atnuunr paid nn applicaliun but an 
a^nowredsrnient will oe foruarded through the hm at ih<- risk of Urn apphcnnti^ 
efthcr bj- a definitive stock Certificate uoguiher uuh. if anplicablc. a To«n, ciennnii 
Cheque lor any aiuiHim overpaid) or by return of the nppucaiiim mnncys_. Tne rittfti 
» rrayrreo lo return air plus moneys by m.-aiis «i cheque drawn on a cuudiry 
hranch or National u cm minuter Bank Llm-ted io anp aoplicani whose annikaitfm was 
not supported br a Banker s draft or br a cheque drawn nn a Tnwu Clcartnc branch 
of a Bank in tin- Clly of Loudon. ^ 

+!f this declaration cannor be made. It should he dclaiod and tvfwtuce -ihniild 
w made to an Authorised Depositary or. In ihc Republic ut Ireland, an Approved 
Aaent. tbrouKli Mimii Iwtitmcm should he rffected -Authorised Deposlianire arc 
lived in the Ban* «f Enxiand's Souce E.C.l. and IncJudi- most Rants snd sinck- 
brokers in and soHdinrs prar.tislny in the- United Kintrlnm. the Channel Island* nr ifre 
tole of Men- Approied *«ents In tilt Rtcnhiir nf Ireland are denned in the Rank of 
England s Nnbre E.C10. 

TThe Scheduled Tcmtoftta tt preoati cnmrelae; the United Kingdom, m. n.. nB ,i 
liltBdi, tha Ltia of Uu Dm RasubUc of Iralaad sad Gibraltar. 

Financial Times Monday July 24 1978 




Mr 3 Taylor h**en 

appointed A v.S? ar gSl?F 

director oT. WES1XAND ENGl- 
NEERS. Ho w;w formerty sales 
director. Mr. R. L. Glllhat.. has 
been .made finance ilireciw uiid 
company secretary and Mr. L. J 
Cooper, who was works manager, 
i* now works director. 


Mr P J. Miwn, formerly mar- 
keting director. has been 
appuinted manapme director 01 
siillary of ilm Lnw and Bonar 
Group. Dundee. He replaces Mr. 
W. B, MrKre, who becomes depiity 
chairman. Mr. 1>. C. M *W has 
been made manning director of 
Bibtw and R.irnn C.jrrnns and Mr. 
G. E Perkins succeeds him_ as 
•jenerol mans err. Mr. H. Kerr 
has lotned Boitnr Lnnn wd Co. as. 
chief onstneer from Parsons 
Peebles in' Edinburgh. 


Mr. Malrolm Goodmun has been 
apnnintPd hy CKtHl CHILL 
(SPECIAL TOOLS) a* marketing 
executive with responsibility-- for 
researching European and inter- 
national markets. He joins Jhe 
company from British Leyland 
and was nrcvinusly general 
manager. Lucas Industries. 


Professor . D.- V. - Lind ley. 
formerly head of the Deparrment 
of Statistics and Computer 
Science at University College. 
London, has been appointed to an 
honorary professorship »n the 
Department nf Statistics at the 

' * 

Mr Norman Reddawaj" has 
joined the Beard of CATALYTIC 
the development of export con- 
tracts for overseas ppTrochcimcal 
projects from its Lnndnn offlee : 
Mr. Reddaway retired from t-Tt 
Government service last May aa 
Ambassador to Poland. 


Mr. B. K. Shattork has- joined 
DECCA RADAR as manager of the 
Marine Division (Naval). Until 
his retirement last September Mr. 
Shattock was a communications 
and electronic warfare sneciafist 
in ihc Royal Navy with the rank 
of Captain. 


Mr J. Lister Radfcer. haring 
completed the responsibility which 
he undertook on behalf of STR 
NERS for the initiation and 

development of the:*’ ^nverst-os 
acrttrttfito through Sip. rredenck 
Snow llni(RitiiHiMl)> has- now 
given up his dimes js joint manag- 
ing director and hw* resigned 
frnm the Board. Within ihe 
partnership be w4H conUnuc his 

oversea 1 ? activities -as d consultant 
io the conituiiy • and Me. RonnTd 
Herbert will become msoaging 


Mr. >L S.Campen and Mr, Ur A. 
Phillips havo been appointed tn 
the Board or CUSTOM \GK; 
Mr. A. M, C3oggl£ has relinquished 
c\wi(Cis'<> rcspnnsibilifies. Mr. fi. 
Adams (deputy, managing, direr 
Tnr) becomes acting managing 
director. Mr. Cecil Ituntey oih- 
tinues as chairman and Mr. M. # \. 
Ashcroft remain*- deputy rhair- 
imn. ‘ 


Mr b. s. Allison ha' h^n 
elected ehatrm-in nf rhe cntnmlitet» 
TRUSTS. He succeeds Mr.. C. J 
Baker, who was the first chair- 
man of the cuixiinitiee 
- * 

Mr. D. K. SIHcstcr h.i« hecri 
elecrcd president ol ?ho JXSTITt. 1 - 
J. C. Clanccy nrrt Mr. E. W. Flas- 
man have become vtc'e-prc.sidcnLs 
for T97S-R1. 


Mr Graham Wans has been 
appointed company seerriarv to 

. ■ ■ * 

Mr Roger Waliboasc ha« hcen 
appointed to the Board of ROC 
DATA SOLVE as marketing direc- 
tor. He was previously the com- 
pany’s market inc manager. 


Mr. Norman C. Sir an berg has 
been appointed rice-nrctsidem— 
TION based in Brussels. He re- 
places. Mr. James J. Mnrphy who 
has became vice-president— 
marketing at General Dynamics 
Pomona division. 


Mr. W. D. Whitehead has been 
appointed secretary of TALLENT 
ENGINEERING, a member of tha 
Colston Groups 

. * 

Sir George KrsJdnC haa retired 
os a director of. . the. LONDON 


The following is a record of the principal, business and ftnanrial 
engagements during the week. Tbe Board meetings are mainly 
for the purpose of considering dividends and official indications are 
not always available -whether dividends concerned are interims or 
finals, the sub-divisions shown below are based mainly an last 
year’s timetable. 

TODAY GlUctt Bros D'WWI 


Allied Plant. Ro*a) Station Hotel. Vortc. vojper 

ARioer Ind.. 2-4 St. Mare A*«. E.C .2.30 atiov i2';DcBdx. Rod. 

Cap.Ul aaq CounilM Proa.. 40. Broadwa*. Boroqrx lOocBds. A««f 2 8:7J3n £5aM4 

S.W.. 12 B«tkJ DflhaiMhlre IDbcBdv Red- Mrtira 

nonunion ana General YruiE 3. Ain«t {& 1644 - - . • l ^ 

Pl-cc, Eai-.ouran .■ ' ... ■ - Danfort tboefltlii Red. MtTffB tM 64* 

Puirmork rat).. -Icddd (Ww Jed. X 5- 1 6<4 “ 

Bu >a. m^ a .. 


^ n n n HO Ware*. 

wM-9 a-iiooino 
j-eoe Go- man 
. IkirIihv. 

Howaid Macnmere 
jimncti Chuialaie* 
Ladies Pnae Outacwear 
Lada >nv. Truat 


Monad! NoUC 3 312SO 
Ocean WilMMH 1.875 d ••• * 

Plymouth lOPCBdS. Rad 2B.'7.‘79 £5-1644 

ntu»ll Da«M. . .□■•MtAhtMlI ' % an 

Russell Bros- 'PaddliB*onJ 3 JTJSSd 
S effon lOncSds. Red 2B 7 7S ES-lSda - 
Sheifield lOaCBds- Red. 26I7!7B tS.164# 
Sidiaw tnds- 14)0 ■ „ 

Sooth Snroosfure lOtKBds, Red. 26.7.TB 

Treasure Ln. -Y'.oc 05-Btl l‘«K. 7'«oe 

DIVIDEND A INTERE5T PAYMENTS— 201 2-201 S - S'jPd _ __ ■ 

poC^jjina. -4i1 206 p Wakefield IflPCBttt. Red. 26 7iro W'I644 


Am orate In*. Trus*. Inst ot Chartered 
Accountants. £ C-. 12.30 
Bnechwaod Construction. Dragon Natal. 

Smiumo. 12 ■ „ 

British Steam Sordid iw. Grand Motet. 
Leicester. 12 

Caffvns. Central Library. Emiboufne. 3 
Carlton Ind.. Dragonara Hotel Redcflffo 
Wav. Bristol. 12.30 

AI — , 

drown Shi pie v S.264B _ . 

Charter • Conwfldateo CReg.) S.27SdSo. 

tar.) SJ7&45P • 

Cmrchbure Estates 2.B770 

tana Investor* 0.2p 

Northern Ind. imororomedt Trust 1.6S0 

Provincial Laundries 0.2354P 

Scottish Invest. Tnm Ord 1.1 P 

Swan Hunter So 


0.30 ’ Bristol 12 

Glow in*. Trust. Elecir* House. Victoria CMw ia^. 8. Waterloo Place. 5t. James's. 

HartreaJSf^wcllBe Hall. Wet herb*, west Errhange Telegraoh. EvtH House. EC.' 

London" ^Sumatra Plantations.. 100. Old Lrigh ")ter«U. 75. Haraorue Road. Edge 
Bp«wci t.C. A iwilon. DiCTntitgnsin. * i f 

northern Gold&mitiis. Roval Sfacion Mciei. CdtnbeHintf Hofei. 


Sturla. .Due hotter Hotel. W. 12 CoaiMuont - Rooms Great QunS 

ssa*‘tt.*c!sria # s«K JssxJnJs^ 

strcm. W.. 12.30 wlrewa^watron. Central' HotoC GIa«^ 



Amalgamated Distilled Products 
Davy ftunl. 

Geavor Tin M<nn 
Honard Tenens Service* 

Ingram <Haroidi 
Macarthvs Pnanriaceinicai* 
Wheeicr’s Restaurants 

Glasgow Stockholders Trust 

National Westminster Bank 
RoiaDev iG. B - 
Tavlor Woodrow 
Vantage Securities 



Commercial Bank ot AuSTrsffa 


Fitch Lovell 



Jarvis o > ■' 

Letruet tornt. • . 

Lvnton Hold) ngt 
Pullman tR, ind J3 
Redtwid ■ — •• 

latarlms; - • - . 

Barclays Bank, 

Bis roeffds. Rea. Ti»ii79 ji.-bb 
rairaaie Tevtilc Ord. and A Q.H6n 
General. Electric. GS it*. 

Lec-s 7uc.Bds Red 31 1.79 Ji.Pi 
London B-.DcBds. Red. 23 1100 dla^C. 

7ac&as. -Btd. 31 f 79 3'-rt>c 

Manufacturers Handvcr .S2 cts 
Merton 70cBds, Red. 3) 1,79 J.- pc 
Newbur, 7ocBcts. Red. ll.S-79 3-.PC 

inqs and In*. Trust a.0S7p 12 '* 

tcBcik. Red 3 li 1.79 J';pc Parker i Francis) Cdnnaugnt Roam, GrraP] 
los Red 31 1 79 3iaic Queen street. 10.30 f 

r. Rate Bus. Rea. tg.i ai Pegier Hattersley. Danum Hotel. "HWS 

Anuersons Rubber D.9&1 8o Mill am smith"* J 

Alton lOiwpcBds- Red 20 1JB2 5 'mbc i,, q m , jSp . j ' t 

Blaenau G«*eni lOLuxBos. Red. . 20: 082 _ - 5 

Brai'nfng bro '.ind R«« V. Ord. 2.310 . VPlkWre CMedcaH . - •• ; 

Camortogeshtra 7oeBds. Red 3li1 79 DIVIDEND ■*: INTEREST PAYMENTS— » 
3' me . Ambrose Inv.. Trust. Inc. 2.7o ■ 

Carless CapcJ and Lannard O.SSM* . ATtwoad Garage* 0.3 J75p « 

Cnarnwooo 7ocBdS Red 31 1-79 3i;oe British Steam Specialties 3.S37n _ . ■ 

Clwyd 7pcBds. Red. 3lili“9- 3i|pe Camden )2’«pcBdn- Red. 23‘7'BO , 

Corporation at London 7ocBcfj. Red. Derby .12 'dicBdi. Red. 23,7 BO G'iwc * 
31 1-79 3i.-pe. BisncBds. Red. 23il.B0 Dunn.ll (Alfred' e.O&ano J 

:4',BC Ellen road Ring MU) 1 6S6P • 

Craven Tut Bid- Bed. 31.1.79 Stjoe Flevctid CMBrl and ■ Wheels 1.1 5 Sp m 

Debeueams Lns. 3> and 3'»pc Hargreaves 1.9167o <• 

East Hertfortstiira BuocBdi. Red- 23H BD Hunting Associates, tods. U»96 .b • 

4 >ssc Novanara Tea 20t» * 

- _ " "' Real tins (On 3 916 d • ■ 

Rugbv !2>*pcBd* Red, 23 7 BD P'ivdc “ 
Soutneid- on-Sea S'jpc Red. 77 79 -2'anC 
Umllev 2.73p . _ 



BPB Ind. 1 5-17. Marvle&on* Road. N.WJ. 

. „ 1 2 *F 

Ndrth Tvneside TucBdS. Red. 31179 c P? sbv L . 'ataruvs. Flare* . Horetp 

3', pc ' St Helens. 11.30 ■ J 

Orkney islands lO-.ocHcJ*. . Red. 191-33 Dartmdutfi 1 K. Botanical Gardens. WevlJ 
5ii,pc bourne Road, . Birmingham. 12 , 

Pcndle -Vae Rale Bds. Red. 19:1 ;j LinduvU'es. Dorchester Hotel. W..- 12 1 

L3 62S0 Ltuvd *F H.>. Albany Hole' ' Birmingham,* 

Property Holdings and In*. Trust 4.0S7p 12 

Redbridge IpcBps. Red -- - - 
R.M.irevr 7 pc Ben 
Sevenoaks Var. I 

^,£3.5230 Street.' Do nearer. 1 12 " _ 

Shemoio 7pcBds. Red. 31 1!79 3 'jpc Trsco Stores, donnauahx Rooms. GresE- 

Sketchlev 2.95983 b- Queen- Street 12 b 

blaugh Tbcfids. Red. 31 1,79 Stpc U.K.O.. 100. Old Broad Sttrtt. EC." 1 £ 
South Wight 7PCB0*. Red. 31 1»9 JI--K Unilock Inst, of Chartnrfd Accpumkctsa 
Tnameadovm Vir. Rate Bdx Red. tff'l.'flj 3 . , , • " , J 

£3 6250. Waodficad JJonai). Cueco a Hotel. LaediP. 

Tr a flora Vir. ff«c 19 103 £3.6250 ' f 

Troasurv Slit 12DC 1995 60c - BOARD MEETINGS— u 

Utflcsiartf TpcBds. Red 31-1 79 3'.pc. FtoaH; MtET,NQ5 “ .. . « 

9-oiBdfc. Red. 21-1 Bi 4.-WJ I- ■rad* lid* i 

v .'™ r i n' ,, ,,;S‘ V ° r> ,CniM SBC.GeSJal Engineering ,-g.deHtM * 

««■ *1.1.79 arsss. av ssas w 

" :pe SUfk-v Intnl. ’ . ' 

WEDNESDAY. JULY 26 Stiver! Zigomal* . • 


Austin (E.i,. winchester Houm.'EC.. 12 M.JJS^Rinfc J 

British and Commonweallh 14- piu?r rn»3r.«fliva A 

20 SI Mar* ASC. E.C 12 PI3M1C COnstrudlnn* I 

Cjiedwia Inn., 2-4, 51 Mary A*e. E.C.. DIVIDEND.* INTEREST PAYMENTS— 

3 Allied Plant D.aOSg * 

C 2? l i le W Chemical Prods.. Save* Hotel. Anglia Television N.V. A Z.OMto * 

w.c„ .12 Anglo-Amertcaii Coin, ot South AiHed" 

Continental ing. Trust. 120. Chcaosldc. 25 «S- - - 

E C. 3 Bank ot Nova Scotia 24 cts. Z 

P*. La .Rue. caM Royal Regenr Street. Canadian imperial BanU of CemmereC 
W.. 11.30 35 «<. New Pro rata 1* ahvjunC 

Dunhlll iA.1, 6B Regent Street. W. 12 oa-d up .. « 

E R?Sk Vn Wtrol,ICil 100 0,0 Canadian Poclfte SO cts. 7'uic Red. Ffd-A* 

s:“rJi c " j-l, wo, »«-. auvfs. nsrsF?' ‘"1 

Moiin'wro,' Estates Russell Hotel. W.C.. 12 cSaBman'ISa’lfia^iaafip - £ 

Throgmorton Trust. -25 Milk. Street. Clvde Blowers a3r085n , 

EC- 12.30 Cain Encnange I.oRoOTSp « 

0 S e £ 1 ' 100. Old Broad 5ueeL. CourtaUd* 5.031c - a 

E.C . 12 Dartmautn Invs. 0.407090 . * 

- Duflryn. Dorchester Hotel- w. 12 Dorrlngton .In*. I.ESHa .. . • V 

Redltfusioi. Connaught Rooms Great Electronic. Rmtali '30 * * 3 

Queen Street W C.. 12-15 Hall Liard Inti. 4.1 Sp 2 

Samuel IH.i. Hunters Road. Birmingham, tendon and Hdlyrtod Trust 3-5* rj 

. . ' • London and Provincial Trust . 2,3» . .' 

initiaV? 9 no i'i..rf , T?i!l?E: ■^* ne VS' 12 fLondon) 1.582B .- «•- 

15-1?' 9 ' L i“to Trinity Lane. E.C . 12 NCR. 25 CIS. . 4 

B0 SrtAD , n n ^.efTfSr!?' HolBl ' W - ,1 ' 4 ° National Trading 5'iptPt, 7 79tor ' "i 

i Redlffuslon Tele. S.SSocPf. 

Laurence Scon _ - Robertson fbbds a.151 in 

Bnlmii Sains ou rv tj . 1 9fl74p 

?” q ' u , 600 Group 2.2 ip 

e?n?°rVV' _ . . . - . ‘ PmHR fO*vto -SI — liaijs* 

. Sou I hand Stadium 0.VS7m. 

interims. Sumrle Clot has 1-SP -* 

2!* 1 ?-.- T Tcaco . S tores 0.9233* 

Gdoerot HaoMMrs )^. Tr«* Toronaa Domialo* im 9t 

2.9 78m 

PtfL . XaB* 




Fmaacial Times Monday -July- 24 1978 

Budding and Civil Engming 

£4.8m for 

FROM various 

£100m Hong Kong project 

SSJjSWs? b!?^ tanS^sg wrests: sr i,h *• aoa ,his 

heralded by the announcement WaT1 and Lantau. The cost of fta ><# _ 

that consultants have beep ?,,£P a{ * 1‘hk-up will be at Island, a bridge or tunnel from London Bo: 

appointed to study the Unking ieasl il00m ' ----- - - 

of the Hong Kung islands. 

*5 a£r . eeu, erti was signed last 
week and under this Mott Hay 
and Anderson Far East, in asso- 
ciation With Per Hall Consultants 
Harris and Sutherland Far East 


Law courts at Leicester 

S1K ROBERT McALPINE and clad, measuring 60 metres 

h e one-and-a-half limes the size 
of Britain's Severn Bridge. 

Sons is to construct a Crown 55 metres on plan. It will 

£2.2m for 

Work on shopping. Industrial, 
local authority housing and 
hospital schemes worth over 
£1.7 m have gone to the north 
western division of 'the company. 
The largest is for a superstore 
and shop units for Internationa] 
Stores at Bolton and another two 
are for improvements to pre-war 
council homes in Manchester and 
sundry works at the HoHinwood 
premises of Ferranti. 

The company has also started 
work on extensions and altera* 
new homes, lions to Salford Royal Hospital 


- _ — — , _ in- 

Courts building in AstaweU corporate six court rooms, 

Street/Wellington Street, Leiees- ‘• ha ? lber s. kitchen, restaurant, 

*"• ^ d " a “ s f“ ™ *»• an sx cens 

the Property Services Agency. Wnpfc c • m ... CONTRACTS WORTH more than 

The building is to be of" a «mS?ted e ^ P S ™^S^S the bulk of which is for 

reinforced concrete frame, brick for late 1980. have ^ M by p PA FiDaegan . wbjch ^ cost f J50(00 0. 

main building subsidiary of the 
FPA Construction Group. 

Barnsley Borough Council lias 
awarded a £l}m contract for SS 

LAND RECLAIMED from the basin for up to six large modern homes at the New England 
sea m Portsmouth Harbour is patrol craft at one time and ship Estate at Barnsley; £562.000 from 
being used to provide a £1.4m support systems as well as water Sheffield Corporation is for o— 
fitting-out dock. The project is mains, power for welding and semi - detached terraced 

part of an expansion plan for compressed, air for construction houses ,al Gloucester Street, ^ contract 

WT - Sheffield. Work on both projects 



Building St 


A jc i.'i.'tn 

P" - > * .lr'5-; r- 

£1.4m Portsmouth dock 

Homes in 


Epoxy-jointed preslressed segmental con- 
struction is being used for the new Ml SO 
motorway bridge over the River Trent 
south-east of Scunthorpe. Box girder seg- 
ments are east off-site and erected by the 
balanced cantilever method using a specially 

designed launching girder. Main contractor 
is Cementation Construction and the pre-cast 
concrete deck units are being supplied by 
Dow Mac Concrete. Picture shows the first 
two completed balanced cantilevers on the 
east hank of the Trent. 

Fairey maps 
Saudi Arabia 

PRODUCTION OF 150 different 
map sheets in 1:50,000 scale cov- 
ering an area of about 110.000 
square kilometres of the South 
Shammar Region. Saudi Arabia, 
is being undertaken by Fairey 
Surveys under a contract worth 

This contract, fur the Ministry 
or Petroleum and Mineral Re- 
sources, represents the third 
and final stage of survey work 
in the area, the first being aerial 
photography and the collation 
of basic information. 

The company — part of Fairey 
Holdings — first entered negotia- 
tions for this latest stage in 
August last year, in competition 
with eight olher companies from 
the U.S.. France. Japan. Holland. 
Germany and Switzerland. 

shipbuilder Vesper Thornycroft purposes. 

division of the Wood Hall Build- 

n??s J o a fl^ ll L inv0l , v * dredging The dock walls will be of tied is scheduled to begin within the iDg Group< has ^ awan Jed 

, oca ; channel to Provide and anchored interlocking steel oe * t weeks. - - 

a ship turning area leading from sheet piled construction with a A ttord contract worth more 
the new dock to the main navig- coping beam in reinforced con- than £531,000, from 
able channel at high tide 
The detailed design 
Out by W, S. Atkins and 
ners. is for a wet doci 
metres long. 29 metres 

5.5 metres deep with a remov- Work is being carried out by 

able caisson gate at the seaward Tarmac and will take about 46 r / ; W i At«rlni<c 
end. It will provide a fitting-out weeks. L4|l| (JI Uvl 3 

Fun and 
Com- games in 
’a Dubai 



C. French involving the A12D • Film Coniine Towers has wnn 
Great Dunmow By-Pass a £150.000 order from Davy 
_ . (£213,000). Pnvvergas for I v»u moling timers 

• Tilbury Group has won con- fur large methanol plants m 

tracts totalling over £lm. In- 0 A new multi-storey car park Siberia. The ttru lowers will cmil 
eluded is erection of new. for 495 vehicles, part or the process W aier ai a rate or S4u0 

remodelled 3nd extended build- Cardiff City Centre redevelop cbm metre* per hour each m 

contract valued at £L8m for the vnw takini: «hane are two ir, gs for the London Borough of ment. is to lie built under a ambient temperatures down to 
construction of 118 dwellings at * Hiffpt-ent nmipiu Wandsworth (£362.500), erection contract wurih about £700.000 minus 55 degrees C. 

site, was previously occupied by which will cost about £3m. is 
industrial buildings. The major well under way. The latter is 

Somewhere to start 

for Trent 

site will provide 29 four-person. be a Ploy psrk for children ‘™< for “ 3i " contactor W. end other facilities, 
two-bedroom units; nine-six- u -ith large glass reinforced 
person, three- bedroom units and plastics structures shaped like 
two bungalows for handicapped fruit and flowers. There will he 
persons. 14 ft 6 in “apples’* and 23 ft 

There will also be two groups “pineapples.” Ice cream kiosks 
of two-person accommodation, to be shaped like straw- 

(£173,000 >. and a surfacing con- equipment together with lifts and pharmacy al St. James' Huspital, 


UI 'tWlTFvlMIU at. IrUIUlUVUHUUM, , |t „ - 111 

chiefly sheltered accommodation, bernes and aranffes *Jrf 

NEW PREMISES for three com- manufacturing equipment. One 

panies are now under construe- company, for instance. Lasers can L„ieiu subusidu - . 

tion at the Cambridge Science Laboratories, is now expanding ONE OF the largest producers The first. Category One sheltered have Targe mouths so "that people 

Park which is about two miles its facilities to 16,500 square of precast concrete structural accommodation, will comprise 38 ran 8° ins 'ae and sit in the 

from the centre of the town. feet This is its second expan- components in the UK Trent ^ wo ^ three slorey shade. • There will also be 
Latest companies to move in sion from the original 5.000 Concrete of Nottingham, has blocks. The sheltered accbm- bananas, say the architects, 

are Cambridge Consultants, square feet originally occupied, announced the receipt of orders m odation will be on the ground Large “flowers'* will Inter- 

which specialises in contract re- The Science Park’s current totalling nearly £2m. g oor ^ first floor. A feature sperse the fruit and wul sur- 

search and development, building programme provides Nearly half of the total figure ^ ^ scheme will be the pro- TTW n d t h ? Pool* of the adjacent 

Coherent (UK], a pioneer in for “starter units ’* to enable comprises orders for flooring yjgjon 0 f a number of small water garden which is to have a 

advanced laser technology and small businesses to get started components, and orders worth courtyards wave-making machine and a 

Lintech Instruments wbich spe- with facilities available for £600,000 have been received from ' ^ , water slide, 

cialises in electron beam techno* growth. Lintech Jnstrmaents is Mars, (he British Aircraft °n J£* JlSnJL *^*,3225 Pr0jec{ m3 ° ae f r « . Tra de 

logy. the first company to take up the Corporation and British Nuclear “g Category Two sheltered Circle Technical Industries 

The buildings have been de» opportunity. Fuels. accommodation, there will be 30 (Dubai) and the operating man- 

signed for advanced technology Agent and project manager for The company’s cladding com- m adjoining two and four aeer be Rank Leisure Ser- 
cal activities and enable opera- the Cambridge Science Park is poninenls have attracted £350,000 stor ^y blocks arranged to form vices. 

lions to be expanded without up- Bidwells of Trumpington Road, wort b from customers such as 230 L shape - Much morp prosaic is tne 

rooting expensive research or Cambridge. the Co-operative Society, Girling The total development includes ^ sq ft office buildine beme 

and SE GAS. Cladding will also landscaped areas, some of wbich built at a cost of about (400.000 

be supplied for a new computer Will be used for play, with small for Trafalsar House Develop- 

controtied signal box at Clapham courtyards reserved for the went* at Romford. Essex. Cnm- 

Junction. elderly. pletion is expected in January 

1P79. Thp offices, on five floors, 
will be open plan .to receive 
tenants’ partitioning and a 
bridge will link the building with 

THE BRITISH Gas Corporation wrapped ateel very high pressure 

(Wales Region) has awarder a pipeline from Llanwrst Branch prhey siq? or W joad,. Main con- 
contract worth about £1.7nt- ttr to “Petrtlr'tti 'North. Wales. The tractor is Willett. 

McAlpine Services and Pipelines, work also includes preliminary « 

This involves the laying of about high level testing, radiography, U |PpffnTljPC 



Taylor and Challen— virtually unused— fully 
automatic- — ISO s.p-m. x 24 mm stroke. 

IN UNE MACHINE for simultaneous surface 
milling both sides of continuous and semi; 
continuous cast non-ferrous strip up to 16 wide. 


DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20" horizontal draw blocks. 

22" vertical collecting block and 1000 lb 
spooler. (Max. Inlet 9 mm finishing down 
to 1.6 mm copper and aluminium .) 

8 BLOCK (400 mm) IN UNE. NONSUP WI R . E 
DRAWING MACHINE in exce lent condition 
0/2000ft/min. variable speed 10 hp per block 

'IOmeter horizontal bull block 
B y Farmer Norton ( 1972). 

CUTTING UNE 500 mm x 3 mm x 3 ton capacity 

MILLS Ex 6.50" wide razor blade strip 

tube drawing plant — roll forming machines 
slitting — flattening and cut-to-Iength lines — 
cold saws — presses — guillotines, etc. 

by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. capacity 
1009 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

MACHINE by Farmer Norton 27 — Jr? 

diameter drawbacks. rurru 1 imp 

hv A R M. Max capacity 750 mm x J mm. 

with 22" dia x 25 hp Drawblocks. 

5 OOOft/Min. with spoolers by Marshal Richards 

— pneumatic tingle blow 


cS-WSt taro-crane 


* SnipSoUING UNE 10- x 8* rolls x 75 i hp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed fecojler. a'r 
gauging, etc. Variable line speed 0/750 ft/min. 

Thompson and Munroe 

PRESS. Bed 48" x 40^ 200 spn. Double roll 
feed stroke 35 mm. excellent condition 
DEEP DRAWING PRESS. Condition as new. 
36”. Stroke 8". NEW COND. 

MACHINING CENTRE. Capacity 5Fc x 4ft. x 
3ft 5 Axes continuous path 51 automatic tool 
changes. 5 tons main table load. Main motor 
27 hp. Had less than one years use and in 
almost new condition. For sale at one third 

WICKMAN^fiSP AUTOMATICS 1961 end 1963. 

between columns 92^ x 52 daylight 51 . 

ankbTw« «o ton injection moulder. 

Reconditioned. _ 

4" 750 tons upset pressure 
200 TON PRESS. Double action bed area 
132* x 84" 

2.000 TON PRESS. Double action bed area 

WICKMAN IS" Automatics 6 Spindle. , 




0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

Telex *36414 
0902 42541/2/3 
Telex 336414 

Telex 336414 

Telex 336414 
Telex 336414 

Telex 336414 

Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414. 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

Telex 336414 

Telex 336414 

01-928 3131 
Telex 26177! 

01-928 3131 
Telex 261771 

01-928 3131 

Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131. 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 26 1771 


drawing plant— roll forming machines 
—flattening and cuc-co-length lines— 
b— presses— guillotines, etc. 

Telex 3364U 

Pipeline in Wales 

25,550 metres of 450 mm diameter testing and reinstatement 


Factory in Iraq 

A FACTORY Offering a potential The contract provides for the Road, Newton Heath, Manchester, 
output of 120,000 sq metres of design and layout of the factory is to Include an office and 
precast flooring units a year is complex, details of machinery, distribution' complex of 
due to open at Abu Ghuraib, plant and services required, and 110.000 sq ft for 200 employees 
near Baghdad in tbe autumn the training of personnel to run with room for further expansion, 
under a package deal prepared the factory. This project is being It will be developed by Pochin, 
hy Omnia Interhational Building constructed for the State Con- building and civil engineering 
Systems and While Young and structional Contracting Company group, at a cost of £lm for Sharp 
Partners. of Iraq at a cost of about £S50.000. Electronics (UK). 

Jhis tomutKamcni appears at a &atur t>l recant oaly ■ 


A Joint Venture of 
Empresa Naciona! del Petrol eo, S.A. 

Phillips Petroleum Company 

U.S. $14,000,000 


. Provided by 




Agent Bank 1 


May 7978 


puts you in buiine«-?/f57 

Buildings which are soonest up me 
soonest earning. A Crendon precast 
concrete structure is the fast wav to 
build factories and warehouses. 
Cheap as well as fast because 
Crendon structures reduce costly 
site work. Cheaper in the long term, 
too, because a Ciendon building is 
going to cost less to maintain as well 
as providing high levels of fire 
resistance. Get a better idea of 
Crendon achievements and Crendon 
capability by sending tor the 
technical details today. 



Thame Rd., Long Crendon, Aylesbury, Bucks. HP18 9BB. 
Tel: Long Crendon 208431 Telex 83249 

Ciendon Concrete (Konftem) Lid. ftawetiffe Rd, Goofe. N. Humberside. ToT; Go ole 420T Trtex $8249 
Crendon Concrete (Scotland) Ud. Shells. Lanarkshire. ML7 5BP. Tel : Shorn 20261 Telex 727202 

Build across 

Britain with 



Telephone: 01-689-2266 Telex Na: 946511 




Financial Times Monday July 24 tS78 
































f j 










iv I 





























■f 1 
• : ie 

U 0: 




• 1 







Sea Containers, bfirmci iriemaaond^B . ... 
arrendtimiento decontaimsrs, gruas ybcscos 
busca a una persona joven para ayudarcon 
la credent© tareaennuestoasregiones t 
Sudamericanas. , . 

B puesto es en la oficihcsicenfral en Londres, 
aunque se requeiSrarwfajesia Lotinoamenca en 

El candidato/c&elegfdo as isfira al Oerente 

Regional en asunlos administrative* y de ventas, 
en lo referente a cortfratos deiorrendamiefito, 
reparadones, control decontcmers y conespondenaa 
con agentes y dientes^Estas fixidones tambiSn 
deberan desempenars© durontfe las frecuentes 
ausencfas ai exfronfero del Gecente R egionaL 
Se anticipc pue el candidato/ a P° see ^, 

experience comercial general, adquirida iaealmente 

en la industrla naviera o afravesdel correfaie de 

buques. * „ , , 

El/ella debera, ademas de (ngfes, leer y nablar 
en Castellano. Dada la naturalezode la regfdn 

sera ventajoso tambien conocer PorthJgufes. Laedad 

minima para este puestose eslfma eni25 anos. 

La remuneraci6n.anualsededdlradeacuerdo 

a edad y experienda pero no sera menos de £4,000. 

Otras condiaonesde empleo seran las usuales 
en una firma modema. 

Porfcivorenviaranlecedenteseri Castellano yen letter 
monuscrita a: Personnel Dept, Sea Containers 
Atlantic Services Ltd, 1 HaroverSquare/London WL 


there’s oniy ONE 


it's in Villefranche-s-Mer, on the Riviera 

Next 4-week con ne starts August 28, September 15, 1 978 and all year. For 
beginners, intermediate or advanced. All ages. Lodging and 2 meals included. 

Apply: INSTITUT DE FRANCAIS, FTG22 23. Ave. «t*raLUd«rc, .. 
— — 0423D VJIlefrandw-sor-Merw— Teli (»3) 80-84.61 ==^== = 





(Action required on or prior to November 30th 1978)** 

Chemical Banfc as Deoeeitarr ‘tne ” Dapoalguy ’T nddar toe DeooM 
A u i a e i i i e nt dated as of Fetirnarv ism. 1970. unani Tofcro Shlbaura Blectne Co- 
Ltd- m* “ Comowrr ”3. the Dcpcattvv and CM holders ol European DnposKjn 
Receipts <ttie “ Receipts ”} Issued thereoDdor In respect of Shores or common 
Stock, par value SO Yap -per mnoro. of the Company itbe "Common Stock )- 
HEREBY GIVES NOTICE that -at the general meedno of stackhoMors ol m 
Company held in Tokyo. Japan on soth June 1978. such stockholders aooroved 
the payment of a dlvfdond'or 2JO Yen per sham of Common Stock,* 

The Dividend on the share* of Common Stock of record on Deposit with 
the Custodies adder each Deposit Apreemem. less a portion merest oKftftefd hr 
the Company on account of Japanese Taxes, has been received by the Custodian- 
as agon l tor the Depositary, and pursuant to the provisions of such Deposit 
Agreement, baa been convened into United States Dollars M the rate of 202 019 
Yen per United States Dollar. 

The Depositary rtas been advised by the Company that Japan If a Party 
to International agreements with Australia. Belgium. Canada. Denmark, France. 
Die Federal RepubfA: of Germany. -Matty*. New Zealand. Norway, Singapore. 
Sweden. Switzerland, the Urtited Arab Republic, the United Kingdom and trie 
United States of America under which certain persons are entitled to a 15*»> 
tax withholding rate on dividends such as. the dividend In Question. The persons 
so entitled include residents ’of inch countries and companies organized 
thereunder' meeting certain conditions relating to the carrying on of trade 
or business m japan. - Persons not so entitled co a 19% tax withholding will bo 
paid a dividend. on which a 20% tax. withholding rate has been applied,* ■ 

To determine' entitlement to the lesser tax withholding rate of - 15% it 15 
necessary that the surrender ol Coupon No. 30 be acccunpaniad by a properly 
completed and signed certificate i copies or the form of which are obtainable et 
the olhco of the Depositary In London or any Depositary Agent) as to the 
residency and trade or business activities In Japan ilf applicable) of the holder 
of Coupon No. 30. Such cert'ihcates may be forwarded by the Depositary to the 
Company upon Its reouest- 

Pavmont In United States Dollars of the amount of the dividend parable 
will be made at the office of the Depoaitarv In London or at the office of any 
Depositary'* Agent listed below. 



Chemical Bank. 

The Bank of Tokyo, Ltd, 

The Bank of Tokyo. Ltd.. 

The Bank of Tokyo, Ltd.. 

The Bank of Tokyo, Ltd.. 

Pierson, Heidrlng & Pierson. 

Bancs NazJanale del Lavoro. 

Banca Nazlonale aei Lavoro, 
Kredletbanlr S-A. Loxembourgeolse. 


Frankfurt. Germany, 

■ London. England. • - 
Paris. France. 

Brussels. B e lgi u m. - ■ . 

Frankfurt. Germany. 
Amsterdam. The Netherfmnde. 
Rome. Italy. 

Milan. Italy. 


The following table sets forth the amounts payable x 
Coupon No. 30 from the various. denominations pf Receipts. 

op presentation of 

Coupon No. 30 detached 
from Receipts In the 
denomination of: 

Dividend payable 
en 15% Japanese 
withholding tax) 

Dividend payable 

1 Depository Share 
10 Depositary Shares 
So Depositary Shares 
100 Depositary Shares 
lOOO Depositary Shares 

1 0.52 

S 5.25 
% 26.29 
S 52.59 

5 0.45 
5 434 

S. 24.74 
S 49.50 

Payment In United States Dollars In respect of Coupon No. 20 will be 
made by United Stain Dollar check drawn on. or transfer to a United States 
Dollar account maintained by the pave* with, a bank In New York City. 

Dated: July 24th. 1978. 

CHEMICAL BANK, as Depository, 

1B0. Strand. 

London.' W.C2, England. 

■ 31st March. 1978 Dm been established at the record date lor the 
determination Of the stockholders of the Company entitled to such dividend. A!) 
receipts issued In respect of Common Stock not entitled to Share hi such dividend 
will be without Coupon No. 30 attached. 

Certain holders of Receipts may he entitled upon the luiaiment of certain 
conditions to reductions in the withholding tax rate applicable to them. The 
Depositary will. It In Its discretion not unduly burdensome and upon payment ol 
all e xp e nses Incurred In connection therewith, take such action m It deems 
appropriate In the circumstances to assist such holders la availing themselves 
ol such reductions. 

Because of Japanese tax require m en ts applicable to the Company, the 
Custodian has been asked to remit to the Company, shortly after November 30th. 
1978 the excess received by the Custodian over 80% of the dividend payable and 
allocable to unsurnendered Coupons No. 30. . 

As a result, persons surrendering Coupon No. 30 after such date will be 
entitled to receive from the Depositary or any Depositary’s Agent a dividend on 
which a 20 % tax withholding rate has been applied and. If entitled to a 15% 
tax withholding, will be required ■ i n order to realize such entitlement) to mate 
application to the Company lor an additional 5%. Such application mar. 
-consistently with the foregoing paragraph. - be -made through -toe" Depositary.' 


Lotus the car 
Fottett the dealer 

;_narw r 

— ‘-f ■<£’ 

World fameds name fdr : Jiighj 
performance luxury cafk-Tbe 
ultimate in power, comfort and 









Driving one Is an experience • r 
Owning one a privilege. 

And nowhere better to choose yours 
than Charles Follett— high perform- 
ance specialists. 

At our Hay’s Mews premises, 
in the heart of Mayfair, 
we can show you the 
Lotus range. 

Arrange test drives 
and demon- 

Tell you 
about our 
Lotus after- 
sales servicer : - 
Even discuss the 
specialadvantages of leasing. - 
Discover the living legend of Lotus 
soon -at Charles Follett. 

41 Hay s Mews 
Berkeley Square 
London W1 
Tet 01-493 9952 


Yxi want to 
test drive and buy a 
new BMW near your 
office, because it’s 
Tnatis why there’s a 
new BMW Centre in 



220-226 Bishopsgafe^ London EC2M4JS. 

Near Liverpool St. Station. Tel: 01-247 0940/5/6 

, _ . WECOOiaCARCOWW4YUfi«T£n. 




NEW JAGUAR XJ5.3 Saloon, 
automatic. Regency red, air con* 
ditioned. etc. 

JAGUAR. XJS, automatic, 
Morrocan bronze. 

42 . automatic, carriage brown. 


Special offer. 1 only. NEW 

overdrive, radio, white, £4.400. 
Tel: Hay on Wye (04972) 
Evenings 470 • 


Mgicedes-Benz Dealers 

280E W123. White. Auto pas. 
Tinted giast 20,000 , miles. 

200 1975. Blue. 45.000 miles. 

Telephone David Jacobs 
nniHAM 1039671) 2294 


EVE. 159. Regent Stmt. 734 0B57. A la 
Carte or All-in Menu Throe Spectacular 
Foot snows 10.45. 12.45 and 1.45 and 
“vw pf j penny Hawkeaworth 5 Pr>*nds. 

GARGOYLE. 59. Own STreef. London, W.t, 

Show at Midnight and 1 a.m. 

Moe^FrL Qoaad Saturdays, Dl-437 MSS. 


Notice it hereby- given to the bond- 
holders tfur for the period July 25. 
1978 to January 25, 1979. Oie notei 
will carry interest at a rate of 9\% 
(nine and three eighths of one per 
per cant). 

The Financial Agent 

Societe Anonyme 
10. rue Aldringen 



In accordance with Clause 1 6 ol the 
Deposit Agreement dated 17th Septem- 
ber 1976. Kambros Bank Limited 
hereby gives notice of the cowjtion 
of the 61 st ordinary General Meeting 
of Shareholders of Talsho Marine and 
Fire Insurance Company. Limited. The 
particulars are as Inflows: 
t . Date and time 

10 a an. on July 26th 1975. 

2. Place: The head office of the Nomura 

Securities Co. Ltd., located at 
9-1 Nitionbashl 1-chome. Chuo-ku. 

3. Purposes of the irifetJnp: 

First Item 

Approval ol the business report, 
balance sheet, profit and loti state, 
merit and prop os al tor appropriation 
of profits tor the El st business rear 
(tram 1st April 1977‘to 31st March 

..jecood.nmet. . 7-» ... 

Partial amendment Of Articles of 
Incorporation. In Article 5 of 
the Articles Of Incorporation 
. . ". 609.000,000 -shares -.shall ■ be 
amended as "920.000.000 shares" 
■ Provided.' however, the 'resolution 
’ with respect to this Item shall take 
effect subject to the approval of 
the competent minister. 

Third Item 

Election ol twenty-two 122) Direc- 
tors due to expiration of terms of 
office of all the Directors. 

Fourth Item 

Election of one CD Statutory Auditor 
to hll the vacancy. 

Firth Item 

Presentation ol awards to retiring 
Directors and Statutory Auditors for 
their services. 

41. BlshopsoBte. 

London. E.CJ. 

24th July^1978. - 

Ist'Setim Conver ti ble Preferred Stock 

On 22nd July. 1978 Coupon No. 13 
of the above bearer stock is payable 
at a rats of 50.27 per shire, subject 
,tb~ deduction of all applicable local 
axes, at the following banks. 




15 Broad Street (ADR Section) 

33 Lombard Street 

35 avenue des Arts 

14 Place Vendome 

Boekenhe-mer Landie-asse 8 

Via Armor ir.. 14— M. LAN 
via boncmoagni. it — <HE 

•' * 5- a— AMSTERDAM 


43 Bouiyvaid Koyal 





Simpler cabling in trams 


flestotea—an (ntemstiongl Gtojd 

supply an 

CONTROLS is to junction 
on-train data com- processor. 

with a local micro- to the outstatfen concerned DaU 
TUB hardware for is alMRcMd m .the * «b and it 

can either . be displayed to the # PERIPHERALS 

municauons -sj-scem 10 wiuuuu «aa«u t driver ^or simply used to *uto- 

Transport for evaluation on an Ute of f ^ matiWw_ alter the OUtsUtioa 1 Y 

underground multiple unit. the data can be anal wd . uy I UTlPh 

Making use of a twin pair line to minimise t J e ™ sfer ° ^pleswy believes that the A UULU 4X4AU 
as a data highway, the system is signals toand from the contro provide savings in J • 

designed to minimise the amount station. The speeifie program areas of design. l*pOf| III A|)A 

of cabling needed and provide a selected by local tategd » 2JSB* installation and IC4U 1U UUC 

flexible and versaule monitoring coding system automatica j of modern multiple- 

system for the many items of identifies the junction of the £ dcsiRns should 

train equipment and the remote outstation and b becorae simpler, and it will bo 

control q f noo-vital functions. relaUve to the PvTiSil used easier to incorporate modifica- 

A control ■ station in each control station that ^ being use± giltaSR* In a much 

driving cab is connected to a This station mom simpler cable system should be 

number of outstations distributed driver's conmb tor ne ^mpierj:^ 
throughout the train, each with funcuoM linked into -■ t J More frftm Piessey Controls at 

3 specific function that is and when a change is o . iwiir stfil 

determined by software in con- appropriate instructions are S . . . 


Fast wafer processing 

A MACHINE designed to micro- 
sandblast semiconductor wafers 
is now available jn the UK from 
GEC Mechanical Handling. 

Called SWAM, the machine 
automates and Improves the 
processing of semiconductor 
wafers, yields more uniform and 
repeatable results and thereby 
eliminates many chemical 
processes Including oxide 
removal, texturing, selective 
etching, and backtapping. 

The basic machine consists of 
precision abrasive jet units 
giving up to four hours of steady, 

uninterrupted abrasive powder 
flow, two sizes of conveyor feed 
units made from abrasive 
resistant material, and a recipro- 
cator mechanism with either 
6.3 in or 8.4 in linear working 
stroke. All the functions are 
independently adjustable to 
achieve desired results. 

The result is a fast, linear 
throughput without _ time- 
consuming wafer mounting or 

More from GEC Mechanical 
Handling, Birch Walk, Erith, 
Kent DAS 1QH. STD' 03224 

Board firms under fire 

ACCORDING TO an investigation 
carried out by Larsen Sweeney 
Associates the Government and 
the National Enterprise Board 
may be focusing on semi- 
conductors at the expense of the 
printed circuit board manufac- 
turing industry. 

A recent statement from the 
market research company 
asserts that the UK PCB industry 
“is crumbling in terms of tech- 
nological expertise and advance- 
ment. quality and output ** adding 
that little action is being taken 
to prevent the decline. 

In a report that the company 
is making available at £335 it 

is claimed that since 1970 imports 
of boards to the UK have risen 
from 10 per cent to 40 per cent 
and that this figure will probably 
reach 65 per cent in 19S5. 

The report continues: “ What 
is even more distressing is that 
these Imports tend to represent 
the more ' sophisticated profes- 
sional printed circuits: tbe UK 
manufacturer is increasingly left 
to produce the cheaper, low tech- 
nology, low profit, printed circuit 
The future prospects for printed 
circuits in the UK is depressingly 

More from'P.0. Box 36. Maid- 
stone. Kent ME14 5QE. (0622 

Keeps rogue 
signals out 

EASILY applied by brush, spray, 
or silk screen, a conductive, coat- 
ing for plastic enclosures from 
MCP Electronics overcomes 
radiation interference and static 
charge problems. 

' Made by Metex Corporation in 
the U.S, Xecote is a part thermo- 
plastic resin : . binder with 
suspended metallic conductive 

Plastic cabinets for electronic 
equipment provide no screening 
agains t radiated Interference and 
the high resistance of plastic 
material does not provide 
leakage for any static charge. 

The result is charge accumu- 
lation, so that plastic enclosures 
can exhibit a capacitor-like effect, 
holding a large charge which can 
abruptlv be discharged leading, 
for example, to erasure of semi- 
conductor memories or the 
corruption of digital signals. 

XecoTc adheres well to most 
plastic surfaces in coating thick- 
nesses of 0.01 to 0.05min. 
particularly if they already, base, 
a degree of roughness to provide 
a good key for coating. Very 
smooth surfaces may require a 
primer, and MCE* can supply a 
range of these to suit a variety 
of materials and applications. 
The coating air dries enough to 
move to store in 15 minutes. 

More from the company at 
Alpertnn. Wembley. Middlesex, 
HA0 4PE (01-902 5941). 

LOW- NOISE and a minimum of 
moving parts result from a 
design of combined paper tape 
punch, and reader in which both 
functions are driven from a 
single low cost mains motos. 

Tbe ; RP3Q, measuring 724 x 241 
x 254 mm and weighing 17 kg 
is particularly suitable for add- 
ing automatic send-recclva 
facilities to modern key units 
such as the Teletype model 43, 
DECwriter and several other UQ 
or 300 baud terminals. 

Roll or fan-fold tape are 
accepted by tbe machine which 
will operate m fuli or half 
duplex modes, switch ■ selected, 
and in manual or. automatic 
mode — in the . latter case control 
is by the standard ASCII punch/ 
reader control codes. 

The interface is CCITT V24 
with 20 zsA current loop avaib 
able as an option.' 

More from Microsystem 
Services, Duke Street, High 
Wycombe, Bucks (04M 41661). 

Plots at 
fast rate 

THE DT 3454 high speed plotter 
from Ferranti Cetec Graphics 
can be operated on-line or off-line 
to a computer. 

Plotting area is 34 by 54 Inches 
but a larger table may. -be 
specified having a plotting area 
of 40 by 60 inches. Maximum 
axial plotting speed Is 960 inches 
per minute. Accuracy is plus or 
minus 0.004 Inch and the unit 
will operate over a temperature 

range pf*tf'tn < 40-deg.'‘G. 

The machine has . been 
designed to provide a, cost-effec- 
tive plotting facility for tbe 
direct reproduction of digital 
computer output data in graphic 
form. High-torque . stepping 
motors are used in the servo- 
drives; the mechanical design of 
which has been kept simple to 
produce a robust and reliable 
machine. - 


Graphics package 

FOR FORTRAN-Convertact ^ttvely - erase a* display without 

users of such computers as. IBM re-drawing tbe • entire picture. 
360. PDP-11, Prime and Nova, a Host- and terminal ’can communi- 
complete graphics package, hard- cate at five selectable speeds 
ware and software, has been between 300 and 9600 baud, 
introduced by Imlac. More from lmlac at 17 

Called Dynagraphic, the system Chesham Road, Amersham, 
will interact with tbe user's own Bucks (02403 22167). 
host-resident applications soft- 
ware and up to four of tbe 
terminals can be plugged into 
jthe RS 232 port of the mainframe. 

After loading a magnetic tape 
that tbe company provides the 
user is ready to start storing and 
manipulating images. 

Each terminal has a 19 Inch THE COMPUTER Systems and 
CRT with a resolution of 2048 x Electronics Requirements Board 
2048, control from a.92 key board of Dol is to try to find out from 
with lighted, user-defined fune- computer users, suppliers and 
tion keys, and a choice of light research workers what opinions 
pen or joy-stick. There are two are held and what experience 
processors, one dedicated to the has been gained in relation to 
display and the other to com- distributed data bases (DDB). 
munication and picture manipu- Pactel (of PA International) 
Iation has been commissioned to carry 

The terminal is supplied com- out the work and will be under- 
plete with built-in control pro- taking in-depth interviews in the 
gram so that the user can UK. Europe and North America, 
manipulate, modify and selec- The issue — whether or not the 


Efficient waste collection 


£3.100.000 Bills marurKie on Octotwr 
taih. 1975 were altered and Issued on 
July 19th, 1978 *t an anerage rate ol 
gilqBL- P*. 

Total aooHcallons lor nils issue 

arnOfcntM to £24,SOO,OQO and the** are 
the only hills In Iscue. 


eenor Street, off Bond Street. W.l. Tel. 
493 7811. Selection ol ts oainttogs br 
MASTERS. Modigliani, Leger. Br*aue. 
Mondrian. Ernst. Mira, Klee. Pfcasso 
i.o. through July. 

BROWSE & DARBY. 19. Cork Street. W.l 
Rohm PhlllJpson, Women Observed, 
Mon.-Fri. IO.OO-SOO. Sat. T0.00-12.30. 

CHANDE GALLERY. 5-6. Cork St_ W.l. 

5 „ e * h lb ll' painting* by 
GREGORY FINK. Mon.-Fri. 10-S.3D. 
Sato. 10-1. 

Decorative waiercoloura. From and ol 

asHt 20 - Rus#eM *- 

Grove. St. jonn i Wood. 586 3600 
LANDSCAPES . Or Royal Academicians 

™e market place gallery, col y- 
_TOn. DEVON, Telephone (029?i 52841. 
Until 28th August. Westcountry Lwd- 
end Scascancs — oil Paintings Dv 
Tristram Hllller R.A. and Watarfolourf 
be Charles Knight R.W.i* and 1 9 other 
artiau—manr -orks under L50. Gallery 
men 11 to 1 and 2 JO to 5. Closed 
Sundays all day and Wednesday after. 

data study 

entire logical data base of an 
organisation should be geo- 
graphically split up in some way 
rather than being held on a 
single central system — is likely 
to assume increasing importance 
into the 1980's. Tbe objects of the 
study, will be - to ’determine the 
software- and hardware • oppor- 
tunities for UK companies, dis- 
cover the’ relevance of the DDB 
to data processing ' in the UK. 
and try lo direct research and 
development along the right 

Paclel says that it will be 
pleased to hear from anyone 
who would like to have his 
views or experiences repre- 
sented to the Department of In- 
dustry. The address is 33. Grey- 
coat Street. London SW1P 2QF 
(01328 6374). 

from Zilog 

AN intelligent terminal with 
keyboard and video monitor, 
complete with a general purpose 
computer and a 10 megabyte 
moving-head disc drive has been 
unveiled by Zilog. Terminal and 
general purpose computer are in 
a single enclosure. 

Called MC2 1/90 the machine 
has 10 megabytes of moving-head 
disc storage for main . file 
management run by an indepen- 
dent, dedicated Z80 . . micro- 
processor. - Bulk storage is pro: 
vided by floppy discs. Processing 
i& performed -by three more Z60 
CPU microprocessors : and the 
company* . 16K dynamic RAM 
chips-. ... .... ri 

The high performance MCZ 
1/90 provides the OEM user with 
expanded storage capacity for use 
in medium-scale business data 
processing applications. The 
terminal provides 4K bytes of 
RAM storage expandable up to 
52K bytes, and the general pur- 
pose computer contains 32K 
bytes of main memory storage 
expandable to 64K bytes; 

- File - management efficiency Is 
good because pan of the operat- 
ing system is downloaded to 16K 
of high-speed static memory in 
the disc controller. . Data transfer 
to and from the moving-head disc 
and static memory in the. disc 
controller' is bandied by ZllogY 
ZS0-DMA circuit, providing high- 
speed direct memory access, . . 

The system is demgned loruser 
Interaction via tbe 9-iueh CRT 
monitor with 24 lines by 80 
characters and a graphic- mode, 
and a detached keyboard con- 
taining 128 ASCII upper-- and 
lower-case characters, a- 10-key 
numeric pad, and 13 usar-defin* 
able function keys. 

AT KODAK’S Hemel Hempstead. 
Herts, distribution centre, the 
1,000 staff JOandling raw 
materials and the company's 
manufactured products, work in 
a strictly controlled environment 
where temperature - and 
humidity, and now waste, are 
constantly monitored. A tailor- 
made Ancborpac handling 
scheme has been -introduced and, 
says the company, has enabled 
Kodak to treble the percentage 
of material salvaged each week 
for reclamation. 

Handling costs are said to 
have been dramatically reduced. 
Formerly, 30-40 filled waste con- 
tainers were collected each week, 
but with the use of tbe P-911 
compactors at the beart of this 
new scheme, waste collection has 
been reduced to about 8 per cent 

All waste is now carefully con- 
trolled throughout the complex. 

In all, 63 colour coded (to 
simplify salvage segregation) 
swing-lid all steel 1.1 cubic 
metre capacity closed wheeled 
containers are sited at strategic 
points through tbe centre. These 
are collected, in rota, throughout 
the day by trucks and towed, in 
trains of three, to the compaction 
centre. Here, according to their 
colour, they are hydraulically 
tipped, utilising a 600 kg lift side 
loader into the appropriate com- 

The fully automatic units 
exert a 23 tonnes thrust every 
55 seconds packing the waste — 
reduced to a fraction of its 
former bulk — into 26.8 cubic 
metre enclosed containers for 
removal and final disposal by S. 
Grundon (Waste). 

More from the company at 
Bell Lane, Amersham. Bucking- 


Trials go ahead in Sweden 

A DATA communications link 
making use of optical fibre cable 
manufactured by ASEA Kabel 
has been installed for field trials 
at the Skutskar pulp mill of 
Stora Kopparberg-Bergvic in 

Main reason for the use of such 
a link is its insensitivity to elec- 
trical and magnetic interference 
and it .replaces a conventional 
copper bearer between a central 
computer and a' microcomputer- 
based remote terminal unit. 

The customary combination of 
USD emitter, fibre and photo- 
detector is used in -the 550 metre 
link and the attenuation amounts 
to about 5 dB/kra. The ASEA 
cable- is -made from a single clad 


core surrounded by four further, 
layers of reinforcement antf 
protection. -. - 

For some years the Swedish 
electrical company has %been 
applying fibre optics to com- 
munications problems . in high 
voltage DC transmission projects, 
but it is understood that the 
pulp mill installation is using 
a fibre with somewhat lower 
attenuation, ■’ ^ 

More from ' ASBAi^t 4i- The 1 
Strand. London. WC2N. 5JX 
(01-930 5411). 


High speed 

Shuts plant at unsafe pressure 


SENSORS which will initiate 
shut down of plant and equip- 
ment at specified pressures in 
the process and associated indus- 
tries have been introduced by 
Robertshaw Sktl. 

Designated 84390, the sensors 
will work on increasing or 
decreasing pressure and contain 
a weather-proof, snaj>-acting 
valve operated by pressure varia- 
tion around an integral sensing 
clement. A control signal of 
20 to 60 psi is fed to the valve 
3nd is either vented or blocked 
when a process pressure set point 
is reached. 

The set point can be adjusted 
between 5 and 1,750 psi when 
using a bellows measuring 
system and between 800 and 
6.500 psi when using an optional 
piston measuring system. 

The sensors are of stainless 
steel construction with either 
automatic or manual reset The 
control medium can be air, 
natural gas or nitrogen. Each 
sensor has adjustable differential 

and a set point which is virtually 
unaffected by Changes in control 
pressure or piped vent back 

More from the company at 
Green hey Place, East Gillibrands, 
Skelmersdale, WN8 9SB (0695 


Less risk 
getting to 
the top 

ONE OF THE features of a 
range, of glass fibre ladders — 
comprising single section, two- 
part push-up and a step trestle 
types — fe the section design of 
the stiles which are said to afford 
significant strength in relation to 
weight. The polyester sections 

are bullt^ up ■ with alternative 
longitudinal 'glass fibre. 'rovings 
and continuous nut ■ • • 

Racking and. tvtisting is. stated 
to be eliminated by thc Alflo 
compression moulded rung joint 
and tbe aluminium D rungs have 
44.4mm wide flat treads for 
working comfort These are also 
deeply fluted to produce a Slip- 
resistant surface. 

Electrical properties include a 
flash over between two rungs — a 
minimum 30 kV — and current 
leakage well below 1 mA. Stan- 
dard safety features include 
heavy duty stabilisers with non- 
slip rubber feet on the step 
trestle; automatic lock on the 
ladders ensuring the top section 
is always secured In position 
before use ; plastic wall running 
wheels and swivel feet on single 
section and two-part push-up 

UK agent Is Stephen and 
Carter, Turriff Building, Great 
West Road. Brentford, Middx. 
(01-568 3291). 

OPERATING up to lGHt tM; 
DC 508 counter from Tektronix, 
Undesigned for measurements in 
:SOOMHz two-way communications. 

; systems, UHF . television^ spaed-’ 
communication add allied appli- 

The Instrument has a 20m Vi 
sensitivity for measurements oil.' 
low-amplitude signals and incor 4 , 
porates a 9-digit light-emitting •: 
diode display.- . - r. 

An interesting feature Is a; 
100X resolution multiplier which 7 
allows audio-frequency measured 
ments with a resolution of 10(1 
milll-Hertz to be carried out 
within one second. The speed 
and convenience offered by tbi£> 
feature are important for testa_ori r 
the frequency-shift keying • and . 
tone-squelch frequencies used tor 
many rommunication. systems. - j 

The Tektronix DC508 can be; 
combined in a single TMSQtt' 
mainframe with a selection .oS"‘ 
other instruments such- ar * 
digital multimeter, signal source* 
and oscilloscope. - -) 

More from - Tektronix ‘ UKK 
Limited. P.O. Box69,Harpeaderu 
Herts. (05827 6S14I). ; 

Financial Times Monday July 24 1978 

The Executive’s and Office World 


l, X 

1 "I «n 

r| “isat 
s; w rate 

realisation that microelectronics 
may have a dramatic impact on 
manufacturing industry has 
sparked off what amounts 
almost to a national . panic. 
Hardly * day goes by without 
some new warning or how the 
■silicon chip" will boost unem- 
ployment, only to be followed 

.w * «*** riposte— arguing 
eii her that its unemployment- 
rreaiing potential in manufac- 
turing is being exaggerated, or 
that the unemployment it cre- 
ates will be offset by 'new jobs 
in the service industries. 

Leaving aside the perennial 
problem that the wrong sur> 
plus skills are being made avail- 
able, and, in the wrong place 
for the expanding sendee in- 
dustries (in Ebbw Vale rather 
than Croydon, for example), it 
is by no means as certain as 
most people think that the his- 
torical increase in service sec- 
tor employment will continue 
through the 1980s. at least at a 
rate sufficient to soak up the 
numbers likely to leave manu- 
facturing during the next 

Some of the reasons for this 
uncertainty have been discussed 
in recent papers by two leading 
academics. Professors George 
Ray oE the Na-tdonaJ Institute of 
Economic and Social Research, 
and Christopher Freeman of the 
Science PoL’cy Research Unit at 
the University of Sussex. 

Writing in the latest issue of 
the journal Futures, Professor 
Ray amply illustrates how sensi- 
tive are forecasts of service em- 
ployment to a bust of assump- 
tions and variables. Discussing 
eiight possible “ scenarios " for 
growth and productivity up to 
1991. he suggests that employ- 
ment in services could actually 
fall by up to lim people — far 
more than in manufacturing — 
swelling the national unemploy- 
ment rate to 16 per cent, or 
(on extreme assumptions) to 
4.6sn people. 

Admittedly, titis is on the 

and employment: the 
service sector dilemma 

further extreme assumption that 
the UK catches up with average 
EEC rates of productivity 
growth: -the complex ways m 
which EEC countries calculate 
productivity in the service 
industries may exaggerate the 
ground we have to make up. 

All the same, the calculations 
severely test the conventional 
wisdom that a further substan- 
tial increase in service employ- 
ment is a foregone conclusion. 
Moreover, as George Ray points 
out if services do become the 
main growth area in the British 
economy, innovative . activity 
will increase in that sector, so 
that labour requirements will 
be reduced, at least per unit 

Where Ray and Freeman 
appear to differ is in the impact 
of microprocessors and com- 
puters on service employment. 
Whereas Ray obviously sees his 
extreme ~EEC-type" scenario as 
unlikely. Freeman said in his 
recent Bernal Lecture (see this 
page, May 24) thpt the scenario 
could become a reality “if the 
full potential of the com- 
puterisation of office and -dis- 
tribution 'equipment is 
unleashed in the 1980s, with 
the large-scale displacement of 
secretaries, filing (jerks, typists 
and paper-work generally.’* 

Did not we hear all this in 
»!** 1960s, without the threatened 
“auloojatM officer .ever becom- 
ing a reality, ..-Irtmari argues 
that the situation is different this 

A large part of the service 
sector is concerned with generai- 
ing. recording, processing, re- 
producing and transmitting 
information in numbers or 
words, he says. So far, com- 
puters have admittedly affected 
only u small part of this system, 
the segment which stores and 
processes routine statistics. 

But microprocessors are 
extremely small and cheap, and 


are arriving at a time when a 
large pool of skilled people is 
already familiar with computer 
technology — unlike in the 1960s. 
■‘Textual 'information and its 
transmission will now be in- 
creasingly affected." Freeman 
forecasts, with what he calls 
"immense consequences" Pur 
office work, printing and publish- 
ing, and many other parts of 
the service sector. 

Whether Freeman is right or 
wrong" in his view of the speed 
with which such changes could 
occur, there are already signs 
that there will be little growth 
of emp ’oyment in what might 
be called the “market segment” 
of services — banking and insur- 

ance and activities such as dis- 
tribution — whatever its chances 
of healthy economic growth. 

Though employment in bank- 
ing and insurance is still on the 
increase at present, the banks 
are already automation pace- 
setters, and are considering 
pruning their branches. At the 
same time, automation is gradu- 
ally encroaching on such distri- 
bution activities as warehous- 
ing and vehicle fleet manage- 
ment Here, the microprocessor 
can only accelerate existing 

It is what Freeman calls 
“genuine personal services" 
which are the probable main 
areas of service employment 
growth — such as hairdressing 
and catering in the private sec- 
tor, or education and medical 
care in both the private and 
public sectors. 

This distinction between the 
employment - generating poten- 
tial of different services is 
already widely appreciated in 
government, and by an agency 
which ought to have a key role 
to play in the redeployment of- 
labour, the Manpower Services 

Whether government officials 
would admit the consequences 
of this argument is another 
matter, however, especially if 
they are confronted with 
controversial appeals like 
Professor Freeman's for large- 
scale public expenditure on 
employment-creating services as 
•*an important clement of full 

employment strategy in the 
1980$. despite the many political 
pressures to reduce them.'* 

Tins takes us back to Britain's 
a !3-t o-familiar problem. Oiir 
export-esmina industries tbulh 
manufacturing and parts of the 
service 'sector, including, to be 
sure, hospital treatment for 
Arabs and Tudor banquets for 
rich Americans) just do not 
produce enough wealth at 
present, in balance of payments 
terms, to support such employ- 
ment-creating initiatives with- 
out landing us back in the 
devaluation-inflation conundrum. 

■ Rather than being . side- 
tracked into arguments about 
whether our concept of 
*■ economic wealth '* should be 
replaced by ‘social wealth." us 
many people are when faced 
with these realities, we should 
agree lluo Professor Freeman’s 
job-creating strategy is desir- 
able, but that it will only be 
feasible when productivity in 
manufacturing and export- 
earning services has been 

To- take up the recent discus- 
sion in the Times and FT about 
whether we are “ de-industrialis- 
ing " too rapidly, compared with 
our competitors, the key point 
is not the much-debated one 
about whether we have been 
right to shift so rapidly from 
manufacturing to services, hut 
whether our added value per 
employee in manufacturing and 
services matches up to that uf 
our chief competitors. Overall, it 
does not. 

Until it does, it would he 
courting economic disaster to 
“solve” unemployment by creat-| 
iug new jobs in those services, 1 
especially in ihe public sector.! 
which do not benefit the balance 
of payments. By mitigating un- 1 
employment in the short-term 
we would be accelerating its 
growth ju si a few years hence. 

Future.*. April 197S. 1PC Busi- 
ness -Press, 3‘2 High Street. 
Guildford, Surrey. 

Dubious comparisons in 
the risk business 

ing an increasingly emotive 
subject as politicians and busi- 
nessmen concentrate on the pos- 
sibilities of small emerging 
firms helping to reduce unem- 
ployment and assist in economic 

The attractiveness of the sub- 
ject has been recognised by 
BBC Television which in the past 
fortnight has shown two reports 
in its “ The Risk Business ” 
series comparing venture capi- 
talism in Britain and the V.S. 
Basically. the programmes 
lauded the American system 
and damned the UK. Which is 
a pity, because despite spending 
what was obviously a great deal 
of time and money on produc- 
ing the programmes, the BBC 
managed to miss many of the 
relevant issues. 

This is not to imply that the 
British system is faultless; it 
most certainly is nut. But H 
hardly seems fair to compare, 
as did the BBC, examples where 
the American sources uf venture 
capital were essentially rich 
and successful individuals and 
where British sources are solely 
institutional venture capitalists. 

To start with, the American 
economic system both en- 
courages the creation of per- 
sonal wealth and. by allowing 
losses to be offset against tax. 
gives the individual reasonable 
odds in risking some of it in 
I backing new ventures. In 
I contrast, higher rates of tax in 
the UK and a certain hostility 
towards creation of personal 
wealth militate against en- 
couraging personal venture 
capitalism. And. unlike (he 
U.S., personal losses in this field 

cannot he offset against tax. 

This is an important distinc- 
tion to make since it partly 
explains, perhaps, how Alza. a 
medical products company 
featured by the BBC managed 
to .attract ,S57m i>f capital before 
it even got a preduct on to the 
market and (hen raised (he tola! 
to siDOm before, nearing bank- 
ruptcy. it was taken over by 
Ciba-Geigy for 635m. Though 
much of the money came via a 
company the inference was that 
a group of individuals was the 
source of cash. 


British venture capitalists feel 
constrained about making total 
losses on investments largely 
because they are using other 
people's money. And whether it 
he funds from hanks, as in the 
case of Indutfrial and Commer- 
cial Finance Corporation (it also 
raises funds in the money 
markets); insurance companies 
and similar institutions, as with 
the Small Business Capital 
Fund: or Government money as 
in ihc ease of the National 
Research Development Corpora- 
tion. it is ultimately the general 
public's money which either 
directly or indirectly is being 
put at risk. 

Until (here is widespread 
acceptance that such risks 
should be taken it seems un- 
likely that greater strides can 
be taken by institutional ven- 
ture capitalists. In the U.S., as 
could have been explained by 
the BBC. such risks by institu- 
tional venture capitalists are 
accept able, as is the Tact, of 
course, that on some of their 

investments they make very big 
profits indeed. 

The British venture capital 
companies could certainly do 
more for their cause by trying 
to educate the public directly 
about the ri»ks and the rewards 
of their business. 

And perhaps they should also 
consider playing a more active 
management role. Their usual 
line is that they are either 
investing principally because 
of their faith in a company's 
management, or that the com- 
pany's product is such a winner 
that the calibre of it.- manage- 
ment is just one element in 
the risk they are taking. 

As the Americans have shown 
there arc situations where an 
entrepreneur seeking funds is 
perfectly willing to lake on his 
financier's management to 
strengthen his own. This was 
highlighted in the first BBC pro- 
gramme, although it could also 
be argued that— on a psychologi- 
cal level — anybody setting up his 
own company is much more 
likely in take advice from an in- 
dividual who is putting up ins 
own money rather than an 
executive who is putting only a 
company's money at ri-k. 

Ultimately, of c.»ur»i\ the 
British Government cannot 
Im* absolved from “nine level 
of responsibility if it wants In 
see the exploitation of techno- 
logical and other innovations. If 
business m general requires con- 
fidence. risk business needs a 
super-abundance uf I his com- 
modity. and to generate ihii a 
general acceptance is needed- 
that high rewards for risk- 
taking are necessary. 


: I-! MWi 

Mi-' 1 ! 

ARISING from one of the 
articles in this short series, a 
number of questions have been 
pul to me. Some of these are 
fairly s niple; others Jess so: 
and a few are frankly bizarre. 

Quite the most remarkable in 
the last category came from a 
man who wanted to know 
whether 1 thought that camel 
meat would suit him as he has 
a somewhat sensitive digestion. 
He also wished to know what 
precautions he might take 
against having to eat sheep’s 

It turned out that he was in- 
tending to join, and then write 
about, some obscure rebel band 
somewhere in the desert in 
North Africa. 1 really could not 
help much except to suggest" 
that, as apparently camel was 
the only food available, he 
should pay a visit to his dentist 
to make sure that his teeth 
were strong and sharp enough 

a a ,| | ii) | ii* reeded. This may make all 

An eye for the healthy approach 

embarrassing in and out affair. 

should be catered for, even if from upper respiratory infec- to take out adequate insurance Returning to my man and the 
there are few places much tions should postpone journeys to meet all eventualities. sheep’s eye problem. I heard a 

colder than the UK in July, if possible, because no holiday This applies to the dolorous ghastly solution recently. The 
Apart from heat, protection or business deal is worth the possibility of dying abroad. The wfe of a diplomat was 
against sunburn in hot countries pain aud trouble that can arise cost of undertakers and air- horrified to be presented with 
is important, particularly for from a perforated ear-drum. freight are enormous in some fl,j s supposed delicacy. Protocol 
those with fair complexions. Most countries in the Common countries and, although the absolutely forbade her refusing 
Loose clothing is advisable for Market operate a type of NHS victims may be unconcerned, the the thing, but she knew also 
flying; cramped up in a small (varying from country to burden to the relatives may be thaT jf she ate jt ^ she WO uld 
seat when wearing tight country) for UK nationals, insupportable when added to mak ' e a yet mor p shameful 

n .,-. ■■ . . I ' their personal tragedy. exhibition ' of herself. Thus. 

“Gippy tummy," "Delhi belly," with remarkable sleight of 
. EXECUTIVE HEALTH . "Calcutta flutter," or what have hand, she deftly slipped it into 

, . . ' ' ... .'-. .you. can afflict --The the pocket of an aristocratic 

DR. DAVID CARRICK condition is probably due to neighbour without his know- 

... .... — . — . ...... . .- bacteria.'- to, ^;hich the natives ledge. What happened ' later.- T ' 

.I. i ' i n, ■■■■ — ■» ■■ — ■- > ■ "" - » ■■ are : immune (and- Germans ;or do not know, but the very 

garments can prove most Forms can be obtained from Italians, etc« can suffer from it thought of putting one's hand 
disturbing after a few hours. Employment Agencies; but you here). It is important, therefore, into a pocket and meeting that 
On the subject of flying, a only qualify if you are either a to take a supply of medicament cold and slippery horror would 
remarkable number of people "worker" or a “pensioner." such as Streptotriad (on pres- be enough to make one sign the 
suffer real fear every time they Naturally, self-employed people cription only), to be taken only pledge. 
have to embark. Expositions on. are barred from such services. ’ 

the relative safety of this mode Some enterprising firms have a \ 

of travel is worse than useless, list of doctors in many 
Most doctors will be happy to countries — doctors who are" not "^T T ^ 

supply small quantities of only £•. od but able to speak R 

anxiolytic medicaments to cover English. However fit one may V R" - H ffl H m# 

this problem. With or without be, it i* not impossible to fall SksF 

them, however, heavy drinking ill in a foreign country, and 

while flying is not a good habit attempts g to explain to one ^ ^ 

— even if the champagne is free, whose English is Limited to "how ^ _ R A 

Pressurisation systems In do you do" can be vexatious, and IrMfc I H || 

modern aircraft are fairly enervating. As costs tend to be I n H H H fl HR fl HI H II J 

efficient, but people suffering pretty' high; it is most advisable W<Jr JL «s4iJR. JL B 1 ■ w 

to cope with an old age pen- 
sioner of a camel (his friends 
were not likely to kill useful 
creatures) as it was likely to 
prove on the tough side. 

Returning to more normal 
travel, apart from the serious 
matters discussed in the earlier 
articles, certain other precau- 
tions are advisable - because a 
visit to. say. Singapore is not 
quite the same as a jaunt to 

Clothing -must be considered 
carefully. • If one is going from 
the English summer J 1 to 
Indonesia, for example, if is.very 
easy to forget that one will 
rapidly leave our green .winter 
and be whisked to a place of 
notable warmth. JSqually, 
ventures to really cold dimes 

S. Hill Limited 


Yearended 31st March 19TO 1977 

Turnover 7.561 6.052 

Profit before tax 6^9 Yy ! z 

Earnings per share -l 3 -i?? P 

Dividend per share (net) 2.725 p —44p 

Order intake in the second half recovered 
strongly with the result that profits for the whole year 
were slightly ahead of lastyear. am*your Board is 
again recommending an increase in dividend up to the 
maximum permissible. 

Despite this encouragement the outlook is still 
uncertain and it is likefy that our capacity will be 
under-utilised at times throughout the next year. 

As a result of a successful acquisition and 
diversification policy, your Company is in a better 
Dositionto avoid the large fluctuations in earnings 
which have been a feature of the foundry industry in 
the past. We shall continue to exploit 
— ■ the flexibility we now possess to 

/ compete effectively in many different 

/ m ■ I markets but some sign of sustained 

/ I growth in world trade would be very 

welcome. - 

V n I T. MARTIN,, Chairman 

rrsss ssiz rsss sz&szzz z z 

^ 0Ul per 50 n P^hJSO any wdiiwiv otpraJerwco shares. 

nQn Petbow 

N \^/ Holdings Limited 

{ Registered in England No. 1 074607) 

realisation Issues of 6,648,586 Ordinary 
Shares of 1 0p each and 11 08.097 10 per cent. 
Cumulative Preference Shares of £1 each. 

Thn ahnvp securities have been admitted to the 
OfficiaU-ist and dealings in them will begin on 24th 

July, 1978. . . 

Particulars of ihe Preference Shari* are available in 
tho Kiel Statistical Service, and copies of the 
cfatiiiirAl card may be obtained during normal 
FSS* hou« on any weekday (Saturdays and 
pubfcfolidavs excepted) forthe nen fourteen days 

Samuel Montagu S CO. Limited Company 

New Issue Department, Winchester House. 

Augustine House. 0Jd BroatJ street, 

Austin Friars. London ECZP2HX 

London EC2N — 

> J- _ 




branch office 


Edited by Denys Sutton 

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Published Monthly price £2-00 Annual Subscription £25.00 (inland) 
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London EC4P 4BY - T e J: 01 -248 8000 


The Ninetieth Annual General Meeting of the Antofagasta 
(Chili) & Bolivia Railway Company. Limited, was held on July 20th 
in London. 

In the course of his address to the Meeting, the Chairman. 
Mr. G. S. Stone. FCA. said: 

“The results Of the fi r tt *ix months of the year 1978 in Chili 
have been really quite satisfactory. The tonnage is up S% and the 
net-ton kilometres by 10% which in the circumstances is good. 

We increased our tariffs towards the latter half of last year 
and the effect of the higher traffic and higher tariffs has had a 
beneficial, effect on our income. However, unfortunately like every 
other business, we have had to face higher outgoings especially 
on maintenance. 

Another problem is that a large "part of the book. profit has 
to go towards the purchase of stores and on capital investment 
and is not available for distribution. For instance, the total capital 
investment last year was £500.000 and really we should be investing 
more than that each year. 

Another factor affecting our cash is that we have not yet 
reached final agreement with all our Bolivian customers on the 
payment of- our increased tariffs. 

I had hoped to be able to report some progress on our 
negotiations with the State Water Entity. Unfortunately, they ha/e 
how to be conducted in Santiago which will lead to further delays. 

Finally, It is' this Board's intention to pay off the arrears on 
. the Preference . dividends as soon as they, can do so— that is. as 
soon as the results justify it.” . 

The Report and Accounts were, adopted. 


m ig 

. : '=; -f 5| 



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211 1 


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Financial Times Monday July 24 1978 


ms good news that the Genera gress without change. ! 

trade talks .hare at least pro- For all th e tal k of planning, 
duced a declaration of good most of the results of any par- 
intent, reaffirmed, at the summit, lieu Jar intervention are not fore- 
International ■ behaviour is a seeable — still less the inter- 
Jittle less shame-faced and bad actions between- the . many 
behaviour -more’ apologetic and different policies governments 
less blatant. in the presence of undertake. Dr- Tumlir. gives the 
accepted . rules. The growing example, of cities such as_ New 
protectionist pressures makes it York which for excellent motives 
all the more important to press decide upon generous welfare 
ahead with trade liberalisation programmes, which, attract 
where it is still possible. ' ‘ indigent people from other 
Burin a climate hostile to. free’ parts of the country. Local- taxes 
trade, the- Geneva talks can he increase, industries move out and 
at* best a holding operation- bankruptcy looms. . . 

Although it is fashionable la call "Discretionary economic inter- 
fot-.'intemational solutions to the vention .increases . _ disputes 
economic woes which have beset ■ between government?* .. and 
*hcr-' world, the problems are creates uncertainty, for firms 
-only superficially international subject to more than- one jurts- 
in the sense that there are no diction. Paradoxically enough the 
primarily '■ international solu- growth of intervention tends io 
tions." I am quoting here from weaken rather than strengthen. 
Dr. Jan Tumlir*. the Research the central government, as it is 
Director of the GATT Secre- driven more and more to share 
tariat. The author Is well placed its power with producer organi- 
to assess the benefits of meetings sations, of employers or unions, 
of statesmen and of concerted Because a corporate state i6 
international plans; but he has organised on terms of- producers, 
come to the conclusion that the it is as Dr. Tumltr states, “-con- 
main obstacles to a better world stitutionally unable, to agree 
economic order are the political with its neighbours." Summit 
blockages inside each country, accords, or attempted European 

policies . are merely 
the course of jungle 




truces in 


There are those who claim that 
the corporate state can at least 
generate internal peace and ; s 
likely to avoid the lurches, back- 
lashes and swings of the 
pendulum between taxpayers' 

his employer." 

The courts found that the 
patrolman's act could not have 
been foreseen and .avoided by 
the exercise of due diligence by 
his employer. 

Securicor claimed that that 

The difficulty, according to Dr. 

Tumlir, is that the old-fashioned 
liberal belief in general rules of 
domestic and international order 
has given way to a belief in the 
unlimited ability of governments 
to achieve concrete and specific 
ends — such as guaranteeing the 

relative incomes of different i w 

groups of workers or deciding interest and social redistribution 
by political means a country's. shown by regimes .in which 
industrial structure. presidents or parliaments are 

One difficulty has always been supreme. Such a claim is made 
that many people find it hard to f or instance by Prof. Harold 
see how there can be order in wilensky of Berkeley!. But it 
human affairs without detailed j S interesting that the main 
governmented prescriptions — for examples of successful and 
instance how commodity trade harmonious corporatism which 
can flourish without international he quotes are Austria. Belgium 
agreements on price; or how jobs and tile Netherlands. (France has 
destroyed by technical progress strong government-industry links 
can- be replaced by others, which but has too weak a central union 
no politician or economist is at organisation to qualify for the 
present able to foresee. corporatist label.) 

Another reason, however, for These small countries have 
the - stepback to liberalism— and been competing as units in r. 
one which Dr. Tumlir emphasises wider international and European 
— is its very success in the past market which set the prices to 
Although the nature of that which the producer organisations 
success was little understood, it have to conform. Being small 
nevertheless led to increased their corporatism — If such it be — 
expectations of materia! progress, is no menace to their neighbours. 

.Governments were expected to The experience of small tightly- 
guarantee this progress, and also knit societies provides no lesson 
combine it with stability — for the feasibility or desirability 
stability not only of income but of of the model for larger countries 
the relative position of different or for the European Community, 
groups. Eventually a degree of still less for the wider industrial 
stability comes to be desired worid. 

which makes stable progress - * National Interest and Inter- 
impossible. Economic progress national Order, Trade Policy 
implies novelty and sound adapts- Research Centre. 1 Gough Square, 
tion for it But before this insight London* EC4^3DE. 

dawns upon the Society, the state . tThe Neva Corporatism. Sage LL . . ... .- - ~ 

has been called upon and has Publications^ St... Georges CHaus^pcp.nsisJ&pt with.. _ due 
promised, to make possible pro- 44. Hatton Garden, EClN 8ER. Iformance of contract 

Clause for concern 


FIRE BROKE out one night in Mr. JnsticeM&cKenna thought (where the case ^ n™' d«t med 
October 1970 at the factory in that the doctrine did not pre- as a result of the _ Court oi 
Gillingham* Kent of Photopro- vent him from giving effect to Appeal grantmgleate to appeal) 
duction Ltd., manufacturers of the exemption clause in Secun- Lord Jtouung tried an auterna 
Christmas cards. The premises cor’s favour. He said: “ When tive lack. He dedared that the 
were gutted, the damage to the a contract provides that one of principle which Jay behind all 
buildirg and the stock was two parties shall not be ‘res- the courts striving is simpl> 
£615,000. The fire had been dfr- ponsible ' If a particular event that the courts mil not allow 
liberate!? started by .a patrol- occurs, it is in my opinion party to rely on an exemption 
man— on his own admittance Impossible that the occurrence clause ip circumstances in 
__ faring the course of his of that event should be treated which it would not be fair and 
employment for Securicor Ltd. as a breach of contract by that reasonable. 

The factory owners had in- party. But if it cannot be treated Lord Denning thought it was 
sured their premises against as breach of contract, it not fair or reasonable to allow 
fire, except for the first £25;000. follows that, however serious securicor to rely on their 
Securicor had insured against the consequence .of the event, exemption clause “when it was 
liability for the acts of its ser~ it cannot be treated as a funds- its own patrolman who 
vants, except for the first mental breach. In other words, deliberately burned down the 
£10,000. The question in the en- nothing qualifies as; a funda- factory." 
suing litigation between the mental breach which Is not m Mr j ust ice HacKenna had 
factory owners and Securicor the first place a breach, end himself applied the- test of 
was in essence: whose Insurers nothing can be a breach if the reasonableness, after having 
should bear the burden of the contract expressly provides that rejected the fundamental breach 
liability for the crime of a third the party shall not be respon- ar gumeuL He thought that the 
person for 'whose acts neither rible for its occurence. It is cj ause was a reasonable provi- 

the essence of a breach of con- si0IL He reasoned thus: “Either 
tract that a party Is “respon- ^ owner of the premises, or 
sible ” for it A breach for person providing the scr- 
which he is not responsible is mast bear the risk. Why 
a contradiction in terms. should the parties not agree to 

„ lirea ™ ... _ The simple logic of. that argu- its being borne by the owner of 

of the printed forms used by moot escaped the members of the premises? 

assured was directly respon- 
sible lthnush the criminal was 
in the employ of one of the 

The contract between the two 
parties was contained in one 

used by w u, t j6u me *uo«uci 

the Securicor Group. The the Court of Appeal who Lord Denning’s riposte to that 
standard conditions contained a advanced various reasons why p j ece 0 f reasoning was to con 
clause which provided that Securicor saoma not De ^g n( j that the insurance factor 
“under no circumstances shall allowed to rely cm- the exemp- — namely, the .fact that both 
the company be responsible for tion clause. .They argued were insured against the 

any injurious act or default by primarily that, since the object | QSS — -cancels out , and we are 
any employee of the company of tie contract' was to sale- Jeft w jth the question as be* 
unless snch act or default could guard the factory, Securicor, twe ^ n ^ parties.” But is that 
have been foreseen and avoided acting through their servant answer? Does the fact that 
by the exercise of due diligence had at the moment when the parties were protected 

"" pJrt ° f the COmpanr M ofthe™ * M— * <»• “ 

tract impossible. tte exemption clause was de- 

a -jTl signed to shift the insurance 

ivnmciai burden from Secnricor’s in 

Securicor had -committed a surers to Pbotoproduction’s in- 
fundamental breach or a breach surers? 
of a f undam en tal term which It was noticeable that a 

KS discharged the contract and pre- second dause m the contract 
let of ltf £J5l tSS « vented Securicor from relying had provided that “if notwith- 
face ^alue the clause did on the exemption danse. In a standing the foregoing provision 
pvem-nt Securicor And that strictly practical sense the con- (the exemption clause),- any 
was enough for the trial judge ***<* became a dead letter the liability on the part of the com- 
Mr Justice MacKenna,’ to moment the factory was gutted: panv shall arise for any loss- or 
decide the case in Securicor’s there was no longer any pre- damage sustained by the cps- 
favour raises’ to patrol at night But if tomer. such liability shall be 

The courts have shown little 1136 fi*® bad destroyed just one limited to a maximum of £25,000 
liking for exemption dauses, wing of the factory, would the for the consequences of each in- 
and accordingly have sought Parties not have continued to cident involving fire, 
ways round the plain meaning operate their bargain, no doubt Not surprisingly, the Court of 
of them as found at least in continuing to argue over the Appeal did not allow Securicor 
standard form contracts. They legal liability for the damage to rely on that limitation of 
have developed a doctrine of done by the arsonist-employee liability any more than on the 
“ fundamental breach ’’ so as to who would have then ceased exemption clause. But does it 
remove the automatic applica- to be employed? It seems artifi- not indicate that the liability 
tion of the exemption dause dal, if not illogical to say that of the factory owners for the 
in certain cases. The argument the breach of the contract (if first £25,000 under their insur- 
runs as follows: If the contract- there be in strict sense a a nee policy was in the con- 
ing party does something which breach) was so fundamental as templation of the parties? If so 
strikes at the very heart of the' to bring the contract crashing to why should the courts not give 
bargain, then the courts will the ground. effect to what the parties plainly 

treat that as fundamentally ’ As if sensing that this line intended — that the insurers of 

1 ^ per- of argument might- not pass-tile factory owners should bear 

muster in the House , of Lords the risk? 

■ Wnri iiifcfr' 1 ^ infflr viTif. ’ 

t Indicates programmes in 
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6.40 am Open University (Ultra 
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Magic Roundabout 10.00 Jacka- 
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I Put siznal letter in aircraft for 
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4 Poor pals come round with an 
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10 His love is not q red, red rose 

11 The Maid takes in the leader 
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12 Rock — it sounds difficult to 
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13 Engage an author if you want . 
your name in large letters 

15 Luxury, possibly quadrifoliate 

16 “Tomorrow to fresh woodfi 
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1 A brief moment of happiness 
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2 Sounds like blue blossom, but 
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3 The priest gets a name for 
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5 Lex,, to put it in one word 

(5,3) . 

6 Dictator, includes proportion 
in his summing up (10) 

7 A sex task brings money into 
the street (5) 

8 They are like the cat who 
walked by himself (6) 

9 There is room for an ancient 
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20 Noisy on the beach and in the 14 Russian officer takes to flight 

kitchen (7) (3, 7) 

21 Sturdy vehicle among the 17 Harrowing experience for the 

rubbish .(6) ■ poor golfer (5. 4) 

24 The -planet of illusions (5, 5) ig Accuse the light-weight under- 

26 Its inmate regretted that she study (6> 

had not had advice on family jg Emphasises the tensions (8) 

28 Infested! Wished with the 22 fJ-J* 8 * 1 right t0 be dexterous 
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2$ Proposition put before a 23 impertinence aboard results 
- young lady (7) 1,1 er™® (5) 

20 Amounted to a strange tale 25 Standing for the build up (5) 
told (S> 27 She must have found her lover 

31 Heavenly bodies encountered ■ rather- -wet— but clearly a 
in companies (6) brave man (4) 

The solution of last Saturday's prize puzzle will he published 
. names of winners next Saturday. r 


News and Weather for Northern Sxwt Anglia, iiio'soeedwiy.'ujio Law 
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Rnrlund B nm T jink ’ H- 30 Rosuei Rock. 1230 pm Gardening 

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(Norwich), Look North (l^cds, j AIt Uadon; M No rvame an tbe BalleL" jjo 

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Today (Birmingham); Points West Z*£*i***& aj - M0 sm ’*“ 5 Tod «- Crunedesk- 

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ampton); Spotlight South West, WWb; o( Patzlck. .ZBRndm: “Rockers izos an The Big Break. 

(Plymouth). Galore.” S35 University taiaDenge. MO _ _ 

ATV Today. 1030 Left. RigM and Centre. SOUTHERN 

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..: - DADncD Ym CM Make It. nos Magic OrcJe 

6.40 am Open University DUlvJJtK J130 Ro joe's Rock. 1230 pm Vann Pro 

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hTtr. TT.Lfun-.^lt. It. HAS Masic Circle. 2130 party. 2JS Matinee: "Urn la Armstrong 

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ISIO New* Headlines . tui Border News. 2JX) Bouse party. Laverne and Shirley. AOO Day by Day 

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1040 Elkie Brooks in Concert 

11.40 Late news 

11.50 Closedown, reading 


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535 Garaocfc Way. 6.00 Lookanmnd Extra. 1130 Tbe Law Centre. 2230 am 
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CHANNEL 135 w A Good Word, in 30 Gift Of 

231 pm Channel News. H3S Tbe Tomorro w . LUX) Cartoon Time. LLOS 
Monday Matinee: "Separate Tables.'* Magic Circle. U30 Rngne's Rock. 
535 Unirersity Challenge, i.oo r?hanr*«i 1230 pm Last of the Wild. 130 North 

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, w -- -Law Centre. 12J0 KpOogoe. 

GRAMPIAN ttt c 'li n 

- *35 am Ftr« Thing: 2030 Tars’* Mote* . ^ „ 

Garden. 18.40 Ton Can Hake It- HAS 2030 am Lost Islands. 20AS Ton Can 

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F,™!5 b Fi^ s , i < s^J lyt ° u ' s GRANADA . WESTWARD 

f 5J5 Batman - ■ . 2035 am «ssame Street. 1130 SWppt. 2«30 am SWppy. IOAO Ypv c an Make 

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6.40 Help! Sundance.” 330 Beryl's Lot. 535 Those days. 1230 Tbe Shape or Things. L20 

6.45 The Kennv prw.iatt wonderful TV Times. UN -Granada Westward Headlines. t2i Maunee: 

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9.Q0 Out M «2 0 rnn Cojudy. 10 4® You vODL^curnr? 

innn MaLr CM Make It. U3S Magic Circle. 1130 YORKSHIRE 

inon » eWS J ^ „ - Rogw’s SOCK.- nj» pm The Open Air. 1020 am Power Wltfioot Glory, lljfl 

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430 John Dunn 1 S 1 Indudlno 9 an cm.» ^30 Today. 730 and 830 News. 730 
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lal reduces Round Midnight, huhrihu J™ £5 "" J" 6 '? V«uw'« Nlshffllghl tSi. 

230232 urn News Sumtaara Weathei^ 230 Tbj World At AW am Graham Deae'r BreaJtfam Show 

■ - oummaiy. q m . 130 The Arehem. LC woman's (S». 930 Tony Myan (Si. 2230 Dave 

RADIO T 464m, stereo* VHF 5°^- £5 .h?** 11 w iS Mother.' 330 cash fS>. cm pm Roger Scon rsi. 730 

~ Nows. 335 Afternoon Theatre fSi. 435 London Today (Si. 7J0 Adrian Love's 

rvg m ?.. ^ News. 735 . Story Tim.SJa PM reports. 530 Sereii- Open Line »S». 9.00 Nicky Homs's Your 

We A t ^ Br . UX Newa- 630 Mother Wouldn't Like It (Si 1130 Mike 
concen (Si. 930 News. 935 This Work's Share and Share Alike '5*. 730 Nm. 7JS AUen Lore Show iSi 230 m Pewr 
ConwHor-. Thomas Mortey (S>. MS The Archera. 7 30 From Our Own Com*. Youths Night (Sh 

Packer trio vital 
to Kent’s success 

, ■ j B 0 u r A _ ortneinles which were rumoured that * BMWt meeting 

KENT: won their ihird^Bcnson ^ by tbe other between reprosentallves jj^tbe 

and Hedges Cup without 
being seriously extended by a cl ^^ r 

disappointing Derbyshire. They Their J®®® 1 ™. 
cruised home by six wickets jnjcrestins side is 
with 13 overs to spare, because *kat win be t 

two parties has proved abort Iva. 
decision raises throe I are sure that New Zealand, 
issues. First, who have at last achieved that 
the view of the elusive victory to the winter, 

...... . -_r _ ontinuod retention of Packer will provide stem apposition in 

their opponents were _ onl a j b v the Cricketers the Tests, commencing at the 

to muster an ^^quatot i ®“J 0f|arion secondly, what is Oval next Thursday, hut 1 hope 

of 147 against a keen, but not ■ flilurc 0 f Alan Kaciit. who the pitch will not emasculate the 

espemaHj ^ LeoSdly so convcriently resigned, letting bowlers to the same extent as 

which was, &JWQ spien »y ip 3ownton> Alan remains the it has done in recent years, 

iU f? k °r^ tS sJven predecessors, best wicket keepor-baistiun in In nonnal conditions the New 

aPaa? rvss i ~ 

”• B '"StS'W & mw 

or a contaiyer^ * « howling is very good. wdorlmtA 
*no was a sn — that Hendrick and- 

unable to command 
d regular’ places In the team, the 

Without a welcome miracle. 

and none have yet occurred in ™ 

this Stage of the competition, w mot j va tor. who was n'sn 
the outcome was a near-ccrtamt) P leader Tony Hreic. no the fact 

as early as half-way through the wX S '«■«> mutual ^*31 

morning session, by when the L would represent 

fr f De J b i V rS?iv^h 9 ttered b ^ fa^riaating choice. 

calmed and largely s h 3 tt®red. _ , exactly the type to- — -- . T 

As the game moved steadily -Jji-^to a i MrsoSS chiSlenS middle order. It will be romam- 
to its inevitable conclusion, na ture ^ . bered they scored heavily on 

Kiwis have some batsmen of 
classs and character in. their 

there was plenty of time to con 
sider some of the recent deci- 
sions and problems of cricket's 

It is easy to understand why 
the Kent committee predictably 


their last lour, when with greater 
belief in themselvea, they could 
well have won a Teat 
Watching Miller bat correctly 

Representatives »f the ICC »"? “ 

-- - , ... - wpr A aion at Lord’s They were out suRRfstlnj he was ftblG .to 

changed its mmds and will now baffled whv so supply the impetus required, and 

offer their three Packer men, proDaDij ngnuy oamea wny su rr noficiaglie wafi heW blCfc 

Underwood, Woolmer and Arif P J? P A* ^cKrket wh“c? as a bowler, because he was short 

Iqbal, a. further contract atlhe f p 0 ^ f ^Vw«ta«^innitlS of penetration and apt to be 

W the outfieldinz, and negative expensive .» . limits over* 

* cricket. 

end of the current season, 
out this trio, Kent would never 

in. - limited overs 
felt as I have done* 

£mS STUdjS SSilliirtSBa biTUnderwooi enekeu 
btve won It? and they certainly who sent down seven nNMjrra ^ an^tomatie choice fo? 
would not be currently at Oie top ' Su£ England. Miller is an all-rounder" 

of the county champiorahip and JlWSSjflSffhJ&'SS of abUtty and potential, but be. 

have won It, and they certainly who sent down^even successive 
would not be currently at the top 

of the county championship and =>-•; — r .-r : — 7 » 

of r Paekcr ’ s tsfsss; 

Success on this scale produces undercover agent. 

Crm ± thTSS* 3rm tte S!« WwT'h' anmiuncement 

anhoiiel Kent have the moS series has had on. esp«i,llj o' Englanfs me mM 

ssgi srim** ™ ar^ssr^-wss 

replacements of the calibre of to offer their cwrent toter- 
Underwood. Woolmer and Asif. nationals remuneration which evidence. 

It could have .been ft different makes, joining Packer an un- scrutihr of 

story if the 17 first-class counties- attractive proposition. v has passed tne seninnj ot. 

had'been ireS.To act in The indications are that the umpires in India. Pakistan, Mnr 
unison on this particular issue, compromise, so keenly desired Zealand, and .this countiy. 
bSrthis dearly" would *n5- bv .{he West Indies, who have Everj-one who knows him vnU'- 
hgDDeS vT^ FinrSmuuiuoe lost, the whole of the best team hope that he will be raccenful - 
diet not feel tbejftshduld reduce in the' world, is unlikely tp occur In making yet anotber return to , 
effectiveness -on- the- iust . yet." and- it*, hat Jxta county cricket. - 


just been, on film 
again banned from 
cricket, although be 

Davis Cup is overdue 
for a major reshaping 

BRITAIN’S achievement of Spain. Italy and India every 

In an effort to break down tba 

reaching' tiie European A zone match aroused national fervour attitudes, the players themselves, 
final in the Davis Cup competl- and the tennis stare themselves through their own Association of 
Tion-^ndvictniT against Czecho- -men such as Luis Ayala. Tennis iftofeffilooals M «n 
Slovakia on grass at Eastbourne Manuel Santana, Nicola ago introduced the Nations Cup* 
from September 15 : to. 17 is Pieirangeli and Ramanathan. 

bv no means - impossible— has Krishhan became national heroes: the $2QQiOOQ sponsorship Of . 
aroused less interest than it In 196S open tennis anrived to Airfire Solace lit' ^“rSnd 1 ' 
deserves. spark an unprecedented period In DtasSeldorf last May as a round 

The home win against Austria of growth, and tile professional robm corop^tion between the 
in June was affected, like every- game, under the competitive gttht n Jtions jJ*" J'JJ p jHSf ’ 
thing else, by World Cup fever pressures of nval promoters and had Ittie ^ ofpomts . 

and even the John Player tourna- rival sponsors, expanded to flU on the computer. The semi-finals 
ment in Birmingham was given every available nook and cranny and finsi were played on a knock* 
preference on television. The in an already crowded calendar, out basis. 

latest win— 3— 2 against France This was the unavoidable Within these modest limits and . 
two weekends ago in Paris was problem which the Davis Cup despite heated official opposition '. 

swamped by coverage of the faced, and still - faces. from the Davis Cup nations, who 

British Open golf champion- How rifflctoOM. I ^instance, insisted ^ only natioaal asa0 . . 
sbi P s - 11131 *** Bntish Play*™ represent- ciation _ ^,.,,1 .p, 1(Hn _ 

As the professional game con- tog their country against Austria latJons 001,14 ®° Iect ,^ eanw ^ 

tinned to expand, these problems last month should be forced to ^present countries- the event 
of recognition and awareness miss the largest grass-court was hugely successful. More than : 
increasingly afflict the entire tournament outride ‘Wimbledon 35,000 spectators packed into the 
Davis Cup competition, so that and moreover forego the chance Rochusclub, some 8,000 more 
even ambitious plans to have the to win those valuable Grand Prix than had attended the Grand 
event r ichly sponsored by an points and computer points which Prix event at the same venue V 
international group may not fee are the basis of a player's live- the previous year. The match 
able to overcome the built-in lihood governing, as they do, were carried live by German TV; a 

inertia that inhibits the present entry to tournaments, 

When, in 1900. Dwight F. \ IlHCUrV 
Davis of St. Louis presented the f - r „_ 

massive silver punch-bowl, worth 1 

then 31.000, for annual competi- 

tion between those nations which a f -SjJSUr nMinnt 
had a recognised governing body ^ Yl ™ 

there were only 14 countries 

« wuj.M.wa ^ „ H? eT ^rh p d nrn f ncli iaml centres in the same country, and 
eligible and, in fact, the British Included the *-®*"*> «- 

Isles were the only challengers. Qf S t ;ip Srown suc ^ prodlsaI use 
It is a matter of history that 0 

all week and an international"" 
body of writers acclaimed the 
competition ps» a- worthwhile 
advance. • 

It does not take much vision 
to imagine how successful the 
even might be if R was expanded 
to two weeks at two separate 

best 16 teams to 
the world. End of programming .-.t 

the British team, travelling with engaged Cup matches for e ^ posore: end Df the reluct.. , 

magnificent conceit from New ” g r ! ge “ w ^ d ^ av ^ t ance by many leadlngplayers to--. 

York to Boston by way of Niagara n^nS ifnntSimmfSr lake not tbe end of.-: 

Falls— found the hot, humid coo- Doints p w' intereai Prolimmary matches in the.^ 

ditions totally strange and differences^ STSSt o?°{2w« P rior - ttt 

tSiiS^ aat senslble com - yitoSSateW: though, 

- You see, the Davis Cup com-^ ■Sf^JESSSS? 

Since those early days fte *hc D.yU Cu^aoTm^' 1 ’ 

P 3TO C °P ^ 3 ?. expanded to £E“S- SdSioaT S me « Accordinely r. , 

deservedly lost 0 — 3 (one match 
on the last day was unfinished 
and the other abandoned owing 
to rain). 

become probably tbe ~ moil cSindf thebt^whicb controls caan0t ot 

sporting sanded and revitalised DaviS„ T , 

coming into 
Perhaps the' 

fact that until the challenge Mistered bv ihe^otnmittee hein R oeacefuUy. 

round was abolished in 1972 only SmSSSSLJt of tta S!5Sp »•»** -C“ D - will tost die quietly^',: 
four nations, o theUSA (M wins), MtSSSSr to « the Nations Cup .expands to >4 

pSSS^rVL? 11 * 8111 (9) ’ a "? London during Wimbledon, take over as the leading lnteiv 

e ^ e , r . ,L Accordingly the smaller nations, national team event in tennis* 

Since then South Africa by a for whom every Davis Cup match After more than threequarteis, -- 

walk-over (i974L Sweden (1975), ^ ^ important emotional and Pf « century of fine tradmotL.^ 

Italy (1976) have also fi naoc j a i event, cling to the wha t a pity that would be! i,r 

SU AftoS « present format and resist change. The Davis Cup Is struggling :J 

^-1 * r a 1? ii W star i were ■ Ideas to reshape the competi- because it has become the poll- 

W 04 ' * e7e . n tion to resemble Soccer’s World ts *al plavthing of some of the. ,- 

jn 1913. 23 by 1936-the Davis Cup. with eight exempted nations " ’ ' 

waiting for the emergence of 
after the second World War. As eight more from a zoned knock- 
tite game itself expanded in out competition before joining 
Europe, America, Australia and them in a . two week world- 

^ 0U r! f\ merica an ^ Far ® ast publicised International Davis .... 

the Davis Cup became the rally- Cup play-off have been discussed.' would prefer to preserve that 
ing point.for na tional ambitions. But inevitably they are turned riniwle under the present- *■ 

Eastern bloc countries and their. 
svmDathisers. who for years now 
have used it as a mesne Of net-.-ff 
ting ouhlicitv for their anti^ -.; 
anarfheid stand against Southii-.,; 
Afring. Doubtless somp nations 

In countries as diverse as Chile, down. 



Tudor Melody— a great sire 

THAT GOOD racehorse and In the United States, tbe Tudor 
outstanding sire. Tudor Melody, Minstrel horse -has proved even 
who is now in his 23rd year, is, better as a sire. 

subject to shareholders' 
approval, to be put down. 

The National Stud-based stal- 
lion, ignored by many commer- 
cial breeders on his return from 
the United States but in recent 

His progeny have won the 
remarkable figure of almost 400 
races, worth some £750,000 
Tudor Melody has sired such 
notable performers as Welsh 
Pageant. Kashmir II, Tudor 

format . 

• :i Ji 


. $ 

v ii I 

■ - 

Tudor Melody will probably b wait. 
hurled at the National -Stud,- ^- 
where a gravestone would be-ji. 
erected. w 

. Following, his remarkable win:;-;) 
on Saturday In the King George- 
VI and Queen Elizabeth Diamond 
Stakes— It .would be fascinating} 
to learn the breakdown of timetf*r^ 

years one of the most-sought Music, Owen Dudley, Ragtime, torlhe^ tet • . 

stallions in Europe, has been Hayloft, Philip of Spain. Magic Bourbnn (so Si2S, SSJfflS w-‘ir 

losing condition of late, and his Flute and Lady Seymour. jKfn rLm? w Jr 

ta " Although Welsh Pageant and it Lew it DoSaiS %S£i 

Kashmir II. now making a con- h * wrlf renew rivalry ^th’ ™ 

siderable impact at stud, are ShM ev Heiehts * 

T i Ud0 JJ JEl ody wiU What a race ‘that- agaisu prbh)« V 
Wah 1 'TUTT' m,w * to he. following last year's i* 1 

bered as a sire of bfgh-class epic between Allegri and Duu*”?’ 
fillies and race mares, and, par- fermline! “ -T V 

J h™ h f* a iIL°“u wh ° Owing, to Industrial difflcnltle*^- 
invanably brought tough and not at the Finandal Timbi l' 

hind legs, in particular, have 
been steadily deteriorating. 

Tudor Melody, covered 11 
mares this season and it appears 
more than likely, at present, 
that he will fail to secure a foal 
A high-class racehorse In both 
England (where he won Royal 
Ascot's 1958 Chesham Stakes and 
the Prince of Wales Stakes) and genuine performers. 


v ..... 

*!l .. 





_ j; . "HI 1 , 

•J 1 . i. 

"■ 1-, ■ 

1 1 '*• 

; Hi.' 

- . 

' r. ’ 

can make no selections today. 


Financial Times Monday July 24 1978 

. i! 


Spoleto comes of age 

Round House 

i \ \ i • 

"H Ob 


Last year the 20Ui anniversary 
of the founding of th* Festival 
of Two Worlds was celebrated 
here with great publicity, ample 
television coverage, publications, 
speeches. This year, us the 
Festival enters its majority, the 
atmosphere is calmer, even 
sedate. The programme is long 
and Immense— as many as eight 
events in a single day— but. on 
closer examination, it seems 
pretty much the mixture as 
before; a crammed calendar of 
music, ballet, theatre, designed 
more to please than to shock. 

Nevertheless, the production 
of Rossini’s Cenerentola which 
inaugurated the festival 
managed to shook a i. umber of 
Italian critics and with some 
reason. This was very much a 
producer's Cenerentola. as Jean- 
Marie Simon — whose work has 
often been seen In Spoleto— 
chose to view the Ferretti 
libretto from a special, down- 
right perverse tiagle. No 
“melodrama giocoso” this. For 
Simon the story of the poor 
step-child prefigures Brecht and 
this Cenerentola is a conscious, 
rebellious member of the 
oppressed working class, not in 
some fairy-tale time but in. the 
Napoleonic (and Rossinian) era. 
In the first act. this approach — 
seconded by Simon's own hand- 
some. versatile sets and the 
appropriate costumes by Claudie 
riastine — seemed fruitful; its 
brilliant invention almost justi- 
fied its perversity. But as the 
opera progresses, the invention 
(lags; and the finale is, quite 
simply, not acceptable. Simon 
has taken Cenerentola’s trium- 
phant. joyous rondo and turned 
it into a lugubrious mud scene. 
The schizoid proletarian casts 
off her crown and in the end 
sinks — fainting? dead? — intD 
Alidoro's arms. 

Musically, the production is of 
scant interest. The Spoleto 
Festival Orchestra (a s usual, an 
ad hoc formation • of young 
Americans, students or fresh 
graduates from conservatories) 
includes some good individual 
players, but there is no feeling 
of ensemble, string tone is tbin 
and some instruments, notably 
the flute. sound unduly 
prominent under Ihe vigorous 
but unfeeling direction of 
Sylvain Cambreling. 

.The production came from 
Lyons, and so presumably did 
the French members of the cast. 
Of Ihe others. Benedetla 
Ferrhioli. in the title role, ts 
promising. The voice is big. and 
the singer had to scale it down 
— sometimes losing tone — to 
negotiate Ihe more tricky pages 

Albert Hall/BBC 2/Radio 3 


of the score. She may not realty 
be a Cenerentola. but she is an 
interesting singer and an appeal- 
ing actress. 

Simon's Cenerentola is out- 
rageous. but coherent and 
stimulating. There is an overall 
Idea, however wrong-headed. The 
Folstaff staged by fliulio 
Chazalettes. Spoleto’s other big 
new opera presentation, is 
wrong-headed but not stimulat- 
ing. The producer . seems bent 
chiefly on getting laughs at any 
price. For the most part the 
price is high and ft Ts paid 
by Boito and Verdi. The cheap 
gags are numerous. In the first 
scene of Act Two. Falstaff 
throws an emptied bottle out of 
tbe window; a moment later 
Ford makes his entrance, rub- 
bing his head. In the next scene. 
Fa is taff enters Meg's living room 
carrying not flowers but an up- 
rooted sapling, which then 
figures in the successive (and 
excessive) horseplay between tbe 
knight and the merry wife. 

Chazalettes also Introduces 
some pointless changes. Instead 
of a public, room' in tbe Garter, 
the setting of Act 1. scene 1 and 
Act II, scene 1 is Falstaff’s bed- 
room. There is no positive gain 
won by this departure from the 
libretto, and there is one distinct 
loss: when Sir John . retires 
(“Vado a farmi .belief*); he has 
to withdraw inexplicably into a 
kind of broom-closet from which 
he then emerges in his elaborate 

At 38. the baritone Angelo 

Romero is not necessarily too 
young to play Verdi's last hero; 
and it is pleasant to hear 
Falstaff's music actually sung, 
and by a fulL beautiful voice. 
But Romero — who, under other 
circumstances, can be a fine and 
intelligent actor — in this produc- 
tion is all at sea. Qne moment 
he seems bent with age. at the 
next he is actually diving head- 
long on to his hed. Most or the 
time, he prances and gesticulates 
genetically, frequently with a 
bewildering effeminacy, the kind 
of non-acting usually found, alas, 
m revivals of 18th-century opera 

Alberto Rinaldi’s Ford is 
straightforward. traditional, 
effective. Of the rest of the cast, 
little need be said. Only Carmen 
Lavanl. the Nannetta, is really 
enjoyable. Her Fenton, Pietro 
Bottazzo, a delightful tenore di 
£razia until a few years ago, now 
cannot produce homogeneous 
tone or long legato, and his act- 
ing has remained primitive; he 
is more bumpkin than swain. 

Giuseppe Patanfe gets a 
smoother sound from the young 
orchestra, but his tempi are 
brusque and none of the opera's 
subtlety survives. Lines like 
“Dalle due aUe tre" fail to 
rouse a smile, and even 
** Quand’ero paggio " is turned 
into a gibberish patter-song. 
Oliase Santicchi’s sets and 
costumes are lovely, but they 
cannot, alone, salvage this 

Clever Gian' Carlo Menotti. 

While other producers vie in 
their determination to make 
their work visible, dominant, he 
stages two brief operas of his 
own in an admirably unobtru- 
sive, tactful, helpful fashion. In 
the stark (somewhat over- 
restored) romanesque interior of 
the church of Santa Eufemia. 
lUurtinVt Lie and The Egg are 
being given in fluent new Italian 
translations by tbe composer 


Written for church perfor- 
mance, both pieces are engaging 
and direct. The children's chorus 
of Trieste prepared by Edda 
Calvano is particularly admir- 
able in Martin's Lie, and the two 
boy soloists Scan Coogan 
(Martin) and Andr6 Hardmon 
(his friend Christopher) are 
sweet singers and touching 
actors. The grown-ups also per- 
form well both in this work and 
in the more taxing The Egg. 
Here Anastasios Vrenios (as 
Saint Simon Stylites) and Esther 
Hinds (the Basilessa) stand out. 

Joseph Flumerfelt ' coaxes 
gentle, sober playing from a 
reduced orchestra and vibrant 
song from his Westminster 
Choir. Antonio Fioretto created! 
the few scenic elements required 
(including a dazllng throne for 
the second work), and Constance I 
Mellen designed the costumes;! 
simple for Martin's Lie, sump- 1 
tuous and elegant for The Egg. j 

As so often happens in Spoleto, , 
some of the less-touted events' 
proved the most successful. Ij 
will discuss them in a second! 
report I 

Ballet Rambert 


- 1.-™. 


~ *£'.Y 

It was an odd experience to 
come hack to Ballet Rambert 
after long years away, and to dis- 
cover the familiar, well-loved 
instantly recognisable ensemble 
with a largely new personnel and 
a largely new repertory. What 
follows is in effect an outsider’s 
view of a company whose 
choreographers, dancers, and 
achievements 1 once used to' fol- 
low and chronicle in detail.' 

The Round House season just 
ended has been one of consoli- 
dation. without creations. The 
star dancer, as he was ten years 
ago, has been Christopher Bruce, 
and his own works have dom- 
inated, the programmes: a week 
of the --full-length Cruel Garden; 
For those who die as cattle and 
Black Angela in the second bill; 
Wings to close the third. Norman 
Morric 0 , Bruce's predecessor in 
the long line of Rambert 
Choreographers, bad his roots In 
Rambert's classical days; Bruce's 
are in tbe modern-dance com- 
pany that Rambert became in 
1966— Ouod specifically in the 
Glen Tetley ballets that Mortice 
then brought to the company. 
TeUeyta' vocabulary of move- 
ment npw seems to have become 
the basis nf the company's 
habitual language. Tbe '‘classics*’ 
of the Round House season were 
bis Pierrot Lunaire, which 
Rambert acquired in 1967. and 
Embrace Tiger and Return to 
Mountain, which he composed 
for them the foil owing- year. And 
moBt of the other works seen 
bore some relation, to them. 

Briii*. however, himself one of 
the finest Tetley interpreters, has 
been using and developing the 
Tetley, vocabulary ' to make h£s 

own statements, to shape bis own 
visions. So today in the title- 
role of Pierrot Lunaire he gives 
a different performance from 
the one I reviewed in these 
pages ten years ago— and a 
deeper one. On the simplest level, 
Kis movement no longer has the 
youthful, animal grace and 
allure that used to lend lustre to 
everything he did. On a more 
complicated one. his own ex- 
plorations. his own ballets, seem 
to have deepened his under- 
standing of Tetley's early master- 
piece. An interpretation that- 
once appeared almost instinctive 
is odw charged with quick, keen 
Intensity. Every detail has been 
pondered, tested, polished. The 
“ meaning ” of each movement — 
both in the musical and the 
dance sense of the word— is more 
specific. - The emotional range 
travelled is greater, and the 
romance even more vivid. 

Poet, composer, choreographer, 
and .protagonist have between 
them distilled a dream of 
Pierrot, through the ages a quick- 
silver symbol of yearning, aspira- 
tion, sudden gaiety, innocence, 
disappointment' hope and 
wonder. Sometimes Pierrot’s 
accents seem to be those of 
Migoon, and sometimes of the 
Harper. The piece is carefully 
and intricately wrought, highly 
sophisticated, yet directly com- 
municative.- The Rambert per- 
formance is expert on all counts, 
with Lucy Burge as Columbine 
in her various incarnations, and 
Leigh Warren as tbe forceful 
Brighella. The music is admir- 
ably sung and played by Mary 
King and the Mercury Ensemble 
under Charles Darden. 

Bruce, more consistently than 

lavnard Burl 

Christopher Bruce -in “ Pierrot Lunaire " 

did Morrice, chureo graphs as if 
on his own body, with his own 
kind of movement, and so— des- 
pite the strength and eloquence 
of such dancers as Sally Owen 
and Lucy Burge — the Rambert 
has become a more male-domi- 
nated ensemble than it used to 
be. Or so it seemed after these 
Round House programmes. There 
are episodes in Bruce's Wings 
that look like a commentary on 
Tetley’s Arena — though the 
sharp human passions or that 
piece are replaced by a tenebrous 
poetry. To an outsider, there 

seems to be a slight danger that 
the style of the company may 
be becoming ingrown. Its lesser 
compositions — Zottan Imre's 
Loocon, Jaap Flier's Episode I 
— are in soft focus, and not fully 
chiselled. One wants to see some- 
thing hard, clear, precise and 
exacting. But that may be merely 
Ihe reaction of someone from a 
city where Balanchine sets stan- 
dards of clarity by which not 
just the other classical companies 
but also, by extension, the 
achievements of modem dance 
are judged. 


From Mozart to Henze 

Benedetta Pecchioli in ‘Cenerentola’ 

Verdi’s Requiem 


Wigmore Hall 


John Shirley-Quirk’s recital last 
night with Martin Isepp in the 
i Wigmore Summer Festival had. 

on Friday 
Tfle BBC 

Cologne City Opera finished 
the -season with two cycles, one 
of Mozart's opera? - from 
Idomeneo to Die ZavberUBte, 
the : other of New Music and 
Dance. Theatre. - .The 
Mozart works, all of -them in pro- 
ductions designed and directed 
by Jean -Pierre Ponnelle, were to 
have been conducted by John 
Pritchard and Gyflrgy Fischer; in 
the event tbe latter withdrew 
because of back injury, and 
Pritchard was in charge of the 
majority of the performances.. 
The very enjoyable Cosf fan butte 
that I heard was remarkable for 
a particularly close rapport 
between conductor and orchestra, 
and for the singing of the 
female half of the cast The 
voices of Margaret Price (Fior- 
diligi) and Yvonne Minton (Dora- 
bella) blend exquisitely in duet, 
while Miss Price phrases her two 
arias with fierce but .contained 
passiqnrand an awsesqme.tecb- 

.iNTiKi msmLi 



nical mastery. Margaret Neville tator can sort his priorities with- 
is the delightful Despina. out confusion. 

„ . Neither or the German theatres 

The operatic side ofthe New offers uu? siriking-and inlen- 
Muuc Cycle included Wezzeck. a tional — contrast between Covent 
d 0 H“ e J , . ni ol Bluebearfs CasOe Garden's elegant 19th-century 
and Oedipus Rex aLready noticed interior and the grim baUle- 
on these .pages, and Henze s Wir field aeUiog on st! * e: nor can 
erreichen denFluss. staged by provide centre aisles 

Cologne's intendant. Michael through the stalls for the soet- 

tioTJ £M?SS onS? JmSS ss. 

tion olWeCometotiuRi^er that But some scenes co me across 
I rvLiJT* especially powerfully at Cologne; 

ss* aas s xr £ 

it succeeds better than either of 111 the Mad House is 

the others in clarifying Edward an °y* er - .... 

Bond’s Action for Music. John Th e opera is sung in Henze s 
Gunter's set is neither as hand- own German translation; his 
some as Jfirgen Hanze’s in Lon- version of Bond’s text, though 
don, nor as overwhelmingly perfectly faithful to the 
impressive as Martin Rupprecbt's original, in a curious way both 
in Berlin, but it frames and con- modifies and strengthens it, so 
centrales- the , simultaneously that the characters emerge with 
plqyed scenes so that the- spec- greater, truth and individuality. 

pitony L.uuiun. .-v iui ui voice*. ine soiuisis who one raevp- — . ..r , vr 

yet balance between choirs and tion were British. The Hungarian the tenor s mwac, otuan with Shalyapin and George 
orchestras was one of the even- soprano. Sylvia Sass, has made Buitows seqraed anxious about Robey. 

ing's virtues. Rarely does so a rapid reputation. Her -Desde- projection (hardly a matter _ io Is it Quixotic to find a link 
much of the orchestral detail in mona for Scottish Opera and worry a singer with such fine between Schumann and Butter- 
this score come through ill this her Giselda in Verdi's Lombardi tone-qualily) so that Hostias worth who provided the meat in 
hall— al least, that was the for Covent Garden both revealed was a little constrained. Gwyime the ^ programme ? Not entirely 
happy impression from Block H. a lyric soprano with* touch of Howell, as we all know by now, Butterworth. killed young and 
It was a lightweight reading, brilliance, a degree of poise and has one of the finest bass voices full ol Jmlie. was an English 
not superficial but lively, some- finish unusual in a young singer; or the day, jet he uses it in a *5[® 

times to the point of briskness, also a tiny suspicion of effect surprisingly mild way for he 
missing some of the simple but for effect's sake. ‘On Friday the eternal mysteries-not a qu<*- 

profound terror in the face of good qualities were uppermost: tion of singing louder but of Jnuily noet? Helne^and 

death, hut also missing lire pomp plenty of poise and brilliance communicating mean more {f mr resperttve poets Heine and 
and self-indulgence that more hut gentle 'brilliance, with vividly. A clear and cogent pro- Housman both lync^, coocis^ 
ambitious intentions sometimes limpid high notes lhat carried nutation of the : great ■ work-an intense, marvellous ^tpbcmg 
bring with them. Brian Wright easily. Sometimes Miss Sass cut excellent introduction to the words both with uashes 
and Mu-hard Hiekox. trainers of a lone note short too abruptly, presumably large number of seanng irony, 
the respective choirs, had and (for this hall at least) she viewers and listeners hearing it £ 0 *°^ 

ensured quick response from misjudged the opening of for the first time. wa5 f elc hingiy done. In Schu- 

^ maun one noticed stretches of 

M -t • TV,, excellent singing slightly marred 

change in Budapest 

voice is so malleable, so effective 
in this hall on what one might 

hv FRANK LIPSIUS cal » musical conversation level 

i jv a 11 iv I- that there seems to be no need 

In the dosing davs of tbe of the decision, for Zsambeki to discuss their lives with the to pm. 7™® 
theatre season, a well-Ept secret will put on a successful produc- interested young, men ^ than hey 

was announced in a televised tion of his from a few years are. to accept the photographs Lff LieocDeo ana 
ceremony: the National Theatre back. Arnold Wesker's The withbut teing j “ IchSne 

of Hungary would have new Kitclien. in- addition, there will make them look better. Tbe exienuen 

leadership and a new staff after be Jutiiw Caesnr. Gorky’s The peasmts: stones are true, mdud- ^ f 

20 years Of Endre Marlon’s con- LoirtT Depths . and Kafka’s The ing the one of the 1 old I woman . ^l^STidmSeone™ 
troi. He had been head or the Trial io Weiss's adaptation, whose fairtand killed them A Shroi»tere mge ane not 

the theatre for seven years, its among a repertoire that needs daughter. The Mm ends far for the am time, regret ms m 

chief director for 17 years before some filling out. Another young from the countryside in an appearance Theumuere 

lhat. and un its staff for a total director from Ihe provinces has aerial view of Parliament in equal, with patches m 

or tn vp-ir.; taken over a theatre complex in Budapest emphasismg the nious pastoral, out inere are 

t s' .»♦ in iitiku a the Buda Castle. This follows a distance between their concerns longer patches—ihe central sec- 
In the attempt tn tiiske 3 « ^ _ j u .u p n nrnvinciil an ft itn Aniuhons tion of Bredon riikl a fair 

smooth transition. Marlon was Pf™* "±2 to “ lu&ons - . enough” and “With me my 

required to preside over a tele- directors made p earlier T J[ n a different mood, heart j s laden" — where an 

vi c ed announremenl. together not sin attempts D S’ da3 I ! n]ad ® ^oliday in obstinate determination to be 

with his successors and Govern- it was a new pro- f r ^ ain ' the story of the search ^ uncomfortable self pokes 

men! officials. Jl was considered nrnsical from the L° r a - y0ung ,n the though. Without losing the 

a humiliating exercise, for which a state Depart - J*unganan provinces. He will essence 0 f th e poems Buner- 

thc television company later ®url> 1.5^ T e • ithout a StM 5 g worth firmly pushes his -horizon 

apologised. men it Stare, which wnno« » Britain for a month, and the b evond Shropshire. 

The need for a change in the wor ^ke |T y* vhang . . j j fly desirability of prize e licit s .j nst / or once j t was worth 

theatre, howeverhad long been exceaes that ^ e flrm ^^ 0 Snd- -“““f. of hearing Ibert’s as well as Ravel's 

recognised. The National JJJHfiJJ ' lt : was .so flrmi ^ ecfors anything from homemade ^ Quichotte songs— there was 
Theaire. .it one time even jng. Now the pro' lnciai a whistles to tubas. The winning a cuddle; both composers were 

promised a new home, never gat have come to Budapist applicant must also of course ^^^d t 0 write for the film, 

it. and instead had io make do Even with the theatres closed,^ the proper social spaces RaTel w |tbdrew but published 
wuh a tired repertory in an the crowded streets of fuaugesi ^ good conduct and partlcipa- lhree songs separately. But this 
aging i heat re out of the way in offer a largo variety of nuns, iqk tiop in Young Pioneer activiti«: is a onCM ff idea: Tbert's are 
n residential area of central most popular of v h,ch youth leaders participate in the better than most songs for films 
Budapest. Apparently, a search familiar names like Bemionao search, which eventually turns but only the last of the four has 
had long been underway for a and Bronson. It is a native J»£e«p a young guitar player in a anv lifc now _ Ravej*^ us jng the 
new leader but there .were few with unfamiliar self-depiecaium village rock group. sa ^ e Spanish Idiom with incom- 

i.ikrrs; the National is obliged thai cashiers warn '■***» - He has all the requisite quali- parably more point, seemed to 

i« pm nn classic Hungarian when a Hungarian movie ' fications, but fciis peasant parents grow better and better. Mr. 
vvork*. They tend to date from lost there be a flood oi l are not sure they want him to Shirley-Quirk. whose French is 

• k. . ~r i K*. ninnlaxnth ( i 1 <■ tn-kpts 1 OF l*UC , _ i w:. a .u l : i.i_ ___ 

CC — Him* 
canto hr 

eu tlwatfei 

accept certain credit 
or *t the bm omce. 



«. CredMo 

cards 01-240 5258. 
01-330 3161. 

1978-79 sou on idem Fru at 7 with, 
The Majlc Flute, flip Aug. 1. 3 and 5 
at 7.30: Sat. 7-30 L* Bdwme. a too Aug. | 
2 and B. 104 balcony seats available 
Irom 10.00 on day of perl. IMPORTANT 
NOTICE: Production ol CARMEN post- 
poned due to contractual dllKciittles and 
raplaced br new production o( Menottl’a 
THE CONSUL first nlpht AiWUSt 12. 
Them will be no -perfqrni*mca_ on Aw. i 
4. For further details rtng 01-240 S25CL 

COVENT GARDEN. CC. 240 1 066. 
.Gsroencharge credit cards B36 6903.] 
Ton to hr and Thur. at 700 Norma. 

■ Tomaht and 27 July: Bumbry replaces 

Caballe. Lavfraen -replaces Cralgi. Seats 
prices lor TonloM and 27 July reduced 
to schedule 51^— rebates avail- after parts. 

Tomor. at _7-3C: The SJecohu Beauty. 
Wed. and FrL at 7JCt. Anastasia- Sat. 
at 2.00 and 7 JO: Four. Schumann Pieces. 
The Firebird. . The Concert. 65 Amphi* 
seats avail. '-for aH peris, from 10 am. 
on . day- o« pert. ' 

Ah. 7 with , me Loudon Ph, I harmonic 
Orchestra. Tonlplit. Wed.. Frl. and Sun. 
next at 530: Cosl Ian tutte. Tomor. and 

CAMBRIDGE. 636 6056. Mon. to ThuiJ- 
a.OO. FfW^y_ Satumajs S-4S and- BJUL. 

Exciting Black African Musical. 
“Packed with variety.” Dly. Minor. 1 
Seat prices C2.00J3-00. 

Pinner and fop- price seat £B.7S Inc. 

CHICHESTER. 0243 81312: 

Prev. Tonight at 7.00. July 25. 26. 26 
• 2S at 7.00. Jnhr 27 at 2.00 

July 27 at 7:00. July 29 at 2.00 

COMEDY. 01-930 2578. 

Red- Price Press. Aug. 1 and 2 at B.OO. 
Opens Aug. 3 at .7.00. Subs. Mon.-Frf. 
8.00. sat. 5.00 and 630. Mat. Wed. 3.00 

A cracking New Play by Rosemary Anne I 
Slaton. ! 

CRITERION. 930 3216. CC. 835 1071-3. | 
Evas. 8. Sett. 530. 8-30. Thun. 3.00. 


"VERY FUNNY." Sun. Tel. 

DRURY LANE. 01-636 6108. Mon. in! 
Sat. 6.00. Matinee Wed. ana Set. 3.00. 


.OUXim-tope n e B age i : T o n lt.^aoil-TomO««- 
730 Last perfS. or THE COUNTRY WIFE 

stage!: Ton't. 1 
7.45 BEDROOM FARCE by Alan Ayck- 
bourn. Tomor. 735 Plenty. 

COTTE5LDE (BMlI aodHorlimh Ton’t. A 

Many excel lent cheap seats all 3 theatres 
day ol Pert. Car park. Restaurant 926 
2033. Credit card bkps. 92B 3052. 

OLD VIC. 928 7616. 

June-Seot. season. 


an outstanding revival. " The Tlmes- 
Todav. Tims.. Wed.. Thurs. 7.30 
EHeen Atkins. Brenda Bruce. Michael 
Denison. Derek Jacobi In 
fresh and buoyant." OpJIv Telegraph. 
F«1. 7.30, SOL 230 and 7.30. 

OPEN AIR. Regent’s Park. Tel. 466 2431. 
Frt.-B.O. Mat. Thur. 2.30. WHn MARIA 
NIGHTS DREAM. Tomor. A Thur. 7.45. 
Wed. & Sat. 2. 3D A 7.45. Peter Whll- 
broad ■ In EXIT BURBAGE. Lunchtime 

Today, Tomorrow and Frl, 1 .15 . 

PALACE. CC. 01-437 6834. 

Mon.-Thurs. 6.0. FrL and Sat. 6 and 6.40 

by Tim Rke and Andrew Lloyd-Webber. 

stunner'* 5. Times. 3rd GR'EAT YEAR. PHOENIX. 01-636 2294. Erenlngs 8.15. 

OUCHESS. BS6 8243. Mon. to Thurs. ■■ F t!m ¥ BMJ^Ke'^TAY^Or/ 'gRAEME 
Evening. 8-OO Frk S. 1^. IS and B.OO. t^RMN^lSke « D. tSST In 


■■ The midrtv to sumnina. • Dally rel. The Hit tonMd^bT royce RVTOn. 

9th Sensational Year. - laugh why i thought i would 

SaL al 5 JO: The Rake'S Progress. Thur. 
at 5.15: La Bobeme. Possible return 
only. Boa otttt Glvndeboonie. Lewes. 6. 

Susses '0273 8124111. N.B. — The cur- 
tain lor Coal will rue at 5.30 sharp: 
There Is no pan ajfaMHy o l admHtanca for 
bm wMfs. 

Until Aug. 3. Evas. 7_SQ fFH. next 6.30). 
Sun. nevt Sand 7JSO <no pert. Sat-). 
The Sensational 

Dance Cd. wtth GAUNA and 
danckig at every pertoreiance. 

A ve.. E.C.1. 837 1672. July 31 to. Aog. 
26. Eves. 7.30. Mits Sat, 2.30. 



sinaina and dancing in national are easy Io. find aw ” s} , round neishibours and the attempt of the three. 

costume. into. The one except .ion i « ofliSafc to make .them see the RONALD CRICHTON 

T« accomplish its aim. the J ‘^Mnldovao^bout a seer advantages to the boy of the 
theatre look the unusual step of Domakos Moldovan a Jn a opportunity. They fall, and the TTirtTncnn ClmillifA 
appointing a head from outside wh °‘f '^5, Parian village. Play- boy Is forced to stay at home. i aOmSOn O tni iU e 
the pool of excellent Budapest Ji JvT^rtei^loon in one wtele another little . girl is annninteS' manfloer 

directors— and outside the active ” , S. on, J . m J ?£-hnuse it was quickly recruited to join the appointed manager 
theatre world altogether. Thej- Budapwt mono • nd had .bond playing Its own send-off at £ ftneton Onera 

chose Pder Nagy, a professor or c SP sta . n i' of a cult fol- tbe airport. The misguided 01 OOSIOH upera 

literature who emphasised the attracted someuuus effort t0 Aq somet bing for the Laalo J. Bonis, ' president of 

need for change by saying on lowing. of n boy’s owm good combined with the Opera Company of Boston 

television that he had not Tne mm is out n r the original, artificial criteria for > has announced that Thomson 

recentlv been to the National at number oi no h ^ ggi^ng him make a serious j Smil lie, at present director of 

all. In addition, two young semi-aocunieniaTie - n on | y poetical point through humour ] public relations for Scottish 

directors, tlabur Szckely and nojjhppwwwjjjsi • g ^ _ and amatBur acting. 1 Opera and artistic director of 

Gabor Zsambeki were brought partially smpi « u3e< j f0 r a a blunter , and more con l ro- 1 Wexford Festival, will become 

io ihe National from provincial teenmnue - llh . e _j S evoking ve ratal political point is made in ; manager of The Opera Company 

theatres where they had O’ 311 ® var i« «f humour pathos and the documentaiy' about tiie life ; of Boston with effect from August 
names for themselves. Eium scenes aS 'th e standard of. the Hungarian decathalon ! 15 next. 

brings with him acinr* irnifl nis proiesi “ 8 nl __. eS positiun. Olympic champion. Andrasj Mr. Smillie has been involved 

own company, a move that in- rare oiuoc ji-pntpjj by Pal-Balczo. A hero ' to most Hun- ! with Scottish Opera since the 
flares tho ‘.ize uf the National rnoiogoo^v. VQun& photo- garians, Balczo made Tlie ! beginnings of the company in 

company and. home anticipate. *oinaj. * • Hunfiar mn Portrait at a Champion with 1962 and has worked full-time 

lays -jhe seeds of future prob- grapners i j or likely director Ferenc Kona, who grew with Scottish Opera since I96rt. 

lenu. offer their work up in the same village as the Since 1973 he has been artistic 

The plays announced [or next ™ h ^T5!?‘ n ./2,hD are more happy athlete. director -of the Wexford Festival 

season give evidence of the haste to peasants wnp aro n,u 


AD EL PH I THEATRE. CC. 01-836 7811. 
EvCS. 7.30. MXs. Thurs. 3-0. 5aL 4.0. 
Ol 1976; 1977 and 19781 

CREDIT CjaLRq ld BQOK?Kfe B3B 7611. 

ALBERY. 838 - 3878. Credit e*rd bkga. 
836 1971-3 Horn 830 am Party Ratos. 
Mon.. Tue*» Wod. and Fn. 7 AS pm. 

Thun, and Sat. 4-30 and 0.00. 


ABLE TO SEE IT AGAIN." Ply. Mirror. 
ALDWYCH. 036.6404. Into. 636 5332. 
Fully ai r c onditioned. ROYAL SHAKES- 
PEARL COMPANY . Hi repertoire. _ No 

S irf. tonight 6 Tomor. Wed.. Thur*. 7.30. 

ed. orko _ prevlewc premiere Sin* 
Siring ber9* T« DANCE OF DEATH 
(next neHjS Aug.}. RSC atoo « 1>*E 
WAREHOUSE (lee under W) and at the 
PlecadNIv ,tlJ*Hpa hi last 2 weak* PfrW 
ALMOST FREE. 465 6224. LucMma 
“Ope on "by Bob Wilton. Tu«-S4t- 
1.15 h.ta. Suns. XO and 5.0 p.m. No 
shows on Monday. 

ALMOST FREE. «I5 6224. Evening* Kill* 
Vonnegult s -Ptaver nano** By James 
Saunders TuWrto. 8.00 pm. No sbovn 


AMBASSADORS 01-636 1171. 

Nightly «*.' ODa Matinees Toes. 2-45. 

Saturdays at 5 and 8. 


Tl»e Wortd Famous Thriller 
- Seeing . l *»t p wy. again la In tact, an 
utter and uplJBK'' Punch- S«t prtees 
£2.00 W £4-00. Dinner and Too-prlDt 

seal £ 7 -SO- ' 

APOLLO. Ol -437 2663. Evenings 6.00. 
Mats. Thu rs 3-00. Sat 5.00 mod 8.00. 

■■ Actor ot |tRgjagr.“ ^Earning Standard. 

Wickedly runny." Timas. 


01-836 2132. 

T WSfiB8 , ‘ 

- Hilarious - . race if Sunday Times. 
Mondsv '» Jltkanr '8.30. Friday and 
Saturdays at 7 op and 9.15. 

ASTORIA THEATRE Charina Cross Road. 
01-734 4291 . MOK-Thun. 8 pm. Fri. 
and sat. 6.M r*g*et food 

InNct'ouL «WMji™. foot atompftM and 
heart.thBmnlTO.^ Otenw. Seats E2.00- 
£ 6 . 00 . brtcrrr- Apw best avall- 

able. seats. «.ro,- Men.-Tliur4. and Fri. 

d -Wn pu f anhi 


DUKE OF YORK'S. 01-836 S122- 

Evenlnai 8.00. Mat. Wad.. Sat. 3.00. 
Limited Season. Must end August 26. 
in Julia Mitchell's 

** Brilliantly wKty . . . ■ no one should 
nln If Harold Hobson (Drama). Instant 
credit card reservations. Dinner and 
Top pnea scats C7-00, 
FORTUNE. 836 2238. Evs. 8.00. Thun. S. 
Sat. 5.00 and 8.00. 

M irrial Pavknv as MISS MARPLE In 


GARRICK THEATRE. CC. 01-836 4601. 
Eygs. 8.0- Mat. Wed. 3.0. SaL S30. 6.30. 

Gdn, " NOT TO BE MISSED." Times. 

GLOBS THEATRE. 01-437 1592. 

Eves. 8.15. Wed- 3.0. Sat. 6.0, 8.40. 

■' Thu must be the hanmeat laughter- 
maker |p London." D. TN. ** An Irrestot- 
Ibh* cnlOwMe evening.** Sunday Timas. 


Evenings 7-30. Mat. Sat. 2.30- "Stanley 
Houghton's muMrtim." Times. HINDLE 
WAKES "A real told-" Gdn. Last Week. 
HAYMARKET. 930 9632. Evgs. 8.00. 
Wednesday 2 JO. Sat u rday 430 and B.OO. 



A new play by RONALD HARWOOD 
Directed by CASPER- WREDE 
“ An admirable play honest, well con- 
ceived. probably worked out freshly and 
fittingly written — richlv satisfying — Paul 
Sconehl at hfe best." n. Levin, s. Times. 

HER MAJESTY'S. CC. 01-030 6606. 
PriMiew Wed. 8.0. Opens Tbvn. 7 JO. 
Sub. 6.0. Mats. Wed- Sat. 3.00. 

A New Play Oy HtiHp Hayes Dean. 
Moo. to Thur. S.o. Fri.. Sat. 7.30. 930. 
LONDON PALLADIUM. CC. 01-437 7373. 
MonL-Tues- Thurs. and Frl. at 6. 
Wed. and, Sat. at 6.10 and 830. 
Hi a Spectacular Comedy Revue. 
Boak now on hot lln e 01-437 2055. 

LYRIC THEATRE. 01-437 3866. Cvs. 6-0. 
Mat- Thor. 30. Sat. 5J) and 830. 

wWi Hfasafaeth Archer and Trevor Griffiths 
• by Eduardo de Hlltmo 

MAYAIR. 829 3o36. Evs. 6. Sat. 530 
and 8-30. Weo. Mil at 3.0. 

MERMAID. 24S 7656. Restaurant 246 
2835- Evwdngs 7.30 and 9.15. 

i A play for actors and orchestra try TOM 
£4. S3 and £2. NO ONE WHO LOVES 
MISS THIS PLAY," 5. Thnefc, 
MERMAID. 01-248 7856: (Red. 241 
2835.* LUNCHT1MB Thh week fl.03 
P«-l 33 • Ml, SHAKESPEARE 

3 JO Sir Bernard Miles Mustreted 
Lecture "Elbebethan London and Its 
Theatres." . Price 50 b far each event. 

Friday and Saturday 6.00 and 8J0. 
GARDEN make os laugh." D. Mall. In 
The Hit comedy by ROYCE RYTON. 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT," Ev. Standard. "GLORIOUS 

r,cc *?’ Ll - Y - 437 4 BOG. Credit card bkns. 
636 1 971-3 8 JO a.m.-S.30 P.m. 
Evga. 730. Sat- 4.30 A B. Wed. mat. 3. 

1S8!^Slg6r".gSlS”y!, B >v 

_ hy Peter NJcnds 

Ev. Std. Award and SWCT Award- 
PRINC1 EDWARD. CC (formerly CaUnoV 
01-437 6677. PertormancQ This Week. 
Era. 8-0. Mat, Thur. 3.0. Sat. 5.0. 8.40. 
From JULY 22 Sats. 5.0 and 8/40. 
From AUGUST 5. Sats. 3.00 and 6.40. 
and from SEPT. 2 5au. 3.0 and 8.0. 

by Tim Rice and Andrew Llovd Wcboe r. 
PRINCE OF WALES. . CC. 01-930 8681. 
Evenings 8.0. Saturdays 5.30 and 8.45. 


_ Directed by GENE SAKS 

QUEEN'S THEATRE. CC. 01-734 1IB6. 
Evga. 8.00. wed. 3.00. SaL 5.0 and 8.30 




Pkws and Players London Critics Award 
QUEEN'S. CC. 01-734 1166. Prevl. 
firoOT Almost IB. Ooens August 23. 


RAYMOND REVUEBAR. CC- 01-734 1593 
At 7 p.m,. g p.m. 11 p.m. Opera Sum. 

Fully alr-condltloflrt 


REGENT. CC (Okfd. Clre. Tube.i 01-537 
9662-3. Evas. B30 pm. THUR. A SAT. 
7 A 9.00. Preys, from 3rd Aug. Box 

The central figure of the General, 
above all. becomes more convince 
ing: Victor Bruun, equally 
believable as military hero and 
as suddenly converted pacifist, 
gives a performance that grows 
paradoxically stronger as the 
General’s power wanes. Hugh 
Beresford is excellent as Second 
Soldier, the ordinary, decent 
fellow whom circumstances drive 
to martyrdom. David Kuebler 
ta lyrical Ferrando in Cosi fan 
tutte ) is touching as the 

Sunday jazz at 
the Portman 

The Avon Cities Jazz Band 
from Bristol will be playing at 
next Sunday's New Orleans Sun- 
day Brunch at the Portman Hotel. 
London, W.L The following 
Sunday altoist/clarinettist Bruce 
Turner will be appearing with 
his quartet. .. . 

TALK OF THE TOWN. CC. 734 5051. 
k^a.OOf'-Omiag, Dancing (Bars open 7.15#. 
9.30 Super Revue 

and at 1 1 pm 


Evenings 730 pm 
by Nigel Baldwin 

VAUDEVILLE. 636 9988. CC. Evs. B4X). 
Mat. Tuei. 2-45 Sat. 5 and 8. 

Dinah SHERIDAN. Dulcle GRAY 
The newest whodunnit by Agatha Christie 
"Re-enter Agatna with another who- 
dunnit nn. Agatha Christie Is stalking the 
West End vet again with another of her 
Aendlihly ingenious murder mysteries. ** 
Felix Barker. Evening News. 



Book Now. 826 4735-6. 834 1317. 


Evenings 7.30. Mats. Wed. and Set- MS. 

WAREHOUSE. Domna r Theatre. Covent 
Garden. 835 6808. Royal Shakespeare 
Company. No oert. ton't. Tomor. Wed. 
8.00 new production Fete Atkin's AAR. 
All seats £1.80. Adv. bkos. Aldwrcti. 
Student standby £1. 

WHITEHALL. 01-930 6692-7765. 

"Evga. 630. Frl. and Sat. 6.45 and 9.00. 
Paul Raymond pr esen ts the Sensational 
Sex Rovue of Ike Centorv 

WINDMILL THEATRE. CC. 01-437 6312. 
Twice NigtiUY 8.00 and iojkj. 
Sundavs 6.00 and 8-00. 

PAUL RAYMOND nresents 


" Takes to unprecedented limits what le 
permissible on our *iaoe," Ev. News. 

WYNDHAM'S. 01-83G 2038. Credit Card. 
Rkgs. 836 1 071-3 from am. Man- 

Thur. 8.00. Frl. and SaL 5.15 and 8-30. 
■'VERY FUNNY." Evening News. 
Mary O'Malley's smash-hit comedy 
“Supreme comedy on sex and religion," 
Daliv Telegraph. 

LAUGHTER." Guardian. 

YOUNG VIC. ” ” " 928 6365. 

Evga. 7-45. « a riproaring production." 
S. Times. 


ABC 18 2. Shaftesbury Aw. 836 8881. 
Sep. Perfs. All seats bookable. Week 
and Sun. 2.25. 7.55. 

1: 2001: A SPACE ODYSSEY Ml 70mm 
and Sim.: 2.00. 5.15. 8.1 S Hast 3 dayii. 

CAMDEN PLAZA (opp. Camden town 
Tube*. 465 2443. Taviart'S ALLON- 
SANFAN Caaj. (By me director of 
PADRE PADRONE). 2.50. 4.45. 6.50. 
9.00. 11.15. 

CLASSIC 1, 2. 3. 4. Oxford Street tope. 
Tottenham Court RtL TubeL 836 0310. 
U and A progs. Children Half-price. 

1. Walt Disney'S HERBIE GOES TO 
MONTE CARLO EU1. PTOBS. 1.30. 3.40. 
5.55. S.05. 

2. Doug McLure WARLORDS OP 
ATLANTIS (A). Props. 1.10. 3JH). 5.5S. 
8 . 20 . 

3. Last 3 doysl Brace Lee GAME OP 
DEATH iXl. Proas. 2A0. 4.15. 6J0. 

4. Last 3 daval LEBANON . . . WHY7 
iAi Arable Dtalooue. English sob-lrtiea. 
Progs. 1.05. 2.50, 5 JO, 8.10. 

ROYAL COURT. 730 1745. Air CmkL 
Prevs, from Wed. et 8. Opens Augjtof 2"d 
at 7 pm. World premiere of ECLIPSE by 
Leigh Jackson. 

ROYALTY. Credit cards. 01-405 8004. 
Monday-Tlitroday evenings B.OO. Friday 
5.30 and 6.45. Saturdays S.00 
London Crttks vote BILLY DANIELS in 
Best Musical in 1977 
BooMnoa accepted. Mafor credh cards. 
Special red we e d rates tor matinees (tor 

limited period anh».J 

SAVOL THEATRE. 01-838 8888. 


“A wroMEhnToijs” ” urge you 
to SEE It." Guardian. 

Evg. at 8,0, FrL and Set. 5.45 and BAS. 
SHAFTESBURY^ CE 01-836 8596. 
Shanesburv Ave. (High Ho* bom endi. 

'-TORTSOiig vtilh enjoyment." D. Tel. 
Prtees £1 to £5. Ben teals £3-30 »r-hour 
before show at Bo* Office. Mpn.-Thur. 
8.15. Frl. and SaL 5.30 and 8- 30 - 
STRAND. 01-836 2660. Evenkipt B OO- 
Mat. Thurs, 3.00. Sat. SJO and 8-30- 

THE vyoSlo's^gmatest 


ST."maRT 1N'5. CC. 836 1443. Evgs. 8 00. I 
Matinees Tues. 2.45. Saturdays 5 and 8 ; 


26th YEAR. i 

Richard Burton, Roger Moore. Richard 
Harris. Hardy Kruger In THE WILD 
GEESE (AAL Sep. orofti. WkS, 1.00. 
4 jo. 8.10. Late shows Weds- Touts-. 
Fri*. and Sals. IMS pm. Seats may be 
booked in advance for 8.10 proa. 

ODEDN. Leicester Square 1930 8111 J 

Sep. progs. Oly, Doors open, morning 
Hscm 11.00 am (Not Sum. 1st prog. 

I. 45. 2nd prog. 4 JO. Eve prog- 7.45. 
Late night shew Mon.-SaL. doors ooen 

II. 15 pm. AH seats bkbie, enceot mom. 

mg snow and Mon. late night Shew, at 
the Box Office or by Post. 

DDEON. Hay market :930 2738-2771.1 
Jane Fonda, Vanessa Redgrave In a Fred 
i Zinnemann Mm JULIA lA). Sep. progs. 

Dir. 2.30 (Not Sun.i. 5.45. 0.45, Feature 
! DN. 2.45 (Not Sun.i. 6.00. 9.00. All 
seats bkbie at ihealre. 

OOEON, Marble Arch. W.2. (723 2011 - 2.1 
KIND l a;. Sep. proas. Dly. Doors oogn 
1.05. 4.1 S. 7.4S. Late show Frl. and Sat. 
Doers open 11.15 pm. a h seats bkbie. 

PRINCE CHARLES. Lelc. So. 437 8161. 
mGH , ANxffire iA> 

& CI R. W £i a -ifijf- 

i Seats bkbie. Lic’d. Bar. 


Financial Times Monday July 241§7S 


Telegrams: Finanttmo, London PSA Telex: 886341/2, 883897 
Telephone: 91-248 8009 

Why Raleigh is still 

Monday July 24 1978 

A monopoly to 

riding a winner 


be broken up 

THERE WERE two related 
themes in the report produced 
a year ago by the Post Office 
reriew committee headed by 
Sir Charles Carter. The Post 
Office, as at present constituted, 
was too big, too centralised, and 
too cumbersome in its decision 
making; and there was a need 
to make managers through the 
organisation more entrepre- 
. neurial and more responsive 

■ to the needs of the market The 

■ problem the committee faced, 
however, was that of seeing 
where the pressures to improve 
.efficiency and the quality of 
services could come from in a 
business in which a very high 
proportion of the activities was 
covered by statutory monopolies. 
In the absence of competition, 
the pressures would have to be 
generated partly from within, 
and partly as the result of cer- 
tain organisational changes. 


The most notable of these was 
the proposal to split the Post 
. Office into two wholly distinct 
businesses, one comprising the 
postal service which would 
retain the Giro and remittance 
services as a separate subsidiary 
with its own accounts, and the 
other comprising the telecom- 
munications business, together 
with the data-prncessing ser- 
'vice. The idea was not entirely 
‘new: - it had strong support 
within the Post Office itself and 
'Was backed by some, though not 
all. of the Post Office trade 

In ; the Carter committee's 
view, the case for separation 
rested on two grounds. One was 
the fundamental, and widely 
recognised, differences between 
the two businesses. The postal 
service is labour-intensive with 
a relatively low demand for 
capital investment and has had 
in recent years a static or de- 
dining volume of business, 
while the telecommunications 
business is highly capital- 
intensive and is entering a 
period of rapid and far-reaching 
technological change. The 
efficient operation .of each, 
business thus depended on quite 
different factors. At the same, 
time the overloading of the 
present single Board had, the 
committee concluded, inhibited 
sound strategic thinking. This 
responsibility, it suggested. 

should be taken over by a new 
advisory council which, besides 
assisting the -Secretary of State 
in policy making, would help 
him to monitor efficiency. 

The Government . has now 
decided to reject the idea of 
a council and to defer the 
question of splitting the Post 
Office. The first decision seems 
sensible enough. Like the 
earlier NEDO- proposal for a 
series of policy councils for each 
nationalised industry, it would 
add a further undesirable tier 
of decision making. And, if 
there is a need to develop long- 
term communications strategies, 
then this is a task that should 
be undertaken by the Govern- 
ment as now happens in, .for 
example, energy and transport. 

Deferring the separation of 
the postal and telecommunica- 
tions businesses • is another 
matter. The Government said 
in . last Friday's White Paper 
that it would prefer not to take 
such a far-reaching decision 
until it bad had a chance to 
assess ■ both the considerable 
devolution of managerial 
responsibility and accountability 
which the new chairman of the 
Post Office. Sir William Barlow, 
is now implementing and. the 
two-year experiment in worker 
directors on the Post Office 

F OR THE cyclists racing 
across the finishing line in 
the Champs Elysees. Paris, 
yesterday, the final stage of the 
1978 Tour de France was the 
climax to three weeks of gruel- 
ling riding which had taken 
them * from Holland through 
Belgium, France and the 
Pyrenees. For T. X Raleigh, 
who won the team points prize, 
and whose rider Gerrie Knete- 
mann won the . final stage. It 
marked another business' suc- 
cess which should help to safe- 
guard the jobs of more than 
8,000 UK workers employed by 
the Nottingham based company. 
* Sponsorship of a Tour de 
France team is the spearhead of 
a marketing campaign which has 
seen the company make a 
dramatic break into European 
markets: sales, currently run- 
ning at 220,000 cycles a year, are 
expected to more than double 
by 1981. . = • 

Raleigh, which produces 4m 
cycles a- year — around 10 per 
cent of total free world sales — 
claims to be “ the world’s largest 


One would have thought that 
separating the - two businesses 
at Board level would assist the 
aim of delegating responsibility, 
while the prospect of trade 
unionists and managers- co- 
operating in policy-making 
would seem to strengthen the 
case for requiring greater 
accountability. The Government 
may be pushing- ahead with the 
adoption of performance in- 
dicators and international com- 
parisons, and it may have set 
cost reduction objectives in 
order to focus attention on the 
need for cost minimisation as 
well as profit maximisation. But 
as the postal, and telecom- 
munications services are to ' a 
significant., extent in ,qom- 
petition with each- other, it 
would be a pity to rely wholly 
upon substitutes for market 
competittbh when there would 
appear to be an opportunity to 
create a little more of the real 


FOR 1978 (estimate) 

• • m. units 

North America 


Latin America 




Rert of W. Europe 


USSR and E. Europe 

6 JO 



Far East 


Africa . ' • 




Middle East 




Latin America 
and the vote 

THE NEWS from Bold via in the 
past few days has underlined 
the difficulties which often sur- 
round the process of - holding 
elections in Latin America and' 
of achieving progress towards a 
democratic government in that 
region. Convincing evidence 
was brought forward by a 
number of reputable foreign 
observers chat the voting in 
Bolivia on July 9 was disfigured 
by various malpractices aimed at 
securing victory for General 
Juan Pereda. the candidate of 
the armed forces. That some- 
thing serious was amiss was con- 
firmed by the fact that the 
national eJcctnraJ court reported 
that 50,000 more votes wore cast 
than there were electors on the 

The court's decision to scrap 
the elections and call new ones 
has nevertheless been impugned 
by some soldiers and some civi- 
lian politicians who have now 
succeeded in making General 
Pereda president despite the 
manifest fraud. 


Last month the elections for 
a constituent assembly in Peru 
ran into difficulties when some 
of the candidates were sent off 
into exile, though the voting 
and the counting of ballots 
appears to have been carried 
out scrupulously and the Peru- 
vian military government has 
since declared a political am- 
nesty. In May elections were 
held in the Dominican Republic 
and after the voting the army 
moved into halt the count when 
it appeared that Sr Antonio 
Guzman, a politician of the 
centre. was putting up a strong 
challenge to President Joaquin 
Balaguer who has been in 
power in that country’ for more 
than a decade. After a great 
deal of political tension Sr 
Guzman has been confirmed as 
the winner but there were times 
ia recent months when it 
seemed that force was going to 
prevail over the electoral pro- 

In Paraguay, where the rights 
of the opposition are severely 
circumscribed. General Alfredo 
Stroessner has recently gained 
another period in power thanks 

a change in the constitution 
which has allowed him to keep 

have gone relatively smoothly I 
are in the minority. In Costal 
Rica the poll was fair and 
honest- and -earlier- th is year -the! 
conservatives ousted the’ middle ! 
of the road government of Pre- 
sident- DanieT Oduber without 
there being -any question of 
malpractice. -The poll in Colom- 
bia was a free one and there 
again a conservative won, the 
only disappointing factor being; 
the large- proportion of the 
population which abstained from | 
going to the poll- In Ecuador 
earlier this month elections were 
carried out cleanly while in 
December there is every expec- 
tation that the Venezuelan 
voting will be free and fair. In 
much of the rest of Latin 
America, however, the chances 
of the population being able to 
express their opinion about who 
rules them and ensuring that 
their choice of candidate is 
not robbed of victory are 

In some countries there is a 
show of democracy bat behind 
this is little - of substance. In 
other countries there are 
governments which admit they 
are ruling dictatorially but 
claim to be moving forward to 
some democratic system which 
will be introduced when they 
best think fit 

manufacturer and exporter of 
cycles and components.” How, 
when Britain’s motorcycle indus- 
try has collapsed and the car 
industry is coming under 
increasing pressure, has this 
traditional industry maintained 
its position? 

Mr. Ian Phillipps. Chairman 
and managing director of T. L 
Raleigh Industries suggests that 
the company’s history has been 
its strength. “Within -the first 
10 years of this century Raleigh 
was serving world markets and 
was -big. enough early- enough 
to' supply all its -own compo-; 
nents.” Such vertical integration 
distinguishes the company from 
other “"large manufacturers 
which, as in the car industry, 
tend to be assemblers of bought 
in components. 

Total control of the product 
enabled the company to place 
emphasis upon quality and de- 
velop a brand identity— two fac- 
tors still central to management 
philosophy. As trade followed 
the flag. Raleigh quickly estab- 
lished itself throughout the. 
Commonwealth. In Nigeria, for 
example, the bicycle is still 
known ' as "Raleigh" in 
much the same way that 
vacuum cleaners in the UK are 
known as Hoover. 

-Expansion continued into the 

1950s bat as developing coun- 
tries such as India and Malaysia 
began to industrialise, Raleigh 
increasingly had either to 
manufacture locally, or grant 
licences. In 1960, following a 
recession in the industry caused 
partly by the trend from cycling 
to the motor car, Raleigh 
merged with its chief rival the 
British .Cycle Corporation 
owned by Tube Investments. 

Rationalisation • of the UK 
industry proceeded and atten- 
tion ' was' turned to North 
America as the growth market. 
The take-off came in the early 
1970s when cycling in the U.S. 
became a leisure and health 
craze.- Sales more than doubled 
to 15m in 1973. But witbin 12 
months the boom had collapsed, 
and sales slumped back to 6.5m. 
Production and- new capacity 
stimulated by the U.S. demand 
now had to find new markets 
and the UK for the first time 
came under real pressure from 
imports. By 1976 foreign cycles 
had raptured 20 per cent of tbe 
lm domestic sales— just a few 
years earlier imports had been 

The UK industry fought back 
last year to contain imports to 
around 15 per cent of the mar- 
ket and it is hoped, that foreign 
bikes will not increase their 
share of sales which in the 
current 12 months are expected 
•to be more than lm. Raleigh 
is the dominant company taking 
around 60 per cent of the mar- 
ket with another dozen or so 
UK firms • accounting for a 
further 25 per cent. 

Raleigh is - different from 
most -of the world's- large scale 
manufacturers of cycles in that 
around 60 -per cent of the UK 
output i$ exported. Elsewhere 
manufacturers tend to supply 
the domestic market and not 
look overseas. For example 
-Murray and Huffman, two U.S. 
companies with an annual out- 
put of around 3m cycles, export 
very little. Japan is an exporter 
but has so far concentrated its 
attention mainly upon North 

The repercussions in- world 
markets set off by the collapse 
of U.S. demand in 1974 had an 
obvious impact on Raleigh with 
its international activities. The 
company supplies 130 countries 
from its 11 factories around the 
world, in addition to minority 
interests and licensing -arrange- 

jneitis..'.. ’... _ _ 

~ Tbe company ; woe cushioned 
against enforcing redundancies 
at its main 64 acre Nottingham 
plant by tihe rapid upturn in 
demand from Nigeria. Raleigh 
bad supplied the market for 50 
years but in 1975 it established 
a manufacturing plant which 
required specialist supplies from 
the UK Nevertheless there 
was need for a more funda- 
mental appraisal of company 
policy. /The analysis led to the 
decisio^ to attack European 
market^ and the marketing tool 
ahosenr . was the formation of a 
racing? team good enough to win 
the Tout de France. 

Management took the view 
that Raleigh's cycle activities 
fe54 iogibaily into two broad 

categories: the relatively labour 
intensive frame-nmlons and 
assembly, and the capital inten- 
sive component manufacture. 
The trend among developing 
nations is to set up facilities for 
the first activity as quickly as 
possible: for the second, they 
tend to lack not only the 
technology and the skills, but 
ai<n the volume production to 
justify the investment. 

To underline the differences, 
a company reorganisation saw 
the creation of two naw sub- 
sidiaries: T. L Raleigh with 

for putting emphasis upon 
Europe .does not mean that 
Raleigh will relax efforts in 
other markets. Demand from 
Third World countries is likely 
tn continue to grow as popula- 
tion and incomes rise. Etch 
where local assembly facilities 
are established there is a con- 
tinuing requirement for kits and 
the more sophisticated com- 
ponents. ... 

But real hopes for growth lie 
with Sturmey-Archer. The com- 
pany-manufacturing a whale 
range of components including 

Japanese cycle Industry which 
has capacity to build around 9ra 
units a year. The first success 
was achieved this year with an 
order for three-speed hubs. 

Though the components com- 
pany is anxious to assert its 
independence of T. I. Raleigh, it 
naturally benefits from the pub- 
licity surrounding the racing 
team. The cost of the team since 
it was formed in 1974 to com- 
pete in. Europe’s top races has 
been less than £lm. Anil 
nobody within Raleigh would 
argue that it has not been money 


expand and eventually establish 
manufacturing facilities in a 
country were Peugeot and Moto- 
became. the two major French 
companies, currently dominate 
what is a sophisticated cycles 

In Belgium, Raleigh soles 
have doubled over the past 
three years, to 32.000 and tbe 
company now claims about 18 
per cent of the market But the 
spin off from the Tour success 
has been much wider, Hr. 
Collins recounts how Raleigh 
was approached last September 
by Fria, a Norwegian ski -manu- 
facturing company. -“Their 
trade tends to be seasonal and, 
rather than have salesmen idle, 
they- decided to- promote cycles 
in the sports shops. Theycarae 
to us because of the Success of 
our team." Raleigh .sold only 
400 bikes in Norway test year 
but expects to sett ■ Woo . this 

In spite of the careful Inclu- 
sion of a West German rider In 
its team. Raleigh has' so far 
made little. Impact in a country 
which buys around 3m bikes a 
year. The market tends to be 
dominated by the two German 
companies, Kynast and Kalkoff. 
which between them ' produce 
nearly 1. 5m units. Raleigh, with 
Its quality image, regards Itself 
at something of a disadvantage 
in Gerinany. where -cycles tend 
to be cheaper and there is less 
brand identity as- nearly 50 per 
cent - of sales are through 
general outlets rather than spe- 
cialist shops. 



Hernu'e Kniper— tbe Dutch captain of the T.L Raleigh team. Last year he came second 
in the Tour de France but this year he retired through injury. Raleigh's team has cost the 
company less than Elm since it was formed in 1974. 

responsibility for cycles and gears, hubs, lights and saddles — 
T. I. Sturmey-Archer charged currently supplies about 70 per 
with stepping up component cent of its output to Raleigh, 
supply activities. Each sub- The aim is rapidly to reduce 
sidiary has a separate board and that dependence not by cutting 
financial targets and is answer- sales to Raleigh but by increas- 
able to the T. I. Raleigh ing sales to competing cycle 
Industries holding company.- manufacturers. For Sturmey- 
Unlike Sturmey-Arc her mhi d i -Arcber-ta.concCTtratt^pa^jaftP^ . 
already had a strong presence to Its sister, company would be 
in Europe, T. I. Raleigh’s real to confine its- marketing to only- 
strength tended to be in 10 per cent of the world cycle 
Commonwealth and U.S. trade. Facilities can now be 
markets. However, against the offered to a Raleigh rival, such 
background oE the high labour as Peugeot, for example to 
input and the cost of transport- develop a component specific to 
ing frames, the Continent offers French cycles, 
three distinct advantages over Sturmey-Archer is unusual in 
many other world markets. It is the spread of components it 
near. Britain's W3ges tend to be offers. In Europe companies 
lower than those of her more tend to specialise in particular 
prosperous European neigh- items: Union of West Germany, 
bours and the EEC provides the for example specialises in 
protection of a common external pedals. Of the few companies 
tariff. that approach Sturmey-Archer 

Increased sales on the In size of cycle component 
Continent give a wider spread business two are Japanese, 
of interests and greater security Schimano and Maeda. Sturmey- 
against a downturn in any one Archer is r now making deter- 
market. But the logic of the case mined efforts to break into the 

well spent. Last year they lifted 
the team prize In the Tour de 
France, an achievement that 
has spread the name of Raleigh 
throughout Europe and. accord- 
ing lo Mr. Ken Collins, the UK 
and Europe marketing director, 
increased sales on the Continent 

“Tbe enthusiasm - of (He 
continentals fq£ „cycle racing, 
particularly in ‘ France and 
Belgium, is’ difficult for the 
British to understand,” Mr. 
Collins- says. “ But an estimated 
160m television viewers each 
night follow progress in the 
Tour de France." 

In France, where Raleigh only 
began to market in earnest in 
1976, sales rose to 14,000 last 
year and the number of dealers 
mushroomed from 250 to 600 in 
the wake of the Tour success. 
This year 25,000 bikes should 
be sold. Having established its 
presence in one of Europe’s 
biggest markets — sales are run- 
ning at around 1.75m a year — 
Raleigh hopes to continue to 

.. But -the real test for Raleigh 
and its marketing skills is seen 
in the Italian markut. The com- 
pany, which hopes, to sell 8.000 
bikes there this year, claims 
to be the first British manufac- 
turer to break into the market. 
Initially, marketing will be con- 
centrated upon the .• Milan 
district, but -the objective is to 
sell throughout the country. 

In each of the markets where 
Raleigh operates -it tends to face 
different competition as the 
domestic manufacturers are 
usually strongly entrenched. 
Moreover, . though estimated 
-world sales of cycles are put 
at around !46®, many markets 
at«. effectively-c losed -to British 
' The-wmet Union 
and Comecon countries have 
considerable capacity and pro- 
vide a minor market for com- 
ponents which are re-exported 
in finished goods. 

China is again a massive mar- 
ket but demand for Western 
cycles, which usually enter 
through Hong Kong, tends to be 
only sporadic. The Japanese 
industry dominates the Far East 
with Taiwan and Korea emerg- 
ing as assemblers. 

Against such a background, 
it is understandable that Raleigh 
should have turned its attention, 
increasingly to West European 
markets as the way to retain 
Britain's traditional position as 
the world's leadingcycle manu- 
facturer. , - : 


The Rental Navy 

Flaring at 
the Gas Board 

a hold on the presidency. 

4“ ■ ti-linra nlonti 

<The countries where elections 

U.S. interest 

In the past the region has! 
never been outstanding for Its 
respect for the rule of law and ! 
therefore the present patchy 
political situation will surprise 
oo one. 

What is hew in the situation 
however is the active interest 
of the U.S. in changing the 
political climate in Latin 
America. With President Carter 
unambiguously wedded to the 
idea of criticising the Soviets 
for the shortcomings In their 
system it is vital for Washing- 
ton to be seen to be doing its 
best to ensure that democracy 
has a fair chance in a region 
where the word of the State 
Department counts for sn much. 
Often quietly, sometimes pub- 
licly, the Carter Administration 
has bwm encouraging the forces 
of democratic moderation to 
talk and act against the 
undemocratic rulers who only 
a few years ago seemed to have 
the field almost to themselves 
in Latin America. 

My remark last week about 
Britons fuming as they wait for 
the North Thames Gas Board 
prompted an immediate and 
solicitous call from the Board’s 
Press officer. “ Are you thinking 
of a particular case?" Clive 
Thomas asked me. 

Though many colleagues also 
complain of delays, I regaled 
Thomas with my six weeks' 
experiences. These began when 
builders knocked a wall down, 
leaving the gas meter disconnec- 
ted in mid-corridor. A supply 
form then had to be signed and 
travel from department to 
department before a fitter could 
visit to prepare an estimate. 
Another week or so passed 
before his estimate had been 
prepared, despatched, signed, 
returned and sent by the Board 
to their engineers. Then the 
Board said ten days would be 
necessary before the parts 
could he delivered and another 
few days after that before the 
fitter would install them. 

Those visits required bring 

prepared to wait at borne all 
day. The installers, in fact, 
came just after, the time one 
takes children to school and I 
missed them. I was lucky 
enough to be given another 
fitting date 17 days later and 
again expected to be able to be 
at home all day. 

With tiie Board’s profits just 
reported at record levels. I 
asked Thomas what was planned 
to make customers more satis- 
fied. He could not give any 
details but he assured me 
customer service was an area 
which would be tackled. He did 
not know how long ago the 
Board’s drawn-out office pro- 
cedures had been designed and 
claimed that it was “not 
universal " that one had to have 
two visits after accepting an 

He thought that the Board 
specified whether visits would 

be In the morning or afternoon 
— which if had not. He sug- 
gested neighbours could keep 
the keys but admitted often 
many houses are empty in day 

As for the delays, he said 
there was a heavy work load. I 
suggested a nationalised indus- 
try might use some of its profits 
to reduce unemployment, but 
Thomas said it is difficult to lay 
off staff when necessary so it- is 
better not to employ them. 

He said be would have to 
telephone me back about the 
Board’s recruiting plans, though 
I would have to wait while he 
“turned some soil." The next 
evening I was still waiting. Tbe 
Board teaches one patience. 

tains top Soviet officials. 

Yet Louis has shown no worry 
about going to the stable 
which in fiction supplied James 
Bond with his specially con- 
verted cars. Nor is he against 
a capitalist device in sending 
Aston Martin a telex asking: 
“Do you make a special reduc- 
tion for members of the inter- 
national Press corps? ...” 

Aston Martin blandly replied 
that no one receives special 
terms and warned: “We think 
there would be too many 
problems. We have no dealers 
in Russia and be would have 
to ship the car back to Britain 
for. its warranty service." 

The annual subscription to a 
club near Milan is £356 — nearly 
nine times the equivalent in 

The Merchant Navy 

The Royal Marines 

Hunger at the top Our Fishermen 

Mixed message 

Hard sell 

Yesterday was a mixed day for 
the British motor industry. In 
BL, formerly British Leyland, 
there was 1 concern at the leak- 
ing’ of the news that executives 
at British Petroleum are switch- 
ing from BL's Rovers to Ford 
Granadas: BP had objected to 
BL’s blacking of their new high- 
grade oil, VF 7. But Aston 
Martin was chuckling over a 
minor propaganda coup as they 
announced the first order from 
the Soviet Union. 

This came from the corres- 
pondent, Victor Louis— a man 
known for his better-than- 
average connections with the 
KGB and who now wants to 
buy a £32.000 Lagonda. 

Louis; whose Russian name 
is VitaJy Yevgenevich Lui and 
who is Moscow correspondent 
of London’s Evening News, was 
first with the news of Krush- 
chev’s sacking and of Kosygin's 
meeting with Chou En-Lal. 

But his own travels and life- 
style have created as much 
interest as his journalistic 
work. By norma] Soviet stan- 
dards he lives a life of luxury, 
with a Moscow flat and a 
country dacha where he enter- 

Comparing living costs around 
the world is a tricky business 
■ at the best of times. The data 
depends heavily on the judg- 
ment of those providing it and 
one man’s “ fashionable restau- 
rant" can be another’s near- 

Nevertheress, businessmen 
ask for such comparisons and 
the Confederation- of British 
Industry has just obliged. The 
survey of living costs in 15 West 
European countries which it cir- 
culated this weekend is intended 
to be a guide to business men 
preparing to set up operations 
on the Continent. 

But in public-relations terms, 
it has been only a mixed success. 
A correspondent for the Press 
Association going through the 
figures came to tbe conclusion 
that the British worker, eating 
his steak and chips in front of 
hi. colour television, could con- 
sider himself as well off as any 
in Europe. 

It turns out that sport is 
particularly cheap in the UK, at 
least by European standards. A 
round of golf In Switzerland 
costs about £8— more than twice 
the cost at home. The entrance 
fee to a club near Zurich is over 
£5,000. Tennis is expensive, too. 

Connoisseurs of Bolivian 
politics, a small group of people 
who tend to develop a chill 
sense of humour to handle the 
vagaries of its public life, are 
predicting that 1978 will be a 
vintage year now that it has 
been officially announced that 
50,000 more people voted than 
were registered on the electoral 
lists for the July 9 elections. 

In more serious vein, they are 
likely to give five stars -for the 
hunger-strike tactics of ex- 
President Hernan Siles Zuazo, 
the candidate supported by the 
left who was the main target of 
the patent electoral fraud. 

• The armed forces are now 
flexing their muscles to prevent 
the winner of tbe elections— 
whom the commanders back — 
from being ousted. But Zuazo 
is no novice to his uncomfort- 
able form of protest He carried 
out a hunger strike in 1975 
against the policies of the 
government of the day. And an- 
other one in 1965. 

That time he was President 
and wished to persuade the coun- 
try to accept an' austerity pack- 
age — an example of “ self- 
sacrifice ” that few of Britain’s 
Chancellors seem likely to 

Their disabled 

' Their pensioners 

Their wxkfevs' 

Their children 

for Sailors 
looks after them all 

Military secret 

An Army lieutenant tells me 
that when a middle-aged 
woman drove her Mini into the 
side of a camouflaged truck in 
which he was a passenger last 
week, he restrained his im- 
mediate reaction and said only: 
"Madam!. Didn't you see us? ” 
“See you? ” said the woman. 
“ Tm not supposed to, am I? " 

" In this Country of ours, there is rio-one who is 
not connected with the sea. 

Half the food xve eat comes from across the sea. 
Many thousands of us, our relatives or friends ate 
past ^prjjresent members of one of tihe sea-faring 
services^or o£an industry dependent on them. ” • 

There are many charities for seafarers, and their, 
families. One, only one, however, is the central charity, 
charged with collecting and providing’ funds for all 
. other seafarers’, charities, and with, making .sure that 
the money is distributed where it can be of most use. 

That central charity is King George’s Fund for 
Sailors. Launched in 1917 at His Majesty’s personal 
wish, KGFS distributes funds without distinction of 
service, of rank or of creed. The sole criterion is to 
distribute the money to the areas of greatest need- . 

When you want To. remember our seafarers who 
are in need, remember King George's Fund for 
Sailors. We’ll see to it that not one penny of your 
money goes to waste. ’ 

Please send your donation to:- 


King George's TimdforSaHors, 
- - - V i Chesham St., London SW1X&NE 





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Financial* Times Monday July 24 1978 



Monday July 24 1978 

The. Arab oil producers’ surplus is growing more slowly than before because of rising imports 
and falling oil exports, while the debate on how to counteract the fall in the value of 
the dollar continues. However, the Arab financial system is rapidly gaining in sophistication. 



— JJ 





By James Buxton 

NEARLY FIVE years after the 
1973-74 oil price explosion the 
scale of the Arab oil states' fin- 
ancial surplus is declining much 
more rapidly than most fore- 
casters anticipated. But any re- 
duction that this may mean in 
Arab influence on the World 
financial system is probably 
matched by the increasing role 
Arab financial institutions are 
playing in managing the 
region's funds. 

The total external assets of 
OPEC states were estimated to 
stand at about $140bn-150bn at 
the middle of this year. 
The bulk of the surplus 
is held by the Arab mem- 
bers of OPEC, mainly by Saudi 
Arabia and Kuwait, which are 
believed to bold some $100-110 
bn and are the only countries 
still adding substantially to that 

Yet even these countries' con- 
tribution to the collective sur- 
plus appears to be declining. 
According • to the Bank of 
England excess revenue of 
OPEC states available for 
investment abroad was down to 

$5.4bn in the first quarter of 
this year, compared -with 
$11.7bn in the same : period of 
last year. While the surplus 
grew by S33.8hn in 1977 (mar- 
ginally less than the previous 
year) this year, -it -is - not 
expected to increase by more 
than $20-25 bn. ■ 

This is because of both a 
drop in revenue and a rise in 
spending. On the revenue side 
oil output is dovm^t fell by 
9 per cent . in . the first five 
months of this year compared 
with the equivalent period of 
1977; price differentials have 
been cut to stimulate sales; 
and there has "been- no. oil price 
increase since January 4977. In 
addition the drop iatthe value 
of the dollar has- eroded the oil 
states' purchasing power by no 
less than 15 per cent, quite 
apart from the . effect on 
inflation. . 

The major Arab' pit exporters 
have ' cnt their spending rates 
since the heady days of the 
inflationary boom of two to 
three years ago, and all have 
endured recession - in varying 
degrees. But the expenditure 
and thus the imports of all such 
states have still risen, partly 
because of inflation but mainly 
because only now are larger 
scale development projects get- 
ting underway. This is the other 
main element eating into the 
invisible surpluses. 

Saudi Arabia, wMh its very 
high oil production capacity, and 
until recently low obsorptive 
capacity, has by far the highest 
accumulated assets of any oil 
state — put at between $70bn 
and $80bn. But its total spend- 
ing has risen fast and in the 
last financial year probably 
came close to the budget alloca- 

tion — although this was some 
way below total revenue. For 
the now financial year a much 
higher spending allocation has 
been agreed, so with the 
expected drop in revenue the 
Kingdom could spend a higher 
proportion of sts income tins 
year tffcan ever before in this 

Kuwait, winch bad an accumu- 
lated surplus of $18.3bn at the 
end of 1976, budgeted for a sur- 
plus of only $2.6bn in the finan- 
cial ■ year which ended last 
month, compared with double 
that amount the previous year. 
Its domestic spending is malting 
increasing demands on revenue, 
which has anyway been hit by 
reduced oil sales. 


In the-UAE Abu Dhabi had 
a surplus in 1977 of about $lbn 
— which should have brought 
the state's reserves up to 
between $5bn and $6bn — but 
this looks like being sharply 
reduced this year and may 
dwindle to nothing next year 
because of the growing demands 
both of the Emirate's own 
development programme and 
tbe rising absorptive capacity 
of tbe federation to which it 
contributes heavily. It plans to 
peg its development spending 
over the next three years (but 
at a level which has yet to be 

Even Qatar, the fourth and 
last so-called “chronic surplus 
state” could have difficulty 
balancing its budget this year 
and is borrowing to finance its 
bold industrialisation policy 
rather than dip into its rela- 

tively modest accumulated 

For the other major Arab oil 
exporters, which never looked 
likely to have a long term 
surplus, the same trends can be 
seen. Last year Libya and Iraq 
both managed to register 
significant increases in their 
foreign exchange reserves, but 
neither is expected to have a 
large surplus this year and each 
could be in deficit Algeria only 
had a surplus for a short time 
in 1974 and is a heavy borrower. 

Not surprisingly states like 
Algeria and Iraq, with their 
relatively large populations and 
considerable potential for 
development away from hydro- 
carbons, resent most the decline 
both in their oil revenues and 
in their value, and have taken 
the most militant line towards 
higher oil prices in OPEC, being 
defeated principally by the 
swing producer of the cartel, 
Saudi Arabia. 

On the important issue of 
whether OPEC states can com- 
pensate themselves for the 
decline in the value of the 
dollar, a recent meeting in 
London of 30 OPEC experts 
concluded that the cartel could 
do so either by a straight price 
rise or by an index-linked 
increase, and it came to the 
conclusion that some increase 
would be possible despite 
market conditions. However, 
no decision was taken on calling 
an extraordinary ministerial 
conference of OPEC to- act on 
tbe findings of the committee, 
and much depends on the atti- 
tude of Saudi Arabia and Iran, 
tbe two largest producers. 

The surplus^of the Arab oil 
states has proved easier for the 
world financial system to 

absorb than was initially 
thought, and an impressive pro- 
portion of it has been directed 
by the surplus states to inter- 
national organisations such as 
the World Bank and IMF facili- 
ties. Tbe Arab states have been 
highly generous with their aid 
disbursements, giving away 
about- $15bn over tbe 1974-76 
period and maintaining a 
■similar level of munificence to 
this day. The bulk of this aid 
has gone to other Arab states, 
notably those confronting 
Israel; but other substantial 
sums bave flowed to non-Arab 
African and Asian countries, 
both., through national and 
multilateral aid funds. Within 
the Arab world aid has gone 
some way to evening out the 
great disparity in wealth 
between the very thinly popu- 
lated chronic -surplus states and 
more heavily populated but 
relatively poor states such as 
Egypt and Sudan. 

Yet from the Arab point of 
view the significant fact is that 
the bulk of the surplus remains 
invested outside the Arab 
world and the first choice of 
both State and private investors 
is the Western and not the Arab 
world. Compared with the 
other regions of the world the 
degree of inter-Arab investment 
is highly impressive, but it 
makes up only a small pro- 
portion of the total surplus for 
reasons which include lack of 
management talent, the prob- 
lems of identifying and getting 
projects going in the deficit 
countries and political risks. 
-..Nevertheless, there have 
recently been moves towards 
remedying two of the more 
obvious deficiencies, of the Arab 
financial world; the lack of apy 

institution for providing balance 
of payments support to defiict 
countries in an orderly way, 
and the fact that even where 
Arab banks contribute to 
Eurocredits for other Arab 
institutions. Western financial 
concerns actually manage them. 
Naturally, the fact that Arab 
States rarely manage the credits 
for other parts of the world 
tends to rankle, too. 

Over the past two years the 
Arab Monetary Fund has been 
established, based in Abu 
Dhabi, and is expected to pro- 
vide its first balance of pay- 
ments support facility to a defi- 
cit state in the next six months. 
The AMF has been compared 
with the IMF, but although its 
basic function is the same, the 
Arab institution offers a some- 
what wider range of facilities 
to its members. 


However, the capital at its 
disposal is relatively small at 
this stage and it intends at some 
point to borrow commercially to 
obtain more funds; this fact 
is likely to restrict its generosity 
in lending and lead to its insist- 
ing that member states take 
tough economic measures in ex- 
change for financial help. 
Nevertheless the AMF, through 
its ability to check that member 
states are pursuing sensible 
policies when in recepit of bal- 
ance of payments support, 
should encourage states such as 
Saudi Arabia to disburse more 
balance of payments aid; the 
Kingdom has so far been con- 
strained by the problem of 
monitoring how its subventions 
are -Spent and by the lack of sitiy 

mechanism for regular disburse- 

In commercial financing a 
bond market has grown quickly 
in the region since the 3973-74 
watershed, with Kuwait and 
Bahrain in the lead and local 
currencies being increasingly 
used. In the past few months a 
number of Gulf-based institu- 
tions have begun’ managing 
Eurocredits both for Arab and 
non-Arab borrowers, and, as 
western bankers have painted 
out, the borrowers have in 
several cases obtained very good 
terms. The leaders of tbe new 
trend are the Gulf International 
Bank, in Bahrain, owned by 
eight regional states, the 
National Bank of Abu Dhabi, 
tbe Abu Dbabi Investment Com- 
pany, and the Kuwait Intei> 
national Investment Company. 
These banks have been eating 
into territory partly occupied by 
the two Paris-based consortia. 
Union des Banques Arabes et 
Francaises and Banque Arabe et 
Internationale d'Investment. So 
far the loans arranged outside 
the Arab world have been for 
three East European states. 

This new aggressive stance 
is a move in the direction indi- 
cated by Dr. Said Nabulsi, the 
Jordanian central bank governor, 
when he addressed his opposite 
numbers from Arab states a few 
weeks ago in Amman. He said 
that Arab countries should 
become the intermediaries in 
the international capital market 
instead of only the suppliers of 
capital. The central bankers 
were considering the establish- 
ment of a “ permanent or stand- 
ing syndicate" of Arab bank 
branches abroad and the con- 
sortia hanks., with Arab share- 
holdings'. Th'iah'e thought would 

be more effective than the 
present system of ad hoc 
co-operation on individual loan 


The Arab central bankers 
envisage the creation of a united 
Arab capital market, and set 
up a six-man committee to lnnk 
at ways of creating it. to con- 
sider such things as the pro- 
vision of a favourable invest- 
ment climate, the establishment 
of more stock exchanges and 
study of the need for more 
financial institutions such as 
joint investment companies or 
consortia banks. In its initial 
stages it would concentrate on 
providing capital for the Arab 
world and only later move to 
the stage of managing capital 
funding for the international 
financial market. The idea of 
a unified Arab currency is con- 
sidered very much a distant 

The meeting displayed con- 
siderable realism in accepting 
the problems of establishing a 
unified Arab capital market and 
in identifying the existing 
strengths of the Arab financial 
system that could be built on. 
But the fact remains that fnr 
the moment the Arab financial 
centres, for all their fast assimi- 
lation of new ideas, inevitably 
lack tbe depth of their western 
counterparts. The Arab world 
does not appear to have the 
absorptive capacity to cope with 
the more than a small portion 
of the funds available, while the 
providers of capital understand- 
ably want the best return, 
particularly at a time when 
their assets are being squeezed. 
But in tbe last few months the 
ultimate aims of the Arab 
policy have come to look far 
less utopian. 


. L 

■*- ' *■• 

• * 


Largest and leading bank in Kuwait 
for 25 years. 


The bank which has grown with 
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Telephone Head Office: 422011 Kuwait. 

The National Bankof Kuwait SAK. 


Financial Times Monday July 2 IfcftHB 























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1975 the jsingdums inter- investment, wtnen i*. nnweirr. ruwliininem 

bf the previous year. . . • state has been borrowing from n $L34bn Tut "tit the national liquidity as °, nly ?-' cr J s '" al1 ne^Titernal other Arab aid fundi, iis share 

On a trade-weighted basis the jVfflr§£fl the international market to gg_g2bn r ailed by O^Cmem* | * T^surlZl ^ “ ^pan-Arab projects and invest; 

depreciation of the dollar would finance its big ]ndust ™£ P™J bers in the international mar- 10 ii:> dLl1 * 1 ^ as ' et " a " a * ho1 *' „ , ment companies, and bilateral 

have meant a loss of purchas- Moreover, su-uo per cent of jects an( j may have difficulty . wealtn. Having recorded a ».3 per- BnV e'rnment - to - yovernment 

ing power of no less than 15 that would be accounted for by balancing its books during the — — iq.< isn — «-*i - - ■ * 

per cent, quite apart from the Saudi Arabia and Kuwait They current year. • i 

ferosion in the value of revenue alone this yca^ ean envisage a DesDite the saueeze' of static 

>,*——** ... . — - . - . Despite the saueeze' of static 

per barrel from inflation, substantial excess margin of oulput ^<5 declining purchasing 

Steadily forecasts of the collec- revenue for investment, al- Mwe _ Libva and Iraq both , - . . , . h 

tive surplus have been scaled though on a reduced seal e_com- ^e^regis ter si^i Scant lv th. 

No country has ever 

' _i_ h foreign assets ar its uu-pua-i ^ Generally, it nas snown a sur* ... A »» 

" r ‘ C h h ; at December 21 1976 at 182.713 pnsms absorptive rapacity and Placed a “‘'™ “ 

m,mu- ” ^ ' h L2 U ir?i';i in "ill have spent S5-90 S “ the 

down. It is unlikely to he pared with previous years. Creases "in * the! foreign ex- “f?*. ** f n m Saudi riyals. the equivalent - n 1977.7s w ill have spent aa-w - . . . Thp 

more than $25bn in 1978 and More than ever the OPEC sur- reserves as recorded by {JlJJ 1 * ***!? ^Jid have' of Sal.TBbn ar the then rate of per cen t. of its hud get appropri- Dth ^f 1 nricini: 

may be as little as S20bn. even plus is aa -^ab one concen- the 8 International Monetary i^ded s ?Obn Md were exchange^but S53.ll hn at the 3tlons , according to preliminary ^ahly of Pricing 

if producers do raise prices trated in the hands of Saudi Fund in ^ co Urse oF 1977, but a « « ssobn rale foliowino the most recent c<t imaLes (though a consider- and market factors, production 

before the end of the year to Arabia and Kuwait, which will 5“ s n v ear Iraq may have diffi- ? w! P fi^res eL^re whh of the periodic adjustments ° ahW lnwer proportion of its, ™ last year by S J ^ 

compensate for the deprecia- in the future be the only mem- . * reaC hi n E eauilibrium com P are . ma de ; earlier this month re v' e nuc) As it is World below the desired letcl of -m 

tion of the dollar. bers ^aerating a significant. referees FwiTSS CSM4«=SS"* the old rate of Markets toJLta barrels a day ; Not least because 

The downward trend can be endemic surplus Purrently. drasticalI / clIt . man “ Japa^ Sd the U >S . exchange the breakdown was cUrrent account surplus falhng of mounting investment income, 

seen from the latest estimates they are reckoned to account. many, japan ana ine « s^5 04bn for bonds. f rriTT1 aronnrt SiThn in 1977 to however, the balance of pa>- 

made by the Bank of England, for $100-1 lObn of net external Only ,n 1974 ui the wake °f recorded by Je ^en^at ona! deports with banks lo^th.nThkeSlObo in.1978 ments surplus did not fall sub- 

They show the invostible sur- assets held by OPEC, which in the threefold escalation of oil Monetary Fund in April, total- inn in cepo convertible l luL *' 1 ‘L oa r stantiallv from the 197ft peak. 

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to about S4748bn in 1980. but mated S6.4bn. - 

on the assumption of an import making mounting 
growth of 12 per cent annually revenue and is expected to ^con- 
in real terms predicts that the tmue to do so for the indefinite 
balance of trade on goods and future. 

services is likely to fall to in the budget estimates for 
around Slbn in 1980. While fiscal ifl77-7S (ending^ last 
investment income, estimated at month) a surplus of KD 714.9m 
over $4bn for this year, will (nearly S2.6bn) compared with 
continue to rise, "the rate of the record- of KD 1-J51bn 
growth of Saudi Arabia's ($5.2bhY in 1976-77. Kuwait hos 
accumulated surplus un- shown concern about the eroaion 
doubtedly will slow down. 0 f its purchasing power through 
. the decline in the value of- the 

l aiStlOUS dollar, but as far as longer-term 

^auilVUO investment is concerned has 

SAMA has pursued a cautious s h 0 wu itself philosophically 
investment policy deploying its happy. It appreciates that there 
funds for the most part through are limited outlets in currencies 
some 50 approved banks. Some 0 -^ er the dollar, and the 
of the confusion about the American market remains not 
Kingdom's reserves and allega- Q n j y the safest but also the one 
tions of deliberate concealment t ^ e best balance between 

““ of return Has oeen a per cem uu 
ferent from those normally stocks and shares and 6-7 per 
used. In particular. Treasury f r0DQ rea i estate, 
bills an dother easily discount- . 

able securities, which might the V™*** 
normgdiv-be classed as liquid Abu Dhabi « se mg its ' *} P * 
p'ssets are regarded -4 jv SAMA gradually dwindle: it could dis- 

hold, such ;pp«7 »'“"^ e m r i ",fh a r a n 
ennrmc^ quantities that it Ust >' ea J ^ f JjMhat 
would be unable to discount income of about «- fi bn. Ol ^ that 
f hrm on a significant scale about $1.4bn , was . _. a - 
without seriously disturbing W^«Srital!S to the 

A great deal of Saudi Arabia’s th^Emirat^^nd $ about 

concern for the dollar Slbn on aid _ j ea vmg a surplus 
from the fact that, by necessity. of rather more than $lbn t0 b e 
the bulk of its funds must be transfeTTe d to the Abu Dhabi 
in the dollar. “We are 80 per Inves tment Authority. This year, 
cent in dollars where else b0W ever, income is likely to be 
would we put the money? the down bv at least yn peP centt 
Governor of SAMA has been while both tbe federation 
quoted as saying recently, (whose absorptive capacity has 
Beyond that there are other been steadi i y rising) and the- 
political considerations sug- Emirate itself will take more, 
gested by the report early Oris ^j d ma y p rove difficult to scale 
summer, which were not denied, down shaTplv. 

that the Kingdom had com- ^ _ . ’ ‘ . . 

mitted itself to placing $5bn in 

France. Only a small proportion development spending o\er the 
of assets controUed by SAMA three years and should 
are in the form of equities, of during that time complete most 
which it is believed "to have ten * e infrastructure it needs so 
portfolios, , but recently it has early in the next decade 
been more active in diversify- spending could drop. lea<t 

ing its U.S.' investments through in ®' °t^er things being eqna , 
private placements with U.S. to a resumed surplus The Abu 
companies. Dhabi Investment Authority s 

_ . . ' ^ , assets are estimated at between 

Foreign assets accumulated ?gbn and $6b ad among a 

UWa V r Govermnen i variety of outlets including 
avenues and equ iUes (mainly on the New 
invested abroad rose from the York Tokyo Zurich aTld Lo ndon 
equivalent of rather ess than stnPk ’ ^hanpes). fixed interest 

1976^0 development ptai| 
which .sce:n*. improbable in pvei 
nominal money icrtns. wtmli 
leave a considerable 'excess <q 
revenue which is currently n irf 
niny at an annual rate of 
SS-lObn annually. There' is, t 
a limit lo ihe quantiiy of Sovi 
and French arms that It can 
absorb. As if i?a\ with oil pro? 
duel ion up 10 per cent last yea? 
and the pri« increment of ih^ 
same order. Libya’s Ihteruaj 
tional liquidity as recorded-.))# 
the IMF rose from S3.2tm 
S4 9hn. However, those ptih* 

Ii slu'd reserits should coi5 
rcctly he regarded - ad i 
rash ’ balance and rertahily 
very murfi understate Lihya‘4 
areunnil.TtPd surplus. In pracJ 
tire whai Tnnolt would regard 
as KmRer-term saving! arer 
handled by the Libyan Ara^ 
Foreign Bank and the Libyan 
National Investment Company* 
which holds the stake purchased 
from Fiat towards the end n| 
jpTfi. Policy is directed by pollij 
tical and economic development 
consulcrations rather than this 
aim or creating ait allemath-nj 
source of income. Over the past* 
few years LAFB.has been very; 
active in rhe Eurobond marker^ 
either directly or through 
part id nation in consortia banks' 
ns well as making direct loang; 
such as the S250m providial fop 
ENI earlier, this year andj 
guaranteeing as well as eon-i; 
tributing to the 810Om recently 
raised for debt -stricken Turkey. 

In a peculiar way Libya’s 1 
revolutionaries have been* 
“obliged to become rentiers toj 
the capitalist world they detest"] 
in the words of otl consultant] 
Jack Hartshorn.* DestflTd its! 
comparable income and radical 
attitude Iraq is an altogether 
different -proposition. . Tt not 
only has a much greater long- 
term potential as a producer — i 
remaining for various reasons* 
underdeveloped in terms of its. 
petroleum resources— -hut has a 
much higher absorptive caps-' 
city with its lint population. 
Inscrutably enigmatic Iraq does; 
not even produce -figures for its 
oil production. It would be a 
mistake to assume that its 
officially published gold and' 
foreign exchange reserves pre-, 
sent the full amount of its," 
external assets, but in practice .-, 
the IMF statistics probably: 
cover the bulk of them. Iraq's ? 
recorded reserves rose from 
$4.Bbn to nearly $7bn in 1977. 
Certainly its funds which arc de- 
ployed exclusively hv the Cen- 
tral Bank and theRafldain Bank, 
are kept highly liquid. Iraq's 
involvement in the Eurodollar 
market has "been negligible J 
though its External Develop- ( 
ment Fund has been disbursing 
an increasing amount. •, 


54bn at the end of ' 1973 to 
$18.3bn at the end of 1976 

stock exchanges), fixed interest 
securities, including bonds, pro- 

5LU.^on at toe end of i»ih ^ and some re i at ively small 
after aid disbursements. By the S vestments in the Arab world 

middle of this year the total anQ rae 

controlled by the Ministry of Authority is increasingly under 

Finance prohahly amounted to - 

something approaching 530b n. 

UAE management It has been 
estimated that Abu Dhabi 

Kuwait long predates baudi hQuld b able t0 roV e r Its 
Arabia as a surplus oil state doinestic spe nding out of its 
and has for over two decades investment income in about ted 

pursued a policy of building up 


years time. 


substantial financial 
an alternative source of _ __ _ 
income. At the end of 1976 it l-JOIUCSl-IV- 
decided to plue! 50 t Pej cent of Dubai othcr main oil pr0 . 
Je assets of the State sGenerri ducer ta the UAE ^ ua iLkely to 
Reserve into a ‘Reserve Fund have ^ for outside 

r °^. . F “^ ire investment this year because of 

which 10 1 per rent of os - ta jjgayy, domestic spending and 
is now allocated each year, the ^ ol s - erricing its substari. 
.. At the- same time Kuwait has tjjQ debt, which -will peak next 
for much longer than Saudi year and in 1980 assuming no 
Arabia pursued a policy of . dis- additions. -are "made to it.- . 

With , limited oil, reserves 

abroad Qatar h8S chosen restrict ItS 
pnvate sectors assets abroad output t0 abouI half . the level 

now f SSf^ApfllrfinB to of which it’is capable/ A lt) per 
^ fnr l g 977 faU last year cancelled out. 

? iSllSSS7fnreme III sLte ^ e effe « of P^ce increase 
investment inenroe tor tne stfltc _ ^ .l.a* smnncaii _ i 

as a whole in. 1977 amounted 

to 548m Kuwaiti dinars (the 

equivalent of 81.95bn), of which - 

KD . 258m, accrued to the fj®”* a SUI ?* U j a P° ut 

Government. KD 125m to $-50m. was generated in ran- 

mainly public-owned financial -^ efi £it 

institutions, and KD 165m to ® r |S ,n Uly . envkaged. At- the 
the Private 'sector *ame time Qatar borrowed on 

SMS investment the international market $300m 

policy is a much more sophisti- J°. hel P 

cated and complex affair than tnaI P roje . ct ?\" Apart from the 
that of .Saudi Arabia, as befits erv «* *» Q atar 

its far long experience and Monetary Agency as currency 
bigger- commitment to maximis- tte acaimuffitcd sur- 
ing the return from its accu- ^ 1S more than S2hn 

mulatfed funds. Its hidden, .in- .^OSt equally between: 
stated reserve is treated separ- de Posits and bonds of varying 
ately from the Ministry of maturities. . 

Finance's cash accounts oF Libya has always protested 
$3-4bn and the money held by that it should hot be considered . 
the Central Bank as backing a surplus producer, but this 
for the currency. It includes a assertion is open to qnestion; 
very wide variety of financial Even full implementation of its . 

Apart from the increasingly 
large amounts of funds required 
by the producers for budgetary 
reasons and currency covet, all 
the Arab producers would 
prefer to put their revenues 
into necessary infrastructure 
and productive income generat- 
ing projects. Even Kuwait is 
not really an exception to "that 
generalisation but has decided 
there are desirable limits to 
domestic growth for social and 
political reasons. " As It - is 
OPEC countries — like ihost 
other investors— have earned a 
negative compound interest on 
their surplus revenues placed 
abroad since 1973, through; in- 
flation and decline in currency 
values. Meanwhile the bulk of 
their external assets have' been 
placed in dollars either through 
direct placements in .the U.S. 
or " in the Eurocurrency 
markets. ■■-- 

' The World Bank has recently 
estimated . jthat . no . ;Iess than 
75-80 per cent 6f the 1 accumu- 
lated OPEC surplus as a whole 
are in the form of dollars .of 
T>ne "kind or . another and no 
less than 60 per cent iii the 
form of bank deposits. IT was 
the scale and high degree of 
liquidity of these funds that led 
Mr. Edward Heath to propose 
recently that the producers 
owning . them should . lead 
directly -to industrialised 
countries, a? well as the develop- 
ing world, as part of the cam* 
paign for global reflation. As 
pressure on revenue increases 
. no producer apart from Saiidi 
Arabia ts likely to want to 
increase, its -bilateral commit- - 

For over a year now there 
has .been mounting preoccupa- 
tion with the erosion of the 
value of the dollar, which has 
lost something like 17 per cent: 

: in purchasing power since the 
beginning of 1976 . and about- 
30 per cent - since the great 
price explosion two years - 
earlier.- Yet this year the shift 
out of the dollar has boen mini- 
mal. -according to the World 
Bank. The fact is that there 
are limited opportunities ftr. 
diversification. Or as Mr. AbdeL- 
Rahman Attiqr, Kuwait Minister 
of Finance, put it ’* there is no 
■ alternative to Uie dollar.” - 

* 41 Objectives of the Petroleum- 
Exporting Countries'* by J. & 
Hartshorn in co-operation with 
with the Middle East Economic-: 
Survey and Energy Economics 1 . 
Research. Price $300.' " ’ • - 

Richard Jdh)& 

Financial Times Monday July 24 1978 

CABLE: FOREBANK TEL: 41428/9, 38107 
TELEX: 20200, 62068, 62242 

13 c.c-,-v.n A/ r 

•* **# 




£ « 

BANK U m^ 


ARE f^F t T^ E 

/^bBeTI^ ^ 



lahb. o 1 




\V'’- % 

UBAN j vfy 

h S _ A 










i24, 768,274 CURRENT ASSETS 










449,100 . 
3,000,000 . 























chain of Financial institutions and companies, and has an international network 


AS OF 30/04/1974 — 

LD 2.6 


US* 8.9 

„ „ 31/12/1974 — 

„ 4.3 



„ „ -31/12/1975 — 

„ 5.6 


„ 19.3 

„ „ 31/12/1976 — 

„ 4.4 



„ „ 31/12/1977 — 

„ 8.1 


„ 27.9 





BIA— Banque Intercontinental© Aribe-— PARIS 
AlB— Arab International Bank— CAIRO 

ARBIFT— Arab Bank for Investment & Foreign Trade— A. DHABI 
LATBAN— Libyan Arab Tunisian Bank — BEIRUT 
AJ IB— Arab Jordanian Investment Bank— AMMAN 
BDET— Banque de Developpement Economique de Tiinisie— ' TUN I 

ARLABANK— Arab Latin American Bank LIMA 

ARESBANK— Banco Arabe Espanol— I MADRID 
ARTUBANK— Arab Turkish Bank— ISTANBUL 

BALM Banque Arabe Libyenn6 Mauritanienne— NOUAKCHOTT 

BATAL— Banque Tchado-Arabe .Libyenne— N’DJAMENA 
BALTEX— Banque Arabe Libyenne Togolaise— LOME 

UBAF— Union des Banques ArabeS et Francaises— ! PARKS 
UBAE— Unlone di Banche Arabe ed Europee— ROMA 
UBAAB— Ubaf Arab American Bank— NEW YORK 
UBAN— Arab Japanese Finance Limited-^HONG KONG 
LAUBANK— Libyan Arab Ugandan Bank— KAMPALA 

SHEET (millions) 


















■ *5 


in 1977) 







(Incorp. in 1977) 








in 1977) 

. OM 











in 1977) 

STG £ 


STG £ 






LIT 10,000 

LIT 513,6213 


























1 £ 













ii 1 


i '.t 









■ s, 








_ < 









■ "l 








• -.c 


• a 






■ >t 

: J 





« i 

. Financial Times Monday July 24 1978 



The poor relation 

. ^ t authorised total of JSOOm. In 
pj SPITE of eloquent pleas by had to compete for the even Arabia. It «»* bias- its first year of ® 

inss? ^yr,. rr, 

a-S ssSS-srssIa SSscKjjif 

eoimtnes of th^^btan pen h^, this. In AtiqL's words: corporation m 19* '■ ^ in Bahrain and Kuwait, with 

in marked contrast to 

mo. th* Anrbian oenin- proved even more fundamental and Saudi - businessmei 

"P" 1 ™ than this. In Mr. Atiqi's words: corporation in »■ ■■ in Bahwin 

sula. For . g J2^1 p^ndituiB “ ... at a time of proliferating A ma j nr stumbling M"<* in attiludeg itl marKca w 

ment and ' ^“ c * demands for the investment of ^ wa ? 0 f making the wrpora- ca rlier. often E ^P Uar J; 

foreign investments and dfr ^ {un(ls within the Arab tf 0na f effective as its founders .JJ spired philosophies which led 

velopment aid—qinte apart f "J worW we find the ratification hone? is the small s«e of its p pn)1 jferdtion uf bureau- 

the increasing demands nf Qf the5e agreements and the ?3al bas e. Standing at some “ P sll p ra .nali«nal agencies 
annual recurrent hu « 1 paying U p of shares is taking this is Jj“ r . Jj? whose effectiveness tended to 

receive priority °'? r t ” 6 a . a n unjustifiably long time, adem . atc to cover all vntnr “ inverse proportion to tho 
tion of funds to intra-regional . h fact ^ lhese pro - * JEHi investment. even , sound of their titles. 

The Amsterdam-Rotterdam Bank N.V. (Amro 
Bank), the leading commercial bank in 
Holland, now has a branch in Dubai, United 
Arab Emirates, with Mr. Alex Gillies as 
General Manager and Mr. Hans ten Cate as 
Assistant General Manager. 

Amro of course has been providing its 
commercial and investment services for 
quite some time in the Gulf Region. But 
with trade and investment increasing — in 
an area where personal contacts are of 
crucial importance — Amro now intends to 
extend its services through a local branch. 

The Dubai Branch is well placed to assist 
business and industry In the Gulf Region 

with services like foreign exchange, trade 
finance, money market transactions, 
interbank lending, euro-currency credits, 
syndicated loans, guarantees, bid and 
performance bonds, documentary credits, 
collections, mail and telegraphic transfers 
and trade promotion. 

To discuss these services in detail, please 

Amro Bank (Dubai Branch) 

Chamber of Commerce Building, Third Floor, 
P.O. Box 2941, Dubai, United Arab Emirates. 
Telephone: 222283/4/5 
Telex: 6778 amroem. 

6777 amrox em (Foreign Exchange) 

tion of funds .0 in^lona. ^^‘ThT^Tthanhese p-ro: ‘Invest*™., «£ 

investment organisations. For represent major oppor- Ef °" h the Corporation s imp investment 

the private scetor domesnc^tieg for • intensive invest- permits it to accept risks * in , s businessmen with 

investment followed by inver ■ ment in ;he Arab countries in wtaUillc five times its capital- r |j nev to lend being put into 
raent io the industrialised west extreme i y vital fields such as f ar as \ s known the ■ Wllh businessmen with 

is more attractive than invest- mining and mineral resources. Coroora iinn has never been . Jv pru firahle projects, 

raent in other Arab countries, produc tion 0 f agricultural and on t o pay up against a P ^ being in an environ- 

especially the poorer brethren. med j ca i products, livestock and r1 a[ni i ts first claim cnuia. 1 which contracts can 

As with money, so with industry. I believe that there ^ at least, be to com- concludcd with confidence, 

people. The Arab world is is a lack of understanding of investors in Knowing that they wiU be 

woefully short of trained, the nature of these .project* ^^Arab investment jw upheld bv law. 

e^erienced and capable finan- The economic sphere of ^ went wrong, the enntrove up^ Arabian Peninsula is 

cS and investment managers. Arab projects is the Arab , , Pyram ids ° as 1 1 * ?.‘ rect ccrtainlv not short of busmess- 

InevitaMy the best, who are world, each w.tom a specific now cancelled by direct money t0 Lend. And 

very good indeed, are deployed sector. Despite this, we we that order 0 p Pres, dent Sadat ® at thpre are businessmen 

in the high return investment a country s mttiert in a «m- po i|tical reasons. with projects which are 

S Zin fl s £ S: Prestieious 

sr ttittsxvz jsrs- r ; h s « &JS5- 

investment projects in the ev en though these are holding jE^ids Oasis project had The mtcrostin^ fact, howe , 
SETSi lTeIy r to demand ^^^roHnv^ments^ 

well above average in financial ^ ^ Arab member countries." J™ se A dnan Khashoggi’s the Arab world. ,s l „ f , hlM I 

mm mm imm imm 

caution is the wat war . re i a tj V e success of the organisa- example of what do ho r roVcrs* end up borrow! nq 

Some Arab ministers and tioQ get up in July J 974 , the intra-regional investment, or borrowere through the 

financial experts would argue original shareholders of the even a perfect illustration of Arab mono • system. 

*W»*- tha cirhsTantial SUmS dlS- tnmn 4 iir uiorp thp pnveruments the f 3 CG irtttrnstioml ■ . a r .i. 

,u Dhabi rapitalism. The Egyptian people, rather than on f idirfc Arab lo 
15 Arab thp Arab world as a whole, and Arab bam*. Indeed, the Guir 

| endowed* members'*^ the Arab ““ n ^7^hav7" JL£S tLSV 

amsterdam-rotterdam bank nv 

Heal Offices: 595 Herenaracht Amsterdam, Tetoc 11006 
119 Coolsingel, Rotterdam, Telex 2221 1 

London Branch: 2930 King Street, London EC2V8EQ. Telex 887139 

John Townsend 

Edifur, Near Ensf Business 

financial experts wvuju “o-- original snarenoiaers m uic even a pence i »..»»«»* — "■ hankine system, 

that the substantial sums dis- company were the. governments the unacceptable face mttmation 1 — 

bursed by the oil surplus Arab Qf g audi Arabia, Abu Dhabi capitalism. The Egyptian people. 3 

states in aid to the less well ^ Kuwa iL Now 15 Arab the Arab world as a whole, and , — s , r ..s S cs its 

endowed members of the Arab counfrie s have subscribed inde ed the wider world had a Interna, ona f^ r * b ” fo „ 

League constitutes investment. cap ital to AIC. whose objectives picture of the prospect of sulv international * character. 

to the sense that this aid is very simple. The company s tantial profits for a few at the it stresses it. A b^ha cre^ 
developing an economic, radus- ^ charged with the investment expense of the many. Now all The tre ' * csneeially 

Sal imd social infrastructure. of funds at commercial that is left of it after some four regional lm^tmen^ ^ejaHy 

and hence is improving the terms j n Arab countries, with years' work are claims for com- m the p onmsuU. a s ■ 

dtotV f” more conventional “ emphMis „« the develop- ieusation. . compated to othor Arab .ncest 

investment, this argument is meot of i oca l resources. AIC A very different institution ment is ,, r lh Q 

reasonable. But aid is generally ^ take a share of the equity fostering intra-regional invest- through the st Lof 

on a government-to-government ^ any venture it sponsors. men t is the Bahrain-based Gulf international banking system .of 

SiTSST are fixed term. “W company began ^mational Bank <GtB which 

structured and guaranteed. An operations in 1975 with an, owned by the seven Gulf banks with Arab capital form 
assessment of risk, the hall- authorised initial capital of countries. Saudi Arabia. Kuwait, an important par . 

mark of entrepreneurial invest- j 2 5 5 m j n shares of $ 100 , 000 . Iraqi Bahrain. Qatar, the UAE Tnhn np J 

ment, is almost completely ^ sta rt with. 20 per cent of this and Oman. The bank's paid-up 
absent from' development loans, authorised” capitki 'was paid up. capital is ?71m. of ait uo- 

with provision for the total to 

Dedicated ' ” ' 1- ” be ”P aid up a p eriodof ftve | 

i There can be few more • aic’s first investment venture 
dedicated exponents of intra- ^ an excellent illustration of 
regional investment in the Arab problems of intra-regional 
world than Kuwait’s Finance investment in the Arab world. 

Minister. Mr. Abd Al-Rahman st j rre d by the concept of “the 
al-Atiq'u Yet Mr. Atiqi is com- gra nary oF the Arab world, 
pleteiy realistic in his assess- and drawn by , what then 
ment of the practical difficulties app eared to be an extremely 
in the way of Arab investment viable project, AIC acquired 17 
in t*£ Arab world. In an inter- per rent; 0 f the equity in 
view last year, he said: “ Invest- Sudan - s Kenana sugar company, 
ment in such countries as the ^ taking this share. AIC was 
U.S. and Europe, which follow the Arab financial 

the free capitalist system and institution to invest in Kenana. 
have a long experience, in ^ overall cost of Kenana 
general is easier.” increased by leaps and bounds 

In an address to the cultural SQ did AIC’s financial exposure 
seminar of the Arab League on At ^ pre sent time, the com 
November 1, 1977, entitled pany ha5 $ 54 m< or 31 per cent 
"Economic integration^ in Qf its tota j pa | d up capital so- 
present day Arab life,” Mr. fgr Qf gjgom in Kenana either 
Atiqi called for greater intra- as e q U ity or Iocal capital. In 
regional investment, for the add jti on to this direct invest- 
creation of a distinctive menL AIC has guaranteed $30m 
economic system in the Arab sup p|j er credits for the pur- 
world and for greater private cbase 0 f equipment for the pro- 
sector participation in joint . cl Naturally , if the revenue 
Arab projects. *’ It is unaccept- senera t ed b y the' project is in- 
able.” he said, “that one basic su flj c j ent t0 service the loans 
and essential element or C0DCerned these guarantees 
economic activity— the private CQU i d be called. 

sector and individual initiative go serious ha d the drains of 
■should be absent from the — 

Ever since its establishment in 1964. as the first 
multi-arab consortium bank, the Arab African. Bank s 
involvement in commercial and investment banking 
business has steadily extended to cover many parts 
of the worid. Now the interna dona l status the bank 
enjoys is reflected in our new name - Arab African 
International Bank. 

But that is not all that has changed. 

As our business has grown, so have our financial 
resources, and today our total assets are in excess 

of US S779 million. 

Our services, too, are wide ranging, covering 
international trade financing, medium term loans, 
projecr development and financing, money market 
operations in Arab and Euro currencies, and the 
management and underwriting of internationally 
syndicated loans and bond issues. 

For experienced banking advice and assistance- 
in theMiddleEast orintemadonally-ours is die 
name to remember: 


arab african international bank 

International Head Oifice: 44 Abdel Khalek Sanvat Street, Cairo. 
Telephone: 920390-916710 Telex: 92071 ARBFR and 363 ARBFRO 

Brandies in Abu Dhabi, Beirut, Dubai and Muscat Representative offices in London and Khartoum. 

Afrran WefrrtonaJ 5nV; ->srth6W«-S k tt3W 1977 were Itw Govanuripnts ri Kuw*. Egynl IfM. Jcn^aod 

campaign far Arab economic 

Kenana become on AIC' 

- - „ resources tiiat the shareholders 

integration. deemed a change -of manage 

It is generally recognised ment desirable.. A new direc 
that the major constraints to t0f g enera ] 0 f the company was 
intra-regional investment in the ppointed last October. It is 
Arab world ] include the lack of ^ {hat AIC wiI1 concentrate 
homogeneity in its economic jn futlire 0Q fima]ler pro . 

systems, inadequate or non- and ^ Hmits - lts 

Sr i exposure, and the involvement 
Jack of iwawal stabrtilj m * hard pressed manage- 

some crantnes^ and the deuth team from Kenana. 

° £ JSS C ^.““ 1 | (1 the company has invested a 

managerial talents m most tQtal of S66]m in equity and 

countries of the n J e ° lon - loans in 16 inter-regional pro 

s&rs ~o': £ 

Arab League has set up a ? ^ 

number of iustitutiuua These, Morocco^ a bnck and cement 

Lin descending hierarchical N °l2l b\T nlam in 

order include the League's rcuiforrcd steel bar plant in 

Economic Unity Council, and Ul JL® n ’ 
the Arab Common Market, the The ““P *"? 3 ”' w ”” na S e 
latter still inoperative. These ™gerds function as 

institutions date from the 1950s J> ein S 15 much that of a cata- 
and their most important pro- »/*« as . a Provider of finance, 
visions related to the removal 00 sense does the manape- 
of restraints on trade. ment want AIC l ° be re S ard ed 

To foster joint Arab invest- “ a s °rt loan agency, 
ment . projects, the Arab Another Arab institution 
Economic Unity Council created to facilitate intra- 
srpawned a number of institu- regional investment is the Inter- 
tions: these institutions include Arab Investment Guarantee Cor- 
the Arab Mining Company, the po ration.- Set' up in 1974 and 
Arab Company for the Develop- l> ase d in Kuwait, the objective 
ment of Animal Resources, the the corporation Is to provide 
Arab Company for Pharma- insurance for Arab investors in 
ceutical Industries, the Arab the Arab world against risks OF 
Organisation for Agricultural a non-commercial nature. 
Investment, and the Arab The Corporation will insure 
Investment Company. The against compulsory takeover 
functions. ot rather the and nationalisation, unilateral 

intended functions, of the cancellation of debts, damage 
various organisations are indi- resulting from war and civil dis- 
cated by their titles. turbances. and a range of risks 

With one possihle exception, which are classified as political 
the Arab Investment Company, rather than those associated 
these organisations have yet to with normal business dealings, 
serve the purpose for which The Corporation ran into 
they, were founded. In addi- some difficulties in its early 
tion' to competing for scarce days on philosophical grounds, 
funds. thesG intra-regional especially, from conservative 
investment organisations also Arab stales such as Saudi 



P.O. Box 6277, 
Saudi Arabia 

Affiliated with the National Bank of Pakistan 




Financial Times Monday July 24 1978 


H i> 

i . 

\ c 

■i if’* 


A new flexibility 

ARAB BANKING, with roots 
deep in Islamic conservatism, 
has frequently been accused of 
being slow to respond to the 
changing economic and 
monetary needs of the Arab 
Arab world in the last few 
years. Indeed, the domestic 
banking systems of certain of 
the mam oil producers, such as 
Saudi Arabia, are often con- 
sidered inadequate in Western 
terms of meeting some of the 
minimum demands on them, 
given the pace of regional 
economic development. 

However, new initiatives by a 

number of Arab banks in the 
past 12 months hai caught the 
attention of the world financial 
community, and brought to the 
fore new names in international 
banking. Emerging from the 
role of passive depositors of oil 
funds on behalf of their parent 
states, several Gulf Arab bank- 
ing groups in particular are 
noted for their aggressiveness 
in international banking. 

Arab banks are also becom- 
ing known for their willingness 
to join in experimentation in 
the international capital mar- 
kets. particularly when relevant 
to their own regional interest. 
This >5 a development which 
few would have predicted only 
a couple of years ago. 

The question of the degree of 
this new-found flexibility- is 
heing sought by the central 
banks of the Arab world. 

The first-ever conference of 
‘central bank governors of the 
Arab states, which has just met 
in Amman, has startPd a process 
which could transform the 
Arabs from being mere sup- 
pliers of capital to full-scale 
intermediaries in the world 
capital markets. 

According to the governor of 
the Central Bank of Jordan. 
Dr. Said Nabulsi. who chaired 
the meeting, the aim is a unified 
capital market for the Arab 
world nf roughly SHVbn in the 
near future, with emphasis on 
medium- and long-term capital 
for projects in the Arab 

Later, however, the increas- 
ing sophistication of Arab 
;financial markets could allow it 
.to play a role as intermediary 
between Arab providers of capi- 
-tal and infernal ionaTSorrowSrs; " 
‘At that stage, the worth of this 
Arab capital market would prnb- 
ablv rise to SSOhn and above, 
according to Dr. Nabulsi. 

These arc long-term plans, 
however. The activity of Arab 
banks is a reflection of the 
variciy of different economic 
and monetary pressures being 
exerted on the bulk of the oil- 
exportina states. A number of 
Arab states have found their 
nil surpluses have dwindled, 
underlying the need Tor external 
finance to supplement develop- 
ment and budgetary expendi- 
tures. In many cases, this has 
meant medium-term borrowing 
-on the Euromarkets, a field in 
-which Arab banks are entering 
‘with increasing impact. 

; While non-Arab members of 
OPEC have launched some of 
-the most dramatic financings in 
Hie Euromarkets— such as the 
Slbn ’‘jumbo ” loans for Nigeria 
and Venezuela — a number of 
Gulf states are rapidly building 

up tbeir medium-term Euro- 
market debt.' ‘ • 

The Bank for' International 
Settlements in Basle bas re- 
leased some penetrating data on 
. OPEC borrowings. .In 1977, the 
oil-producing countries’ recourse 
to the international markets 
totalled 511.3bzu while the 
group's deposits with the inter- 
national banking.' system 
declined to $13.4bn.- In Tact, 
OPEC deposits with' banks 
reporting to the BIS in third- 
quarter 1977 amounted to only 
$400m. while . borrowings 
reached $2.2bn. - These figures 
exclude OPEC deposits in 
national money markets. The 
Bank of England estimates that 
OPEC countries earned a §33 bn 
net surplus last year, with 
roughly a third switched into 
bank deposits in both domestic 
and Euro-capital markets. 

These statistics illustrate the 
intensity of the squeeze on oil- 
producers’ earnings, which some 
observers believe may fall away 
further to S25bn or less in 1978. 
For example. Morgan -Guaranty 
Trust, in its authoritative 
World Financial Markets, calcu- 
lates that, with rising imports 
and declining exports, the cur- 
rent account surplus of the key 
OPEC state of Saudi Arabia 
could slip to about S5bn in 1980 
compared with the $17bn of 
1977. . ; 

The several hundred million 
dollars of syndicated Euro- 
market transactions so far this 
year du give some insights into 
the borrowing requirements nf 
the area. They include. a SI 00m 
loan for tbe United Afab Ship- 
ping Company, a multinational 
Arab concern. SlOOm for the 
Qatar Steel Company, $100m 
for Emirates Telecommunica- 
tions and a $60m .syndication 
for the Bahrain National Oil 
Company. These loans were ail 
significant in _ that they were 
managed and led by the new 
Arab breed of banks and in- 
vestment institutions. 


It is also apparent that these 
new Arab banks will not con- 
fine their operations to Arab 
borrowings alone.- In one of the 
first such operations of its type 
for an East European nation. 
Polanffrawed a -Irbco 

a group of Arab banks earlier 
this year to finance oil imports,- 
following a similar . SlOOm 
financing by the National Bank 
of Hungary at the beginning of 
the year. 

East Germany has also tapped 
the market with a S22ra Gulf 
borrowing earlier in 1978. 
although this transaction was 
apparently not. linked to oil 

Western bankers consider the 
key new institutions in medium- 
term credits in the Gulf include 
the Abu Dhabi Investment Com- 
pany <60 per cent owned by 
the Abu Dhabi Investment Auth- 
ority), Gulf International Bank 
(jointly owned by Saudi Arabia 
Kuwait and several other Arab 
governments). National Bank nf 
Abu Dhabi and Kuwait Inter- 
national ' Investment. These 
organisations have rapidly 
expanded the Arab presence in 
this type of credit, in the rais- 
ing of -which the Paris-based 

consortia banks, Union des 
Banques Arabes et Franchises 
and Banque Arabe et Inter- 
nationale dTnvestissemcnt had 
been dominant for. many years. 

The emergence of these Arab 
banking institutions, competing 
in a market which has tradi- 
tionally been the preserve of 
the big Western banks, has been 
greeted with mixed feelings by 
bankers in London. New York 
and elsewhere. 

On the positive side, many 
consider that the fact that Arab 
banks are prepared to lend 
and commit long-term funds in 
sizeable volume in the inter- 
national markets is a healthy 
sign — and a development long 
urged on Arab governments 
since their oil surpluses began 
to pile up io short-term bank 

It is clear the Arab Govern- 
ment's backing, for instance, the 
Abu Dhabi Investment and Gulf 
International Bank have agreed 
that they shnuld become an 
important channel for recycling 
surpluses into the Euromarkets. 

Nevertheless, some warning 
comments are being heard. Un- 
doubtedly, their presence has 
allowed some Middle East 
borrowers to obtain a per- 
ceptible improvement in the 
terms they can obtain in the 
medium-term market. This 
claim came to a head with a 
recent SlOOm credit for 
Morocco’s State phosphate con- 
cern. OCP. managed by Abu 
Dhabi Investment. The trans- 
action was based on a margin to 
the lending banks of £ percent- 
age points . over London Euro- 
dollar interbank rales, attracting 
th<? charge that it was far too 
“ finely priced ” considering the 
shaky state of the Moroccan 
economy and previous Moroccan 
lending margins. 

The argument about this 
credit still continues. But it is 
interesting to note that the 
Kingdom of Morocco is now 
returning to international mar- 
kets shortly for a loan of $300m. 
Many Western banks professed 
themselves reluctant to partici- 
pate at a 5 per cent spread, and 
wanted a higher margin. It is 
thus no surprise that the new 
loan .commands a I ,j>er..qent 
rtfargin. . 

Apart- from these criticisms. 
Western bankers also claim 
that if jt came to the large 
high-risk balance of payments 
loan for a poorer member 
of the Arab world, such as 
Egypt and Sudan, U.S., Euro- 
pean and Japanese banks will 
still have to absorb this 
unattractive loan business. 

However, the latest operation 
or the Arab Monetary Fund, 
the Arab world's Abu Dhabi- 
based equivalent of the IMF. 
may prove to have great signifi- 
cance for commercial banks. 
The AMF has agreed to co- 
roanage a loan of $120m for 
Algeria on the medium-term 
market This credit, destined 
for the stale Banque Nationale 
d’Algerie, is being - lead- 
managed by Gulf Internationa] 

The Fund, whose primary 
objective is to aid’ member 
states with balance of payments 
problems, was thought more 
likely to start its programmes 

with aid injections for Egjpt 
or Sudan.' Nevertheless, its 
presence in the medium-term 
market can only help to re- 
inforce the activities in this 
area of the Arab banks, and 
perhaps reduce the charge that 
these banks will avoid very 
high-risk payments loan. 

Medium-term credits apart, 
the Trend towards experimenta- 
tion in Arab banking, particu- 
larly in international business 
has gathered pace in other 
spheres. Undoubtedly, the 
gravitation of Western banks to 
Bahrain, where the offshore 
market has evolved into the 
Gulf region's own Euromarket 
centre, has helped inject exper- 
tise .and sophistication into the 
area in general. 

At the same time, the many 
indigenous and foreign banking 
institutions in the United Arab 
Emirates, which has long been 
accused of being “ over-banked.” 
have started to look for offshore 
business as the local economy 
has slowed down. 

In. Bahrain, the two-year-old 
market, now numebring 36 oper- 
ating Offshore Banking Units 
t OBlTs), is generally agreed to 
be generating genuine regional 
banking business, rather than 
being a poor relation picking up 
marginal business from the big 
Euromarket centres in Europe 
and South-East Asia. 


3 b 

An Arab and Internationa] Association 
. in Banking and Finance. ; 

' • V* 



Tokvo Bahrain 

T __J_ ■ 


Route-Mils n s' 

(iialul S.p.A 

Luxembourg/ Frankfurt : 



- ‘ "■ l-lNANCE LIMITED 

London : 


New York.* 


General Representative Offices for rhe Middle Easn 
Beirut Cairo 

Major banking and financial institutions ^ I0tn 
all the ns entv Arab countries 

- France 

- United Kingdom 

- Italy 

- \Yr-A Germany 

- Japan 

- United Sates of America 

are rfwrehoUcrs in one or more o l the seven associated but independent companies. 

Regional activity now 
accounts- for over half the 
market. Liabilities in Gulf 
currencies, particularly in 
Saudi riyals and Kuwait dinars, 
reached the equivalent- of 
$3.6bn at end-1977 compared 
with just over S1.2bn in 1976. 

The growth in Saudi-related 
business has been impressive- 
One reason is the Kingdom's 
decision to denominate its big 
construction contracts in riyals. 
thus drawing foreign contrac- 
tors into foreign exchange 
exposure in the currency. Most 
contractors have now learnt to 
deal in Bahrain to hedge them- 
selves. as well as earn tax-free 
deposit interest on their free 
riyal balances. 

Such -is the scale, of business 
that the Bahrain OBU market is 
due to introduce a. clearing arid 
interbank settlement system for 
riyals, apparently with the tacit 
approval of the Saudi Monetary 

Some of the uses to which 
Saudi riyals are now being pul, 
helped by a growing and signifi- 
cant pool of Saudi currency in 
circulation outside the Kingdom, 
includes syndicated borrowing. 
Bahrain-based banks have orga- 
nised several such facilities, in- 
cluding a SR50m financing for 
the Saudi industrial company, 
Saudi Arabian Amiantit Com- 
pany. The rate was linked to 
the six-month rate for Saudi 
riyal deposits in Bahrain, which 
now stands at around 5 per cent 

This was followed by one of 
the largest transactions so far, 
a 5R3Q0m loan for Saudi Re- 
search and Development Com- 
pany, a holding company of 
Saudi businessman Mr: Gbaith 

However, the international ex- 
pansion in loan business is be- 
lieved to be moving at too rapid 
a pace for the Saudi Arabian 
Monetary Agency. SAM A is 
widely reported in markets to 
have written to some banks to 
urge caution in the use of tbe 
riyal in international transac- 
tions. While there has been no 
official confirmation of this step, 
it is believed that SAMA is 
anxious not to su?e a large, un- 
controlled “offshore" poo] x>f 
riyaJs develop which could 
eventually endanger its domes- 
tic monetary policies. 

It is understood that a pro- 
posed issue in riyals by the 
Moroccan development bank 
BKDE is now being rethought 
in the light of the Saudi desire 
to restrict the international 
use of its currency. 

Nevertheless, the pressures to 
orchestrate a wider role for 
Arab currencies remain. One 
of the biggest internationally- 
syndicated loans in Kuwait 
dinars so far is now being 
managed hy the National Bank 
of Kuwait and Chase Man- 
hattan. Totalling KD 14m 
(approximately S50m), it is 
being arranged for a Kuwaiti 
private sector company, A. 
a 1 -Bab tain, sole apent in 
Kuwait for impnrts of Datsun 
vehicles. The spread is 1? per 
cent over Kibor (Kuwaiti dinar 
interbank offered rates). 

With the wamine shot from 
SAMA on the rival, raanv 
bankers believe that Kuwait will 
take on growing importance for 
the international markets. The 
nasi 12 months have se«*n thp 
first Kuwaiti dinar cerrifiratps 
nf dpnnsit, fixed as well as float- 
ing rate. 

The first major promissory 
note Issues have , also been 
introduced in dinars. Other 
area innovations include Inca] 
currency bond issues in- Bah- 
rain. the most significant of 
which was; the BD 15m 10-year 
bond for Petroleos Mexicanos. 

John Evans 


British Bank 


Middle East 

A Member of The Hongkong Bank Group 

Branches in 

Bahrain • Djibouti • India • Jordan * Lebanon 
Oman ■ Qatar - Saudi Arabia • Switzerland ^ ? 
United Arab Emirates - Yemen Arab Republic ; 

Other Group Interests in the Gulf 

The Middle East Finance Co. Ltd. 

Dubai * Abu Dhabi • Ras al Khaimah 

Wardley Middle East Ltd. 


The Hongkong and Shanghai 
Banking Corporation 

Offshore Banking Unit - Bahrain 

Head Office & London Main Office 

99 Bishopsgate London EC2P 2LA 
Telephone: 01-6382366 Telex: 884293 

and at 

Falcon House Curzon Street London W1Y8A A 
Telephone: 01-493 8331 Telex: 27544 

tZ > 

i Li S: 


. ' Fe:r.rn arwi/^it DO** 1 aif ; i I j Ri|r Am jtttddlTL 

Rembrandt country is Rabobank country. 

Rembrandt found hi« inspiration in Holland, 
yet created art with a worldwide appeal. The Cent rale 
Rabobank also finds its inspiration in Holland... 
yet increasingly provides services in the world at large. 

\Vith a strong agricultural background, 
the Centralc Rabobank heads a cooperative 
banking organisation with over 3IOO offices and a 
combined balance sheet total exceeding 61 billion 
Dutch guilders (in excess of US S 26 billion) in 1977. 

Tin’s makes the Rabobank not just one ot 
the largest hanks in Holland and one of the 35 largest 
banks 'in the world, hut also a hank with deep awls 
in almost all -sectors of Dutch economic life. 

The Centralc Rabobank is now expanding 
worldwide with a fill! range of hanking serv ices. 

To accelerate this expansion, we recently co-founded 

the TJnico Banking Group", Unking us with five 

other major European cooperative hanks. This, together 
with the support of London and Continental Bankers Lt»i, 
ha- strengthened our operations hv giving international 
clients unparalleled on-the-spot service. 

Giiwili.'t haktfv* she«>( MjI 
enW inland uoridl dCJivrtiej. 

[ Imemational * I 


'72 '73 '74 75 '76 77 

In addition, we are active 
in the Euro-currency and Euro- 
bond markets. Our international 
transactions in foreign currencies, 
Hum-credit loans and 
participation in new issues, are 
showing a remarkable growth. 

Centralc Rabobank . International Division. 
Cathariinvsin g el 20 . P.O. Box SQ9S. Utrecht , 

l he Netherlands. Telephone OSO- 562611. Telex 40200. 

Rabobank Q 

Patch Masters in B anking . 











































































• h 








1 > 








• Ftoandal TTmer Monday* July 24 2S78 

We are a part of the Arab world 
so all you need to do is walk 
through the door of a European 
Arab Bank and you can bene- 
fit from the trust that Arab 
decision makers place in us. 
Apart from giving you unique 
introductions in the Arab world, 
we offer a full range of banking 
services; medium term project 
finance, financing of foreign 
trade, collection and transfer of 
funds, acceptance from bank- 
ing institutions of deposits for 
varying terms, loan syndication, 
Euro-currency and Euro-bond 
issues, investments and 
money management 


Abu Dhabi Fund for Arab Economic 

Banque Nationale d'AlgSris 

national Bank oi Egypt 

National Bank of Kuwait 

Banque Ubanaise pour le Commerce 

Banque Misr-uban 

Credit Libanais 

Soci6te Generals Libano-Europ£enne 
de Banque 

National Commercial Bank. Tripoli 
Banque Marocaine du Commerce 
: Extdrieur 
Suilanate of Oman 

The National Commercial Bank, Jeddah . 
Bank of Sudan 
Banque Cenlrale de Syrie 
Arab International Bank. Cairo 
FRAB Holding. Luxembourg 
Creditanstalt-Bankverem. Vienna 
Soaele Generale de Banque S.A, 

Sociele Generale S A, Paris 
Deutsche Bank A.G. 

Midland & International Banks Umited 
Midland Bank Limited 
Banca Commercials Italians 

Fuji Bank Limited 
industrial Bank of Japan 
Amsterdam-Rofterdam Bank N.V. 

Credit Suisse 



Avenue des Arts 19H-Bte2 
B-104Q Bruxelles 

Tel: 2194230 - Telex: 26413X3834/25762 


Munchener Slrasse 1 , P.O. Box 16.280 

D-6000 FranMurt/M 

Tel.: 232707 - Telex: 416874/413030 


29 Gresham Street, London EC2V7EX-- 
-Tel.: 01-606 6099 - Telex: 8312047 


Karroo Centre, AI Khalifa Road • 

P.O. Box 5883, Manama Bahrain 
Tel. - 50600 - Telex: 8940/8996 

Representative Offices: 


26tb July Street M° 15, Cairo. Egypt 
Tel: 48698/52431/52579 - Telex: 92619 

Room 427, Fuji Building 

3-2-3 Marunouchi, Chiyoda-ku. Tokyo 

Tel.: 103) 214-6058 -Telex: 2226287 


t&pi&lof the Group: F. Lux. 2 billion (approximately US$ 60 million).’. 

f# 4 - 

Established 1978 


POfcwtlW POHox’SOT 

PO Box 15. Dfufuan Airport 

A commercial bank owned 60%bythe Saudi public 
and 40% by The British Bank of the Midd le East, 
a member of The Hongkong Bank Group. 
Head Otlke: PO Box 109, Jeddah. Telex-401051 SJ. 



Gulf takes over 

cial institutions and services 
has proceeded so fast in the 
Gulf that people long ago 
stopped talking about the 
chances of Beirut recovering 
its premier position in Arab 
finance (and the recent new 
Hare-up of fighting there has 
re-emphasised the improba- 
bility of this happening for 
many years to comej. 

It is in the Gulf that, out nf 
nothing, has been created a 
major offshore banking centre— 
Bahrain — which by the end 
of .Tune had assets totalling 
S19.5bn. This total was within 
striking distance of the assets 
of Bahrain’s closest offshore 
rival — Singapore — which has 
about S22-23bn. It is in the 
Gulf that Kuwait has for long 
provided a stock of native 
financial expertise and acumen 
and has developed a wide rarwe 
of capital market services not 
just for the local market but 
the Gulf and Arab world as a 

It is also in the Gulf that 
major new local banking insti- 
tutions have emerged in the 
last 18 months or so to chal- 
lenge the powerful U.S.. Euro- 
pean and Japanese banks in 
syndicating Eurocredits and 
take their place alongside the 
more established Arab invest- 
ment houses — mainly Kuwaiti — 
which had earlier made their 
mark in Eurobonds. 

Outside the Gulf, there are 
no really serious contenders as 
financial centres. Amman has 
built up a range of local, foreign 
Arab and Western banking in- 
stitutions but basically remains 
a backwater. Cairo has been 
even more successful in pulling 
in foreign institutions. Around 
70 have opened offices there. 
But the parlous state of the 
economy, almost non-existent 
telecommunications and other 
basic problems have deterred 
any real financial development. 
Tunisia has set out to attract 
banks operating offshore, but 
only Citibank has so far opened, 
and the advantages of Tunis 
over other Arab cities are not 


'.^Bahrain’s grqwth has been 
extremely rapid, and the 
momentum appears' to be keep- 
ing up. . Offshore banking 
assets totalled Sl8.3bn at the 
end of April this year, SI9.2bn 
at the end of May and S19.5bn 
at the end of June. April’s 
figure compared with only 
$8.9bn a year earlier. . By June, 
40 offshore banking units 
(OBUs} were operating, with 
another four still to activate 
tbeir licences. including 
Barclays Bank International. 

The Bahrain Monetary 
Agency (BMA) statistics show 
strong growth in deposits from 
the Arab region. Liabilities 
there stood at SlO.fibn in April, 
1978, against $3.7bn a year 
earlier, while liabilities from 
Western Europe grew from 
$3.6bn to only $5bn in the same 
period. This reflects the increas- 
ing deposits coming from 
banks in the oil-rid) countries 
surrounding Bahrain and, to a 
much lesser extent, . from 
official and semi-official institu- 

It is generally reckoned in 
the banking community in 
Bahrain, that most official sur- 
plus funds still follow tradi- 
tional channels direct to the 
big international banks in 
London, New York and other 
Western centres. 

Growth In OBU assets in 
Arab countries has. also been 
healthy. Between April 1977 
and 1978 they rose from S3.6bn 
to $9.3bn, while assets in 
Western Europe went up from 
$2J2bn to $4J?bn during the same 
period. The asset growth is a 
direct result of the strenuous 
efforts OBUs have made in the 
past year or so to develop the 
corporate lending side of their 
business. Except for the really 
big banks with OBUs — such as 
Citibank, . Bank of America, 
Chase and Swiss Bank Corpora- 
tion — which have worldwide 
dealing operations, there is not 
much money to be made out of 
foreign exchange dealing or 
money market operations. Only 
the big banks can deal in the 
large amounts on which reason- 
able profits can be made. 

In order to cover high 
operating costs in Bahrain— 
833.000 a year for an annual 
OBU licence plus other expenses 
which can take the bill up to a 
Sim for a large bank— the onus 
has been on OBUs to search out 
lending opportunities in neigh- 
bouring states. This has not 
always made them popular 
with the commercial banks In 
Saudi Arabia. Kuwait or the 
United Arab Emirates, which 
have accused them of stealing 
their customers. The OBUs 
have been able to offer cus- 
tomers for local currency loans 
rates which are slightly beld\v 
what the local banks' can offer, 
because their cost of funding is 
often cheaper. The local banks 
place their excess rivals, dinars 
or dirhams withe OBUs because 
they can produce a return over- 
night or for longer periods on 
money which would otherwise 
have to remain interest-free 
with their central banks. 

The counterpart of this 
placing is the lending out by 
the OBUs. Because they have 
no liquidity requirements to 

meet, they can charge less when 
they lend back to Saudi Arabia, 
Kuwait etc., than can the local 
banks, which do have to satisfy 
liquidity regulations. Some 
OBUs are known to use over- 
night money to lend out for 
periods of up to a year. 
Periodically, the local banks or 
monetary authorities have 
retaliated, forcing up rates 
quickly in what are. still very 
volatile local currency markets 
to catch OBUs out Already this 
year, the Saudi riyal and VAE 
dirham have been squeezed in 
this way and several OBUs were 
caught in It. 


But the amount of unfair 
competition from Bahrain in the 
surrounding countries, is prob- 
ably exaggerated. OBUs have 
been providing many of the 
services that the Saudi banks, 
hidebound by regulations, or 
the Kuwaiti banks, fairly com- 
placent because of their high 
profits, have been unable to 

Whatever the OBUs can offer 
in the way of lower costs to a 
local borrower should not, how- 
ever, jeopardise his long-term 
relationship with his local bank, 
since there is no substitute for a 
banker being on the spot in the 
market where he is operating. 
The only area where the BMA 
has felt it necessary to ask OBUs 
for restraint has been on letters 
of credit, where certain institu- 
tions were selling ou cheap com- 
mission rates. The BMA did (tot 
tell OBUs to stop lettcr-of-credit 
business in neighbouring states 
—it merely advised that the 
business be part of a broader 
relationship with the client. 

Bahrain has recently started 
issuing investment banking 
licences to broaden the range of 
institutions there and develop 
more longer-term business. 
Kuwait is still the leader in this 
sector. It hae long bad powerful 
investment companies, which 
have been active in direct local 
and regional investment as well 
as local currency bonds and 
international bonds. Its com- 
mercial banks have huge assets, 
and have recently started, ,to 
show more interest in managing 
and syndicating credjts for Afab 
borrowers. Partly in response to 
Bahrain’s emergence but mainly 
as a logical growth in the 
market, Kuwait has developed a 
wider range of financial instru- 
ments and services over the past 
18-24 months. The banks have 
begun issuing certificates of 
deposit to lengthen the maturity 
profile of their liabilities, which 
have been traditionally con- 
centrated on the short periods. 
As a result, syndicated credits 

In Kuwaiti dinars have started, 
and recently KD 14m was 
raised in this way for a local 
borrower. Al-Babtarn, with 
National Bank of Kuwait lead 
managing alongside Chase 

A secondary market-maker— 
the Arab Company for Trading 
Securities (ACTS) — began 
operating last year, bringing 
depth to the market and 
improving conditions for new 
issues: coupons have come 
down, maturities lengthened 
and the amounts available for 
each issue increased. At the 
same time, prices in the 
secondary market have held 
up, and most issues trade over 
par. It is reckoned to be only 
a matter or time before triple-A 
borrowers are attracted to the 
KD hnnd market— perhaps a 
major western company with 
big contracts in the region and 
receivables in KD or another 
local currency. 

More and more private sector 
borrowers are emerging in the 
Gulf, and local banks are com- 
ing forward to raise money for 
them on the International mar- 
kets. A Jot of the smaller pro- 
jects tend to be in the real 
estate field, and some are not 
always very well conceived or 
adequately documented. 

A recent spate or borrowines 
by government entities in the 
Gulf has given institutions like 
Gulf International Bank in 
Bahrain, National Bank of Abu 
Dhabi. Abu Dhabi Investment 
Company and, to a' lesser 
extent the Kuwait International 
Investment' Company a chance 
to play a major role in manag- 
ing Eurocredits. The deals for 
Qatar Steel, United Arab Ship- 
ping, Bahrain National Oil Com- 
pany, and others ha% a e all been 
done at the finest spreads, start- 
ing at i per' cent above Libnr. a 
level which has so far been 
bettered only by France of the 
sovereign western credits. 

The established international 
banks have complained of the 
aggression in pricing shown by 
GIB — owned equally by the 
seven Gulf states— NBAD and 
ADIC — both majority owned by 
the Abu Dhabi Investment 
Authority. But it is a natural 
desire for the oil-rich govern- 
ments- to want their slate or 
semi-state entities ted into the 
markets by their own banks. 
These banks have the muscle to 
do this at a time of very low 
spreads and very stiff competi- 
tion for good borrowers. They 
will be even more powerful 
when market liquidity tightens, 
for non-Arab banks' funds are 
likely to be affected before 
their own funds from the oil 


Brian Thompson 


An economic 

— * 

ARAB - AID '-has acquired to benefit other countries, fo 
tremendous financial and econo-, spread jnore widely the results 
mic importance in - . the -world, of their own good fortune in 
With ' disbursements ■ by . Arab having large oil reserves’, to 
States and aid institutions strengthen the developing worlcT 
running at well over,$5bn a And to contribute to a' general 
year it accounts for a significant Arab (and, .especially for Saudi 
pjm of the bil .States’ surplus. Arabia, an Islamic) revival. But 
Arab aid ba^ bef^nie- a.'major'.there^is .also a strong political 
economic fhrcS- both* inside and Element, for the oil -revenue 
outside the Arab w»rT<£,"and the • surplus ' States are fixhda- 
ecoabmies? of a= - few' countries- mentally .fragile political insti-, 
are Highly dependent' on it : tutfons,' weak -yin ; human 
Other financial transactions resources and conscious that 
such, as infex-Arab- investment- money io the Bank is no substi- 
are-iri many .cases under-pinned Tute for the educational .depth 
by aid operations. J and sophistication of- Egypt or 

. The Arab aid funds make Op Syria. The themes of generosity 
oniy a small part of the total a , 8°. political sense.: jre^ 
Arab aid disbursements, but.. 5 , e ^ interwovenin the opera- 
tbeir activities, have grown. |* ons °f *11 *h©- aid-giving 
enormously. - Several new funds States -- 7 

have come into existence since 
the 1973-74 oil price explosion (TpnprniK 
and by January, 1978. some UCUC1VU3 
S6bn had been committed by Saudi Arabia has, for 
them — 17 times more than example, made, generous con- 
had been approved by the tributions to Inter-Arab and 
beginning of the decade. The multinational aid-giving institu- 
total of authorised capital and tions, such as the OPEC Special 
authorised borrowing of the Fund and OAPEC aid and 
major funds comes to around financial institutions, including 
523bn. the General Organisation for 

Total disbursements by the Developing Egypt, the Arab 
oil revenue surplus States Investment Company and the 
appear to have amounted to Arab Bank for Economic 
about S15bo between 1974 and Development in Africa. Outside 
1976, although accurate figures its major contributions to the 
are not easy to obtain. Saudi IMF and the World Bank, it has 
Arabia's disbursements during paid SI -9b a over the 1973-76 
that period averaged S3.3bn, period to these institutions, 
while Abu Dhabi’s were just But these contributions appear 
over SIbn, with Kuwait’s rather relatively small set against the 
less than $lbn. The same SlObn which UNCTAD and DAC 
pattern can be expected to statistics reckon Saudi Arabia 
continue now. These figures, has disbursed in total aid over 
compiled in part from OECD the same period, 
estimates and in part from The bulk of Saudi aid is 
Governments, include aid dis- handed out in the form of 
bursed through funds, capital grants or very concessionary 
contributions to inter-Arab loans by the Ministry of 
funds, project aid disbursed Finance on the orders of senior 
through the Government rather Government members to coun- 
than through aid funds, balance tries where Saudi Arabia has a 
of payments support and other major policy interest. Two key 
subventions. areas are the Middle East con- 

In all the Arab aid-giving frontation zone, where Egypt, 
countries it is possible to detect Syria, Jordan apd the PLO 
a strong humanitarian desire receive Saudi assistance, and 

the Horn of Africa, where the 
Kingdom is a major benefactor 
of Somalia. 

The aid of Abu Dhabi and 
Kuwait is concentrated in these 
areas, too; indeed, through a 
succession of agreements, the 
confrontation states benefit 
very substantially from the 
surplus states, to! the extent of 
heavy dependence, Egypt alone 
absorbing billions of dollars, a 
year. After areas of confronta- 
tion come politically important 
Arab states such as North 
Yemen; nearly a third" of whose 
recurrent and develttpbient 
finance comes from Saudi 
Arabia. The recent ■ Arab 
League decision to freeze 
relations with South Yemen 
could result in Abu Dhabi and 
Kuwait cutting their aid to 
Aden, which Saudi Arabia has 
been pressing thorn to do for 
the past nine months or so, 
ever since Its own relations 
with South Yemen, at one stage 
fairly : warm, became cooler. 
Outside the Arab world, aid to 
Africa is assuming ever gTeater 
importance, with last year’s 
decision by a conference of 
Arab and African, leaders 
culminating in a pledge of 
$1.5bn over the next five years 
In aid to Africa. Asian coun- 
tries, especially Islamic ones 
such as Pakistan and Malaysia, 
are beneficiaries of Arab aid, 
and Latin American countries 
are beginning to benefit 

Aid that does not flow 
through the development funds, 
comes in a variety of ways, 
some of it. being project aid 
disbursed by Finance Ministries 
with controls similar to those 
imposed by funds (for example, t 
a large part of Abu Dhabi’s aid 
is project . aid, . mainly for in-, 
frastrutture, but is handled by. 
the Finance Department, not. 
the Abu Dhabi Fund). 

Arab states have been criti- 
cised for their reluctance tet 
provide budgetary or balance of 
.payments support, especially to 
-countries tike Sudan that have 
payments problems at least in. 
part because of the enormous in- 
flow of aid. In fact, several, 
countries receive such support 
from Arab states — the confront 
tation states, Morocco and - 
North Yemen - all receive it,, 
while Sudan did until late 1976. 
While Saudi Arabia is a major, 
contributor to the OPEC spe- 
cial fund which gives balance 
of payments support, such 
assistance tends to go to states; 
of major political importance . 
at the time, and, more signlfi-; 
cantiy. is rarely institu- - 
tionalised. so that states must ■ 
constantly send senior emis- . 
saries back asking for more. 
This gives, countries like Saudi •_ 
Arabia political and economic 
leverage over deficit countries y . 
like Sudan, which it has lately-.-, 
steered into reaching agree-.-,, 
ment with the IMF. 




Luxurious ' furnished :and serviced flats ideally 
located near Government Ministries. Central 
air-conditioning, colour TV, video and music, 
swimming pool. Telephone in every room and 
telex around the clock. 

For reservations call 80183 or telex 201665 
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Financial Tunes Monday July 24 .1978 



Arabian Peninsula was little 
mare than buying and selling 
and the importing of consumer 
goods, all financing was essen- 
tially short term. The business 
of banking thus became mostly 
accepting deposits and issuing 
letters of credit. 

As oil money began to flow in 
the area, the existing commer- 
cial banking structure, was 
placed under great strain. Banks 
were called upnn to finance 
housing and simple development 
projects. even agricultural 
development projects, for which 
their financial structure and 
their local management were 
neither intended nor qualified. 
At the same time, these banks 
round that they were getting an 
increasing volume — in some 
cases a very large volume-^sf 
government business, all of it 
short term. Government business 
meant initially . receiving oil 
payments and making payments 
from government accounts, 
business that was as profitable 
as it was easy. The apparent 
simplicity of the' operation 
attracted many banks to 
countries such as the UAE 
I more than 50 commercial 
banks) and Oman (20). 

None of these banks were 
structured to provide longer 

term finance. In the boom enn- 
ditiuns of 1974 and 1975, housing 
loans with a three-year . period 
were the commercial banks' 
most ambitious essay.into longer 
term lending. In those heady 
days, there was an adequate 
demand from 'expatriate 
managers, technicians and 
experts of various Kinds who 
were prepared to pay the high 
rentals asked so that a bank iuan 
could be paid off In time and a 
further loan raised tin mure 
property for letting to still 
more foreigners. 

Commercial banks at this time 
would look warily at small in- 
dustrial -investment projects 
proposed by their more go-ahead 
clients though' sometimes would 
place a careful ■ toe ; in the un- 
charted waters. of longer term 
finance. In general they would 
not look at agricultural projects. 


As long as governments in the 
area were content to' regard the 
oil industry as their one 
significant economic activity, 
there was little call for longer 
term finance. This situation 
changed rapidly after the or) 
price increases of October. 1973 
— January, 1974. The Kuwaitis, 
recognised throughout the area 



Saudi Arabia, the State most 
orten turned to for balance of 
payments support, is reluctant 
to acquiesce because it is afraid 
that the money will be wasted 
or misappropriated without any- 
way of stopping it, and because 
it has no mechanism tD monitor 
the economic policies a country 
follows in efforts to correct its 
halance of payment Hence 
as in the case of Sudan, it 
prefers to see the IMF secure 
the local government's accept- 
ance of unpleasant economic 
mo a 'U res and then consider 
offariHa cash support. The 
creation of the Arab Monetary 
Fund could lead to Saudi 
Arahia handing to this body 
responsibility for economic 
monitoring and disbursement of 
balance nf payments support. 

The Arab development funds 
are mure important than the size 
of their disbursements, set 
against the total of the oil 
states, would suggest. They are 
permanent institutions staffed 
by experts and motivated almost 
entirely by high principle; al- 
though they are rarely totally 
free of political interference; 
and unlike Finance Ministries 
they are free to concentrate 
almost smgle-mindedly on how 
best to assist other developing 


Their performance may at 
first sighi appear less spec- 
tarn Jar. hut in fact it is rather 
impressive when one considers 
the greatly increased rate of 
firm commitments and the fact 
that only three of the seven or 
eicht Arab aid-giving institu- 
tions were operating before 
1974. The funds’ operations are 
limited by the flow of viable 
proposed projects to them from 
recipient countries, which may 
he slim: hs* the need to make 
feasibility studies and assess- 
ments and arrange co-financing; 
and by the fact that once a pro- 
ject has begun, disbursement 
can only proceed as fast as 
implementation, which depends 
on how fast the recipient gov- 
ernment can organise work. 

Seven institutions can be re- 
garded as Arab aid organisa- 
tions. The oldest or them is the 
Kuwait Fund, which began in 
1961 with the independence of 
Kuwait. By the end of the 1976- 
1977 financial year the Fund's 
disbursements had reached 
SfiSOrn. while commitments were 
-St.65bn. Its total lending poten- 
tial. including authorised bor- 
mwing. amounted to Sll.Sbn. 

The Abu Dhabi Fund for Arab 
Economic Development was 
cotahlished in 1971 and by early 
this year had disbursed about 
SISOm, against commitments of 

$418oi and total lending poten- 
tial of $1.93bn. 

The Saudi Fund for Develop: 
m*nt was set up in 1874 when 
the Kingdom at last acquired 
the funds to make large-scale 
aid-giving a possibility. In a re- 
markably short time its commit- 
ments have reached $2.7bn, 
close to its authorised capital 
of Sl’.Sbn, so that disbursements 
have already reached 8280m. 

These three national funds can 
lend almost anywhere, though 
the Abu Dhabi Fund is not 
authorised to lend to Latin 
America. A fourth -national 
fund, the Iraq Fund for Exter- 
nal Development, is a much 
smaller Institution, which keeps 
a low profile and shuns close co- 
operation with uther funds. It 
did mu have its own administra- 
tion until 1976. So far it has 
marie loans lo five countries. 

The multilateral funds have 

more complex jurisdictions. The 
Arah Fund for Social and Eco- 
nomic Development, based in 
Kuwait, became operational 
early this decade.: It is 
assigned a broad role in looking 
at Arab economic development 
on a wider plane and drawing 
up schemes for such things as 
Arab food production (based on 
the development of Sudan), tele- 
communications. manpower and 
so on. and looks specifically for 
projects benefiting more than 
one country. Its approved assist- 
ance amounts to Sl-02bn arid its 
total lending resources amount 
to S4.I4bn. 

The' Islamic Development 
Bank is one of the institutions 
which came into being in; 1974. 
It is an international organisa- 
tion with about 30 members, 
all of them Moslem countries, 
and it operates according to the 
Islamic sharia and.- does not 
charge interest. .‘Instead it 
finances itself by the proceeds 
of trade financing, leasing, 
profit sharing and direct and 
indirect equity participation. It 
can, however,' make a service 
charge on loans and has so far 
concentrated on co-financing 
with other funds, though it has 
also undertaken other financial 
operations, including taking 
equity stakes. Its subscribed 
capital is S956m. and it has 
approved commitments totalling 
S273m. As a bank it exists 
for the benefit of its members; 
it counts as an Arab institution 
since the bulk of its capital is 
inevitably subscribed by Arab 
States, with Saudi Arabia the 
bigeest shareholder. 

The Arab Bank for Economic 
Development in Africa (often 
known by the acronym of its 
French initials, BADEA) is 
charged specifically with the 
task of channelling Arab aid to 
non-Arab Africa. The biggest 
contributors to its subscribed 
capital (now standing at S392m) 
are Saudi Arabia. Libya, Iraq, 
Kuwait and the UAE. Based Jn 
Khartoum it has been very 
active since its formation and 
has committed $2 10m. 

as the pace setters i n the capital of SR500m {$J42mj tn 
development of financial and promote industrial development 
investment institutions, had in the kingdom. In November, 
already founded institutions 1975. its capital was increased to 
whuse charters of incorporation SR3bn tS849m), and SR3.5bn 
and management permitted ($J.012bn) in December, 1976. 
essays into the longer term According to its annual re- 
Qnance field. The well known port for 1976-77, it has so far 
Three K s, the Kuwait Invest- lent more than SR7.5bn 
ment Company (50 per cent fS2.16flbn). Almost 70 per cent 
government owned), the Kuwait nf this total went to finance 
International Investment Com- power projects in Saudi Arabia. 
?i? ny { P r *y ate 'y owned), - and with the balance going to small 
the Kuwait Foreign Trading, industrial projects. Typical of 
Contracting and Investment such small projects is a Saudi- 
Lompany (owned 80 per cent Japanese joint venture between 
by tbc Government of Kuwait) Jamjoom and Brothers of Jeddah 
were active in longer term and the Japanese Hino Motors, 
financial deals though most of SIDF has lent SR12m (S3.3m) 
their business was concerned to the joint venture to help 
with real estate development. finance a SR18m truck assembly 
The Government nf Kuwait P la ot. The loan is repayable 
realised that longer term over 15 years with a grace 
finance for specific industrial period of five years, and carries 
projects was not as. readily interest at the rate of 2 per cent 
available as it should have been. per annum, 
and so rounded late in 1974 the Some of the problems of 
Industrial Bank of Kuwait creating longer-term financial 
(IBK). Forty-nine per cent of institutions were experienced by 
IBK’s equity is held by the the Saudi Real Estate Develop- 
Knwait Government, through ment Fund. Also established in 
the Ministry of Finance and the 1974, the fund makes interest- 
Central Bank. The balance is free loans to Saudi citizens to 
held by the private sector, help them build their own 
especially banks, insurance com- houses. Currently Us ‘capital 
panies and larger business stands at SR23.8bn (S6.6bn). It 
enterprises. has so far provided almost 

The Industrial Bank of 80.000 loans totalling more than 
Kuwait is empowered to finance SR21bn (S6bn> for the consrruc- 
industrial development in tIon of some 100.000 houses. 
Kuwait and in the Arab states From the day of its formal 
of the Gnlf. Its objectives opening, the fund's managers 
include the definition of indus- practised a liberal lending 
trial and investment projects, policy. The enormous funds 
the provision of equity capital available to the Government of 
as well as medium and long- Saudi Arabia, providing free 
term finance, and to import credit to Saudi citizens to build 
technolosy by finding, if neces- their own houses makes 
sary. foreign partners to social, political and economic 
participate in joint ventures, sense. Unfortunately, however, 
As at the end of 1977. IBK the easy credit available caused 
had agreed to provide finance private sector building to join 
for 85 projects with a total in the competition througnout 
investment potential of the Kingdom for scarce building 
KD 135m (S480m>. The hank materials and labour, thus add- 
had qgreed to commit KD t.3m ing fuel to the fires of inflation, 
in equity capital and KD 62.5ra Also, many wealthy Saudis, who 
in loans to these projects. The had no need for free credit to 
largest single sector of it9 build their houses, benefited 
business was construction while the poorer and less 
materials, where 42 6 per cent sophisticated citizens tended to 
of its money was invested, lose out. 

and Sons of Abu Dhabi have 
this month obtained a $6m loan 
to purchase aircraft for their 
wholly owned subsidiary. 
Emirates Air Service. The loan 
was : managed by the Khalij 
Commercial Bank and WardJey 
(Middle East). 

The lack of a Federal Govern- 
ment policy has not prevented 
the. . establishment of invest- 
ment companies in the UAE.. 
often with capital of the govern- 
ments of individual emirates; 
and often also with Kuwaiti 
capital as well. Five such com- 
panies with a combined capital 
of DH 2.1 bn (S40m) currently 
operate, though they are more 
interested in real estate and 1 
securities outside the area than ; 
in the provision of longer term j 
finance within the UAE. 

Another source of long- term ! 
finance is. of course, provided 1 
by stock exchanges. The Jordan 
Stock Exchange opened for 
business on January 1 this year 
in Amman. Shares of 63 
Jordanian companies with a 
total capital of JD 210m 
(3648.1m) are traded on the 
exchange and the issue of new 
share capital should therefore 
be possible. At the present time, 
only Jordanian companies may 
operate un the exchange, but 
the Iona-term intention of the 
authorities is entry by other 
Arab companies. 


oen1) ‘ i ■■■ capital: Oman has also this yeiar 

Kuwait also has iU own established its own Development 
financial institution to finance Bank. 

building construction and The United Arab EniirJlles 
domestic housing. have yel t0 found any fom of 

n . _ _ national industrial or housing 

Jl rOVlUCU bank or the UAE 

Development Bank is virtually 
Longer term finance in Saudi defunct This lack is yet 
Arabia is provided for the most another example of how the 
part by six government spon- political ambiguity of the 
sored institutions, the Agricul- federation holds back develop- 
tural Bank, the Saudi Credit' menL Yet businessmen in the 
Bank, the Saudi Fund for Con- UAE are not without sources of 
tractors, the Public Investment longer terra finance. Merchant 
Fund, the Saudi Industrial banks such as Wardiey (Middle 
Development Fund and the Real East) are active in the area, and 
Estate Development Fund. European based bankers are 
The titles of these institutions frequent visitors. The larger 
gives an indication of their tunc- and sounder based merchants 
tjons. All are recent creations, and business houses have been 
The Saudi Industrial Develop- able to raise longer term 
ment Fund (SIDF) for example capital on the Euromarket For 
wa& esteblfshed in 1974 wirn a example, Mnhammed bin Mascmd 

Kuwait has had a stock 
exchange for some years. Only 
Kuwaiti companies are quoted, 
only Kuwaiti citizens may be 
shareholders in banks and other 
businesses quoted,, and only 
Kuwaitis may buy and sell 
shares. The Government and 
the Kuwaiti financial com- 
munity has just emerged from 
an embarrassing situation 
caused by the collapse of a stock 
exchange boom. To hail out 
many private citizens and insti- 
tutions left in an exposed posj. 
tion by the collapse of the 
boom, the Government had tn 
intervene in the market in 
December 1977. This interven- 
tion ba« now formally ceased, 
leaviijg. the. market hotb sadder 
and; wiser.-/ - - 

As the ' Arabian Peninsula 
develops feenprallv. so its 
financial institutions develop. 
Progress over the past four 
year« has bean dramatic. There 
is still a Ions wav to go before 
the area develops as a genuine 
long-term money market, but a 
solid base has been established. 
The Kuwaiti leadership is 
increasingly recognised.- not 
least by the Kuwaitis them- 
selves. In the words of the 
Governor of the Central Bank 
nf Kuwait: “ After you develop 
a money market and capttal 
markets, with Kuwaiti institu- 
lions running them, then per- 
haps— nobody knows — the scone 
mav be widened and the 
activities will bp extended 
beyond our boundaries.” 

John Townsend 

If you could see our whole 
organisation, youd understand 
how we can be so helpful to 
you in the ArabW>rld 

The Bank of Credit and Commerce Group has 156 offices in 32 countries. 45 ol'them arc In Britain and no less 
than 77 are in the Ar.ib World. 

The Groups capital funds now exceed USSI 13 million, and the total assci*. arc in excess of t ; SS2.2 billion. 

All your banking business can he processed ai branch level, no matter how complex it may he. or how wide 
the international ramifications. And you will find ihat besides our know ledge and experience of commercial 
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adjunct to this, not a substitute for it. ii puis our whole worldwide network inswinih at your ser\ icc. 

Contact us at our Regional Offices in (he Arab World: 

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in Cairo at 44 Muhammed Mazhar Street, Zamalek. Telephone: 81U79. Telex: 93806; or at the address below. 

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Tu overcome the problems of 
shortage of staff the funds, 
with the exception most of the 
time of the Iraq Fund, co- 
operate closely, exchanging 
information and sharing feasi- 
bility study work, usually 
taking on trust other funds’ 
assessments of projects when 
agreeing to co-financing, which 
is the usual pattern for most 
funds’ lending. They co-finance 
not only with each other but 
with institutions such as the 
World Bank and western funds. 

Africa has lately become the 

fncus of much nf the funds 
attention in recent years, 
attracting a growing portion of 

each fund’s lending. Th^ 
Dhabi Fund plans to devote 
about half its I97S -to 

Africa this year. The Sa™* 
Fund is to administer 8860m or 
the SI bn which Saudi Arabia 
pledged to, Africa last year. 
BADEA, of course, lends only 
to non-Arab African countries. 

One area of Funds activity 
that' is often neglected is how 
they deploy their undisbursed 
funds, since disbursement 
during the life of a project can 
be slow. The funds’ Po‘ JC i es 
differ, some Favouring bonds. 
Others more liquid investments 
— in view or the rising rate bf 
disbursements. The priorities 
for most funds are safety and 
liquidity, with the rale of 
return coming third. 

James Buxton 

ui'i'i 1 1 1 

With total assets approaching £2,000,000,000 at 31st December 
1977, the National Bank of Abu Dhabi is the largest and strongest 
commercial bank in theUnited Arab Emirates. 

As one of the world’s fastest growing banks we play an ever 
increasingrole in the world capital markets offeringsuch 
services as foreign exchange, money market activities, trade 
finance^ multi currency loans, project finance and joint ventures. 


’The businessman ’s bank ” 

Total assets at 31st December 1977 Dk. 14,005,704, 326{ USSt^SMumi approximately) 

UAE. Head Office: U 

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Abu Dhabi. k 

Postal Address: ^ 

P. 0. Box No. 4. Abu Dhabi. Ti 
United Arab Emirates. c 

Cable Address: ^ 

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Telex: AH2266 snd -267. ■ 

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London (City Branch): 
Telephone: 01-626 896L 
Telex: 885782 Masrafg. 
Cables: Masraf city. 





































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LBI has a comprehensive knowledge of local conditions 
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In addition to our presence in Bahrain, we have branches in 
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KTi rii.-. •>: :e!ex 401ul2. 


Financial Times Monday July 24 1978 



Ambitious venture 

A. FEW weeks ago the Arab 
Monetary Fund commenced 
public financial operations, not 
with a concessionary facility to 
a member country with pay- 
ments problems but by partici- 
pating in a S120m Eurocurrency 
loan for Algeria. 

The decision may have come 
as a surprise to people who 
saw the AMF, formally estab- 
lished in 1976, as the Arab 
World’s version of the Inter- 
national Monetary Fund, 
directed primarily at assisting 
countries with balance of pay- 
ments disco uiiibria. L'ntil 
recently the debate has concen- 
trated on how closely the AMF 
would resemble the IMF in its 
operations, and the degree to 
which it might bn a “ softer ” 
version of the IMF. providing 
balance of payments support in 
a similar way but being a little 
less rigorous than the IMF in 
insisting on economic and 
financial reform programmes. 

In fact the AMF's form of 
entry into the financial markets 
reflects its wider brief and 
broader range of aims than 
those nf the IMF. and also the 
fact that with its far smaller 
financial base than the IMF it 
needs to operate as a commercial 

The decision to set up the 
AMF was taken at a nieetin? of 
the Economic Council of Arab 
League in Rabat in 1976. The 
agreement reached there came 
into force in February, 1977. 
and at the first meeting nf the 
board nf governors in April last 
year Dr. Jawad Hashim, a 
former Planning Minister of 
Iraq. was appointed president. 
The Fund made clear at its 
annual meeting this April that 
it should make its first con- 
cessionary disbursements later 
this year. 

AMF’s authorised capital is 
250m Arab Dinars, an Arab 
Dinar begin a unit of account 
equivalent to three SDRs. The 
AMF’s 20 member states are 
now in the process of paying up 
the second 25 per cent of the 
capital, which will bring the 
paid up capital to around 
$470m in May, 1979. But it is 
a condition of the second por- 
tion being paid in that the Fund 
should disburse half of its paid 
up capital by the same deadline. 

The problein which most 
deeply concerns the AMF, apart 
from the high cost of operating 
in Abu Dhabi, where it has its 
headquarters, is the relative 
smallness of its capital base 
compared with the size of the 
financial commitments it could 
have to make. All states will 
have the automatic right to 
draw up to 75 per cent of their 
paid-up subscription should they 
have a balance of payments 
problem. In addition member 
states may be able to obtain a 



(million Arab dinars; AD 1=SDR3) 

Number ^ a\ne 
of Shares of Shares 

Tfltal 5.000 230-0 

Algeria ™ 

" 2 ^ 

» « 

Kuwait 500 2->» 

L 'b?a •; 1 S 

-Z To 

°” )aD . 34 1.7 

®j® jfS 

Saudi Arabia **' ' 

Svrian Arab Republic 80 . _ 

Tunisia - ,2? 

United Arab Emirates 300 la-0 

Yemen Arab Republic 

People's Democratic Republic of Yemen 39 

t Palestine has not ‘yet ratified the Agreement. 

Data: Arab Monetary Fund. 

loan on concessionary terms borrow commercially, from the 
from the Fund in support of a surplus states or elsewhere: to 
financial programme to be do that it must establish a good 
agreed with the Fund, and in financial reputation, both in its 
the case of a severe balance of commercial dealings and in its 
payments problem the AMF concessionary operations, which 
would, like ihe IMF. provide will have to be open to scrutiny 
funds according to a programme by outside financiers. This is 
of economic and financial re- despite Ihe fact that it is pre- 
form agreed between the pared to offer its members more 
member state*, and the AMF. in relation io their subsenp- 
In addition a member state tions than the IMF. 
may be able to borrow up to as Dr. Jawad H^jhiin has said. 
100 per cent of its paid-up he a “ soft IMF- aud it will 
subscription to meet some w °r k . closely vntl .. . 

unforeseen halance of payments which has been as>i. tin„ it 
disaster such as crop failure, setting established. 

The limit to borrowing by 

member states in any one year TnffIIPnC£ 

is three times its paid up sub- Allia 

scriptinn. but later this may be Even so. the deficit states 
raised to four times with the potentially have considerable 
agreement uf the board of influence with the .AMF. Saudi 
governors. Arabia is matched by Algeria 

The AMF could obtain more as the largest shareholder to 
capital from its richer members the Fund, both with AD 38m, 
such as Saudi Arabia and while Egypt is on a par with 
Kuwait, which have big sur- Iraq and Kuwait at the AD 25m 
pluses. Indeed there is a school level. The voting system of the 
of thought within certain Arab board of executive directors 
political circles, and even in the (below the level of the 
Fund itself, which believes that governors) also reflects the 
the AMF ought to be an instni- relative strength of the non- 
ment for redistributing the sur- surplus states. Votes are 
plus of the rich Arab states to accorded according to the num- 
the deficit countries. Ryt that hereof shares each country 
view does not accord with the holds, each starting with a basic 
way the rich countries see their 75 votes. There are eight 
surpluses: they might be pre- executive directors and though 
pared to channel their existing Saudi Arabia represents itself it 
balance of payments aid for could theoretically be outvoted 
different countries through the by the director from Iraq, who 
AMF. but only so as to have at present also represents 
wider barking in making sure Bahrain. Qatar and Oman: the 
those countries lake unpleasant. Egyptian director represents 
but perhaps necessary, aclion Sudan; and the UAE director 
on their economies. Kuwait, and so on. 

Hence the AMF’s need to Fund staff make dear that the 

institution ts a bank. (Indeed 
among its declared object ir«s ;s 
advising States uu investment 
and promoting the development 
of Arab capital markets) “We 
wilt be strictly accountable f»r 
the funds wr disburse.” they 


The working nf the fund will 
become clearer over the next 
two years- It is likely to start 
with allowing the drawing on 
share stakes by member coun- 
tries, ami then move cautiously 
towards its first loans, not at 
once committing itself to ihe 

limit in the isms uf each country. 
Senior fund officials fay that « 
will be hesitant in going to iho 
market fnr some time to ensure 
it obtains a good credit rating. 
Bui Dr. llashem recently told 
the Now York Times tha! Ihe 
AMF would be soiling $2hn 
worth of bonds to Arab govern- 
ments next year. They would 
either be denominated in Arab 
dinars nr in other international 
currencies, be said. 

The first countries likely to 
come to the AMF for halance nf 
payments support are generally 
expected to he Egypt and Sudan, 
entitled r« about Sriira and 528m 
respectively. l>r. Hashim has 
said th3t the Fund expects II 
Arab countries to have a pay- 
ments deficit this year, and will 
therefore he entitled to rmm* 
to the Fund. 

Tlie AMF’s recent participa- 
tion in a $l20m loan fur a Sfatr- 
owned Algerian hank should he 
seen as stemming from the 
AMF’s need to establish irself 
as a commercial financial institu- 
tion. The AMF is Co-managing 
the loan but its stake is nnT 
known, though it is thought In 
he from SSm-Wm upwards, ft 
also reflects the fact that the 
AMF has surplus funds avail- 
able. especially .since it suffered 
what appeared to be a reverse 
when the U.S. Government ruin! 
that its investment of if* 
deposits in U.S. Treasury bonds 
was not exempt from U.S. with- 
holding tax, the Fund not being 
a sovereign State. 

The next two years are likely 
to be crucial in determining h*»w 
the Fund actually operates and 
how far it wins the confidence 
of Arab States. It has the 
potential to become a good 
example of inter-Arab co-opera- 
tion, but it could also face tricky 
political problems, which rou Id 
rebound on its financial stand- 
ing- Its ultimate aim is to 
foster Arab currency and 
economic unity. The difficulties 
encountered in the way of 
Gulf currency union arc nut 
encouraging, hut simply by 
being an extra source nf badly 
needed balance of payments 
support for the deficit stares 
it will provide a major function. 



An era of stability 

AFTER SOME two years of 
economic uncertinty. Oman now 
seems to be settling down to 
an era of stability. Government 
finances have been brought 
under tight centralised control, 
soaring interest rates triggered 
by bitter' competition fnr 
deposits among commercial 
banks have been contained, and 
ihe overall growth pattern 
appears set on a steady and 
well modulated course. 

The result is that the 
pessimism pervading the busi- 
ness community is being 
replaced by tentative optimism 
for the medium and long-term 
future, although the immediate 
outlook is still regarded as far 
from buoyant. Oil production, 
accounting for around 90 per 
cent of Government revenue, is 
declining and the large reserves 
of natural gas recently dis- 
covered will take some time to 
bring on stream. The same 
applies to other income generat- 
ing projects presently at the 
initial stages of implementation, 
such as the lm tonnes a year 
cement factory and the copper 
mining and smelting scheme 
in ihe north. 

The final acrounts fnr 1977 
clearly reflect the slowdown in 
the economy as Government 
expenditure fell for ihe first 
time since development began 
with the accession to power of 
Sultan Qaboos in 1970. Ending 
up nearly 150m Omani Rials 
lower than it planned, it went 
dovoMQ OR53Sm from ORoSlin 
in 1976, the largest cuts being 
in civil development from 
ORlSlm to OR 130m and defence 
and national security from 
OR271m to 0R237m. However, 
revenue rose more than antici- 
pated from OR487m to OR520m. 
leaving a net surplus of QR75m 
after accounting for OK93m m 
grants and a final surplus of 
OB42m after loan receipts and 

The scales are tipped in the 
opposite direction in the 
budgeted balance sheet fur 

1978 as revenue is expected to 
drop to OR 455m due to the fall 
in oil output and ihe probable 
lack of any significant price 
increase, whereas OR 706m has 
been allocated for spending, of 
which civil development repre- 
sents OR 222m and defence and 
national security OR 265m, a 
smaller proportion of the total 
than in the past 

When the budget was pub- 
lished in April, a good four 
months earlier than in the pre- 
vious two years, committed 
grants stood at only OR 28m 
and loans at OR 96m. Therefore 
the Government is depending on 
a further OR 116m to be pro- 
vided from outside sources to 
produce a final deficit of 
OR 50m after debt service pay- 

The : >tal foreign debt at the 
end of last year stood at 
OR 176m, a net increase oF 
OR 30m over 12 months before, 
and over ihrec -quarters of this 
was in the Form of soft loans 
from Arab development funds, 
other institutions and 
“ friendly ” governments, 

notably Saudi Arabia, which is 
injecting huge sunio into 
Oman's economy. 

The lari time Oman raised 
Eurodollars was ' three years 
ago when it ran into critical 
cash flow problems, and it is 
resolved to go to the inter- 
national market again only as 
a last resort measure. The 
Government has also reduced 
its borrowings From commercial 
banks operating in the Sultan- 
ate to the lowest point in three 
years, from OR 89m outstand- 
ing in December 1976 to 
OR 50m in 19n, but may well 
have to srep them up again if 
the finance from elsewhere 
does not come up to expecta- 

No doubt this would help to 
stimulate the banking sector, 
whose growth was negligible in 
Omani terms last year. Com- 
mercial houses' assets ruse by 
only 17 per cent to OR 321m 
compared with 39 per cent 

between 1975 and 1976, while 
credit expanded by a mere 7 
per cent (42 per cent in 1976) 
and tbe money rupply by 10 
per cent (also 42 per cent). 

Having suffered from a severe 
liquidity shortage for several 
months, banks ended the year 
by lending to 80 per cent of 
their deposits, instead of the 
allowed maximum of 85 per 
cent. This was due partly to an 
increase iu Gnvernment deposits 
as those placed by the private 
sector were exceeded by the 
credit it received, OR 156m 
against OR 173m. whereas they 
were equal at around OR 120m 
at the end of 1976. 

Construction and trade, two 
of the main sectors absorbing 
bank finance, have undergone a 
re!ative-.depression. but imports 
at least , appear to be' reviving 
slightly as merchants rebuild 
inventories after running down 

surplus stocks. Loans outstand- 
ing for imports last December 
amounted to ORSOm, compared 
with OR 59m the previous year, 
an indication which is, however, 
distorted by the fall in the pur- 
chasing power of the Omani 
Rial as it has fixed parity with 
the dollar. The construction in- 
dustry's fnrtunes seem rather 
more anomalous as the loans for 
building and materials on com- 
mercial banks' books rose from 
OR 24.5m in December, 1976 to 
OR 35m 12 months later, even 
though rents of residential 
property have plummeted and 
the number of unlet units m the 
capital area is said still to he 
well inlo the thousands. 

Like ail other sectors of 
Oman’s economy, banking has 
grown vastly in scale in a 
remarkably short period. The 
British Bank of the Middle East 
opened in 194& and had ihe 


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Financial Times Monday July 24 1978 



Tight controls 

BY THE simple expedient of system, beyond the direct but the other four th* Ar»h , 

allowing no new banks to set up control of SAMA but taking an Sank, the Banque du Uban *t short rm finiirin u b wi n 
in the country the Saudi ever-increasing share of the d 'Outre Mer Bank Melli Iran ESSES * * ^ SjneSs ' 

“ h "ss; lt s r ke " Morass 

a stDtt control on the r> exS SAM As objective, in- the face have 50 far kept their plans than the banks. A private indi- 
fnfbmtaSd thS Mhei'SS 5‘i ‘ poach, *e from under wraps. vidual wanting to change money 

JtJ} finfnH.i wHtf.Lt. * br °ad, has been to broaden the Saudj-jsauon offers foreign quickly would never go to a 

S£ uffSSlL M P it81 base of the «*■»■»* banks two major advantages bank but would go to /money* 

of bLibnc and Summ aJSrttJ ? audi banks c a " d to insist on despite depriving them of 60 changer, where sackfuls of 

?n th? Fact^Lhito n.hS- ! ncrea «n8 Saudi participation per cent of their profits: they riyals are handled every day. ' 

r..S?.i£! like 1 Bahrain in the toreisn banfc5 dn Saudi are abl * to crease their The biggest institutions for 

Un Ld \ rab EmfraS rad f Sai J di * l9at i°° " bas be _ eD capital, and they have the oppor- medium- and Jong-Tere! leading 
uniiea Arao c-miraies openea SAMA s declared policy for tumty to open new branches are the special develonmern 

several ***«• «* °» e b * throughout * Saudi Arabia! f!nds set Sp by theGoS 
tept lhose^oo^ firoif/shut f* J 00 per cent foreigtMwned Ideally, the result of Saudi- ment. These funds make capital 
hoSld lh« SSTl^aik? wouW ar ® turnUJS ,sat,on wi,! ** a S Tadual - loans for 3 nominal interest or 

e?Mnd to meet demand rtock u C °? pa 2F* owned 60 per regulated spread of bank facili- “service charge” of around 2 

expana id raeci otmana. cent by Saudi interests. ties in the country, at the same per cent The Saudi Industrial 

J'™ ,and has . p3 tenUy oyt- jjjg most re Ceo t Saudi- time fostering banking skills Development Fund finances in- 
stripped supply. While the isatlon has been Q, e Saudi- among the Saudis themselves dustrial ventures, the Real 
banks have expanded. Uie pro- Brjtish Banki which .* formaiiv and giving the Saudi public a Estate Development Fund 
poruon of banking activity to tQQk over tb e assets and liabiJi- vested interest in the banks. The makes home loans and loans for 
total money supply bas hardly ^ iTs predecessor, the country’s two wholly domestic real estate projects, and the 
increased. A lot of the business Br itish Bank of the - Middle banks. National Commercial Agricultural Bank subsidises 
has been captured by the East Qn j Three other Bank and Riyad Bank are also agricultural inputs, 

money-changing houses outside banks had previously been planned to become joint stock There are, however. limits to 
ihe jurisdiction of SAMA or has gaudi-ised. The Basque de companies, selling 30 per cent the amount these funds may 
been ^_ s,p .. one .i. 0u . t - „ . riodochine et de Suez became of their shares to the public. Iend any one project— for 

country altogether to Bahrain Al-Bank Al-Saudi AI-Fransi in In effect, it may be some time example the SIDF cannot 
and other money centres. 1977, the AJgemene Bank before the banks are run mainly supply more than half the 

In some ways this has been Nederland became Al-Bank by Saudis. There is already capital requirements of a cotn- 
Saudi Arabia ? loss: it has Al-Saudi AJ-HoIIandi in 1976, said to be a problem in finding pany t* 131 . ls ^ ess than 75 per 
missed out on the huge influx of an( j th e National Bank of Saudi entrepreneurs interested disowned, end here 
investment and expertise that Pakistan became the Ai-Jazira in sitting on the boards of the ,Sa r ^ e for the P re - 

the banking sector in Bahrain Bank in Julv 1975 new saudi-ised banks. dominantly private sector Saudi 

has enjoyed, and SAMA sees , ' . .. . ... . _ , . . Investment Banking Corpora- 

business. which it would like to , In . the fi , ret three J cas ! 9 the , t A sblft J" ®? ph “ ls m t y be tion (SIBC), which began 

see handled by domestic banks. for * Ign bank J ^ ined - 8 ^ per f ? r ^ hen ““ “°Xf* phy ? l f operating more than a year ago 

farmed out to bankers across ccnt shareholding ^ nd . 3 ally from Jeddah to the capital, an ^ has already lent to more 

the water. But the gain is that management contract for eight Riyadh, later this year. The lha n 100 projects with loans 
local banks have been able, to - vears - ™e remaining 60 per banking centre today is deft- totalling more than SR 350m. 
develop under less pressure, and ? nX o{ the sbares w f® spread »'tely Jeddah, and until this To some extent it is taking 
so has the entire Saudi financial between Saudi founder share- year Citibank was the only non- from the commercial banks 
. holders, members of the board. Ar 3 h bank with a branch in some of their longer term lend- 

ing congested and fraught ^ subscribers frora the Saud. Riyadh. Both the Bank Al- fng-which they may not be 
early v, ars 0 f- the Second pub!lCl ln the ^ of the Fransl and tbe Bank A, ' HoJland > sorry to see depart. Hampered 

Vdll} Vi UIC OW.UI1U Al-JaZira Bank tb* Inroi nn k.,,. nn ...h„iliS!«i.Ik knnnku __ ... r 

Development Plan, launched in 

foreign have now built Riyadh branches. s0 f ar by its relatively small 
35 * "* " *’ * " 

1P75 an extra burden would shareholdin S k only 35 per and the Saudi-Brilish Bank will capital of SR •30m.' the SIBC 
have been placed on Jeddah. cenL sure! >’ f ll 0 F- Jh« Ea ? lcrn Brt> * today (July 24) trebles its 

both the main port and the Sijf other foreign banks vince, despite being the centre capital to SR 90m end will thus 
commercial and financial centre, remain to be Saudi-ised. The of the oil industry, is more or be able to increase its maxi- 
bv a race to establish a fleet of most important of these is Citi- le5S 3 banking desert, with only mum loan size. Chase Man- 
offshore banks, as in Bahrain, bank. There had been specula- 3 fe * bnnch offices there and hattan, which has a 20 per cent 
Saudi Arabia mav have done tion that Citibank would pull the head office of United Bank, stake m the bank, has the 
well to pass the buck to out of the country altogether lhe smallest bank in the coun- management contract 
Bahrain in those difficult days, rather than be Saudi-ised, but JJT- But Bahrain is just over 
The result has been, however, it bas just built a new head the water, a few minutes by air, 
that the Bahrain offshore office in Jeddah, and negoria- one of the fastest-growing finan- & 

banking units (OBlIs) have tions for Saudi-isation are under cia * ce °tres m the world. Import financing is the banks 

more or less become an way. The Banque du Cairo has The money-changing houses main job. but the most exerting 
extension of the Saudi banking also said that it is negotiating. Some of these houses are highly banking activity in Saudri Arabia 

• is the financing of huge con- 

tracts awarded by the Govern- 
ment as the Second Develop- 

A A AT mem Plan progresses into its 

I J l\/| 1 \| third year. The contracts 

^ require on-demand bid bonds. 

. _ .... . performance bonds and ad vance- 

CONTINUED FROM PREVIOUS PAGE payment guarantees 10 be put 

restricted market to itself until Bank is in the process of setting Development -Bank; This- is now up by tbe contractor: for a SR 
Chartered Bank established a up a central record of risks and being- set up with a capital of lbn contract the guarantee fad- 
branch in 1968. Since then plans shortly to start offering ORlOm. forty per cent of it Jity can be as much as SR 250m. 
another 18 hanks have been credit facilities to banks operat- held by the Government, 40 per SAMA restricts the liquidity 
granted operating licences, ing in the Sultanate. It is also cent divided between the Kuwait and lending ratios of the banks, 
bringing the numher nf foreign currently drawing up new Foreign Trading.^ Contracting jj a Jf the amount of any deposits 
houses 10 14 and those locally regulations defining net worth and Investment Company, the 0V er the limit of lfi times a 
incorporated in six. in the context of the Oman Arab Bank. British Bank of the bank's capital and reserves 

It was decided some lime ago system (last year the' maximum Middle East, Chartered Bank. musl be placed interest-free 
to limit the number to 20 as loan permitted to any one Grindlays Bank and National SAMA. No bank, without 
the level of business did not customer was raised from 10 per Bank of Oman and the remain- special permission from SAMA, 
justify any more newcomers, cent of a bank's net worth to ing 20 per cent to be offered on nj a y arrange an individual Joan 

and it remains tn be seen 20 per cent), capital adequacy public subscription to Omanis. or guarantee which exceeds 25 

whether th< efforts to expand and reserve requirements, now It W jjj grant medium- and per cent of its capital and re 
ihe economy will lead to b standing at 5 per cent of demand long-term loans for projects serves. This means the banks 
relaxation of this policy- Mean- plus time deposits. falling into five income earning are out of the big league when 

while banks have been en- The ccntn ,i authority has an categories, industry, agriculture, it comes to financing contracts 
couragod to open branches in j mpress j ve trac k record of fisheries, oil and mining, and the size of those now being 
the more remote areas of the maintaining a stable banking coupled with several new regula- awarded. Instead, they gener- 
couniry. instead of concentm- spc(or Q n ^ occasions it has tions that have come into force ally act as agents, on a small 
ing solely on Muscat and its Ranged the lending ratio to recently, should help to boost percentage fee. for foreign 
environs, and as a result there acb j C ye an expansion nr con- the private sector, which, it is banks approved by SAMA. For 

is a rapidly growing network, traction of credit and last year in some quarters, has not sophisticated loans and guaran- 

ind tiding the southern region j nten -^ ne< i twice to bring down invested sufficiency in its own tees, often requiring interna- 

capital of Salajah. where the thp spiralling interest rates bv country. tional syndication, the tendency 

Central Bank is soon to open oh{a i n j n n bankers’ voluntary It is impossible to talk in has been increasingly to use 

an office. The town already has a 2 rc{ , ni pn f on maximum levels, absolutes when predicting the the Bahrain market. Bahrain 
its own clearing house and s C nce January 1 standing at pace of Oman’s economic banks offer better interest on 
currency sub-chest, for which 91 per pent on lime deposits and development as the country is deposits than Saudi banks and 
the largest local hank. National jj, pcr cem on j oans Further- still reliant on one product for they are a cheaper source of 
Bank uf Oman, is agent. more, it has ruled that all local most of its revenue and is Saudi riyals. although the effect 

Since replacing the Oman ban j-j must be mnre than 50 per vulnerable tn many external of competition from Bahrain 
Currency Board in April 1975, wn * omanl owned. influences. Nevertheless, the has been slowly to close these 

Ihe Central Bank has gained fact that equilibrium appears to differences. A year or two ago 

considerable ground as the There are two new ins>uiu- j, a yg bgen stored to Govern- Saudi banks were offering only 
Government's and bankers’ tions . whose impact on tne n leTlt fi nances an d a number of 1-2 per cem on six-month de- 
bank. backed up by a wide- commercial banking community measures introduced to ensure posits, but that has risen a little 
ranging banking law enacted in will remain unquantmame tor it au g lirs well for a “no- now. Three-month money. 
1974. As well as issuing licences some while— -the Oman Housing future, or at least one which used to cost around 7 per 

to commercial houses, conduct- Bank, which began operating wbere con 1 ro i s can be exercised cent, can now sometimes be 
mg annual inspections and pub- earlier this year to finance rest- p rom p t j y if problems arise. found at 4-5 per cent. 

Itching comprehensive economic dential property Rarhara Caq acsuc David Shirreff 

and financial data, the Central Omani nationals, and the Oman parpara uaSdbSUS uav ‘ u jphtcii 


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Financial Times Monday July 24 1STS 



Business picks up 

The Corporation provides equity and loan 
finance for oil, gas and petroleum- related 
projects and industries in the Arab world. 

It was established at the end of 1 975 by 
Saudi Arabia, Kuwait, United Arab Emirates, 
Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and 
Svria, the members of the Organisation of Arab 
Petroleum Exporting Countries (OAPEC). 

Paid-up capital at the end of 1977 was 
Saudi Riyals 1,200 million (US S346 million) 
and net assets exceed Saudi Rivals 1,300 
million (US $375 million). 

In the year ending 31st December, 1977, total 
income was Saudi Riyals 53.0 million (1976: 
30.9 million). Net profit for the year was Saudi 
Riyals 41.8 million (1976: 26.6 million). 

&rda&dl uljisiiuiiUJ a# j*d! dS^ll 


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Issued and paid-up capital: £25 million. 

Shareholders: Saudi Arabian Monetary Agency, 

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Morgan Guaranty Trust Company of New lork. The Bank of Tokyo, Banque Nationale de Pari?, 
Deutsche Bank, National Westminster Bank and Union Bank of 5 witzerland 

THE VAE has largely recovered 
its economic stability after the 
upheavals nf 1977. Busines 6 is 
beginning in pick up. but at 
a more sober pace than before. 
The situation in property is far 
less alarnung than it was. 
though there are still man}' un- 
occupied or unfinished build- 
ings. Above all Government 
spending is so far continuing 
to increase. 

The boom that ended last year 
was fuelled both by Govern- 
ment spending and by private 
sector activity, much of it 
highly speculative, and owing 
much to the existence of about 
SO different banks in the 
Emirates. The collapse of the 
private sector boom was almost 
inevitable given the smallness 
of the consuming market und 
the over estimation of demand 
for property. It was finally 
knocked on the head by the 
action oF the UAE Currency 
Board last May in not hailing 
liut two hanks which got . into 
difficulties, and then following 
it with a number of measures 
which sharply curbed credit and 

The Currency Board's 
measures emphasised the power 
the Abu Dhabi-based institution 
could wield and thereby stressed 
the economic interdependence 
of the states in the federation. 
But it has had the effect of 
making the Emirates, other 
than Abu Dhabi, more reluctant 
to see further economic integra- 
tion: if anything, they have 
become more determined to 
preserve their independence. 

The new VAE Currency Board building in Dubai 

Costain International. 


Abu Dhabi has resisted 
appeals from some groups in 
the federation to pump more 
cash into the economy at a very 
fast rate in order to re-ignite the 
economic boom .that ended Last 
year. But in effect its spending 
could increase this year hy 
about 30 per cent It is likely 
to spend about DhSbn in the 
Emirate this year, more than 
ever before, and though it has 
said it will not commence any 
new projects next year and only 
a few in the two succeeding 
years in order to peg develop- 
ment spending at Dh6.9bn, that 
figure still represents a cons id-' 
erable increase compared -with 
last year's actual figure of 
Dh4.3bn and this years 
budgeted sum of Dh5.3bn. 

Though the future is left 
somewhat vague after 1981, it 
seems likely that by that time 
Abu Dhabi will ' ave completed 
most of the infrastructure it 
can reasonably need, and since 
it is scaling down its large- 
scale industrial developments 
at Ruwais there may not be 
much left to spend large sums 
of money on. That may be just 
as well, because not only is the 
Emirate having doubts about 
the number of immigrants, it 
wants to have, but its spending 
is coming closer to its income. 
Last year the Emirate had an 
income of Dh 2L6bn. of which 
Dh 5.4bn was spent by federal 
ministries, between Dh 6bn and 
Dh 7bn within the Emirate 
(combined development and 
recurrent spending) and about 
Dh 4bn on aid. leaving a surplus 
estimated at between Dh 4bn 
and Dh 5bn to be transferred 
to the Abu Dhabi Investment 

This year, however, income is 
likely to be at least 12 per cent 
down because of the drop in 
oil output. The Federal budget 
has been agreed at Dh 10.5ba. 
and although not all of that will 
be spent actual disbursements 
are likely to be higher than last 
year’s and will probably depend 
almost entirely on Abu Dhabi 
for funds. With the Emirate’s 
own spending at Dh8bn, and 
aid as usual . taking about 
Dh4bu. the surplus is likely to 
be slender this year and could 
disappear altogether next year. 

Not surprisingly, therefore, 
the Emirate is fairly deeply 
rethinking its strategy, and the 
balance of opinion seems to be 
firmly in favour of continuing 
to build up a surplus. The Abu 
Dhabi Investment Authority, 
which handles the Emirate’s 
“ pension fund ” of overseas and 
regional investments, is believed 
to stand at between $5bn and 
56b n. 

While Abu Dhabi's domestic 
spending will assist the UAE 
economy, the federal budget will 
also be a factor. - Its implemen- 
tation rate has gradually risen 
from 1976, when Dh2.5bn was 
spent, but it remains an 
inefficient motor of growth, and 
is heavily dependent for the 
supply of funds on the goodwill 
of Abu Dhabi towards the other 
Emirates, whose contributions 
to the federal budget have been 
minima) (though Dubai is 
believed to have paid oyer 
Dh 400m to Dh 500m last year). 

There has been no let-up in 
Dubai's spending, which should 
be about Dh lbn up at nearly 
Dh 5bn this year — excluding 
projects financed out of the 
Emirate's substantial borrowing. 
The majority of the spending is 
going on the developments at 
Jebel Ali. where a new port and 
industrial centre are being 
created. Some projects there 

have been shelved, but the basic 
concept remains intact, even if 
the 74-berth port looks 
excessively large set against the 
amount of industry so far 
attracted there. However, this 
year is likely to be the peak 
year fur development spending, 
with a large number of projects 
coming on stream either this 
year or next 

With the Emirate expected 
to have an oil revenue this year 
of about Dh 5.3bn. it may have 
a marginal surplus after debt 
servicing. The Emirate's out- 
standing loans total about 
£340m in sterling and in dol- 
lars) about $1.1 m. Next year 
and the year after are likely to 
be the peak years for debt ser- 
vicing — - totalling about $4 00m 
each year — after which this 
provision will decline gradually. 
So. however, will oil pro- 
duction, unless there are new 
discoveries. So while the ratio 
of debt service costs to oil 
revenue is likely to be about 30 
per cent next year and in 1980, 
there is no reason for real con- 
cern. provided there is no 
disaster in the oil fields and no 
■major' new spending ’ commit- 
ment^. ' ■’ '' ,rr .I s 

Compared with Abu Dhabi, 
Dubai and the federal budget, 
the other Emirates provide rela- 
tively little economic stimulus 
to the UAE's economy. Spend- 
ing in Sharjah is running down 
through shortage of money, 
though with borrowed funds it 
is working to complete most of 
the projects now in hand. Its 
latest $200m borrowing had to 
be guaranteed by Abu Dhabi. 
Its hopes of becoming a finan- 
cial centre have effectively 

Both the banks and the 
private sector in general are 
now accustomed to the more 
sober pace of development. The 
weaker and more exposed busi- 

nesses. which were hit by the 
collapse of the boon), mainly 
went under, leaving the belter 
established and stronger com- 
panies behind. In the banking 
sector one of the two banks 
which closed last year, the 
Janata Bank, has now reopened, 
having been refinanced, while it 
is expected that the other bank, 
the Ajtnan Arab Bank, will in 
due course reopen, but under a 
new name and with different 

The banks' principal concern 
is the extent to which some 
local contractors aFe in debt to 
the banks because of their 

clients’ failure to pay up. The 
policy banks are generally pur- 
suing is not to .bankrupt the 
contractors who owe them 
money out of fear of setting uff 
a chain reaction nf bank- 
ruptcies. which would ultimately 
be self-defeating. It is a moot 
point whether or no\ the bank- 
ing sector is overhung with 

pruperly either complete or 
nearing completion which will 
never find tenants. The con- 

sensus is that must buildings 
should eventually cover their 
costs, but less quickly Lhan.Uad 
been hoped by their owners. In 
both Abu Dhabi and Dubai there 
are factors causing continued 

property demand, but the new 
properties can only be com- 
pletely occupied if older, less 
well-furbished apartments 
either fall into disuse or accept 
far less wealthy tenants. 

The Currency Board has taken 
some fairly marginal measures 
to lift credit restrictions by 
reducing the banks’ reserve 
facilities and b.v raising the 
limit on dollar swap facilities. 
Bui after the change of manage- 
ment just over a year ago the 
Currency Board has curtailed 
some of its activities (mainly in 
lending to other Emirates for 

is being constructed by 

development and infrastructure 
projects) and, has maintained a 
lower pmfilq under its mauau- 
ing director, Mr. AMul-Malik 
al-Hamar. It is taking a fairly 
unaggressivc altitude in obtain- 
ing the compliance of bank;; 
with the regulations brought 
into force Iasi year on reserve 
requirements, deposit ratios and 
capital size. Some of the locally 
incorporated banks must r:u->e 
money from their shareholder’', 
and others are hampered by 
their involvement in property 

But while the Currency 
Board, with the assistant nf 
two advisers -seconded Troni th'* 
IMF. is preparing tn become a 
central bank, the prospect of 
that actually taking place has 
receded somewhat because of 
political disagreements amnne 
the Emirates. Thcj frnr loss of 
control of their development, 
since they would lose .some 
control over their foreign 
exchange resources under the 
draft law. There are other 
threats to the existing system 
of bank ownership in the UAE. 
while the Currency Board’s 
desire for rationalisation nf the 
banking system by encouraging 
mergers between some of tbl» 
smaller banks cuts at the family 
ownership basis of many insti- 

Although the introduction of 
Restricted Licence Banks 
(RLBs) in the UAE (insti- 
tutions dealing in foreign 
exchange . and other opera- 
tions but nqt offering dir- 
ham. account services to 
residents) got off to a slow 
start, both the investment 
department . of the National 
Bank of Abu Dhabi and the 
Abu Dhabi Investment Com- 
pany are becoming increasingly 
involved in regional and inter- 
national borrowings. 




Saudi Riyals 50,000,000 

Compagnie Nationale 
Algerienne de Navigation 

81% Guaranteed Notes due 1988 

Unconditionally andlrrevocably Guaranteed by 

Banque Exterieure d’Algerie 

The National Commercial Bank (Saudi Arabia) 
BJLLL (Middle East) Inc. 

Citicorp International Group 

Arab Petroleum Investments Corporation 
Bank Al Jazira 

Arab Investment Company S.A.A. (Riyadh) 
Albank Alsaudi Alhollandi 

E^andaf Times Monday July 24 1078 



i * I . 

V l , 
*\ \ 

way to go 

ON PAPER, the hanking sector 
looks to be one of the success 
stories of President Sadat's 
open-door economic policy. 
Around 70 foreign banks and 
investment companies have 
taken advantage of Law no. 43 
of 2974 encouraging foreign 
i investors to open offices in 
Egypt. Many of them are qc 
centra ted in the leafy crescents 
i of Garden City or the select 
i avenues of Zamalek. Some -of 
them, especially Chase National 
tk Bank and Citibank. ' are doing 
handsome business. But the 
t benefits in terms of Egypt’s 
[21 sconomic development are -not 
tp- always clear. 

r . . • . . ’ 

a The chief benefits to the 
?{• ?eonomy of the' arrival of 
“foreign . banks . have been ■ tD 
i^hake the four Egyptian state- 
'^i\fned banks out of their 
^qmplaeency and give them, a 
>j»ush in' the direction of the 

• ■ ■ - -- >J>ush in- the direction or the 
V/* <»*i970s; and to help channel 
^***Z£i y money into the banking system 
' and- thus ".the-- modem 
Economy— which would other- 
wise remain outside it, either 
“ under the mattress " or in the 
pockets or overseas bank 
accounts of Egyptian workers 
abroad. - 

■ The effects of foreign banks 
has thus been most noticeable 
on the retail side. People have 
flooded into the foreign bank 
branches and the many joint- 
venture banks set up by- 
Egyptian and foreign institu- 
tions to open accounts, so much 

so that. foreign names are now 
to be seen on walls in Aswan, 
as well as Alexandria, Port Said 
and Cairo. The foreign banks 
in Egypt have introduced their 
own cheque-clearing system to 
eliminate the delays and costs 
of using _ the state-sector 
system. Cheques are ft&Wf used 
more widely among -'ordinary 
Egyptians than • they-: ,->ere 
previously, and inorq/iCash is 
entering the baiiking System. 

Because overseas branches of 
Egyptian banks are. yery^ few 
■fands one of the main /ones, 
Banque du Ca ire’s operation in 
Saudi Arabia has just been 
.*• Saudi-ised ” into a irew^liank, 
majority owned by SaytGsl. the 
foreign banks also have.S'fioajor 
role in channelling r esnftfcances 
from Egyptians ipm&loyed 
abroad — in the -Gulf/.sPiirope 
and the U.S.— back IxiloJfeypt. 

The 1 ' four Egyptiafi cora- 
mecial banks used ? to be 
restricted by; law. to bankuagfor 
different sectors of the economy. 
Even though these restrictions 
have been lifted, they., have 
found it difficult to 1 -adjust 
to competition among " them- 
selves. let alone with the 
foreign banks; This state of 
affairs is not the result of a lack 
of very qualified or able 
Egyptian bankers. Many are 
highly regarded abroadrr-in the 
Gulf or in positions with Arab- 
foreign consortium banks: 

The system is the main 
villain: the bureaucracy, and 

overstaffing that smothers a 11 
aspects of Egyptian economic 
life, in addition to a crucial 
burden for banks of poor tele- 
communications — telephones 
and Telexes that are periodically 
out of order for days on end and 
which the foreign institutions 
seem to find ingenious ways of 

Banque Misr has taken a 
major step towards offering 
some competition to the 
foreigners by taking on western 
management consultants and 
spending $8m on a computer. 
Rut the hank, along with 
Banque du Cadre, National Bank 
of Egypt and Bank of Alex- 
andria, is still at a major dis-] 
advantage in not being able to 
offer competitive salaries to 
stem the drain of qualified staff 
to the more highly-paid foreign 
a°d joint-venture banks; nor 
having the freedom to operate 
1 T. completely, .commercial in- 
terest-rate structure. This has 
been revised under tbe terms of 
Egypt's agreement with the IMF 
for a S720m stand-by credit, but 
it is still fairly rigid. Domestic 
interest rates have gone up an 
average of 1 per cent in the past 
month and are due for a further 
rise of the same amount by the 
end of the year, when the 
parallel and official rates of ex- 
change for the Egyptian pound 
are also due to be unified. But 
the state banks' main area of 
business remains financing the 
public sector, with * which 

foreign banks are restricted in 
their dealings. 

Inviting foreign banks to 
return to Egypt after they bad 
previously been closed down or 
nationalised was not popular at 
the time President - Sadat pro- 
posed it in 1974. it was his 
friendship wiib David . Rocke- 
feller, head of the Chase Man- 
hattan Bank, that was one of 
the main influences on bis 
policy. It made sense in that, 
in order for a healthy private 
sector to grow, both foreign 
currency and a much wider 
range of services than the 
domestic banks could provide 

would br» needed. Foreign 
banks especially the American 
ones, were in the best position 
to provide these. Manufacturers 
Hanover Trust was the first U.S. 
bank to take advantage of the 
relaxation of_ Government policy 
in April, 1975, when it opened 
the first and only so-called free 
zone foreign currency branch — 
that is, a branch which deals 
only with non-residents or 
clients based in free zones in 
Egypt Since then, a host of 
“ onshore ” foreign currency 
branches (ones that fan deal 
with residents as well as non- 
residents in foreign currencies), 
joint ventures and representa- 
tive offices have opened at 
regular' intervals. 

Of the first four joint-venture 
banks to be set up, three 
involved American banks. Chase 
National Bank, combining Chase 
(49 per cent) and the National 
Bank of Egypt (51 per cent), 
has turned out the most success- 
ful. Annually adjusted profits 
registered a 90 per cent rise in 
1977 to over S4m. American 
Express,- Bank of America and 
First Chicago are among rhe 
other TJ.S. institutions involved 

in joint ventures with Egyptian 
banks. Citibank, in keeping with 
its policy of maintaining 100 per 
cent control of its operations 
wherever possible, opted for a 
foreign currency branch on- 
shore, and is doing thriving 

European banks were slower 
off the mark. Barclays was the 
first in 1975 — surprising because 
it was still bn the Arab boycott 
list at that time— with the Cairo 
Barclays International Bank, 
established with Banque du 
Caire. Since the equity split 
was 50/50 and not 49/51. the 
new bank was limited to opera- 
tions only in foreign currency. 
Members of the Europartners 
group became shareholders in 
the Misr International Bank 
along with Egyptian partners. 
Recently French banks— Paribas 
and Societe Generale — have 
been the main source of new 
ventures with Egyptian counter- 

The most recent trend has 
been the formation of several 
institutions with shareholdings 
held by Egyptians working 
abroad. ’ The Nile Bank, .for 
instance. brings together 

Egyptians at home (25 per 
cent) and those working in 
Saudi Arabia <75 per cent). 
Egyptians working in the UAE 
are 50 per cent shareholders in 
the SlOm Delia International 
Bank. The Alexandria Kuwait 
Bank International and the 
Delta International Bank hare 
been formed along similar lines. 

The authors of. the foreign 
investment law intended that 
the arrival of foreign banks 
would fill the gaps in project 
and corporate finance left by 
the state Egyptian banks. Blit 
so far this intention has been 
largely disappointed. Only the 
Misr International Bank of the 
banks licensed since 1974 holds 
a commercial banking licence. 
The others are theoretically 
supposed to carry out invest- 
ment banking functions. In 
practice, tbe only ones that do 
are the Misr-Iran Development 
Bank and Cairo Barclays Inter- 
national, together with the two 
multi-national Arab banks long 
established by separate acts of 
the Egyptian parliament, Arab 
African International Bank and 
Arab International Bank. 

There ie no shortage of 
foreign exchange in the 

economy, is remittances from 
workers abroad of some $1.5bn 
last year (with more projected 
in 1978) show. These funds are 
Fed into Egypt through the 
parallel exchange market. A 
further substantial amount of 
foreign exchange enters the 
country through the “grey" 
market, which is neither 
actively encouraged nor dis- 
couraged by the Government 
but which many bankers are un- 
willing to recommend to clients 
as a source of exchange be- 
cause of the uncertain legal 

The availability of foreign ex- 
change has not. however, 
resulted in much of it finding 
Its way into productive projects 
in Egypt. 

This is perhaps partly be- 
cause of the difficulty of assess- 
ing credit there. Many Euro- 
dollar credits on small projects 
are still advanced at rates of 
2-3 per cent above the London 
inter-bank offered rate. A lot 
oF bankers would argue that any 
risk that commands pricing as 
high as that should not be done 
in the first place. 

Brian Thompson 

What makes two into one? 

• •ratify / * ¥ 

'i"' S' ^ + » / 

A * r 

- «■*'**? i 

. ar : .It- 

■ Li’.i* 


Better prospects 

IN ALGERIA the past 12 
months have been dominated by 
gas. The first shipments of 
liquefied natural gas from the 
large plant at Arzew in Western 
Algeria to the U.S. were sym- 
bolic in more ways than one. 

^ First they confirmed- thal the 
slate hydrocarbons company 
Sonatrach had mastered the 
technical skills of an industry 
which is often operating at the 
frontiers of technology. Foreign 
help there has certainly been — 
and some delays— but consider- 
ing the size of the project, the 
largest LNG plant in the world, 
Algeria could afford to be 
proud of the result. 

The fact that the shipments 
of gas were destined for the 
U.S. is also remarkable: tbe two 
countries seldom see eyc-lo-eye 
on any issue of international 
importance, but they htfve been 
cooperating increasingly on a 
whole siring of projects, particu- 
lar in the Held of energy. 
^Financial links with other 
csuntries are growing as a 
result. E.\ im bank, which had no 
exposure in Algeria at the 
beginning of the 1970s. now 
ranks the country as its sixih 
■»r seventh largest customer and 
■a prepared to double that ex- 
posure to Sl.tibn if the contracts 
mrrently heing negotiated go 
Jirough. The Algerian leaders 
lave always drawn a firm line 
ietween politics and business. 
\s it is. for all the Marxist 
■hetoric used in the newspapers 
tnd in many public speeches, 
\lgeria’s interests are what 
■eally count. 

The industrial base the coun- 
ry is building needs western 
:ec!mu!ogy and with French 
nte rests fusing ground, the U.S.. 
lapan. West Germany and Italy 
lave been picking up many eon* 
xacts. Links with Eastern 
itirupe are far less important, 
ixcepi when it comes to 

Algeria's leaders believe that 
luildmg a strong economic base 
s the best contribution they can 
nake to the Third World coun- 
irios. and they work hard at 
■naintaining their status as 
leader of all that is radical 
intone those countries. 

Gas really is the crux of the 
nailer. The count ry's oil will 
run out hefore the century, 
.lencc the need to develop the 

other energy resources. Algeria 
has large reserves of natural gas 
but took a gamble on going 
ahead with the development of 
these resources back in - the 
1960s when the price per btu 
made that gamble look risk)-. 
When the price of oil moved up. 
gas followed, albeit more slowly. 
The deliveries of gas for 4he 
U.S. which leave Arzew today 
are priced very low under' con- 
tracts negotiated years ago. In 
recent years the price* of 
per btu has Increased consider- 
ably and the country* stands to 
gain much in Ihe future. 

Algeria had until recently 
been fairly reluctant to provide 
bankers and outside creditors 
wilh much up-to-date informa- 
tion on the country. A change 
of tone came this spring when 
Sonatrach published a report on 
the “ Hydrocarbon Development 
Plan of Algeria — Financial Pro- 
jections 197 6-200 a.” prepared by 
the company together wilh 
Bechtel of.. California: ■ .The 
report is itself based on a De 
Golyer and MacNaughton 

Report on oil. gas. condensates 
and LPG reserves of .Algeria 


The Sonatrach-Bechtel report 
says that if developments in the 
gas sector, in particular, go 
according to plan, the net 
foreign excliange inflow to 
Sonatrach over the next ten 
years will oscillate between 
SSbn and S9bn every year. Last 
year that figure was just over 
the S5bn mark. Costs, however, 
will be incurred over the next 
eight years fbr the most part. 

While about two-thirds of Ihe 
foreign currency Sonatrach will 
need is expected to come in the 
form of export credits, the rest 
will -have to come from the in- 
ternational banks. In addition 
to Eximbank's plans to double 
its exposure in Alpena, 
the Japanese export credit 
institution will have no prob- 
lem, in raising its ceiling so long 
as Algeria continues lb purehase 
so many capital goods from 
Japan.. With Italy and West 
Germany there should be -no 
problem, while; with France- the 
situation still seems to be that 
Coface has more credit available 
than the Algerians wish to take 
up. This is the result of the 

cooling of the relations between 
France and Algeria which has 
taken place in the past three 
years. The UK’s ECGD. which 
has shown itself the most 
cautious On Algeria in recent 
years, , .appears^ Jo' be slowly 
changing its mind and tatting, 
a more optimistic view, of ihe 
country’s future. 

Sonatrach.. is currently nego- 
tiating for over 51 bn worth of 
credits in the international 
financial markets. Sentiment in 
the market has turned round 
in recent months. Last year 
Algeria had -great difficulty in 
raising a few loans and was 
unable to get finer terms despite 
the fact that the market was 
softening. Now the picture is 
much brighter. A number of 
recent loans, some of which 
have not yet been completed, 
have boasted spreads of If on 
maturities of eight to 10 years 
In some cases maturities have 
stretched beyond 10 years: this 
is great importance .In 
Algeria ■ as- the bunching : of 
repayments occurs'* between 
1979 and 1982. 

The latest loan announced 
for an Algerian borrower 
carries a spread of li for part 
of the maturity, the lower spread 
for an Algerian borrower in the 
current cycle. Three features 
of this operation, a 8100m 
seven-year loan for BNA which 
is being arranged by Gulf 
International Bank, are of 
interest. The majority of the 
banks in the management 
groups are Arab institutions: 
the Arab . Monetary Fund is 
present in a management group 
for 1 the first time, and the 
borrower has agreed .to a 
penalty clause for prepayment 

So it looks as if Algeria is 
going to be able, to raise tbe 
Slim plus it needs from the 
international markets this year 
without any real difficulty. 
For the first time in two years 
relations between Algerian bor- 
rowers and tbe financial mar- 
kets qp pear unstrained. Recent 
figures on Algerian debt and 
projected debt repayments must 
have 'satisfied many of the ban- 
kers; the figures look better 
than those published last year 
and are the most precise to 
date. -■ 

Francis Ghiles 

. The Arab world is the richer for a new and powerful bank, the 
Albank Alsaudi Alhollandi. As the name suggests the Saadis and the 
Dutch have joined forces to create a new bank. This marriage of Dutch 
international banking expertise and Arab wisdom and influence 
promises to bring many benefits to Saudi Arabia. K| 

- The Dutch partner in the new bank is Algemene Bank 
Nederland which has been in business for 150 years and has already 
been established in Saudi Arabia for 50 years. In addition, the ABN- 
Bank has vast know-how throughout its offices in 40 countries on the 
five continents. 

To this fund of banking knowledge Saudi Arabia now adds its 
potendaland its Arab influence, together with the value of local Arab 
involvemen t that offers so much to die international businessmen. 

The banking skills and financial influence that make up the 
Albank Alsaudi Alhollandi introduce. to the Middle East a truly 
modem bank of international strength and sophisticated facilities. ' 

Albank Alsaudi 
uSfriloialt Alhollandi 

The Albank Alsaudi AlhoHancQ is located in: SaudT-Arabia - Jeddah (headofficc), CHaria King Abdul Aziz, P.O.Box 67, telephone 26266. 39455, telex 
401012. Damman. Main Street 11, PD. Box 70, telephone 32212. 23700. tdex 601015. Atkhobar. Prince Nassir Street, P.O.Box 342. telephone 4 1207, 4 2544, telex 
670177. Ri yadh. Abdulaziz bin Muaeadbin Jawali Street (Aldabab), p.Q. Box 1467, telephone 22991, 22987, telex 20 14 88. 

The ABN Network: The Netherlands, Ireland. Great Britain, Belgium, France. Federal Republic d/ G ermany, Switzerland, Gibral tar. Italy, Greece, Turkey 
(Patentee Bank-Dnij, Lebanon, United Arab Emirates, Bahrain, Iran (Mercantile Bank of Iran and Holland). Pakistan. India, Malaysia. Singapore, Indonesia, 

Hongkong. Japan, Morocco (Algemene Bank Marokkn S A), Kenya. USA, Canada, Netherlands Antilles, Surinam^ YaiezuelaJ’eru, Panama, Australia, Mexico. . 
Operating under the name Banco Holasdes Unido im Argentina, Uruguay, Paraguay, Brazil, Ecuador, Columbia. 

r!.-fiV v 


Chicago. ... America’S fourth largest 

International bank spans the world, providing 
Government and Industry with finance and advice. 

The First National Bank of Chicago. Middle East & Africa Headquarters/ 

P. & CX Building, Leadenhall Street, London EC3 4QU Telephone: .01*283 1277 Telex: 885504 

ABU DHABI, BEIRUT, CAIRO (Joint Venture) DUBAI, LAGOStJoint Venture) NAIROBI , SHARJAH, TEHRAN. Also represented in over 30 countries throughout the World. 

Financial Times Monday July 24 1978 








# #1 


Capital: 10,000.000 L.P. 

■ Head Office and Main Branch: 
B.I.T. BUILDING: Rue F tad Soifa. F.O. Box 11 3948 
BEIRUT: Tel: 297290/1/3 

Telex: BANKAS 2069$ LE 

Getting back to normal 

B Branches: (Beirut and Suburbs) 

SAJFI: Rue El Arz. Tel: 251001/3 
FURN CIIEBSAK: Rue de Damas. Tel: 2S5120/21 
RUE D* ALGER: lmm. Hamad*. Tel: 241486 
ALJJRAF1E: Sin I ion Nadra. Tel: 2409S0 
GF.FINOR CENTRE: Rue Clemedccau. Tel: 341290/1 
J.\L EL DIB: Carre four Hop. Abou Jaoudt Tel: 412996/7 
FLLlALE: Middle East Bank (France) 

, 125 Avenue des Champs Ely sties. Paris 


Ui ifjluT n| Hit LclHi'iCK «r 

CONTINUING Instability and 
uncertainty in Lebanon have 
curtailed banking activity over 
the past four years, and there is 
still no reason for undue opti- 
mism about the immediate 

A few weeks ago. and for the 
first time since relative peace 
returned to Lebanon in Novem- 
ber. 1976. an international Joan 
syndication was sealed in 
Beirut for the Board of Recon- 
struction and Development 
(BRD), in charge of rebuilding 

the country after nearly two 
years of civil war. 

The $150m loan, lead-managed 
by the Bank of America, was 
regarded as an important sign 
of confidence in Lebanon's free- 
enterprise economy despite the 
painful setbacks suffered in the 
past decade — both domestically 
and on the broader Middle East 
level. These included The intra 
bank crash of 1966, the Middle 
East wars of 1967 and 1973, and 
the civil war, which lasted 18 

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Official Hotel: MERIDIEN- Official Carrier: AIR FRANCE 

iocUterature and, ..... 

: 'inVrmatVo# : >r 


P. O. Box 1145, Sharjah, 
United Arab Emirates 
Tef : 358888, 356779. 357302 
Telex : 8306 EXPO SH 







■ i 







X-: 1 



■ r- 





: -■ 


banque de I'indochine et de suez 


Head Office : 96 boulevard Haussmann 75008 Pans 

Tel. 2662020 

Central Offices : 44 rue de CourceQes 75008 Paris 

Tel. 766.52.12 




MANAMA Kanoo Building 


SHARJAH Al Zchra Square 


HODDEIDAH Hayel Building 
SANA'A Al Kasr Al Gcmhouri Street 




Dfeddah - Riyadh - Alkhobar - Dammam 








DE BANQUE Casablanca 


Undoubtedly, there is some- 
thing special about a banking 
sector that could survive afl 
these crises. The Lebanese 
pound, protected from specula- 
tion, held up remarkably well 
despite the civil war and sub- 
sequent destabilising even is, 
thanks to the conservative 
policy of the central bank, 
which has insisted on prevent- 
ing it from becoming a reserve 
currency ur being widely 

Until late 1975, Beirut was 
the unrivalled financial centre 
of the Middle East where 
western banks scrambled for a 

piece of the petrodollar cake. 

Being a natural - magnet for 
Arab funds. Beirut attracted 
foreign currency deposits to the 
tune of S4bn. 

But the civil strife in sub- 
sequent months obliterated that 
image of the Lebanese capital. 
Several banks located in the 
battle zone in Central Beirut 
had to close down, others 
managed to set up .tempo rary 
offices to serve their clients in 
safer areas, and still others 
moved their headquarters out- 
side the country altogether. The 
majority of Lebanon's 74 com- 
mercial banks were forced to 
scale down their operations to 
handling current and deposit 

Since reopening in January, 
1977, no significant change has 
been made. Banking operations 
remained restricted to small- 
scale business such as receiving 
deposits, extending short-term 
loans to reliable clients, over- 
draft facilities to traders, letters 
of credit and so one. 

Pre-war operations involving 
large amounts of money, foreign 
exchange dealings, loan syndica- 
tion and other forms of whole- 
scale banking are kept at a 
minimum, to say the least 

On the other hand, this situa- 
tion has produced surplus 
liquidity in excess of L£14Iwi 
(around S65l)m). including 
reserves. Bankers strongly 
reject the popular charge that 
their credit policies are over- 
conservative, or th3i they have 
a passive attitude towards the 
Government drive for the recou- 
struclion of the country. 

Several bankers have 
defended lbeir policies on the 
following main counts: Ui The 
uncertainty of the situation in 
the country: tbl the absence 
of thoroughly studied and 
economically feasible projects; 
(c) the reluctance of many 
businessmen to commit them- 
selves to new credit lines: and 
fdj the still unrecovered loans 
extended before the civil war 
and which have since been 

However, the Lebanese bank- 
ing sector in general has 
responded favourably to 
Treasury bonds with short and 
medium maturities issued 
during the past year to raise 
funds for the government. So 
far. nearly £1bn has . been 
raised in this manner, and in 
most cases short-term maturity 
bonds were often over- 
subscribed. indicating the 
banks' conservative policies. 


Few banks have extended 
credit to reliable clients whose 
business had been damaged 
during the civil strife. The basic 
criteria used for credit exten- 
sion in such cases were the size 
of the damage and the prospects 
of resuming operations on a 
scale large enough to ensure 
repayment of the loan. 

But as a whole, bankers find 
little risk in financing enter- 
prises with a rapid turnover and 

where returns on investment 
are inherently short-term. 
Specifically, importers of foods, 
raw materials and non-durable 
goods find it relatively easy to 
secure bank credit to finance 
tbeir activity. 

Occasional disturbances in 
the country over the past 
couple of years have brought 
about some structural changes in 
the Lebanese banking system, 
with foreign-owned banks con- 
siderably reducing the scale of 
their operations, applying a tight 
credit policy and imposing a 
minimum on deposits. 

Temporary branches that 
were opened during the civil 
war appear to have acquired a 
permanent status, and their 
future is still being considered 
by the authorities. Normally, 
no new bank or branch of a 
bank can be opened without a 
prior approval by the Finance 
Ministry and the central bank. 

Government legislation has 
been passed regulating the 
opening of new banks in post- 
war Lebanon. The main feature 
of the legislation is that file 
central bank is given almost 
absolute powers to decide on 
new bank licenses, new branches, 
changes in any bank's by-laws, 
and merger of banks. 

Another feature is that the 
minimum required capital of a 
new bank should not be less 
than £15m (nearly $5m>, of 
which £4.5 m would be deposited 
with the Lebanese Treasury for 
as long as the bank continues to 
operate in Lebanon. Previously, 
the minimum capital required 
was £3m. 

A third fealure is that 
foreign banks (of which there 
are 12 ) arc now required to 
accumulate reserve funds by 
cutting 10 per cent of annual 
net profits on their operations 
in Lebanon. The saute applies 

on Lebanese banks, except that 
the 10 per cent is cut from 
their net profits on their 
overall operations inside and 
outside Lebanon. 

The new legislation, passed 
last year, came after a ten-year 
moratorium on banks had ex- 
pired. Earlier this year, 
licences were given for the 
establishment of three new 
banks in the country. Under 
the money and credit law. they 
have six months to set up 
offices and start operating. 

In an attempt to invigorate 
the banking system, the 
Government of Prime Minister 
Selim al Hnss. himself a 
banker-tumed-politician, passed 
farther legislation setting up a 
free banking zone whereby 
non-resident foreign currency 
accounts are exempted from 
taxes on interest earned. 

Furthermore, the government 
has established a number uf 
new institutions to enhance the 
recovery process under a 12- 

man board for reconstruction 
and development, headed Hy 
Dr. Mohammed Atallah fa 
banker). An agricultural credit 
bank, capitalised at Lfjflto 
(around SI Tin) was also set tip. 
It i> 5Q per cent Government 

A similarly supported Housing 
Bank was established to finance 
construction. repair and 
improvement of housing in the 
country. It is aLo capitalisrd 
ai Lfaflm and (he Government 

has a 20 per cent stake in it,^ 

The law governing the 
establishment of specialised 
banks has also been amended. 
The new amendment raises the 
capital requirement for such 
banks from L£15m-L£30m. but 
exempts The new banks from 
paying taxes in the first seven 
years of their operations. How- 
ever, they are still restricted hy 
the two-year minimum deposits 
they are allowed to accept. 

Tewfik Mishlawi 


BANKING AND finance in large-scale inflow of funds that whole remains far less sophisti- 

Jordan continue to be domin- has offset the country’s chronic cated than other Middle East 

ated by an overwhelming inflow trade deficit to maintain an centres such as Beirut. Bahrain 
of both private and public anomalous surplus on the or Kuwait. There are no private ; 
funds from outside the coun- current account balance. Last company or corporate bond 
try. but there has been recent year's surplus was about issues, for^example. and the use 
success in building up domestic JD 5m. of certificates of deposit is also ; 

institutions that aTe starting to The Government's awareness unknown in Amman. 
generate the capital required of its vulnerability on this The 15 commercial banks con - 
to help Jordan attain its overall score is reflected iu its policy centrate on financing short-term 
goal of economic self-sufficiency, of maintaining large reserves of trade, but this is expected to 

The greatest obstacle to the sold and foreign exchange, change now that the first invest- 
development of a sophisticated These totalled JD 260in at the ment bank has been established, 
financial sector in the country end of April of this year, and with two more finance cora- 
has been Jordan’s unenviable reach nearly JD 300m if one panies expected to open later 
position in the eye of the Arab- adds in gold and foreign this year as well, according to 
Israeli conflict, with all the exchange held by the cqptral bank sources, who note 
ravages and threats of conflict commercial banks. the development with satisfac- 

that this brings with it -’ew The annual deficit in the tion. 

investors would place much state’s budget has recently been But the ten-year development 

confidence let alone their covered by increasingly active bonds issued by the central ■ 
numey in Jordan during the domestic borrowing on the pari bank do not hare a secondary 
.hp SSfSl" of the central ^nk. Total market, thus holding up the 
inrf thp urn im^rna? Inr^fanian internal public debt stands at development of an active bond 
MiMiiZ!. Jordanian- JD ll0 most , y in the form market though the nascent 
Palestinian fllhtln*. of bonds and Treasury bills, stock exchange plans to list 

. economic The Government's external bonds in the very near future: 

mtPraa^nnfrnV “rwf ? -r^hiiui debl is relatively slight, at this might encourage some eor- 
intemal control and stability JD i 4 g mi ^e. bulk of it to porations to use bonds as a 

rev! taH sed° eS Jo rdan s & ° ? o v e rail forei “ n S^ernments at long- means to raise money instead 
rewtaiisea Jordans overall tenn ea interest rates, of simply issuing new shares 

Government - guaranteed debt nr borrowing short term from 
in Veal tlnns ha™be*n «rew in« tolals mother JD 50m and the commercial banks 
at an average rate of "nearly 10 ™s much of the 5200 m The commer^i ban^ after 

per ten* during the oast five in Euromarket commercial loans * spree in Oho and (9»e of 
years The fueT for 5m per ^ised by four state and semi- lending huge amounts of money 
formance lias been ntonev from state institutions last year in for speculative real estate and 
outside the Kingdom, and from Jordan’s sudden move into the “"rmiMencf 

Private sector in Jordan. tn.emattonai cpiul markets back ^a jno„ normal lend- 

This is dramatised by two ]? VnDn f ol I credit going to prnductive sec- 

pertinent counts— -over half the CjApuLtCu tors such as industry, tourism 

projected JD765m in invest- More } aternat ional commer- and agriculture, and less to 

ments m the current five-year cia , b orr0 win 2 s are expected inflation- fuelling land and con- 

t0 a C n°r durin S the next two years, struct] on activity. 

Government's share of invest- Particularly to finance Jordan's This has been partly the 
ment is anticipated from foreign wjwwnwwd and ultimately result of central hank intervon- 
toncessional loans: and of this self-financing industries, par- tmn two years ago. using credit 
year’s state budget of JD372m. lJcutar, y in the minerals sector ceilinns and deposit ratios to 
only half win be met by The Cf >unrry'5 debt service ratio encourage the commercial banks 
domestic revenues, with the a b,w ® cent. 3ntl there- 1° lend more For productive 
other half coming from direct recourse to jhe inter- ventures related to five-year 

foreign budget support and national market fur more com- development plan projects, but 
international development loans, mercial loans is both iikelv and t,l0 ^ e inflatlon-ftehting central 

While this might worry any logical. * hank measures have now been 

i other, country, it dues not worry ti,- onnM> _ , lifted. as have most foreign 

the Jordanians much because authorities during the present cschanse reslrictions - 
they have Uved with this sort Sve . vear , an , f d P e ^ The brisk activity or the 
of situation ever since the is tn rieve | dnm P finan S Industrial Development Bank. 

Hashemite Kingdom was created nsri.utTons rh.t can Dla? ?hi wh * h eswded its P™’ 
ah„ut 50 years «u. SnS," «»“* £ 30 ^ «• 

The five-year plan now in try's development projects at for *5* paSl SH 0 yeai "5' hw 
progress aims slowly to dose least, if not to help the Govern- 10 ,,pen the , e \f s ? f so ™ 

the gap between stale spending ment meet its annual budget as !* ' Si t ■ 
and domestically generated well bv increased Government * he Prnfitabie ion.-temi expnrt- 
taxation and oiher revenues, but domestic borrowing.' r nented , b ^. lT ! eS f S - rha ,' 

it will he at least a decade nr n . . hein 8 establ^hod in Jordan 

two before Jordan can hope to u pro - ress on thls score has and which require increasingly 
finance itself in both the public been rcsistered in three main sophisticated financial services, 
ami private sectors. areas — tbe start of business of But the commercial hankers - 

Parallel (u the fuige rtafe Tbe Amman Stock Exchange, the traditional con^ervan-mi has | 

dependence nn ° foreign c ' i?ta,>,iS!h 7 ienT nf fni,r oew proved almost impervious to 

financing. private money wwwneia 1 and investment rhanac. and Ihr stead v profits j 

continues to flow into the ban . s u ' irh slinifinmt sh^re- to be made from financinc |i 

rnnntr>’ on a larse scale. i 10,f1in5K bv PN«re and nuhlic trade has kept the domestic , 

Remittances from the 300.UIHJ j J n,eresls 5n ,be ^ pro- hankins sector far behind the 
Jordanians working in rhe d,,cer s 131 ” and the rapid innovation-minded and Ibnser- 
Middle East oil stales amoutn * !rowth . of lbe country's six range thinking economists 
to about rJDJUOm annually, specialised credit institutions, running the specialised credit 

Vi'hilp tnnrikm rnuomiae Vwu>* particularlv. thp Hniisinn Rank- institntinne anri tho fWitrtfr w.-'c I I 

-while tourism revenues ha%*e particularly, the Housing Bank institutions and the country's 
also continued to rise to last snt * tbe Industrial Development overall economic planning 
year's total of JD 9om. Bank. effort 

It is this comparatively But the financial sector as a Rami G. Khouri 








A. Salah Salem St 
Tel: 806212 
Telex: BKALX 54107 
Cable: Hoadalex 

49, Kasr El-Nil St. 

Tel: 913822 

Telex: BNALX 92069 & 92738 
Cable: Banalex 

31st DECEMBER 1977. 

in Egyptian £*000 


3 000 

Cash & Bank* 

197 6091: 

Res. & Prov 

57 617 


-*3 274“ 


589 776 

Loans & Discounts 


Other Liabilities ... 

19 855 

Other Assets 

25 560 


670 248 


670 248 



Foreign Dept.: Cairo 49 KASR. EL-NtL STfL. 


Al SAUDI is,^ 
Al FRANSI ifi^i 

A Saudi joint stock company with 
a fully paid up capital of 
SR 100,000.000. 


Jeddah, P.O.Bax.l 


Jeddah-AI Khobar 
Dammam & 

Riyadh (to be opened soon) 

Al Bank Al Saudi Al Fransi 
provides Hill banking and 
financial services in the Kingdom 
of Saudi Arabia in association 

Banque de L'lndochine 
et de Suez (Indosuez), 

,v arri 

I Al Bank Al Saudi Al Fransi 
| use the world-wide network 
I and international experience of 

Banque de L’lndochine 
et de Suez (Indosuez). 



y, i 

Fmartci&r Titties; Mfondky Jnly24 ; 1978“ 






H + r 

r f 


| \ n{ ; .doinesticall 

dhi Share 

nU. m r 

jfcKE STRENGTH and dynamism 
'of Kuwait's financial . institu- 
.“tions reflect both a capital . 

.surplus which has existed for 
almost a generation and a high 
■degree of professional com- 
petence on the part of 
the State’s financial managers. 

^Often described, with justice, . 

prudent, cautious and con- 
servative, Kuwait's financial 
jmanagera have also shown that 
they are innovative and that 
they can adapt their country's 
financial institutions to meet 
-the changing market needs. 

Being little more than a city 
State, and hence having no 
'agricultural and no great indus- 
trial potential, Kuwait will have 
only its investment income and 
the income generated by its 
■ToLe as a financial centre when - 
its oil revenues cease to be 
'important: This fundamental 
'fact has been at the heart of 
Kuwaiti policy thinking since 

early as 1964, the Govern- The headquarters oj the Kuwait National Petroleum Company. 

.jnent of Kuwait set .up _ihe. . ... .r ^ * 

I Kuwaiti Investment Office in . ” ‘ „ 

•London to manage the country’s 23 per , S™* share m scene generally. pines, and the Moroccan state 

’Jone-term investments and to versia * Ke Q aua sugar project in At the same time that the industrial enterprises. In the 
Iplara more liquid funds on the Sudan ’ il is second largest Government and the Kuwaiti first quarter of 1978 there were 
- «. u u;(' money market Then in 1966 shareholder, after the Govern- financial community were five new KD bond issues with a 

V V- :’ fce Kuwaiti commercial banks men * of Sudan - and before **“ debating the amendments to total value of KD 3Sm. 

founded the United Bank of Arab 5nvestmen t company with the banking laws, the financial All 33 issues are now traded 
i* ‘K uwa i t to manage and invest 17 per cent) ’ Knc E«ves community recognised that its by ACTS above par. in con- 
* -the growing - quantity of funds D riorit y t0 ^ Kuwaiti -capital wish to have an active market trast to the situation this time 
•whidi could not be absorbed market in Kuwait’s dinar denominated last year when considerably 

-domestically ' Developments in this local bonds was bein S constrained more than half were traded 

market are a real measure of by institutional shortcomings, below par and when the market 
the growing diversification of There . was ® limited absorptive was extremely sluggish, 

the Kuwaiti economy. "Yet in capacity for KD denominated The Kuwait financial com- 

^ * Later in the 1960s the Kuwait spite these developments, it bonds simply because there munity learned a salutary 
‘ {Government 'took a 50 per cent cannot be forgotten- the v y ere *p° few participants. Only .j esson j a te last year and in the 
share with the Kuwaiti private Kuwaiti economy is still J be fi J e commercial hanks early part of this year when 
jsector to establish the Kuwait dominated by oil, which “censed to operate in Kuwait, the government bad to inter- 
Jlnvestment Company (KIC). accounts for about 95 per cent * ou £^^^|^ eom D a,:u .f s vene on *** Kuwaiti stock ex- 
ilhis was followed by the of the state’s income, 75 per {K} C *J^T C£ V* “J th * change to bail out a number 
IKuwait Foreign Trading and cent of foreign exchange earn- industrial Bank of Kuwait), and 0 f Kuwaiti institutions and pri- 
i Investment Company IKFTIC), ings. and SO per cent of GDP. J} 18 two development funds, the vale citizens left in embarras- 
•in which the Government has A significant milestone in the Kuwait Fund for Arab Economic singly exposed positions follow- 
iBO per cent of the equity, and development of . Kuwait as a Development and the Arab Fund i Qg the ■■ collapse of a classic 
by the Kuwait International genuine international capital i? r Economic and Social stock exchange boom. In a 
Investment Company (KUC), market was reached in the Development, could for all society whose political strength 
which is wholly owned by the latter half of 1977. The ruling Practical purposes deal in the depends on the support the rul- 
private sector. The three com- mercantile oligarchy * realised market. There was no secon- ing oligarchy receives from a 
.panies work to complement that the existing legal basis of dary market no way for the wealthy middle class, the 
each others activities and can- banking and finance in the state smaller private investor to buy government could not afford a 
not be regarded as competitors, .no longer reflected the needs of bonds and no liquidity. The rash of bankruptcies. In any 
The basic objective of each is the economy or the demands of m , et existed, but in name case, the sums involved, from 

to further Kuwaiti investment the growing capital market The 0Qly - th e of view of the 

•interests and to establish then existing banking law. law Therefore, with the blessing government of Kuwait, were 

Kuwait as a money and capital number 32 of 1968 "concerning of the Government, the Indus- comparatively modest 

market in its own rigbt.thougb currency,- central - bank of trial Bank of Kuwait and the . 
the emphasis or each in .attain- Kuwait and banking, pro- Kuwait j Ivteqiajiohxl IfltPfVPntifin 

ring this objective naturally fession." did not give the' ment Cjmpiina sit uj» the A»b 

differs. KIC divides” its a ctivfr Government, through the’ eentril Compaq f«r x Pracfitfg Securities AcUng^bn^Ttfbottfmenditiohs 
ties between direct investment bank, the muscle if needed, to (ACTS) early in 1977 as an submitted to it by a special 
in the industrialised countries react to market developments, institution to create an effective finance committee, and under 
and the domestic Kuwait capital Accordingly, an amendment was market in bonds -and other KD jhe provisions of the newly 
‘market, KFTCIC has a similar promulgated in October/ 1977 -denominated securities. amended banking law. the 

split, though its external invest- with the objective of strengthen- The existence of a genuine Government let it be known 

ments lean more towards ing and stimulating the local mar ket, encouraged by the that it was ready to buy shares 
^developing couniries iwith a capital market and • banking necessary changes in the law, of Kuwaiti companies at the 

" caused Kuwaiti banks to issue lowest price quoted between 

a new fonn of marketable October 1. 1977, and the date 
security, medium and short of the announcement in Decem- 
terra certificates of deposit The her. On the first day of the 
move was welcomed by local Government's intervention on 
banks in Kuwait, because, in the Ku wait stock exchange, its 
addition, to having a stronger agent, KFTCIC. bought on its 
and more flexible KD market, behalf some 150.000 shares 
these banks could acquire valued at approximately KD 20m 
longer term maturities for their l$7Rm). The Government con- 
I iabiiities and thus lend longer, tinued to buy shares until April 
The. original issuers of .short- 5 this year, when the Jaw 
term certificates 'of deposit' permitting it to deal in the 
(known as "lap CDs” • in market was rescinded. 

Kuwaiti' financial jargon) and An integral part of the 
medium term certificates Kuwaiti finance scene is the 

Middle East 

A Member of The Hongkong Bank Group 

Merchant Banking Services 
throughout the Middle East 


*- ; » 

> . 


Raising of Capital • Project Finance 
Corporate Advice 
Joint Ventures • Acquisitions 

jf Wardley Middle East Limited ■ 

B.B.MJE. Building 
P.O.Box 4604 
Riqa-Deira, Dubai 
United Arab Emirates 
Telephone: Dubai 221126, 

Telex: 5806 Wardub, 

Cables: Wardley Dubai 

("tranche CDs”), the. Industrial 
Bank of Kuwait and the Gulf 
Bank, have been joined by 
others, and short and medium 
term money has become as 
important a part of the Kuwait 
capital market as the market in 
KD bonds. 


Thus ACTS has been able to 
operate in a market which has 
considerable diversity. Initially 
acting as a buyer of any KD 
b ond that was on the market, 
ACTS soon became a seller, for 
every bond and certificate of. 
deposit bought was readily sale- 
able. Any Kuwaiti witb liquid 
capital is a potential buyer, 
given the shurtage of alter- 
native investment opportunities 
In Kuwait. . 

In addition, the formation of 
AID'S has given a considerable 
fillip to the KD bond market 
itself, and has made this market 
more genuinely imernationaL 
Onginaiiy confined almost ex- 
clusively to Kuwaiti financial 
institutions, about half the in- 
stitutions sharing in KD bond 
issues are now non-Arab, simply 
because foreign -financial insti- 
tutions know that they can buy 
and sell KD bonds whenever 
they wish. Given a falling 
dollar, this -becomes an increas- 
ingly important consideration. 
Whereas originally new Issues 
of KD denominated bonds 
caught the headlines, there is 
now a new issue coming out on 
the average, every few weeks, 
and there is a queue of 
borrowers wanting to issue. KD 

Maturities now range up to 
12 years. The largest issue so 
far was a KD 12m issue for 
Sonairach. * the Algerian 
national oil and gas company, 
af Si per cent. So far, there 
have been 33 KD bond issues 
to a wide range of borrowers, 
which include the African 
Development Bank, the Spanish. 
Autopistas de C&taltma and 
Autopistas del AUantico, Bank 
Handlowy Warszawie, the Korea 
Development Bank., the Repub- 
lics of Panama and' the Philip- 

very large volume oF inter- 
national financial aid emenaiing 
from the stale. Aid from Kuwait 

10 lesser developed countries 
totalled S6.6bn (si current rates 
of exchange) between 1962 and 
the end of 1977, and has stood 
at 9.4 per cent of total GNP over 
the past seven years. Direct 
grants have -reached a total of 
KD 740m (S2.7bn), almost all 
being to other Arab countries. 
Loans have totalled KD 625m 
(S2.3bn), with almost 76 per 
cent of the total going to Arab 
countries and 8i per cent to 
African countries. In addition. 
Kuwait bas contributed S1.6bn 
in subscribed capital to a 
number of international and 
regional organisations, includ- 
ing the Arab Fund, the World 
Bank, the IMF and the OPEC 
Special Fund. 

Although an oil surplus state 
for many years, Kuwaitis look 
ahead to a day when dwindling 

011 revenues will equate to tbe 
growing financial demands of 
defence, internal security and 
the expenses involved in the 
.day-to-day running of a modern 
welfare stale. Already there is 
talk of some form of taxation of 
income from property and 
investment, but the obvious 
and political and practical diffi- 
culties in the way of implement- 
ing any legislation has caused 
the Government to shelve its 
tentative plans for the time 
being. Precise figures on the 
state’s income from its invest- 
ment and the income generated 
by its domestic money and 
capital market activities are 
difficult to obtain. The state in 
any case tends to understate 
the relevant figures and is 
understandably coy about 
publicising them. Yet there is 
every, reason to believe that 
Kuwait will succeed, given con- 
tinuing political and - economic 
stability in the general area, in 
diversifying tu -economy to 
such an extent that the tradi- 
tional mercantile flair of its 
citizens will find adequate outlet 
in an • economy no longer 
dominated by oiL 

John Townsend 



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ABU DHABI Bank of America. 

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Manager: Richard G. Schulze 

IRAN Bank of America, Iran 
Representative Office, PO Box 

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Representative: John SHvin. 


Building,RiadSoIhSt f P.O.BQx3985 

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Manager: MarahaZLLewis 

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Energy Development.. 



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Office of the Middle East Representative, P.O. Box 774, M-inama, Bahrain. Telephone 50551 
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The Commercial Bank is currently providing 
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in the coupon for a free subscription to our “CBK 

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P- O. Box Safat 2861 Kuwait 
Tel: 411001 Cable: Banktijari 
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CBK 11 

Fjuandai Times Monday Jtafir 34 38W 

banking and f ”” 

fm , 

f-v- v : <. • :• .Y - 

The headquarters of the National Bank of Bahrain. 


Regional centre 

THE GULF state with the lowest 
income from oil has become a 
banking centre for the region. 
Bahrain, whose oil income is 
barely over S400m a year, has 
become home for over 40 major 
international banks which have 
formed an offshore banking mar- 
ket with $19-5bn pins of assets 
There are 18 commercial banks 
doing business within the 
island and a 19th Is soon to 
start As well as the numerous 
representative bank offices, a 
new category of bank — the 
investment bank — is also 
developing. The latest and most 
distinguished name to make the 
transition from representative 
to investment bank is the 
British merchant bank Klein- 
vrort Benson. 

Official figures indicate that 
almost all the banks estab- 
lished in the island are profit- 
able. Setting aside the repre- 
sentative offices, which are not 
there to make money them- 
selves, only the' fairly newly 
established banks failed to boak'e 
money during ! 1977. whether 
they were offshore units or com- 
mercial banks. The two locally 
incorporated banks that were in 
business during 1977. the 
National Bank of Bahrain and 
the Bank of Bahrain and 
Kuwait, made profits of $7-25m 
and S4.5ra. respectively, while 
their assets increased by 17 and 
25 per cent. 

Figures for the profitability 
of the offshore banking units 
are not available for individual 
units, and the Bahrain Monetary 
Agency shies away from issuing 
a precise figure for the total. 
Earlier this year it revealed 
that all bar “ three or four ” 
of the 33 offshore banking units 
operating in 1977. when, total 
offshore assets, were $15.7bn, 
made profits. The agency said 
that average net interest earn- 
ings for the OBUs were i per 
cent a year. Although the 
expense of operating in Bahrain 
had been much discussed, in the 
early months of the offshore 
market it was found that aver- 
age operating budgets were 
around $500,000 about half what 
had been expected. 


An important factor contri- 
buting to the growth of Bahrain 
as a regional money centre was 
the restricted (and relatively 
inexperienced) nature of bank- 
ing in some of the neighbouring 
states. At one time commenta- 
tors believed that the United 
Arab Emirates, with its much 
greater oil income, surpluses 
and trade, could rival Bahrain. 
But the dirham crisis of early 
1977, followed by the recession 
in Gulf business generally, con- 
centrated bankerly minds on 
Bahrain. And in June last 
year, the National Bank of Abu 
Dhabi was granted an offshore 
banking licence. 

The other possible candidate 
for the title of financial centre 
of the Gulf was wealthy Kuwait 
with its limited number of 
banks. But the banks are very 
tightly controlled by the 
Kuwaiti monetary authorities, 
and now many of them appear 
on tombstones in association 
with Bahrain based OBUs. "It 
is - the dichotomy between 
official practice and commercial 
needs in some of the Gulf 
countries that has created busi- 
ness for us all.*’ according to 
the manager of one of the early 
established OBUs. 

Typical of this Is the growing 
Saudi riyal business; the 
syndicated riyal loans made 
necessary because of the 
restrictions on lending by Saudi 
commercial banks, and the riyal 
exchange business that has 
arisen since the Kingdom 
decided to denominate all 
Government contracts in riyaJs. 
The syndicated loans in riyals 
organised by the OBUs are only 
an indication of the total, for 
many OBUs are big enough, 

and still sufficiently assetthe other Arab banks (includ- 
hungry, to lend quite consider- ing Kuwaiti banks) in winning 
able sums without syndication. - a number of recent syndication 
The Bahrain Monetary Agency mandates by fine bidding has 
has estimated that, at the end caused some mutterings among 
of March this year, Saudi riyal banks of other nationalities. •... 
assets were equivalent to* Applications for offshore 
around $2bn. licences are not automatically 

The scale of Saudi riyal granted by the Bahrain Mone-. 
dealing is now such that the tary Agenct, which monitors the 
Bahrain Monetary Agency is activities of OBU’s very closely 
experimenting with a clearing through monthly, reports. The 
house system for riyals. BMA, which reports directly to 
Communications with both the Bahraini cabinet, also super- 
Riyadh and Jeddah are still not vises the commercial banks — 
very good. As yet, however, a commercial banking licences 
formal central clearing system have not been issued since 1975 
has not come into operation, (with the exception of that for 
The Saudi Arabian Monetary the third locally incorporated 
Agency itself is apparently bank), with the result that, 
rather worried by the growth Bahrain is the only Gulf state 
in Saudi riyal dealings and in which the rapidly expanding 
loans as it wants to prevent the Bank of Credit and Commercial 
internationalisation of the International has not been able 
Kingdom’s currency. to set up. 

While SAMA permission is The third locally incorporated 
not strictly necessaiy for a bank is the AI Ahlia bank, 
syndicated loan in riyals. which was set up with a capital 
bankers consider it tactful to of $10m last year. The BMA 
inform , the Agency .of their considered that there hadbeeu 
plans.. It- has been said that a sufficient increase ih" banking 
SAMA has written to a number business for another bank to 
of banks requesting to be kept open and, it is hoped, not spoil 
informed and that it has, in one the profitable picture of Bahrain 
sizeable case, indicated that a commercial banking. The AI 
proposed syndication would not Ahlia, which has a management 
be approved. Few offshore agreement with the Bank of 
bankers are dismayed by America, is unlikely to be in 
SAMA’s nervousness, and most business much before 1979, by 
anticipate further growth in which times the contract for 
Saudi riyal business of all kinds, the Slbn Saudi Arabia-to- 
rvrg i _ Bahrain causeway may have 

Uusnore been awarded, giving a neces- 

At the end of last year sary fillip to banking business 
regional business accounted for in the island, 
over half the market with Last year and the first months 

Gulf currencies (the Kuwaiti of this year have been quiet 

dinar is the other major times for Bahrain's commercial 
currency used) touching the banks. Bahrain's own economic 
equivalent of $3.6bn. Liabilities boom, which was slower to start 
to Arab countries in 'all than those of other Gulf states, 
currencies reached $&2bn peaked in 1976 when bank lend- 
compared to $2.6bn at the end iug had grown by about 66 per 
of 19.76 — though twice as many cent and the money supply by 64 
offshore units were in operation per cent The trade slowdown 
at end 1977 than end 1976. became noticeable in the first 
In spite of the flurry of quarter of last year, but some 
excitement about Saudi riyal commercial banks are reporting 
business, tbe dollar is still all an increasing letter of credit 
important to the OBUs. At the business in April and March of 
end of last year over 70 per this year, 
cent of all liabilities were After the three locally incor- 
denominated in dollars, porated banks, all the other 
Liabilities to European markets commercial banks in the .island 
had increased from $2.3bn to are branches of major Ameri- 
S5bn, and assets had risen from can European or regional banks. 
$l.lbn to $3.9ba. Business with The Continental .Bank, how- 
the Asian dollar market based ever, is a rather curious 
on Singapore and Hong Kong exception. It is a joint venture 
is also steadily increasing. between the Continental Illinois 
Virtually all the major world Bank and private Bahraini 
banks have established offshore shareholders whic h came into 
units in Bahrain and all the 
main Arab consortium banks are 
present Two of the Arab 

consortium banks, FRAB Bank 
and the new Gulf- Riyadh Bank 
( a joint venture • between 
France's Credit Lyonnais and 

the Riyadh Bank) have 

incorporated themselves in 
Bahrain as Bahraini exempt 
companies. (Kleinwort Benson 
also formed au exempt Bahraini 
company to apply for its invest- 
ment banking licence; tiie 
exemption is from having 
majority Bahraini share- 
holding.) The most conspicuous 
absentees are - the Japanese 
banks, but one is said to have 
applied for a licence and its 
application to set up abroad is 
being proceeded by the 
Japanese Finance Ministry. The 
Bahrain Monetary Agency 
expects the next round of appli- 
cations for offshore licences to 
come from major national banks 
associated with the region. The 
State Bank of India, for 
example, has an offshore. unit 
The- Gulf International Bank, 
which is headquartered in 
Bahrain and has just opened its 
London office, is becoming 
increasingly active in interna- 
tional syndications as H takes 
orr more staff. GIB was sot up 
in late 1976 and is owned 
jointly by the seven states of 
Saudi Arabia. Bahrain. The 
United Arab Emirates, Qatar, 

Oman, Kuwait and Iraq. The 
bank's . authorised capital is 
SlOOm, of which $70m is paid 
up. The activities of GIB, and 

being before the offshore bank- 
ing licences were created in 
October 1975. Had that licence, 
or even the investment bonking 
licence, been available when 
the idea of the bank was first 
mooted, it might have taken 
either of those rather than the 
full commercial licence which,. 
It holds, as it was intended to 
concentrate on wholesale 
business. The Continental Bank 
offers planning and develop- 
ment services for large com- 
panies wishing to do business 
in the area, and it has financed 
a number of private ventures, 
including the successful and 
expanding Dayvflle ice-cream 

There seem to be no nasty 
bankruptcies in the offing to 
damage banking profitability, 
though many a contractor and 
trader in Bahrain is finding 
himself in rather straitened 
circumstances this year, as last 
year. Certain hotel projects in 
the island have had to be re- ■ 
financed after much bickerings 
between bankers and share- ; 
holders (with a little assistant 
where appropriate from the - 
Bahrain Government). Lending 
to the contracting industry con- 
tinues to grow but much more 
slowly, some of the buildings 
that had to be financed during 
construction now have to be 
financed as they stand empty. 
Trade finance now accounts for 
about a quarter of all lending. 


In June this year the Bank of 
Bahrain and Kuwait, jointly 
owned by Kuwaiti banks and 
Bahraini private individuals, 
formally opened its commercial 
branch in Kuwait, the first. 
“ foreign * bank to do. so. BBK! 
has a technical assistance" 
agreement .with the American'. 
Chemical Bank, - which has " 
seconded general managers to . 
both the Bahrain and the 
Kuwait-based banks. 

Both the BBK and tire 
National Bank of Bahrain are 
planning ' new' - branches in 
villages of the island as well as 
in the outer areas of the two 
main towns, Muharraq and 
Manama. The oldest established . 
British bank on the island, the 
Chartered Bank, and the 
youngest, Grindlays, are also 
expanding their main premises, • 
so business, while perhaps doll ' 
cannot be badf 

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•1.1 1 


• r.i 



Financial Times Monday July._24 1978 

for the innovators 


By DAVID FISHLOCK, Science Editor 

T - lj 

V- ^ fc 

$5* • -4; 

W'i$- ^ 4%. 

. ' ' -- "> w trailer mouse 

-- ■’•^cV vtorth trying 
r *• /'=. innovation— < 

^ * T . hnstile - tei 

1 n t 

nological innovation . is- some-' 
thing s almost suicidal.” That is 
the .view vented in conversation 
tie .other day by one of Britain's 
most innovative engineers— a 
council member of the Royal 
Sbclety. Where, he ashed, are 
the big engineering projects for 
vfoich Britain was once famous? 
Where are the engineering re- 
search- centres from which 
might flow the ideas for a re- 
naissance of the industry on 
which Britain’s past wealth was 

[Where, in fact, is the incen- 
tive to innovate at all in a 
society ' - which no longer sees, 
bitter mousetraps as something 
for? Criticism of 
innovation— often" 'couched in 
, hostile terms— appears * to 

attract much _ mote attention 
,« w than any -news of successful' 
■V achievement 

t *‘‘- fEwn’ for an organisation 
which is sufficiently enthusiastic 
-V't to be investing in innovation, 
there • are quite formidable 
hurdles. First there is manage- 
ment itself, which must be per- 
suaded to invest in the project 
The more honest and diligent the 
innovator is in calculating the 
financial consequences of his 
proposal, the more easily man- 
agement is likely to be discour- 
aged. EMI almost abandoned the 
EMI-Scanner (which has earned 
over £180iu for the company 
since 1971) because its inventor. 
Dr. Godfrey Hnunsfield, worked 
out with a precision quite un- 
characteristic of his breed just 
what it would cost EMI to tool 
up for. market and service his 

.The. second hurdle is the com-, 
paly’s own workforce, which 
may be unwilling to accept the 
innovation, because it requires 
a different spectrum of skills, 
for example. The changc-nver 
iij/ Britain from the time- 
honoured electro-mechanical 

telephone switch to all-electronic 
switches has been /Severely 
-handicapped by tire fact that the 
new systems will have- little 
need for the large numbers of 
predominantly male - skilled 
metal workers- Overseas , com- 
panies .which have steeled them- 
seives to make the ch’apge have 
already pieked up considerable 
international business in 
electronic exchanges. Moreover, 
this is merely a foretaste of 
what promisee to/lMr J a'^ood of 
innovations built arouhd the 
microprocessor. . V 


! rp 

Other hurdles ,whjc& can 
obstruct as - innovation long 
before .the customer^ has an 
opportunity of judging' whether 
be might buy it include; Govern- 
ment, in all its manifold forms 
— local and regional as well as 
national. British industry has 
suffered nothing at home 
’ quite so traumatic as British 
Petroleum’s experience In Italy 
where its joint venture - Ital- 
Proteine has "been obliged to 
abandon a £40m prutein-from-oti 
investment. Even though the 
Italian Government encouraged 
the venture, its regulatory 
authorities refused to - accept 
even the assu ra nc£s__Qf _ . .the 
LIN’S World Health Organisation 
about the safety of .the product 
Imperial Tobacco' and I Cl 
were forced to watch im potently 
while a 'Government agency, the 
Health Education Council, 
attacked a genuine and Govern- 
ment-encouraged attempt to 
introduce a safer form of smok- 
ing material in which between 
them they had invested about 

In many ways the most dis- 
heartening hurdle is the activity 
of people and organisations who 
make a profession of opposing 
innovation and industrial pro- 

gress. All too often, it 
to the innovator, those who 
can’t do, oppose. The 17 objec- 
tions raised against the proposed 
£600m reprocessing project at 
W indscale ranged from a 
diversity of different allegations 
about public safety to complaints 
about it as a financial invest- 
ment and a source of employ- 
ment. There were even ‘ com- 
plaints that it was an emotional 
subject which if not abandoned 
might cause some people to 
react violently. All 17 objections 
were overuled at the planning 
inquiry, but objectors have con- 
tinued to protest vehemently — 
though still with no common 
agreement on why the project 
should be abandoned. 

These are weighty matters on 
which tbe Government might do 
well to reflect as it prepares 
once again for what Sir Harold 
Wilson 15 years ago called “ the 
Britain that is going to be 
forged in the white heat of the 
technological revolution.” 

This time an attempt to har- 
ness science and technology to 
the Government’s industrial 
strategy is being made with less 
flamboyance and more sincerity. 
But once again the Govern- 
ment’s message Is' that Britain’s 
future in exports lies in techno- 
logically advanced processes and 

The Department of Industry, 
spearhead of the Government’s 
industrial strategy, has woken 
up at last to the fact that It 
has what Mr. Leslie Huckfield. 
one of its junior Ministers, calls 
a “great- reservoir of scientific 
and engineering talent.” It has, 
he estimates, 1.500 qualified 
scientists and engineers in its 
five industry orientated research 
centres, backed up by another 
1 ,000 skilled technicians and 

This impressive - sounding 
resource already has some 
in-house roles: helping to shape 

industrial policy for the Govern- 
ment monitoring technological 
activity in Britain's m ain 
competitors abroad, ensuring 
that the Department of Industry 
is a well- informed customer as 
a major purchaser of technology 
to the tune of £lbn a year. 
Earlier this month, for example, 
the Department announced that 
It was spending £15m to 
encourage industry to use 

But a novel and much more 
creative role is now to be thrust 
upon it. It is to be used more 
deliberately to help bring about 
Britain’s second industrial revo- 
lution; to help invent and 
develop the new technologies 
the Government believes in- 
dustry desperately needs to be 
using. As Mr. Huckfield politely 
puts, it, in the past these 
laboratories have “-assumed too 
low a profile.” - 


Masterminding the new role 
is Dr. Duncan Davies, the 
former ICI research manager 
wbo, after a career in tbe 
chemical industry, joined the 
Department at 55 as its chief 
scientist and engineer. Be is 
no stranger to tbe tendencies of 
research centres to become 
“ivory towers” remote from 
the activities they are supposed 
to be serving, and he now has 
tbe daunting task of turning 
laboratories with a long tradi- 
tion of working for industry 
only if asked (which often 
meant never) into laboratories 
eager to excite industry with 
their ideas for innovation. 

For* example. Dr. Davies 
wants his research centres to 
become more involved in 
engineering problems. The 
National Physical Laboratory 
ajt Teddlngton has traditionally 
been tbe centre for many of 
ithe basic ’standards of measure-: 

ment on which all industrial 
quality control is founded. 
But quality control — say, of 
machined parts — is increasingly 
depending on a direct feedback 
from the manufacturing opera- 
tion itself. As Dr. Davies sees 
it, this-ls an area of advanced 
technology which the research 
centre itself must penetrate. 

One of Dr. Davies’ first moves 
has been, to bring tbe research 
centres— previously . essentially 
autonomous — into a close-knit 
group sharing their experiences 
and problems. The micropro* 

cesser— -the microminiaturised 
computer around which new 
control systems for almost every 
kind of process and product will 
be designed in the next decade 
or twfr-ris a prime example of 
a unifying theme. 

Where in the past these 
research centres have been 
associated .with' innovation it 
has tonded to be with products 
rather ;/-toan processes. • But 

British Industry has Wen un- 
receptrve to most of their, 
inventions. There are those 
who believe, however, that 
Britain has long been pre- 
occupied with the invention af 
products, lauding -inventors and 
designers — of bridges, reactors, 
aircraft, hovercraft, . brain- 
scanners, etc. — but has seriously 
ignored or underplayed the 
importance of manufacturing 
technology and processes. It is 
one of the lessons^ Japan has 
taught Britain with its meteoric 
success in innovative methods 
of manufacture and their impact, 
on exports. 

Mr. Bob Malpas, ICTs 
director of engineering and 
formerly a close colleague of 
Duncan Davies. . distinguishes 
the two as the “what” and the 
“how” of engineering. When 
originally approached by Id, 
says Mr. Malpas, “ I asked what 
engineering was involved and 

was told: 'It is aH engineering 
except what flows through the 
equipment 1 . When I saw the 
equipment I was quickly con- 
vinced and captivated, and so 
began a career dedicated to the 


Mr. Malpas believes that 
principles now being evolved 
by the leading chemical com- 
panies such as Shell, BP, ICI, 
and some smaller ones such as. 
Fisons, will lead to chemical 
.and petrochemical plants radi- 
cally different in size, appear- 
ance and energy consumption 
daring the 1990s. His imagina- 
tive “ plant-after-next ” concept 
of chemical plant development, 
evolved in collaboration with 
ICI research chiefs, is already 
widely accepted within the 

He points to advances in 
control engineering way ahead 
o£ either the chemistry or the 
mechanical engineering of pro- 
cess plant design today- 
advances which can keep 
chemical reactions under much 
closer control Processes pre- 
viously sees.- as too hazardous 
can now be contemplated with 
equanimity. (The clue here, of 
course, is tbe ubiquitous micro- 
processor, already finding its 
way into ICI plants.) 

.The result is that the pro- 
cesses will be carried out' 'safely 
on much smaller plants for a 
given output. They will need 
fewer stages, far less dilution — 
less energy to keep materials 
moving. The evidence for this 
“ intensification ” of process 
technology is already apparent 
in some of the latest organic 
chemical plants coming on 
stream in Britain. It will be 
perfected in time for such 
ventures as the coal refineries 
and “ coalplexes ” Britain is 

Dr. Duncan Davies, Chief Scientist and Engineer. at the 
Department of Energy. 

contemplating for the day when 
North Sea resources dry up. 

The “how” of engineering 
may have been underestimated 
by Britain’s national labora- 
tories but it has not been 
altogether ignored. At Warren 
Springs Laboratory near Steven- 
age, for example, the scientists 
working on a research contract 
for a Birmingham company, 
Batchelor Robinson Metals and 
Chemicals, have demonstrated 
a promising way of disposing 
usefully of one - of -modern 
society's more intractable wastes 
— the tyre. They have shown 
how old tyres can be distilled 
into fuel oil. The sponsor is now 
contemplating a £2.5m invest- 
ment in a plant for distilling 
50,000 tonnes of tyres a year. 

The National Engineering 
Laboratory at Bast Kilbride 
provides another; excellent 
example with its work in apply- 
ing microprocessor control to 
manufacturing and assembly- 
line operations, including robots 

on the sbop floor. Ironically, 
this laboratory was once hived 
off from the National Physical 
Laboratory. Linder 1 Dr. Davies 
their programmes, if not the 
laboratories themselves, are 
being brought back together to 
tackle a single industrial prob- 
lem — the problem of “how"— 
from two different directions, 
better controls and novel kinds 
of manufacturing machinery- 
By expanding research on the 
“ how ” rather than the “ what ” 
of engineering throughout his 
research empire, Dr- Davies may 
achieve his own ambition of 
changing the programmes 
from work that is merely 
important to work that is 
“utterly indispensable " to the 
nation. But if the Government 
really believes in what he is 
doing, it must show far more 
sympathy than any'Minister has 
yet ventured for ensuring that 
the creativity of innovation is 
not stifled by apathy and 
hostility outside its laboratories. 

Letters to the Editor 

Who would 
want to invest? 

From 3fr G. Cruickshank. 

Sir, — Government, and politi- 
cians constantly complain that 
we neither invest nor create 
enough jobs. 

Our experience is that when 
you try to do any of -the above, 
the Government has some regula- 
tion which makes it impossible. 
Our most recent example, the 
financing of £lm in new plant, 
cutting approximately- SO - new 
jiras .and. -wti'en -in ■ full produe-- 
tiem, 'export earnings of 58m- 
Snhn a year, has been frustrated. 
Exchange control refused to give 
uspermissinq, to remit- $15.1100 
to clinch a contract for our raw 
material without which there 
could be no expansion, despite 
the fact that our Continental 
competitors were all sitting with 
the money in their bands waiting 
to grab the contracts from us. 

We were not asking the Bank 
of England or exchange control 
to lend us money either for plant 
or raw materials; that was a risk 
we were prepared to take our- 
selves. . All we required them 
tn do was to permit it to be 
remitted, but time does not seem 
to mean anythine to them and 
this could not wait for them .to 
make up their minds — it had to 
bcTrdrme immediately. That is 
already after ten -days’ ' delay 
wfcHe we tried to convince them. 
Tbf outcome is that we passed 
the- deal on to same friends of 
ours overseas in order that our 
Eoj}d name would be maintained 
with the suppliers and thus the 
UK lost the johs, the investment 
and the investment earnings. At 
Ssni-SlOm a for 25 years 
it is quite a lot of money. 

Never again will we attemDt 
to . invest money in the UK 
under the bureaucratic controls 
which at present exist At any 
rate we are probably well out 
of it as today all it would have 
meant was that we risked £3m. 
If -:we lost we lost the lot; if 
wo. .sucreeded none of us could 
pet a reward except self-satis- 
faction because our dividends 
would he taxpd at 96 per cent 
or -SS per cent— so why invest? 
G.-M. Cruickshank. 

Lake and Cruirkshank. 

North n ritioe 'Road, 
iBerkhamslcd Herts 

I am sure, soon take decisive 
and appropriate action in such a 
.case, for the idiot in question 
endangers not merely himself 
but also all others in his vicinity. 

Driver education is obviously 
much required — and Major 
Sutton should set an example 
here by contacting, for example, 
the Institute of Advanced Motor- 
ists with a view to taking a 
higher-level driving test. 

D. C. Hage. 

3. Havelock Street, 


Kettering. Northants. 

Motorway v 

From Mr. P. Jackson 

Sir. — What unbelievable non- 
sense is written by r J Major 
A. B. de S. Sutton (July 20) about 
headlight flashing on motorways. 

.If I am doing 70 mpb, over- 
taking somebody / travelling 
slower in the middle lane, what 
is the point of flashing me? I 
can only complete the manoeuvre, 
which I would -have done any- 
way. By attempting to force 
others out of *lhelr” lane, such 
flashers are not only impatient, 
and trying to break the speed 
limit, but are also likely to cause 
an accident by intimidating the 
nervous driver. It is not a right 
to drive faster than 70 mph. It 
is a selfish risk. If headlight 
flashing was restricted to .emer- 
gency vehicles only, mast- drivers 
would be more inclined to take 
notice of Us use. 

I for one am pleased to see an 
MP attacking any form of 
internal combustion aggression. 
P. Jackson. 

50. Bovmcss Crescent . 

Kingston Vale. SWI5. 

fication. Few students applying 
for a training contract would 
commit themselves then to a 
future in the profession, and 
indeed might be considered sus- 
pect if they did. They want a 
business training and toe oppor- 
tunity to sample industry and 
commerce at arms length before 
finally deciding the course of 
their career. These students 
choose the chartered accountant’s 
training contract because of the 
variety of opportunity which it 
offers and because they do not 
feel ready on leaving university 
to commit themselves to one firm 
in one industry wito as -great a 
certain tyi- of : (he :fc*ed- subset 
quently to move on elsewhere to 
achieve .career progression. • 

Few students, even in toe last 
year of their training contract 
have made the decision on 
whether or not to stay in the 
practising side of the profession. 
We have like, I am sure, other 
large firms a clearly defined 
career structure and every 
encouragement is given to toe 
most able of our staff to stay 
with the firm but even then, 
many of them eventually join 
clients or transfer to overseas 
associates of the firm. Advice or 
assistance in moving is always 
readily available and willingly 
given: There is now no shortage 
of opportunity for these people 
either in finance or in the many 
other functions of business for 
which their training is sa suit- 
able; • *'• 

Tbe broad and Varied exper- 
ien ce gained by cb artered 
accountants before and after 
qualification coupled with their 
exposure to other activities while 
working within a practising firm 
should ensure that they will still 
be playing toe leading role in 

Valentine West 
Rolls House, 

7, -Rolls BuiLdmgs, . 

Fetter Lane, EC4. 

Inquiry and an exceptionally 
good coverage of toe 100 days 
was provided. 

The real point at issue was 
forcibly put by Mr. Benn when 
winding up toe debate on May 
15 in toe House of Commons. “ 1 
can fully understand toe dis- 
appointment of the environmen- 
talists that their view did not 
prevail with British Nuclear 
Fuels, with Mr. Justice Parker, 
with the Government But BNFL, 
the Parker inquiry, and the 
Government are not deciding the 
matter. The decision will be 
made in a few moments in this 
Chamber^’-.- • ■»; 

There is a danger. -that pro- 
posals to. modify ■ planning, 
institutions in response to toreats 
of civil disobediance can lead 
towards violence and totali- 

G. H. Greenhalgb. 

8. Ruvigny Mansions. 
Embankment, Putney, SW15. 


? ? i V ‘ 



,u \M 

From Mr. D. Hope. 

Sir.— Major Sutton, in his 
letter concerning headlamp flash- 
ing on motorways (July 20), 
obviously holds a derisory view 
I nf those - amongst the motoring 
Jxnntpmnily who . adhere reason- 
n ably, closely to the rules of the 
^4 road — which, when all is said and 
Song, are supposed to be there 
for the benefit of. all. 

It is most unreasonable to 
• suggest that anyime who objects 
to headlamp - flashing is auto- 
areticaily in the wrong— indeed. 
Ihe converse is almost invariably 
truoV I suggest that Major 
.'Sutton invests in a copy of the 
Highway Code, wherein he will 
find that such use of headlamps 
should serve purely as a visible 
warding of one's presence. It 
doest nut impart a divine right 
In piss, especially when to do so 
is illegal. I accept that a great 
rnanjp many road users— toe 
Major amongst them, by his 
■ ' innts— appear to hold such laws 
In contempt: .but it is they who 
ore :at fault, not Ihe person 
abiding by the 70 limit. 

Lsfne discipline is a separate 
. issue-— and here I most definitely 
agree that the chnracter who sits 
in toe outer lane, adhering 
rigkjly to the legal maximum 
speed regardless of road and 
traffic conditions, is simply a 
fool. The motorway police would. 

The tax on 

Freon Mr. V. Fellas . 

Sir, — With reference to Ken- 
neth Gooding’s article “ How 
Britain’s wine drinking potential 

is being stunted by taxation. ~ 

(July 11). and the subsequent From Mr. G. G reennaign. 
correspondence on tbe subject. Sir, — Professor Pearce (July 

may I point out that wines, both ig) protests that he is not on 
table and fortified, are taxed at record as sympathising with toe 
a much lower rate when com- uiti-nudear movement But 
pared to our indigenous product many of his criticisms of tbe 
whisky, a product which unlike wihdscale inquiry closely foHow 
wines, is at least free of the anti-nuclear Une: in particu- 
preservatives. lar his innuendoes on tbe 

The table shows the amount selective reporting of Mr. Justice 
of duty charged for 100 mill- Parker, and on toe independence 
litres (ml) pure alcohol when 0 f jjr.. Justice Parker and 
consumed as beer, table wine, his two assessors, 
fortified wide orwhirt,^, wnj ^ teporl 0 f the Winded, 
wine Port inquiry was not intended as a 
up son « 2 o sup prfecU. to rehearse again all toe 
arguments heard during toe 100 
^ It was ratber t0 p rovid e 
as 7s iso sw the -reasoning which led the 

inspector to his judgment.- -It 

[cd&oi . 3s» 4ip irep should be noted that toe inquiry 

The duty on beer is not unlike was but one link in the decision 
that levied on fortified wines, chain; it was preceded by two 
v m Fellas public debates, one at Barrow, 

36 Roehampton Vale. SWI5. the second at Church House, 

■ Westminster, and followed by 

two debates in Parliament where 
A Pf'AlintsmPV as ^ flMl decision was taken. 

. mlUUUlflULJ Although Prof. Pearce draws a 

q nqropr Useful- distinction between fact 

O. tdICCI and value he complains that toe 

From the Director of Person nel, inspector's report -did not pay 

Arthur Young McClelland Moores serious attention to toe alterna- 

and Co. five views on values. He suggests 

q:. «r Michael Dixon (July toe inspector’s legal train-. 
*6? LrtaM in h rassump- “8 was not conducive to assess- 
M SSLtitinn Song to! toe alternative views of the 

Uon toat rorapetiui) _ , . _ future -advanced by some wit- 

accmnitantx for p j ht ^ nesses as an integral part of 

in the middle 19S0s g their argument: I for one would 

SS''; b . u l Sf K? “eem “ take , firmly opposite view. 

m^apSeciato toe motivation of The claim by the nuclear 
toeffir *of graduates enter- opposition that media coverage 
ine -training contracts in the of the inquiry was poor and 
large profesiional firms of char- laraely confined to one national 
*nr5rl niwinntants daily paper is repeated. In fact 

THae attraction of toe chartered two national papers toe Press 
— »»L e £rI™wmtRncv training is Association as well as " local 
notions are kept wide open Press .and local radio all had full 
Iw twJ o? ty?yeS jter qmli~ tins ... .wpnseatMiw* u to 

Council house 

From Mr. G. Lindsay. 

Sir.— Having read Mr. Joe 
Rogaly’s article on supplementary 
benefits (July 18). may 1, as one 
bom and brought up for many 
years in a. council house, express 

ar opinion. 

1 have Jong argued, and it is-{ 
comforting to gee • such a 
respected commentatJ? in one 
of faisr conclusions "to the report,- 
support my case. My proposition 
is simply if council tenants were 
to pay properly according to 
their means, which would result 
in a substantial number of 
tenants paying something 
approaching an economic rent, 
this would result in (i) a reduc- 
tion in housing subsidies and (2) 
more imporrantly, these same 
council tenants could cease pay- 
ing rent from State pension age. 

The benefits are (1) above and 
(2) the considerable reduction 
in supplementary • -benefit pay- 
ments and in staff Who deal with 
rent allowances for old age 

G. L Lindsay. 

Willis Faber (Midlands), 

Rutland House. 

Edmund Street, Btroirngham. 

Dw'M a.' ML 
Alcohol br • 
volume - 
ml pure alcohol 
-per MW ox.-; 
Dwy component 
per 1W ml pure 

Income from 

From Mr. P. Boys 
Sir,— The article by Mr. Paul 
Rntteman, “ Instilling some 
accounting order into toe world 
of leastog ” (July 19), contained 
toe following sentence: “The 
investment period method — an 
actuarial after-tax method — is 
therefore used?, (instead of toe 
actuarial metood). - 
1 would not agree that the 
investment period method is an 
actuarial after-tax method; it is 
nothing more than ap abltrary 
way of allocating the net income 
from a leasing agreement so that 
a larger proportion is taken in 
the earlier years. The actuarial 
method is generally used to allo- 
cate the net Income before the 
effects of. taxation. . 

There is, however,, no reason 
why it shonld not be adapted to 
take account of all cash flows, 
including toe advantage of 
capital allowances, to allocate 
net income after tax, in propor- 
tion to toe amonnt of capital out- 
standing at the beginning of 
each period. This - method will 
of course assume a constant 
return on funds invested, but is 
perhaps more rational than the 
investment period metood. 

P. G. E. Boys 
(Lecturer in Accounting). 
Keynes College, ■ ■ 
University of Kent it 

Cant e rbur y , Kent- - 


EEC Finance Ministers meet, 

EEC Agriculture Ministers begin 
two-day meeting, Brussels. 

African, Caribbean and Pacific 
States/EEC Council begin re- 
negotiation of Lome Conven- 
tion, Brussels. 

TUC-Labour Party Liaison Com- 
mittee meets. 

TUC Finance and General 
Purposes Committee meets. 

Post Office management and 
Post Office Engineering Union 
resume talks on engineers’ pay 
claim, with Lord McCarthy as 

Public inquiry opens at Taunton 
Into recent sleeper train fire. 

- National Union of Mlneworkers’ 
Yorkshire- area Council meets. 

Today’s Events 

Sir Peter Vanneck, Lord Mayor 
of London, visits Westland Air- 
craft, Yeovil, Somerset 
Brighton Antiques Fair opens. 
Corn Exchange (until July 29>. 

House of Commons: Debate on 
unemployment Motion on Dock 
Labour Scheme 1978. 

House of Lords: Wales Bill, con- 
sideration of Commons reasons. 
Dominica Termination of Associa- 
tion Order. Debate on future of 
Port of London Authority. 

Final dividends: Neepsend; 
Siebe Gorman. Interim dividends: 
Jamesons Chocolates; Leda Invest- 
ment Trust 

See Week's Financial Diary on 
Page 4. 


Royal Opera production of 
Norma, Covent Garden, W.C2 
7 pjn. 

Glyndeboume Festival Opera 
perform Cosi fan tune, Lewes, 
East Sussex, fiJO pan. 


Batsbeva Dance Company, with 
Galina and Valery Panov, Royal 
Festival Hall, S.E.1, 7.80 pan. 
(until August 3). 

Stage Two of Carl Flesch inter- 
national violin competition. 
Barber-Surgeons Hall, Monkwell 
Square, Wood Street, E.C2. from 
9 ajn. 

. Shakespeare at Lunchtime: 
Classical actors and actresses give 
their personal choice of extracts 
from plays, Mermaid '. Theatre, 
E.C.4. 1.05 p.ra. to 1.55 p.m. 

Elizabethan London and Its 
Players, an illustrated lecture by 
Sir Bernard Miles, Mermaid 

Theatre. E.C.4, 3.30 p.m. 

London Slnfonietta and Chorus, 
conductor David Atherton, soloists 
Margaret Marshall (soprano) and 
Brian Burrows (tenor), In pro- 
gramme of Janacek and Schubert, 
Goldsmiths’ Hall. Foster Lane, 
E.C.2. 7 JO pjm. 


Cricket: Yorkshire v. New 

Zealand. Headihgley. England v. 
West Indies (under 19), Scar- 
borough. Golf: English amateur 
championship. Royal Birkdale. 

Tennis: Inter-county tournament, 

7hesa Notes have all been sold, and this uinojinDeaKnt appeals acamitcr of ncofdoolj& 


Banco de la Nacion Argentina 

: U.S. $30,000,000 : 

Floating Ra£fe&otes 1983:. : r 

European Banking Company limited 

Bank of America international limited Banque Nationale de Paris 

Baring Brothers & Co v limited Dresdner Bank Aktiengesellschaft 

First Boston (Europe) limited Manufacturers Hanover Limited 

Merrill Lynch International & Co. 

AlahTi Bank of Kuwait 0CS.C) 

A. E Ames & Co. 
LiniKd ' 

Arab African International Bank 

Bank Gutzwiiler, Kurz, Bungener (Overseas) 

Algemenefiank Nederland N.V1 
Arab Bank (Overseas) Ltd. Banca Commercial ItaKana 
Bank of Helsinki Ltd.- Bank Leu International 

Am ex Bank 

Banca del Gottardo 

Amsterdam-Rotterdam Bank N.V, 

Bank Wees & Hope NV 

Bank Julius Baer International 


BankersTrast International 


Banque BruxeBestambertSA. Banque Cbntrnentaledu Luxembourg Banque Francalsedu Commerce Ext£rieur Banque Francaisede Credit International Ltd. 

• SociM Aaonfoe . ■’ 

Banque Gdpfiraledu Luxembourg . Banque del'lodochJne el de Suez Banque deNeufnze r Schlumberger, Mallet Banque de Paris et des Pays-Ba* 

Banque PrtvteSA. Banque de la SodttG Finand&rekuropSenpe Banque Worms Barclays Bank International BayerischeHypotheken-undWechsehBank 

- IbM - 

BayerisdwlandesbankGFrozentral6 BayerischeVereinsbanfe - " Berliner Bank Berliner Handek-und Frankfurter Bank Blyth Eastman Dillon & Ctx. 

" Akttanawalbduft W a l il Umrtta 

CazenoYB & Co. Chase Manhattan Chemical Bank International Cbcorp International Group Commerzbank CompognieMonegasquede Banque 

Umtnd Untied ..... jUrinigtsalljchift 

Continental Ittmcrfs County Bank Crtdit Commercial de Franca Cr&fit Lyonnais CrfiditduNord Creditanstalt-Bankverein Credits Italiano 


Dahva Europe NV. Richard Dais & Cth Dean Witter Reynold? International Deutsche Ordzentrale The Development Bank of Singapore 

. ~ " . ****?» _ . — Deutsche Kommunatbank— Umtod 

■ _ vmuuh HmW, fHunBfl 

DC BANK:- Dillon, Read Overseas Corporation .. Donaldson, Lufkin & Jenrette Securities Corporation Dow Banking Corporation 

PodghaC» Ii.MjiiA 

EurogestS^uA. * European Arab Bank Euro-La tinamerican Bank Limited First Bavarian Capital Corporation Robert Fleming & Co. 

— EU1AMNK— . Ltmiled ' 

Fuji IntemaSona! Finance Ganoasenschaftllche Zentralbank AG Antony Gibbs Holdings Ltd. GJrozenlraleundBankderosterrrichisctienSparkassen 

UMUtf Vienna AkiiantuallidiaiL 

Goldman Sachs International Corpi Greenshields Incorporated The Gulf Bank K5.C. Handdsbank N-W. (Overseas) Lid. Hessische Landesbank 


HTlI Samuel & Cb. IBJ International IntKmec International Bank Limited Internationale Genossenschaftsbank AG Kansallb-Osake-Pankkl 

Limited : Halted — INTHtMB. GROUP— 

Kleinwort, Benson Krediet bank N.V. KredietbankSALuxendjourgootse Kuhn toeb Lehman Brothers International 

U raffed 

Kuwait Foreign Trading Contracting & InvestmentCo. BA.KJ 
B. Motzler soeL Sobn & Co. 

Kredietbank SA Luxsnfljoiirgaotse 
Kuwait International Finance Co. SAK. ’KIFCO’ 

Kuwait Internationa! InvestmentCo. s.aJc. 

Lloyds Bank International 


The National Bank of Kuwait SAK. 

Morgan Guaranty and Partners 

Nedeitandsche Mlddenstandsbank N.V. 

Morgan Stanley Internationa] 


Nomura Europe N.V. 

Samuel Montagu &Co. 


The National commercial Bank 


Norddeutsdw Landesbank Clrazentrale Nordflrwnz-BankZurtch Nordic Bank SaL Oppenheim jr.&Cie. Orion Bank 

tinted Limited 

Osterreichlsch* Llnderbaok Pierson, Heldring & Pierson N.V. Postipankki Renouf&Co. ‘ Rothschild Bank AG N. M. Rothschild &"Sons 

Limited - 

Salomon Brothers International Scandinavian Bank L Henry Schroder Wage & Co. -Skandinaviska Erakllda Banken Smith Barney, Harris Upham & Co. 

tinted limited Limited lnonpoiwd 

Sod6t6BsncaireBardays(Sulsse}5A SodftfiCentraledeBanque SoafiteG&frale SodeteG&iftaleAlsadennedeBanque 5oti£t£G6n£rcledeBanqueSA 
Strau>s,TumbiiIl&C0b Sumitomo Rnance lntemationaJ Svenska Handelsbanken Trade Development Bank, London Branch UeberseebankAG 

Union Bank of Finland limited Unionde&anquesAnbesetEurop6ennes-U.BAE. Union de Banques Arabes et Francaises-U.BAF. United Overseas Bank 


V«e h» undWestb ank J-Vontobel&Co. S. C. Warburg &Qx Ltd. ' WartSey Westdeutsche landesbank Williams, Qyn&Cou 

united Girozentrale 

Worn! Gundy Yamakiu International {Nederland) N.V. 



























■ h 

• IT 

















■ h 











Union Internl. profits almost halved 

FOR 1977 taxable profit of Union 
International Company fell from 
£1 1.54m to £6.26m before includ- 
ing associate con iribu lions of 
£1 .45m. compared with £l.G8m. 


The WUw:B* Cflis{iuu u a Dai*? -Wifrd. 
dams of Btf*rd nueliiws ig iho siik* 
ExriiaiLii.-. Sueb meetings are usually 

now changed to December "1 and 
this year creates. a nine months 
accounting iierlod. 

future dates The interim dividend rS main- 

iffterim*— mined at 0.5p and it is expected 

_ Beaumont propomes July;: T ha ufae final dividend l l-P last 

The trading surplus for the year bdu for in-.- putihm ui nmmmat. cSSS sKSSSUm? Trust .iH-r £ > M f> wlli ™ w be paid in May 
Mas £24 .49m t£27.66m». deprecia- dividind.,. ‘Jfllnal indicauoiu art; nui Smallshaw iR.> ‘Kmtwan .. air i 19 ,n - 

Iron came to £7.90in (15.91ml and mwrfsWe a-lk-iber alrkfcmtc amcunima an? ftidfe «fici-rr*ra» air * As stated in March, increased 

interest payable was down from rntmim ur finals and the aub-dmawns " l .IJ n *“*■ w margins are noiv being obtained 

£1 1.42m 10 ill. 29m. sliov.ii helm, are bitted mainly on last Ai!wmi7anirsi Si«-i »•«* “ anC * tra ^ lnc * Respite increases in 

After va of £2.3 1 m t£3.7«mi *rer» w* ESS nTR* ™ 

and minority interests of £73.236 today 

Tt "jmf imwlms— Hiward Machinery. Jamesons Leiras* Iniernationai 

CSUTie Dili 3* ».i.-vllll (iy.33ni). Pre*- chovo laics Ladies Pndr Oaurrwpar. Luda Lyniun Holdings 

fereirce and dividends are main- incvennsni Trust. wtiu nd Ttw 

tained a l £604.0M for ihe food- Final*— AAll CtoD»? Wares. Grata Minims Supplies 

Sluffs and by-lirodUCtS Company Sfuckinn. r.Voirwiwi. Slttv- CJonUBn Slann Zladmala ... 


jii* •:{ rh ® mortgage interest rule, con- 
Aikt :a liniies to be at a satisfactory 
.imy tr level, the directors sav. 

Jw £ 

July 21 


.. July 2s 
. . Juiv 2S 



which is owned by the 
family through Western 
Investment* Company. 

Mr. FT. M. Synge, the chairman, 
say* poor trading conditions — 
particularly in the latter part or 
the year— coupled with Inflation 
e-nded p'nfi: margins in the meat 
trade. Labour dispute' caused 
delays in production and ship- 
ment. with a subsequent loss of 
throughput .md margin. 

In the year J. 11. Dew hurst in 
the UK increased it* market 

for Victoria 




that while directors are confident 
that such facilities as the group 
may need will be available, they 
look forward to restoring the 
strong cash resource* of past 

As at April I net liquid funds from INCREASED turnover of 
decreased by £178.330 (£60S.54St. £2.8 lm against £2223m profits 

The installation in New Zealand before tax of Robert II Lowv. 
of a Ml Matron printer with a Cheshire-based clothing maker, 
capacity to produce patterned were down from £235J>65 

Hr. «J h ,j, ch ?* T !J ll ?J!i carpets greatly in excess' of poten- £21(5.00*2 in the 26 weeks* ended 

*hire.- selling considerably more of \ ictorlu Uirpet Holdings, tells t j a | demand there, is a threat April 28. 197S. by weight. If also expanded members in his annual st atem ent orpr h, n ging the Australian. To reduce disparity the interim 

il* firmer food share. Other that proApecls m the carpet in- mar VeL Mr. Taylor soys, as well dividend i* raised from 0J>T3p to 

developments in the year included dustrr arc itril difficult abroad as as the e fr ect Q f |yn ports. l^3p— Iasi year's total payout was 

the extension of the hides and wen as at home. Nevertheless. Victoria expects 3.‘Jp from pre-tax profits of 

skinv busine-s. the ration.ilisatton A* reported on June II). after improved results in Australia in £441.000. 

or textile interests and the pur- an exceptional provision of the current year. After tax of £112.500 i ‘■1^2.000) 

Kong for £iio.97y for Bond Worth Group Meeting. Kidderminster. August net “ ~ 

16 at 3 p.m. 

Comben makes 
£405,000 for 
three months 

chtf'e of land in Hong Kong for £i 10.979 for Bond ‘Worth Group 
a mid store. debt, pre-tax profits Tor the April 

For the current year the chair- j, 1978 .war were down from 
man say* certain areas have £247.977 to £1*26,198 and earnings 
started well while nihers forecast per share are shown as 2.34 p 
a reasonahle resuh subject in (4.0Sp). And the dividend is un- 
some measure or sfabdity. Over- changed ai 1.4<17Bp net. 
all. a reasonable profit for the Apart from the collapse of Bond 
year is expected. Worth, which included the largest 

At balance date fixed assets carpet wholesaler in the country." 
nerc ESI .9.1m i f 72.39m j. net cur- t j ie decline in demand for the 
■reni a««ets £MJ4nt i£l.».fl6m|i and ar0U p'«; Axminster ranees con- 
loans totalled £2S.,i2m i£22.39mt. tlnued during tbe year. With the Following changes in the 
For the eurrent year contracted assistance of the Temporary accounting period of the Comben 
STOU1 npital spending is shown Employment Subsidy the group Group, estate developer and 

at £M7m against £3 —m and h( ,p e s to maintain production of house bunker the directors re- 
anprnved bur not contracted Axmmster carpet nouse uunner. inv u rev o r 

.sppnding is shown at £}0.64nt Ti, e \y}iinn ran*e held its norl 5n,enm re,ru,ls for tf,e three 

(£1.07mt. shara of Ihe market well. Mr. months to June 30. 197S with 

Taylor says, and although prices sales of £5.22m and pre-tax 

were Mill depressed, volume was profits of £403.000. 

’’in Auffil,. remit, were better m °"' hS rf n ’ em - 

than had seemed likely at one »° ,ast >' car - P rofil " as 

stage, and raw materials prices £641.000 from sales of EIG.i lm. 
showed a " welcome rerluctton.** The change results Troni 
The effects of trying to maintain Hawker Siddeley Gmuo acquir- 

full-time production on the ing a controlling interest in 

Axminsler looms and of building Carlton Industries and thereby 

up stocks Tor the launch of new becoming thp ultimate holding 

Assented shares at 55p and 1.600 tufted lines, reduced the group's company' of Comben 
non -assented at .Vip. cash resources The chairman says Comben's accounting date 

profit for the 26 weeks rs 
£103.502 compared with *TI 1.S63. 


On July 20. Hill Samuel bought 
for discretionary investment 
rlirms 000 Thomas Tilling at lIPp 
and 3 jK) 0 Assoc. Engineering at 

- Hedderwlrk Slirlin'i Gnimhar 
on 'orhalf of Neuman Inds. bought 
12.139 Wood and Sons (HlduO 


Wm. Leech 

Following the announcement on 
July IS. that William Leech 
(Builders), was making n rights 
issue of ordinary shares, the 
entitlements of The William 
Leech Foundation and certain of 
the directors and other share- 
holders in Leech, representing 
59.6 per cent of the issue, have 
nn« been placed, ni! paid, 
through the stock market by 
Rowe and Pitman. Hurst-Brown 
and Wise Speke and Co. 

The basis is:— The William 
Leech Foundation 1.1 13.999; .f 
Adamson f director i 30.000 
(beneficial) and 198.000 tnon- 
beneficiah: J. R. Adamson 

i director i 60.792 (beneficial l: 
P. M Milhurn -t director! 2.5IKi 
( beneficial i: J. Li-, ingston 

(direclnr) 1.730 (beneficial: and 
nthcr shareholders *247.324 


Portals spend £2m 
on expansion 

Portals Holdings has embarked 
on a programme of expanding 
into manufacture of specialised 
machinery for the paper and 
packing industry, with a £2.1 m 
purchase of a private London 
company which makes book- 
binding and paper-covering 

The company is Snlby Engineer- 
ing Development. For the year 
to April it had -sales ol 11.7m 
and pre-tax profits of £431-265. 
while net tangible assets were 
said to be £82*2.4 i4. 

Its range of machinery is com* 
pleineittory to that manuroefured 
by Vacuumattc. one of Portals' 
subsidiaries, but will expand 
Vacuums tic's range into the 
graphic arts market. 

The purchase is technicairy Mill 
at the offer stage bui Portals 
already h3s irrevocable accep- 
tances from shareholders of 93.7 
per cent of the equity. Sulby is 
being advised by Gresham Trust 
which is recommending the price 
of £3.23 per share in cash. Portals’ 
advisers are Morgan Grenfell. 



Share* of American Association, 
which owes land in ihe U.S.. were 
suspended at tup yesterday 
rollotviriv: an announcement that 
Ihe company was involved in talks 
which might lead to a bid being 
made fur American. 

The company derives it* income 
from royalties on coal and timber 
worked from iu properties 
totalling 66.0(H) acres in Kentucky 
and Tennessee. _ . 

The Low son family interests 
control just over 30 per cent of ,,3lp a< * nu,red frorn l n ’ 

per centt- In addition, in respect 
or the preference offer, accept- 
ances have been received for 
1J32 shares GW per cent). 
Glossop now holds 27.8 per cent or 
Wettern's ordinary shares. 


JS REECE AND SON. the old 
e-'iablixiied Liverpool bakers and 
confectioners contrnllerl by 
Lewis’s, may sell part of us busi- 
ness to Kelloggs, ihe hrcakfasl 
cereal makers. Mr. Denis Green- 
smMh. Reece’s chairman, said that 
there had been discussions for 
some time with “v major com- 
pany“ but j-aid thai there was 
no finality." 

Reece’s striff are understood to 
have heen told nf an impending 
sale of part or the enmnany to a 
national concern and thin tneir 
jobs would not bo ai risk, Rerre’s 
is said to b«* insisting 'hat the now- 
owners would avoid maior 
redundancies Krllws* refused 
m say vestrrdny whether it « 
the promised purchaser. 

A w-liollv-Awnod «ibs*di.irv of 
‘t« , ars Hnitlincs. S. Reece and Snn 
(ms cnnfecflonerv and baking 
interests, anil a riioshirc chcese- 
mekins plant at Malnas. 

The part* or the business which 
would he sold would include the 
frozen foods distribution network 
and warehouses. 



The dirperors of Thomson 


have aenuired from Unilever Com 

£*St.fA' , JRS?S"^S 



computerised match-making ser- 
vice for buvers and sellers of new 
and used cars. 

IVFTTFRV T ** Gompnlsmr" wib remain at its 

.v^mrJir. presenr address in Memblev. 
IINDEPENDEN l Unilever Uomnntcr Services 

The offers by W. and J. Glossop will have an ongoing inrnlvemenl 
for H'ettern Brothers have now in (he provision o r enmnuter pro- 
lapsed. No extension was con- cesstmr sendees fur " CnmniiM- 
sidered appropriale in view of the car.” thnv stare. Thomson \itl| lakp 
continued opposition by the over the marnwimcnt of ** Com- 
M’ftltem family and their putacar " a> from today, 
associates holding in excess of 50 

per cent nr the ordinary capital. 

In respect of the offer for the 
ordinary capital not already 
owned, acceplance- have been 
received for ltl.621 shares 


A name you can bank on 
around the world 

B anking on Grindlays means more than taking advantage of the 
Group’s network of branches in some 35 countries. It means working 
closely with our specialists in such fields as export finance, foreign exchange, 
eurocurrency finance, and corporate banking. They take full advantage 
of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 
packages at the right time. 


Under no circumstances will 
B Newman Industries’ offer for the 
orriinftr}' shares of Wood and Sons 
{Holdings) he increased. This 
commitment is made on behalf of 
Newman in a inter sent to Wood 
and Sons shareholders. 


Gaff Asia Pacific, a private Hong 
Kong registered company, has 
nulled out or a £2SO.OOO deal by 
which ir was ro acquire a 40 per 
cent stake in the principal Austra- 
lian subsidiary or J. E. Sanger, 
the meat trader. 

Sander directors stressed lhal 
T his was not a breakdown rn rela- 
tions between the two companies.. 
Gulf would maintain its AI per 
cent stake in the. Sanger croup 
and -normal trading link* w#re 
■--on tinning. i : 

Under the terms of the deal 
Gulf, a >hippmg and trading 
group, was to have bought a 29 
per cent stake iu the Australian 
subsidiary from Sanaer for 
£202.000. It planned to acquire an 
other 11 per cent from the local 
managing director Mr. J. W. D. 

The Group’s Eurocurrency Department 
continues to be active in providing 
medium term loans to major corporations, 
governments and government agencies. 
Recent managed syndications include those 
to the Bolivian State Petroleum 
organisation; the Jordan Hotels and 
Tourism Company and Beogradska Banka. 

The Grind lay s'presence In important 
markets has recently been strengthened 
with the opening of offices in New York 
and South Korea. 

Members of the management team of our 
new branch in Seoul discuss ECGD finance 
of U.K, equipment for a Middle East project 
with a leading Korean construction company. 

23 Fenchurch Street, London EC3P 3EI>. 

FT Share 

The following securities have 
been added to the Share Informa- 
tion Service appearing in the 
Financial Times: 

Haoma Gold Mines (Section: 

Mines — Australia). 

Nationwide Leisure (Section: 

North West Mining (Section: 

Mines — Australia). 

Ogcw Holdings N. V. (Section: 
Overseas — Amsterdam I. 

To the Holders of 
Guaranteed Debentures 
Due <982 

Union Carbide International 
Capital Corporation 

guaranteed by and con* edible into 
Common Slock of 

Union Carbide Corporation 

FfTeoive Seriembcr [. |07R, Union 
Carbide Corporation r«he "Corpora- 
tion" i proposes m implement a Divi- 
dend Reinvestment and Slock Purchase 
Plan llhc "Plan" l . 

The Plan will permit eligible hold- 
ers of Common Siock of Ihe Corpor.v 
linn who enroll in ihe Plan 10 mint 
ensh dividends and optional cash pay- 
ments in additional shares of ihe Cor- 
poration's Common Stock. Eligible 
stockholders may join the Plan aL any 

The purchase price pe r share for 
share, purchased with reinvested divi- 
dends on any dividend payment dale 
will be 95 '> of a market average as 
specified in the Plan. The purchase 
price per share for shares purchased 
with optional cash payments will be 
HUG of «uch average. 

No commission or service charge 
will he paid hy pariieipaiinR stock- 
holders in connection with purchases 
under the Plan. 

Ocbmlureholtiefs who desire fur- 
ther information about ihe Plan may 
obtain a prospectus without cost by 
writing to: 

Union Carbide Corporation 
Siock Transfer Department 
Dividend Reinvestment Service 
P.O. Box .M0 

Tarrylown. New York 10591 

Daied: July 24, 1978 


' ' Sal urn Investment. - 
. v Management. Co.'-Ltd. 

>. ■> .Telephone: 01-136 1425.V: ., > - 

Raws paid for W/£ 23/7/7b 


7 Cry 

o p a- 

% P a. 


10.124 • 







9 76$ 



9 856 




Financial Times Monday July 24 i978 


Best ayaUable 
in the UK 



r 1 ■' 

Snooncr Industries, an indus. 
trial drvers and enolt-rs manufai- 
turer with an inUtffi'rent P r » H * 
record ami dull short tffln 
prosprct>. is hkely to beronw. a 
Subsidiary of the Siam siwdnh 
rempiiu-d carbide and >lwl ^roup. 
Sandvik Atl. after twine courted 
publicly lirsr by Redman Ifeenan 
and privately by at least one 
other pnreutwl predator. 

Sandvik's wholly owned i:K sub- 
Sidiarv is makiua the iiurced 9jp 
i share bill for Spooner. l‘he 
winning price an exit p-** 

on a fully uud historical pruiits 
basis of * I u- and compare* »«•!» 
a Shan- price uf 52p Shortly be- 
Tore Redman Hyena n opened the 
bidding ai t*op j share, six weeks 
ago. ■ 

Spooner became a puWw* com- 
pany iu 193!! and in the follow- 
inn id years its profit* grew 
sluwiv from around £100,000 to 
slluhtlv mure than £400.00(1. 
Since then they haw* fluctuated 
in a runiie from around I34O.IW0 
in 1972 to reilHM taxi year It* act: Vines have been 
supply m2 drying and 'iniDlum 
equipment to the rextilc. paper 
iQaicma. plastics and food m- 
dustnf-s. t 

Redman Hrenan. the product of 
a merger between the l*H) year 
□Id Hrenan Krouile and the much 
vounuer Sled man EiiKtiiecriuu. 
was i irtnaMy raised from the 
dead bv Mr. Angus Murray and 
\lr Erie Spencer after a sub- 
■staniial !•>** m_ the year lo 
September 3d. 1971. 

Prnfils have grown since it* 
re»usCit:itton and its general 
business involves the design, 
manufacture and supply of 
specialised engineering product* 
and ancillary service*. About 2o 
per cent of turnover arises out- 
side Hu* UK Spooner with its 
relatively spedalbcd engineering 
product^., plus its overseas net- 
work. would have complemented 
Redman's activities. 

Bur the victor. Sand vik. is 
probably holier placed to extract 
(he best returns front Spooner. 

Hi is nd r erf 1*01101 1 iit issued in com pi inner with ihe 
r.'qairt'imTKL* uj the Council if The Slock f.’xcJtuwifc. 
it does nnt rownitutc o« muifarmn fn <tu>i ftersott 
in subscribe for or purchase ati{t Preference Shares. 


i /!itor{M>rarcd tn fcwpfnwrf under the Companies .ids. 

1862 to 1890) 

Issue of 1.038.000 fl per cent. 

Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above- 
men honed Preference Shares to the Official List. Particulars 
of the rights attaching to them are available in the Extol 
Statistical Service and copies of the statistical card may be 
obtained during usual business hours on any weekday 
(Saturdays excepted) up lo attd including 7th August. 19TS 

Baring Brothers 8t Go., Limited 
SS Leadenhall Street 
London EC3A 3Df 

Petnber & Boyle 

30 Kinibury Circus 
Lund m EC2P JUB 


Fixed Deposits 
with Lombard 

If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4171 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 


North Central 



Treasury Dept . 31 Lombard St.. London EC3V9BD. Telex: 884935. 

Yoor not trip to Denver— the 
climate capital of America— will 
be most memorable when you 
stay at the Brown Palace. 

■ 500 air conditioned rooms 

* suites and executive rooms 

* four famous restaurants 

* complete convention accommodations 

KARL W. MEHLMANN. Oen»-«i I'jnc-r 
(J03tB.*5 3H* 

Tele* 45>*4iS tw «. 91(1 931-OU J 
CaDIw. Sro* nD4l 

Rspiwtenred 0*. 

R M 8roo>>i; Lid 
L onoon. WCO, England 

' . This advertisement is issued in compliance with the 
require msittx of the Council of The Siock Exchange, 
ft does not constitute an imitation to any person to 
subscribe for or purcJiOAc uny Preference Shares. 



Capitalisation Issue of 515.041 10 per cent. 
Cumulative Preference Shares of -£1 each 
The Council of The Stock Exchange has admitted 
the above Preference Shares to the Official List. 
'Dividends will be payable in equal half-yearly 
instalments on the' 31st January and 3lst July in 
each year. The first payment, amounting to 5.41 p 
per share (net of the associated' tax credit), will 
be- made on 31st January 1979. 

Particulars relating to the Preference Shares are 
available in the Extel Statistical Service and copies 
of such particulars may be obtained during normal 
business hours on any. weekday (Saturdays 
excepted i up to and including 7th -August 1978 
from: — ■ 




34th July 197$ 


cV fM? 

•Y» ‘ 

U ha* a repntatmn .for arqui-^tivw 
u r rowUi lioih within Sweden and 
worldwide. In October last sear. 
il m SJ.»m throuch a foreign. 
convertible Ixtml issue and m 
June it rcil'rf'd a further S23m. 
lhruuph a rauta-currency credit 
facility wrrynRed by Svenska 

Its traditional activity is n 
sfK'cialivf si eel producer but hav 
avoided the worst of tbe current 
world steel demand stump by pro- 
urcssively expanding its remen ted 
carbide products. Consolidated 
sale* lor the year 1977 totalled 
£5.141)1 and profits before appro, 
pncillon* and twos were f*«n. j; 
is it Rroup of no operating sub- 
sidiaries or which 12 are based In 
Sweden and the remainder are 
.scattered through 54 countries. 

S)>noner wilt be added tn 
Sandvik via Sandvik UK Ltd, but' 
will be p . iff uf the /nfi'rna Hnna i(y 

Dn:ani*t-d conveyor belt division. 

Samlvik ha.* for sonu* lime, bren 
mu iiu far Hiring. »lw.*l conveyer 
bi'Ils for imluslries Where 
iiiaieriaU arc dried,, coulrd, 
pressed, transported and stori*d - 

Nandvik claim* to supply more 
ihan half the world demand lor 
xtwl conveyor belts and about 80 
per ecu i of its bell deliveries 1:0 
(</ new insinuations while 40 i»er 
cunt are replacement sales. The 
Spooner acquisition is a vertical 
integration move for Sandvik that 
wifi euable it to sell direct in the 
prorc.*.* industry user. 

Tin: rationale for making the 
vertical integration move in ih® 
I'K rather than in other countries 
where Sandvik operates' k a little 
more difficult tn analyse- and it 
involves u weighing up of oppor- 
tunity. relative price eamm-*s 
muliiples. comparable manage- 
ment abilities and exposure in 
various overseas markets. Even 
Sandvik's advisers. Credit Suisse 
While Weld, are not able to say 
whether Spooner is the best avail- 
able worldwide acquisition-. But 
they can say it was the best avail- 
able in the I'K. 

L * 




i -i 


* i t ■, 

* * 

■ ? 

c £ /Financial Times Monday July 24 1978 

Pending dividends 

The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given In the 
following table. Dates shown are those of last year's announcements, 
except where the forthcoming board meetings (Indicated thus*) 
baye been officially published. It should be emphasised that the 
dividends to be declared will not necessarily be at the amounts or 
rates per cent shown in the column headed “Announcement last 
year." Preliminary profit figures usually accompany final dividend 



ment loot 
Final « 

Ini. o.fli 
Final 1.016 

-A*ff Jaly 94 

Aaronwti -Ana- 0 

•Aciw ...-An*. S 

MbrisU and 

Wlatm-AW. IS 

Assoc. Dairict .Ana. 25 
Anil and 

Wlbors-.JUUL 10 tnt. 0.85 

I ’rods. ...A us. 11 
■Barclays Bank . July 37 
BibbT r J-i . . ■ aoc. 10 
Mac Circle .... An »■ 25 

BET -Sept. 1 


.. T*rtroleum...SJ!pL 2 lot. 6JS1 


viyeOa..Atur. > 

■City OOlces. Ads. 1 


Union. . Aus. 7 

Conn auk. 17 

Own. de Grow—Atu:. 11 

•Davy mi July 25 

Dr Beers Cons... Ann. 24 
plsonB Pboin. ..-Aim. 3 Final 1.34 

•Kltfb Lovell July 27 Final 2.318 

•Gen. Accident ..Ann. 8 lot. 3.75 

. Bros. Disc. .July 2B 

Qiynwed .Auk. IB 

•Crindlays July 25 

•Gt. Universal 

Stores ..July 20 Final 4.155 


PeaL-Sept. 3 
Bambros TsL .. July n 

BWver -A UK. 4 

Bsc. of Fraser, .a or. IB 

1C1 Sew. 1 

•tDcncapc ...July 27 
James iJoboi ...Aur. 4 

Jrr. 2 

Final 6.4325 

Int. 1 
InL 5J 
Ini. 2.5 
InL 2. SO 
Final 3.628 

Int. 0J9S95 
Int. 0.77 

TnL 2AB4 
InL 0A 
Final 1.173 
Pinal 6.0 
lm. 17} cents 

im. e.n 
taL 2.45 
InL 0A 

Final 6.452 
Final 1.12 
Int. 5.&1 
InL L6SB34 
IDL 9 
Final 5.45 
Final 1-4025 

Date meat law 
■ rear 

Land invenom-.SeDL l PtnaJ LS 
•Letracei lm. .. July 27 Final 2.011 
■ London Utd. ...Ans. 30 InL 3.103 

Lonrtw ... Anif 2 < Int. 2 A3 

- Mattixnn 

WrightsotL.Aejn. 1 IBL 3JW7 
Mercury Sees. —July 21 Final 3.3894 
’ •Midland Bank ..July 28 InL 5J6 
Misconerotc ....Asst. 1 InL LZ780 
-Nat West Bank ..July 23 1st. 5J«5 

•Weepsend July, 14 Final 3.8937 

NotOnenam * 

!iao Auc. U dL fl Jtt 

Ocean TranspL..-AaK. 23 Int. 3AS07 

•Prestice '.. July 27 InL L76 

Prop. Security 

lay— Arne. # Pinal 1.4305 
Pye BKtSS. -- — Ally. 10 lot Ltt* 

•Redland ... ;. Inly TT Final 2. M2 

•JSoral mace. Ahr. 17 2BL SJ513 

Securlcor — ....Ana. 10 Ini' 03965 

Forbes.. Ans. 25 lot. U 
SloaKh Bffates.-Aoc. 31 InL 0.75 
Smith and 

Nephew— A uk. 0 int. '8.181 
•Staflex Int July 28 Final L61 

*Sik. Conversion 

and lav. .-July 20 Pinal MS 

sualey na.i Jins. 4 FlaalMK 

•Taylor Wdnv... July S5 InL LM 
-Tranapt. Dos- -Aun. 17 lm. 1.1® 

‘ Tube iDvcstmts-Ans. 16 InL 9 ATS 
Wagon Finance— Aug. .16 InL 1.25 . 

Weir Group Ans. 31 in L 1.094 

Winer (T.» Aug. S lnc-OA*- 

Wool worth ‘ 

<F. WJ-Ang. 17 HU- L225 

• Board meetings Intimated. + Elshts 
issue since made, t Tax free.- f Scrip 
- Issue since made from reserves. . 

Public Works Loan Board rates 

Effective from July 22 

Qaota loans' repaid 







. frrEiPt 


Up to 5 






. «* 

Over 5, up to 10 






; 13 

Over 10. np to IS 







Over 15, np to 25 







Over 25 







r -~Y } 

' * 

’■*-* f 

V * 


i*-j£ ■” 


. * Non-quota loans B are 1 per cent higher In each case than non- 
quota loans A. t Equal instalments of principal- t Repayment by half- 
uearly annuity (fixed equal half-yearly payments to include principal 
interest). § With half-yearly payments ot interest only. 





b 3 







Dtv. P. or 










5 J a 








BnunaU (C.D.) 









Ctertton SnporTcmd* 










Kmrar — ....... 

12l ( 












3 JO 




24 IB 



Hunt -DR Peer. Service* 


+ 4 








Thame* Plywood 













- a. 
= D 


- i 

sf 1 



4- or 

$ 2 . 













Allied Leather 9% Prof... 








99i s 









26 IB 

104, t 

897 1 4 



Hixft- a /,<. 

Ba-4 Aiu-lia Water 7% Hal. Pref. lBBi — J. 

Kcde^toPt'al lu*.OeacolO*Heri2ndCuinPre*. 























1 “l 

lOInMnirr iP> 11* Ptal ..... 

tfij Uunlgya 12* Partly Cnnv. Una. In. ’8ft-’88, 

— ... 









/tabluun Kros. Zi* Prof. .^.., w .. . 

99 s# 






ax, 7 







-teflon Var. Rale Kal. 1985 

Srtuthenil-oa-dii 12* Bed. 1887... 

South. Tyneside I2|* Kad. 1986^, r—--- 


















Thom lntl. Pin. t% Con*. 1888 — 

fvne a Wear 12* Kert. 1W6 . -. 

Wamirwnrtb Variable 1983 

We*» Kent Water 12* Deb. 1B96„ 





— d) 


international company news 

Ciba-Geigy profit warning 
after first-half setback 


CIBA-GEIGY. one of the leading 
Swiss pharmaceutical groups, 
reported a 12 per cent drop in 
sales during the first half of the 
year. and commented. that 
currency fluctuations had im- 
paired growth expressed in Swiss 
francs to an unprecedented 
degree, namely by some SwFrlbn 
' 20 percentage 
Total sales for 

Or 20 percentage points. 

Total sales for the group 
first six months of 1978 were set 

in the 

at SwFr5bn, a reduction of some 
SwFf 669m over the year-earlier 
corresponding period, aDd this 
despite the fact that, expressed 
in local currencies, all divisions 
turned In an improved perform- 


The Ilford group (including 
Gretag) did best with a growth 
of 24 per cent expressed in local 
currencies- But this boiled down 
to a mere 5 per cent when put in 
Swiss terms. Equivalent figures 
for - the agrochemicals division, 
the largest in terms of sales, 
were plus 2 per cent and minus 
18 per cent Advances of between 
12 and 13 per cent were recorded, 
agaiD in local currencies for the 
pharmaceuticals division, the 
plastics and additives division 
and the Airwirk Group. But 
translated into Swiss francs, as 
they will have to be in the 

GENEVA, July 23. 

consolidated statement of the 
group, the losses here range 
between eight and nine per cent. 

The dyestuffs and chemicals 
division .was sluggish because of 
slack business in client indus- 
tries, and agrochemicals were 
strongly marked by bad weather, 
especially in North America, 

In a. brief comment to the 
interim, report, the Board of 
directors noted that there was 
no sign. of general economic 
recovery; and that, as matters 
stood, : shareholders should 
reckon wJth a lower level of sales 
and profits this year, compared 
with 1977. 

Rhodesia loan rate confirmed 


RHODESIA IS apparently a 
prime borrower of at least small 
amounts in the Eurocurrency 
market Rhodesian officials con- 
firmed today that there was no 
misprint in the official estimates 
published on Thursday which 
showed that the country is to 
raise US$15m over- three years 
in the Euromarkets at a spread of 
1 per cent below inter-bank rates. 
Initial reaction to the first report 
of the loan — which is abnormal 
anyway — was that the spread 
should have read 1 per cent above 
inter-bank rates. 

However, a senior Rhodesian 
official confirmed the loan bad 
been negotiated at a 1 per cent 
margin below inter-bank rates, 
though he declined to give any 
details of the agent or banks in- 

volved. The spokesman confirmed 
also that a significant element of 
the £100m that the Government 
has already borrowed for the 
1978-79 fiscal, year, represents 
foreign loans, though be again 
declined to go into any detail. 
Asked why Rhodesia was for 
the first time prepared to pub- 
licise its Eurocurrency activities, 
when economic sanctions- were 
still in force against the country, 
the spokesman said that this 
reflected the assumption that with 
the advent of majority rule on 
January 1, 1979, economic sanc- 
tions would start to erode and 
fail away. 

Rhodesia is known to have 
raised other loans in interna- 
tional capital markets — in 
defiance of UN sanctions — since 

SALISBURY. July 23. 

1965, hut this is the first occasion 
on which borrowings abroad have 
been given even minimal 

Mary Campbell adds: Under the 
pressures of large-scale liquidity, 
international banks have for 
some tiine been lending to (heir 
prime customers at rates of Just 
above or around the London 
interbank offered rate for dollars 
(LIBOR)'. However this is the 
first publicised instance of a 
Eurocurrency loan being obtained 
at tests than this rate. • 

Other countries pay at least 
half a point nt.ore LIBOR for 
publicised medium term loans. 

That Rhodesia can obtain funds 
at tbfs low level is likely to give 
other countries an argument for 
getting . banks to lower the 
margins they pay. 

Emerson Electric at new peak 

come lor the fiscal third quarter 
ended June 30 “increased about 
18 per cent” over the record 
S3Sra or 65 cents a share earned 
in the comparable period, the 
chairman and chief executive, Mr. 
Chares F. Knight, told reporters. 

Sales rose by between 15 per 
cent and 16 per cent over last 
year’s record 54 85m. 

As previously reported in the 
first half, profits increased by 20 
per cent to a record $83.2m or 

51.44 a share from 569.3m or 
S3.20 a share, while sales were 
$1.07bn up 22 per cent over last 
year’s sales of 5876m-. 

Fourth quarter results “will 
show improvement” over last 
year's, when tbe diversified 
maker of electrical and electronic 
products earned a record $36.4m 
or 63 cents a share on record 
sales of 5478.7m. 

“ The fourth quarter should 
follow the normal seasonal 
pattern of past fourth quarters.'* 

ST. LOUIS. July 23 

Mr. Knight explained. Tradition- 
ally; fourth quarter sales and 
earnings have been slightly less 
than third quarter results. 

Fiscal 1977 results were re- 
stated for acquisitions. 

Management expects to con- 
tinue its policy of paving ont in 
dividends 45 per cent to 50 per 
cent of the prior year’s earnings. 

The company is “ moving to the 
upper end of that range." Emer- 
son currently pays 30 cents 
quarterly. AP-DJ 




By Robert GIbbens 

MONTREAL, July 23. 
THE Nova Scotia Government, 
Hall Corporation, an American- 
controlled Great Lakes ship- 
ping firm, CN Marine, the 
shipping arm of Canadian 
National Railways, and Rijn- 
Schelde-Verolme of the Nether- 
lands. have agreed to take over 
the Halifax shipyards division 
of Hawker Siddeley Canada for 
an undisclosed amount The 
'deal is dependent on a new 
labour contract at tbe yard, on 
the availability of provincial 
foods for renovations, and on 
Federal backing for a new’ dry 
dock. The latter will enable the 
yard to handle vessels 4tp to 
-85.000 tons, against 20,000 tons 
at oresent. 

Employment at the Halifax 
yard had dropped to about 100 
from 1,600 because of a severe 
fell in orders- 

TB extends 
Interoool bid 

By Charles Batchelor 

THYSSEN-Bornemlsza (TB , 
the International industrial 
holding company, said its 
$80m bid for the shares of the 
U.S. container leasing group. 
Interpool, has been accepted by 
holders of 96 per cent of the 
company’s shares. The offer 
period has been extended to 
Aaeost 25. 

TB, which recently moved Its 
headquarter’s from Holland to 
Monaco, had made its offer of 
$49 for each of the 2m shares 
dependent on acceptances from 
at least 85 per cent interpool’s 
management bold 38 per cent 
of the shares, and they advised 
the remaining shareholders to 

TB's operations in the TJ.S. 
include glass and cardboard 
packaging, metal products car 
components, telephone equip- 
ment and pumps. They are 
controlled by TB’s Indian Head 
subsidiary of New York. 

Chicago Bridge — 

CHICAGO Bridge Iron has 
extended the expiration date 
of its offer for Rowan Com- 
panies to August 1 from July 
27. reports AP-DJ. It has also 
agreed with Rowan to postpone 
the hearing in the action 
brought by Rowan against 
Chicago - Bridge 

Currency , Money and Gold Markets 





e < 




• 1 ■ 

, — 1 

Vi2.n Nil 

















26/ 7 

lb/ a 























11, 8 


























High I Lw 


■ilprf 26jJm 









4* pm! 
i a 





- 118 , 
psiprol aspw 




e Toni _ 
Damnrath Inn.. 

Sims Jt CufgUas.. 

Hyzua HA G.j — 


Lc*ch (Wm_) — 


Norton <W. BJ. 

Seouricor Uruup— ..... 

Da. A. N /V...- — 
'Security cfanrioM— ~— 
. Do. A. N/V— — 




H-° f 

30 pm 
51* pm 
5ls pm 
31* T*oi 
17 l»ID 
43 |iml 
16 pm] 

“S m 







+ «* 

+ 1 
+ 1 


+ 1I| 

H errand* flan dan uultr UW tto rmilria . freB_of ■ aro panOf. 
based on prouifcna esnmaie, 0 Assumed dividend- and yield. » Forecast dividend: 
0 over bastion previous rear*# cantos, r Dividend and yield toed on «r— “ 
or other official estimates for in q Gross. » Flxpre* awmed. JOiver 

B 1 


bi way of capitalisation, tt Minimum tender juice. liRetDtrodoced. 

In connect! on with rcorcanlsatUm mercer or takooter JB InrrotincCfln. _ 

to tamer Preference holders. ■ Allotment tenets -(or fnUp-Daid). •Provision*! 
or partly-paid allotment letters. *■ Wild wntTanW.^.-- 



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 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10f% 

Barclays Bank 10 % 

Barnett Christie Ltd. . 11 % 
Breraar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

Brown Shipley 10 % 

Canada Perrat. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Capzer Ltd 10 % 

Cedar Holdings 

Charterhouse Japbet . 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits . 10 % 
Co-operative Bank — *10 % 
Corinthian Securities . 10 % 

Credit Lyonnais u - 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawric 10 % 

Eacil Trust 10 % 

English Transcont. ... “ J 1 
First NaL Fin. Corp«- « % . 
First Nat Secs. Ltd. ... 12 % 

Antony Gibbs ....- 10 % . 

Greyhound Guaranty . 10 % 

Grind! ays Bank 310 

Guinness Mahon I'* J t 

Hambros Bank 10 ft « 

■ Hilt Samuel- -{10 % 

G Hoare A Co. flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial' Bk. of Scot 10 % 

Keyser Ullmans 10 % 

Knowsley & Co. Ltd. ■ 13 ft 

Lloyds Bank 10 % 

London Mercantile ... 10 ft 
Edward Manson & Co. ll*ft 
Midland Bank 10 % 

■ Samuel - Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 

Norwich General Trust 10 % 

P. S. Reflnm & Co. ... 10 ft 

Rossminster Ltd. 10 ft 

Royal BK. Canada Trust 10 % 
Scbiesinger Limited'... 10 % 

E. S. Schwab 11* % 

Security Trust Co. Ltd. 11 ft 

Shenley Trust 1* % 

Standard Chartered ... 10 % 
Trade Dev. Bank ...... % 

Trustee Savings' Bank 10 ft 
Twentieth Century Bk. 11 ft 
United Bank of Kuwait 10 ft 
Whiieaway Laidlaw ... 10* % 
‘ Williams & Glyn’s ...... 10 % 

Yorkshire Bank ......... 1° % 

■ Hemben of Uw AccmtoX House* 

r-to draoshi 7%. Tmouffi fleporfts 


7-day depoetta i e 

and under 5J*. up to 05.006 

and over £2M0O a*. 

Call deposit* over n.OOO TV 
Demand deptulu n%. 

July a 







OA $. 


"I.SOSS 1.81*5 


Ilmudlan K 


2.1586-2. lfiflfl 

2- 1476-2. I486 





Balrian Pr. 

• Bie 


BI. 76 -61.80 

Uanlab Kr 







4.* 2-5.98 

- Port. Brno. 



8 S. BO-87.20 

Spaa. Pea. 


147.80- 148. Gfl 



11 »e 

1,808 l.blfl 


S rwgn. Kr. 



IOlSO*- 1D.S14 

French Fr. 





8 848.70 

8.67 8.68 



58.849 J 






Swiai Fr. 




IIS. index Limited 01-351 3466- »ree months Copper 724.7 730^ 
»\amoRl Road, London, SW10 OHS. 

1L. i. Tax-free trading on commodlg nrtmefc investor. 

2. The commodity futures market for the smaller invests 


Liquidity within the banking 
system appears to be a problem 
on both sides of the Atlantic at 
present, but in rather different 
ways. The London money market 
has suffered from a famine of 
fends recently, while in the U.S. 
the Federal Reserve seems to be 
In two minds about how to deal 
with the problem of a money 
supply rate which is growing 
much too quickly. 

Money supply figures published 
„ both countries last Thursday 
.showed that while the situation in 
[the UK. looks to be back under 



Bank of Korean 
England Guaranty 
Index diajtgeoX 


U.S. dollar - 

rr,n«iH«ii dollar — • 

Anautan schilling 

Belgian franc 

Danish krone 

Dentscbe Mark 240J1 

Swiss franc 

Guilder ... _ 

French franc 



Based qb trade weighted changes from 
Washington scree men l December, 1971 
(Baade ot England Isdex=160). 



86 32 

- to 



139 JO 





+ 5J 








- 33 






control, the Fed still has some way 
to go before it can make the same 
claim, although matters did 
improve last week. 

Market intervention by both 
central banks has contained a 
degree of similarity recently, with 
the Bank of England taking a leaf 
out of the Fed’s book. Repurchase 
agreements form the basis of U.S. 
intervention policy, but have 
never been common in London. 

The veiy substantial shortages 
of day-to-day money has forced 
the Bank of England into looking 
at various unusual ways of giving 
help. This has been aggravated by 
the relatively small number of. 
Treasury bills in issue, and the- 
authorities have regularly bought- 
different types of bills, in order to ; 
resell them to the market at a- 
future date. 

While on the subject of Treasury 
bills it is also worth noting that 
the yield has not increased as 
expected when the Minimum 
Lending Rate formula was sus- 
pended. Several discount houses, 
who at present are the only real 
market for the hills, are dissatis- 
fied with the current yield. This Is 
now below the average cost of 
their money, which is reflected in 
tbe feet that Union, Alexanders, 
and probably all the rest have 


••• 1 • ■ /. . 

been running at a loss in recent 

In the UB, Fed policy remains 
in doubt, since the authorities did 
enter into repurchase agreements 
after the monthly open market 
committee . meeting, as Federal 
funds traded at 7tf per cent, com- 
pared with a target rate of 7J per 
cent. By such agreements the Fed 
injects liquidity Into the banking 
system, baying securities for 
resale at a later date. 

Although the intervention was 
Initially regarded as an indication 
that the Fed was reluctant to 
increase upward pressure on rates, 
by the end of the week it looked 
-likely that. .the target. rate had 
.been lifted tb 8 per cent . 


i'r aS3fof£j 

'{ July 21 ! July 20 

Bold Bullion (ft flnf 
on nee] 


Opening SWOlf-lflliJSISJHM 

Morning fixing 198.76 

Afternoon ftxing....iSlBI.7B 

jl£IOS J68i 
Gold CoiIW....„...._i 

Krugerrand ! 5200-262 

New Soversfpu 

Old Sovereignty.. » 

Gold Com*....! 

Krugerrand I 

51 7.4 J 
8 IBS, 41 




(£M1-H>5p!<£1b2i I03j| 

(£S8J-JOii (£234- J0i) 
SM bB ,SbS-b7 
(£2 HS3+3S) 

New Sovereign*-.— '556 -o7 


Old Sovereigns. |56C-s8 

.- - !l£M±-5W. 
520 Eaglet WfiB-i.80 

S 10 Htgto* ^-.jbl4M«4 

tK> Etc Ip- ^. MDMH 




(£2S« 298) 
S 140- 145 
5100- 116 


Jahr a 

*pro*d ' 


Cana d‘o 5* 
BeWan Fr 
Danish Kr 
Pon. Es 

Nrwan. Kr 
French Fr 
Swedish Kr 

Austria Sch 
Swiss Fr 

• U.S. 

88.9648. 99. 
Z2208-2J23S 2J26S-2.22TS 

32M-S2A6 J2M-32M 

ssaao^stso ssbbosssoo 

One month 



Three mwnhs 

aejSM&T* ' 8&2M&40 
53918^X195 53918-SJ930 

L791AUM0 L 7918-1. 7930 

ASS4S435 4SJIS45M5 
2BB.95J0L55 20S.95J0L1S 

• la mu a 

2MUJBM L77lM-7©0 
cents per Canadian 8. 

0824.MC P*n BJ9 
0.750.70C Pta 3.79 
&i-7ic pm 256 

e.osoaspf pm 5X2 

2-K-2J5Trr«dic — 3J6 
0.164J6C dll -0J2 
UQ5-0.9SV ptn 5.78 
0.960.90c pan . A25 

fl.ffiO.04c pro 
22.281c pro 

2J2id7pf pm 

7.700. enrwfl* 


2.95iB0v pm 








One ronntb 

Belgian rats Is for convertible francs. 
Financial franc 82.50-62. 60. • Rate for 
aras. t oo JvJr 2*— LSSSO-UMB imread) 
and U03S-L.9649 (close). 

fl.55-tt.4Se. pm 
2i*-13, c-pm 
5S-2S e. 
8-2 pt nm 
40-140 c. dla 
pRr-tflfl e. dla 
1-5 Inedp 
2»-4 ora pm 
Zj-U r. pm 
2i-i- ve pm 
510,280 ypm 
17-7 en> pm 
5-8 c-pto 

PJ- (Three mcctlui % 






il.B 8 -l.t 6 .-. pm 
pie -Sag c-pm 

- -- I 
— fl-BB W-fiJnreriU 
1.68 4 7 pi pm 
- 12 41IJDb.40Sc.dtft 
-4J8 wj-reetwiK 
-1 JO s-7 iirodi. 
-1.44 4) -2* ore fnn 
2.40 |44 31 c-pm 
lH 6-4 »ee nm 
a 24 18.40 8.10 ypznl 
6.04 W-afl .mpm 
S.7B «1|-/I» 


8. 54 












Julv 21 

Stz-cacmth forward doHar 3.452J5c pen 
12-taomh 8S0-4.7BC pm. 

Arsen tins I'ew^._. 

Australia llollar— _ 

Flo tan ii UMfcfea^.. 
Brazil Cruz ei ifta .. 
Greece l>rachin»^. 
Roruc Kooa Uodar.l 
lean Rial 

Knwait UnrarfKI)) 
Loxamdourg FzazxJ 
UftM.vaia Dollar — ^1 
flew Zealao.1 Doiiaej 
bhmili Arabia Riyal. 
Slneapnre DnHpr_ 
Sooth African RudJ 

1.628 l,t>32 
3-6583 1.6683 
&G26 8 046 
33.88 54.88 
68.618 70.301) 
' .131-257 
-.0.616 0.626 
. Bl.7Bol.8S 
4^175 4J5500] 
0-8289 1-8389) 
b.48 6.68 
4.4000 4.4125 
0.6460- 1.6661' 

799.58 BOX 67| 
0.6708 U.07 IS) 
4. Ifl90^1.2020fi 
17.73 lb. 25 
36 90 46.80 
2. 5626- 8.3646) 
3.59-5.44 _ 

A njorlft— ... ~_ 
i*e I ei urn 

Pen mart-— ~ 










United Siatfa-.., 
87 13)¥ngoalavia___ ... 


Note" Rate 

oils -63 
10.66- 10.70 

8.35- 6.30 
168 J- 1610 





3.35- 3.50 


Rate atvep »nr ft ra mt l na V tw rant 


July 21 

Pound SterHne 

(LS. Uni tar 


Japanese Yen 

French Frani- 

swire Fronr 

Do roil -Gal Met 

Italian Idea 

Canada Dnllar 

Helena' 'Piece ■ 

taad tKerOax 

■ 1. 





». fl 23 . 




oina ■ 

U.S. Ooliftr 





4.h 30 

1.798 -. 

2.217 . 


• 1.1*4 












■ 1^.72 

Japaneae Yen 1 ,000 




1000 . 


8J0 08 



6.: 86 


French Prone K> 



- 4A37 








a wire Flue 










18 03 

Oared Guilder 










14.67 ■ 

ltallaa Lira lJOOu 







2.6 29 




UaradWo Uollar 




179 0 


1.695 ' 





rteMait Fnne ICO 




- 6V2.7 • 

13 71 





M . 




. • 

Jn|y 21 


of deposit* 





tore) Aaih. 
boodt .• ■ 











— 8 

Trusty BSQs 
Treanry- Buie 




- 7JTT - 

J 7j» 


OrennRfat— _ 
2 daj-» nmee^ 

7 da*> iwMc*.. 
One month.,,,. 

Three mootlj*. 
5 uc manilH ... 

1089 - 101 * 

10 A- 10 ae 

Iblfl 101 a 

lOfr 10 * 






11 V 10 % 
10 ia- 10 1 , 


11 >< 












: 5S* 



1 33 

• . . a. 

... ... 335 

101 g 103* 

IOI 4 .IO 1 * 
10 1 b 101 s 

Three nvoim 



iline month*.. 


10 U 1 Q 
10 l a IO 

111 *- 




ZhttMfll Rate 


Twn w«k- 










One month 

Hum tBonQs 

Six moaihs 


DIsctxmt Kale 

_. 7A2S 

— U 
_ 7A2S 

— 1225 


Gall fUncoDdfrlonall CSS 

BiHa Dtecotat Raw — U8 

local ambortix to finnee hoosea seven daps 1 oatlcs. abets seven dan fixed. • UJOger-trnn local aulhoriiy QMrtKage 
rate aonrimHy three years 115-UI per chi: four rests 12-Ui per oem; five rears 12-121 per cent. 4> Bank bill rates in table 
are basins we for prime Baser. Bertas rates for foo4»suh amt bills 9i*ic-l0 par cent: four-month trade lulls 1H per cent. 

Apprortmate artllt a rates tar noe- month Tieassrr DUte 8 I h «sj . per cent: two-manlb Bi per cent; and three-month 
93a -9^ per cent. Aponstmate sefflae rate tar one-mantb bank Mfia H per cent: to twd-roontb 9 M i>-H per oem: and 
three-month b^d-M per cent- OnHsanth trade bins 1M to Cent; rtro- month ui per tot; and alec three-month 101 per cent. 

Finance Hearn Ban Rates fsnbUsbed br tbe Finance Uftasts Association}; IB to cent from July L 1978 Clearing Bank 
Uepeait Rates tftxr sums at seven days' ood«) «l-7-per coil, dwte Bto Base Rates tar landing U per cenL 

Traastmr BKs; Average tender rates of discount 0X430 per war. 


in South Africa 


THE JUNE quarterly report come then there is a possibility 
season for the South African gold of a plant being installed treat- 
mines has now been completed, ing the Middle Elshurcs solely 
It coincided with a new upsurge fqr their uranium content. Atten* 
in the bullion price. If this con- tion then would also be paid, the 
tin ues it should at least make spokesman added, to treatment 
the current quarter profits opt of the Upper Elshurgs, on which 
look quite so bad m relation to the mine is based, for their 
those for the past three months, uranium content, which is not at 
which were boosted by the once- present being extracted, 
for-all impact of the changed The feeling gained by our 
method of payment for the correspondent was that " John- 
mines' gold production. mes” is actively looking for 

The passing-on of this Iran- ways to exploit Western Areas’ 
sient “ bonus * by way of divi* uranium and that a combination 
dends has varied from group to of higher gold and uranium 
group and even from 1 mine to prices could well make the ven- 
ralne, but it can still be expected lure worthwhile. In the mean- 
that the autumn crop of pay. time, at ISTp the shares are 
merits from, the Grange Free regarded as a reasonably-priced 
State and Evander afea com- speculation on the prospect of 
ponies will make a {mod showing, bullion bursting through the 
This is likely to lead to anti. $200 door although accelerated 
ripaiory buying of such shares capital expenditure continues to 
as Win kelhaak. Harmony. Presi- keep down the dividend rate, 
dent Brand. Western Holdings 

and Free State Geduld, which tpphnifiiKMS 

could thus outperform the 1 “S." 

market over the next couple of A few weeks back I was com- 
monihSL menting on the necessarily slow 

Meanwhile, some official com- pace of major technological 
ment is reported by our Johannes- developments in the South Afn- 
burg correspondent on the June 'lT?'”L uin - r ? inm 5 

quartprlv reporis from the two industry. The subjert of discus* 
^Johnnies " group mines. Rand* «on then was the originally much 
fontcin and Western Areas, acclaimed rock-cuttor. \ow the 
Regarding the already forecast Chamber of Mines Is talking 
drop in grade at Randfontein, its about another potential cost- 
gold division manager. Mr. V. F. panne exerns-? on which its 
Blane. now foresees a 35 to 40 per research organisation has made 
cent fall in the current quarter considerable progress and is 
and a further 10 per cent in the confident that it can be demon- 
final three months of ihe year, st rated in a " practical^ ennron- 
hrituring the mill grade down ment within five years, 
from 14.4 grams gold per ton last It K ..the chamber says, a reia- 
quarier to eight or nine ffnims, t»*wlv simple mefellurcK-al process 
at which level it is expected to which cnuld be employed for 
stabilise &°) d uranium extraction 

The impact on profits should underground in conjunction with 
be more than offset by rising compact milling machinery, thus 
uranium recoveries and the ion- significantly reducing the amount 
nage build-up brought about by of ore hoisted to the surface, with 
the launching of the new Cooke a consequent saving In .costs, 
section treatment plant, which Crushing and grinding the ore 
should be running at full capacity underground needs development 
by the end of the year. This of a mill occupying only a frao 
should increase Ihe overall milling tion of the space taken up by 
rate to some 350,0000 tons a month conventional surface machinery, 
compared with only 104,000 tons Th« is being undertaken by the 
in the June quarter chamber in association with an 

How soon RandJootein’s grow'- international process company, 
ing stature will be fully reflected Moreover, apart from the av- 
in dividends (the ZOO cents > n haulage costs, the resulting 
Interim was regarded as dis- waste pulp is considered to be 
appointing) depends to a large "almost ideal' material to 
evienl on a vital decision that fill the warked-out areas under* 
should be made- before the end ground. This would eliminate most 
of September. This is whether of the timber used for support, 
capital spending requirements are leading to a lower fire nsk and 
going to be swollen by a go-ahead a reduction in labour. It would 
for a third shaft system in the. »l«o. jt is considered, improve the 
Cooke section effectiveness of vcntilatlnn and 

Such decision would, however, refrigeration and relieve some of 
signal further long-term expansion the production constraints inl- 
and would be regarded in P«sed by existing rock handling 
Johannesburg as underlining the ^nd hoisting systems and ease 
shares' investment attractions, underground transport difficulties. 
Perhaps “Johnnies" will come It is emphasised, however, that 
round to splitting them one of a number of engineering prob- 
these days. There is plenty of lems remain to be overcome 
scope for such an exercise, with before this further brain-child 
only 5.4m shares in issue with a of the chamber s boffins can be 
nominal value of R2. The present used commercially. But, hke the 
price is a “heavy" £35*. rock-cutter, it no doubt wall be 

The main talking point when one of these days, 
discussion came round to ’Western * * * 

Areas was whether the Middle The shares of Australia s 

Antimony, to which 

1 being mined. wdU be opened for attention was first drawn here 
w-a n flfcri&Sate/! f were a strong market 

the current underground drilling on Friday at 95p. TTie fresh 
programme which -has.- yielded -spurt was partly due to a further 
some interesting rfesults. ' recommendation of the shares by 

On this the mining house com- London brokers James Capet, 
ment was that substantial cus- who have devoted considerable 
tomer finance would be needed space to the company in tbeir 
and that this might prove diffi- past two weekly circulars, 
cult to obtain, given the marginal Enthusiasm is based on the 
nature of the mine’s overall Vuda Valley gold prospect in 
operations with break-even point FijL But, it should be noted, the 
last quarter at a gold price of brokers consider Atherton to be 
$154 an ounce. . only for clients “with an adven- 

If this problem can he over- turous nature." 


EEC officials study 
contract law reform 


terms of the draft EEC directive. 

The commission usually takes 
a fair time over its deliberations, 
first producing a working paper 
on which interested parties are 
asked to provide wrilten com- 
ment and then baring discussion 
where necessary on various con- 
tentious matters. Eventually, a 
repon is produced and. if legisla- 
tion is then recommended, a draft 
Bill i& included in that report. 
The time allowed for discussion 
after the publication of a work- 
ing paper is pretty elastic* and 
while the commission has a due 
sense of urgency, it rarely 
imposes a time guillotine. 

However, on this occasion 
there are constraints imposed by 
the EEC timetable in Brussels. 
The end-of-year deadline seems 
to have been removed ■ and it 
appears that the EEC draft will 
remain on the table until some 
time next summer. But, the Law 
Commission here has to keep an 
eye on Brussels. So, insurers are 
expecting that the Law Commis- 
sion will produce and get the 
Stationery Office to publish its 
initial working paper by the 
beginning of November — and 
then to have about three months 
in. which to make their represen- 
tations on the Law Commission’s 
proposals - 

iint. British view through the At this stage, insurers have 
ritish Insurer^’ European Com- about three months or so to wait 
iittee. to see what the Law Comrais- 

It is through this array that sion's preliminary thoughts are. 
ritish insurers hsye been giv- No doubt the commission will 
ig their . opinions op the Com- take into account the changes in 
ission’5 draft, to govennenL market practice established by 
jrtieularly- to the" Department the statements of insurance prac- 
r Trade, and to -.-oiher bodies tice agreed between insurers and 
mcertted with the negotiations goverment ■ last year, although 
1 Brussels. the commission mav view these 

changes legalisrically and may 
want to see them given full legal 
substance rather than their pre- 
sent practical implementation. 

This point a Dart, the prob- 
ability is that the Law Commis- 
sion will he more concerned with 
individual consumer aspects of 
ihe insii’-ance contract than, with 
the international com- 

mercial trading ■row*, indeed, 
over th*» vears British Insurers 
have eon® far to convince the 
hureaurrst* jrj Bnissek that 

Communin' law should not 
johihit individual members’ 

ahiliri: to trade outstrip the cnm- 

munitv and the Law Commission 
here snrelv neeif s not to be 
reminded of essential Fact 
of survival for the British 
insurance market 

FOR SOME while now tbe Euro- 
pean officials in Brussels have 
been beavering away at the pro- 
duction of a directive on the 
harmonisation of insurance con- 
tract law. Because of the 
diversity of insurance law and 
practice throughout tbo com- 
munity the production of a final 
draft acceptable to all countries 
and the insurance interests 
therein, is. a long and arduous 
process. Towards the end of last 
year the Commission produced 
its fifth draft— ithis after 24 meet- 
ings of the working party on 
insurance contracts—and it is 
this draft which has been and 
continues to be the subject of 
examination, criticism and dis- 

The Commission’s draft deals 
with the formation of the con- 
tract, including the proposer’s 
duty of disclosure, change of risk, 
payment of premium, documenta- 
tion. termination of the contract, 
rights -of third parties — in feet 
all tbe essentials of the insur- 
ance contract. 

Here in Britain, the insurance 
market comprises the companies 
and Lloyd’s underwriters: each 
have their . own : committees in 

But each con- 

At tbis relatively late stage, 
when it was thought that discus- 
sions in Brussels micht be con- 
cluded around' the turn of the 
year— tbe Law Commission has 
been asked by the Lord Chan- 
cellor to consider a number of 
aspects of British insurance law. 
The Law Commission has been 
asked to consider the effect on 
the liability of an insurer and 
on the rights of an Insured of 
non-disclosure and misrepresenta- 
tion by or on behalf of the 
insured, breach of warranty by 
the insured, special conditions 
exceptions and terms, increase 
and decrease of risk insured— 
all these matters in the light 
both of a report made by the 
then Law Reform Committee in 
1957 and having regard to the 

y s. 

Financial Times Monday July 24 1578 


government of Yemen Arab 


An established Cenrral Purchase and Tendering Committee of the government of Yemen 
Arab Republic needs to recruit a panel c f experts to evaluate the international/ local bids 
for government works/purchases to be undertaken by the different ministries of the government. 
The experts panel will have to analyse and recommend on the proposals submitted to the 
Central Purchase Committee for final approval. 


The recruitment of the following experts will be on general overseas terms of two years 
initial contract I renewable). The candidates above 40 years of age having relevant qualification 
and experience and already having served in a responsible position should only apply. 

1 Civil Engineer 

2 Electrical Engineer 

3 Mechanical Engineers 

4 Legal Advisor 

5 Economist 

Having sound post-graduate experience of more 
than IS years' in all types of civil engineering 
works such as buildings, airports, sea. ports, roads, 
and other civil works. 

Having more rhan IS years’ of adequate post- 
graduate experience and an ability to evaluate all 
types of relevant international proposals. 

As above. 

Having sound post-graduate experience of 15 years 
in dealing with company law and international 
contracts and agreements. 

Having sound post-graduate experience of 15 years 
dealing wich economical studies in feasibilities, 
statistics, project evaluations, and cost benefit 

Salary will depend upon the calibre of the candidate within the range cf U.5.S2.00Q-2.5D0 per 
month (Free cf local taxes), and an amounc of U5.Si.Q00-l.500 maximum will be granted 
at actual cost for furnished accommodation, air transport (once a year) local transport 
and other. 

All correspondence will be created as confidential. The interested candidates Should apply 
with all particulars co: 

The Ministry of Public Works and Municipalities, 

Sanaa. 7.A .k. 

The terms of reference for the above posts could be collected from the following address 
lor guidance; 

Yemen Arab Republic Embassy. 

41 South. Street. London, W.I., U.&. 

A. Al Kurshumi, Chairman. 

Central Purchase and Tendering Committe. 
Sanaa, Yemen Arab Republic. 




Development at Rosslare Harbour, 

Co. Wexford, Ireland 

Coras lompair Eireann shortly intends 10 invite tenders for 
cxlensiuns to the porl facilities at Rosslare. The work will 
consist of a concrete blorkwork pier 150 metres Ions with 
berthing f-.cililu.-s on both sides, the provision of shore searings 
for two Ro/Ro link spans, a Customs building, surfacing and 
services. Alternative designs for the biockwork pier will be 

The Consulting Engineers for the project are .Messrs. Coode 
and Partners. London, and Messrs, de Lcuw Chadwick and 
O hEocha. Dublin. 

Contractors who would like lo be invited lo lender for this 
work may now apply and are required to supply the following 
documents: _ ' 

A. A declaration of intention to submit a tender. 

8. Details about tbe Composition of (heir firm, nationality and 
capital and yearly turnover over the past five years. 

C. References from their Bankers as to their ability to 
undertake works of the size and nature envisaged. 

D. Details of works of similar nature and magnitude carried 
out by them, the amount of tbe contract sum. for whom 
constructed, dates of commencement and completion and 
the names and addresses of the supervising engineers 
from whom references can be obtained. 

E. A fiat uf the names, type and length of experience of their 
key professional personnel, as well as the number of their 
skilled .uid unskilled employees. 

F. An outline as to how they propose to provide the 
construction works with sufficient labour, skilled and 
unskilled, local and/or foreign. 

G A list showing the number, year of manufacture and type 
uf plant and machinery in their possession, as well as an 
outline of ihc major plant and machinery they intend to 
use in the works. 

Applications will only be considered from principals* who will 
IheiusclvHS be responsible for executing the works. 
Applications from Agents will not be considered. 

Applications, together with all appendices and supplementary 
information, mils I he in English, be enclosed in a sealed 
p.ickagc and delivered in person ov scat by registered mail, 
not later than l Sib August. 197S to: — 



Pcarse Station, 

Wi-Mlautl Row. 

DUBLIN' 2, Ireland 
with a copy to: 


20 Station Road, 

South Norwood, 

London SE25 5AJ, ILK. 

Coras lompair Eireann do not undertake that all Firms 
expressing their interest will necessarily be invited to tender. 
Firms accepted as prequalifying to tender will be so informed 
and will he invited to take up the tender documents on 
payment of a non-returnable fee of £50. 

No payment should be made with the application to prequalify. 



Tenders are Invited for the immediate supply and delivery 
c.i.f., from any EEC port, of 2.500 of bagged sorghum 
destined ns United Kingdom National Food Aid. to Mali. The 
sorghum is to be loaded into one ship and delivered via tbe 
Port of Dakar to Kayes for 1.000 tonnes and Bamako for 
1,500 tonnes. The sorghum shall he supplied in new or good 
quality second-hand fumigated jute bags marked “ Food Aid 
Gift of the United Kingdom." 

The allowance for the supply and transportation cost? of the 
grain will be determined on examination of :li* tenders, 
delivery terms embodied m a Notice of Invitation to Tender 
together with the Tendering Forms may be obtained from 
Branch B (Cereals). Internal Market Division. Intervention 
Board for Agricultural Produce. - West Mall. Readme (Tel: 
Reading 5S3ftltj). 

Tenders must bo submit led by 12 nnon, Thursday. 3rd August, 
197S. to; 


Mainly n House. Higlisaie Hill. London NIB 5PR. 





international bids 

BID NO. 537-78 

FOR furnishing. 




The Institute de Rccursos 
Hidrauiicos y Electrification 
lIRHE) announces. Bid No. 537- 
78 for the Furnishing, Delivering 
co the Site and Supervision of 
Erection of a 160-»nne Power- 
house Crane for die Forsvna 
Hydroelectric Project. Proposals 
will be accepted until 10.00 am 
on October 2. 1978, -at Panama 
Room of the El Panama Hotel. 
No. 1 1 1 Via Espana, Panama 
City. Republic of Panama. 

Financing .of che contract 
resulting from this announce- 
ment will be from the proceeds 
of Loan 1470-PAN that IRHE 
has obtained from the World 
Bank. Therefore, bidders can be 
considered only from World 
Bank member countries and 

Bid documents as well as all 
maps, plans, specifications, and 
proposal forms may be inspected 
at IRHE's offices in Panama, 
Hatiilo Building, Cuba A*enu. 
No. 36 (Attention D. Perdomo. 
Telephone 25-1300). or at Chase 
T Main international. Inc.. 
locaced ac Southeast Tower, 
Prudential Center, Boston. 
Massachusetts. U5A 02199 
(Attention R. N. Fenno). or at 
the Panamanian Embassies in the 
United 5 cites of America. 
France, Italy. United Kingdom. 
Sweden, Germany. Switzerland. 
Brazil, Spain and Japan. 

The complete set of docu- 
ments may be obtained directly 
from the Purchasing Department 
office of IRHE located m the 
Poll Building, 2nd Floor. Justo 
Arosemena Avenue and 26th and 
27th Streets, or at the Chas T 
Main Office in Boston, at a non- 
refundable payment of U.S. 
S100.00 (U.S. dollars) per set. 

General Director 

Novi Sad - * 4 GAS ” Radna Orgamzacija Transporta. 
Prerade, Primcne i Prometa Gasa, Novi Sad, 
Narodnog Fronta 45 

is inviting bids for supply of 


SADU — "GAS" Radna Orgamzacija Transporta. Frerade, 
Primene i Prometa Gasa, Novi Sad, has received a loan from 
the International Bank tor Reconstruction and Development 
in various currencies equivalent to Bl/Sll million toward the 
cost of a natural gas gathering, transmission and distribution 
project in Yugoslavia, known as the "Naftae** Pipeline 
Project". L is intended that the proceeds of the i'ian will be 
applied to payments under the contract or contracts for which 
this notice o( invitation to bid is is-ued. Companies or 
organisations having the capability, experience and standing 
to supply the required equipment, on the hasis of C.LF. 
Yugoslav Port, ur F.O.B. Port of Loading, are invited to bid: 


a) Separable Gas Compressors powered by Gas Engines 

b) Integral Gas Compressors 

It is' necessary to supply complete compressor sets with 
necessary equipment, controls, start-up devices, coolers, suction 
and discharge scrubbers, safely devices and instruments. 

Only manufacturers of proved past experience in the manu- 
facture of the above equipment should apply to NaFTAuAS 
— “GAS" for tbe Tender Documents. They will he required 
to sratfc their "manufacturing experience for the last two years 
with evidence of their financial standing. 

Copies of Tender Documents can be obtained from: 
NAFTAGAS — . * GAS" Radna Orgamzacija Tranrporta. 
Prerade, Primene i Prometa Gasa. Narodnog Fronta 45, 
Novi Sad. Yugoslavia 
upon payment of SUS500 ro . 

Account No. 65700-820-219-7 100000-208/248 
wifh indication “For Purchase of Tender Documents" 

Bidders from Yugoslavia can obtain the above Tender Docu- 
ments upon payment of Dinar equivalent to the 
Account No. 657QO-607-S85 of SDK, Novi Sad Branch 

Payments are non-refund able 

Tender Documents can he collected during Naftagas business 
hours from 17th July. 1978 to 18th September. 197S 

Bidding closing date: 22nd September, 197S 

Information available at'- 
Telephone r«l) 367-677 or Telex 14-388 NG 


Implementation Unit, 

IDA Education Project, 

F.O. Box 96, Sana'a 

Cable: PROJED. Telex: 2405 EPIU YE 


Sealed Tenders are. hereby invited „ from bona fide manu- 
facturers and suppliers from member countries of il.e World 
Bank/IDA and Switzerland for. supplying Equipment and 
Furniture as per bid-packages mentianed i below: 

: 1— Audiovisual Equipment and Software. 

2— Furniture. 

3 — Science Equipment: 

Chemistry: Physics: Biology and Biology models. 

A — Miscellaneous Items: 

Wall Charts. Maps and Globes: Commerce Office 
Machines: General Workshop Equipment; Garden 
Tools and Sports goods and Agricultural Equipment. 

5— Electrical Equipment. 

6 — Automotive Equipment. 

7— Equipment for Machine Shop and Glass workshop. 

8 — Equipment for Sbeetmetal, Welding and Blacksmitby. 

9 — Equipment for Foundry and Forging. 

10— Equipment for Construction. 

11 — Equipment for Plumbing and Fitting. 

12— Equipment for Wood Workshop. 

13 — Laboratory Equipment and Chemicals. 

14— Sleeping Materials for Boarding Houses. 

a) Tender documents may be chtained from the above 
address- upon a non- refundable payment uf US$30 oer 

bj The payment will be made again 1 * IDA credits 421/YAK 
and 611/YAR under IDA disbursement procedure ill 
or VL 

c) Tenders will be received up to 12.00 noon ducal lime! 
on 30th October. 1STS and wilt be opened in public in 
the Implementation Unit/ IDA Education Prnjzct at 10.00 
a.m. un 3J« October. 197S 


Director General 

Federal Islamic RepaMc 
ol he Comoros 



Notice of call for Tenders No. 01 of 
September 15 197S 
SUBJECT: The Bureau of Equipment of the Federal 
Islamic Republic of the Comoros is 
initiating a call for tenders for the supply 
of public works equipment and workshop 
. tooling intended for road maintenance in 

the Comoros. . 

The purpose of the present call for tenders is 
the supplv of public works equipment and workshop 
tooling intended for road maintenance m uie 

Comoros. j s part - 0 f the three-year road 

maintenance programme financed by the llU ~; 
national Bank for Reconstruction and Development. 
The supply is divided into 11 lots comprising. 

Lot No. I Spreader rruck 3.000/4.000 litres . . - •••- 1 

Lot No. 2 Dump truck, approximately 4 cubic metres. 

with built-in bottom glitter .. -• ■:-■■■ - 

Lot No. 3 Tire-mounted loader, l .100/1.600 h 1 re bucket 3 
Lot No. 4 Self-propelled pneumatic tire roller U/lt tons ' 
Lot No. 5 Smooth-wheeled roller 10/15 tons 1 

Lot No. 6 Towed-typc spreader, approximately 400/600 

litres 5 

Lot No. 7 Mobile cold-mix travel riant - 

Lot No. 8 Receiving-transmitting radio with accessories ■» 

Lot No. 9 Laboratory equipment * 

Lot No. 10 Machine tools and heavy workshop equipment i 

Lot No. 11 Set of workshop tools 1 


A list of spare parts shall be proposed for all 
the enumerated equipment (price proposals in 
accordance with Article 7 paragraph D of Conditions 
of Contract). The final list shall be determined by 
the Government following the opening of the tender. 

The call for tender is divided into 11 lots: 
interested suppliers may bid on one or several lots. 

Tenderers and the proposed equipment shall 
mandatorilv originate from one of the member States 
of the International Bank for Reconstruction and 
Development or from Switzerland. 

The complete set of tender documents may be 


In .Moroni. Ministfcre de l’Equipement. de 
TAmenaeement du Territoire et de la 
Oualite de la Vie. 


(PC.E.OM ) 15. Square Max Hymans — 
75015 — parts: 

The complete set of tender documents shall be 
sent following a request to BUREAU CENTRAL 
MER (B.C.E.O.M) against payment of the amount of 
30.000 Comorian francs (or 600 French francs), 
including postage; payment shall be by bank cheque 
pavable to: 

— Tresor Public — Republique Federal Islamique des 

— Bureau Central cTEtudes pour les Equipements 

d’Outre-Mer (B.C.E.O.M.). - - - - / 

Submission of the tenders is scheduled in 
DE LA VIE — Direction de 1’Equinement — on 
September 15. 1978. prior to 19.00 hours (local time). 

The opening of the tenders shall take place on 
September IS at 09.00 hours. 



Tbe Independent State of Papua New Guinea has r he1n.tentlon 
of proceeding with further construction works on the High- 
lands Highway between Chuave and Garniger Financial 
assistance with this project wiiL be .provided by the Inter- 
national Bank for Reconstruction and Development. 

The work consists of paving and sealing 50 kilometres of 
existing gravel surface road. Expected approximate-quantities 
are in the order of: 

. (il Pavement surface courses 93.00»in 4 

(ii) Pavement surface dressing 322,000m 2 

Tt is anticipated that invitations to tender will be issued during 
October 1978 for construction to start May 1979. Invitations 
to tender will be sent only to those Contractors who have 
prequaLified and whose interest has been registered with the 
Independent State of Papua New Guinea. 

Contractors from member countries of the International Bank 
for Reconstruction and Development and Switzerland, who 
have proven experience and capability in this field, may apply 
for prequalification. 

Prospective tenderers must be able to show extensive 
experience in projects involving major highway construction 
and to show a history of successful contracts. 

Prospective tenderers should consider tbe possibility of 
associating themselves with a local Contractor for the purpose 
of bidding for the project contract. 

.Information and forms of application may be obtained from: 

The First Assistaut Secretary — Technical and Policy, 
Department of Works and Supply, 

P.O. Box 1108, 


Tbe closing date for application is 30th September 1978. 

The Independent State of Papua New Guinea will notify 
Contractors who have successfully prequalified to tender for 
the work and will supply them with lender documents and 
information regarding the preparation of bids without further 
notice. Reason for rejection of applicants for orequatification 
will not be given. 


The above Authority invite*, interested organisations to submit 
credentials for consideration for pre registration of tenderers 
for Phase 11 of the quarry and concrete products complex Tor 
Dodoma. Tanzania. Tenders will be called for mobile quarry 
plant, crushing plant, tile-making plant, pipe and vibrated 
products plant, bituminous loadstone plant and associated 

Tenderers are required lo have proven operational experience 
and they will be required to provide to the Authority 
operational and management assistance for a period of up to 
five years after commissioning. 

Construction of the works is scheduled to be completed In 

Submissions for p reregistration must be received by August 
14 1978. addressed tn the Capital Development Authority c/o 
HRPL-CMP5 .loinx Venture Consultants at the Consultant'? 
Head Office in Australia with copies to l heir Dodoma and 
UK addresses. 

Interested organisations should make contact immediately to 
obtain further information and a questionaire from: 

3fi9 Royal Parade 9 Pickhurst Road PO Box Si I 
Parkvi lie Vie 3052 Chiddingfold Dudrmia 

Australia Surrey CUS 4TS. UK Tanzania 
Telex: AA3QQ$n Telex: S584RS Telex: 53177 

Tel: (03 > 347731 1 Tel: <042S79J 3077 Tel (051 1 20421 

Telex: 53177 
Tel- (051 1 20421 




General Petroleum Corporation 




EGPC (natural gas project) forthe.pur- 
pose of issuing a forthcoming tender 
for execution of natural gas distribu- 
tion system and relevant materials in 
four residential areas in Cairo 
(Helwan, Maadi, Nasr City and Heli- 
opolis), intends to select among a 
limited number of reputable firms who 
qualify to undertake detailed engineer- 
ing design, procurement and execution 
of the project (whole or part). 

Applicants confident of their qualified 
capabilities are requested to submit a 
detailed text of their previous works in 
similar projects already undertaken or 
under execution. 

The booklet containing tbe basic 
engineering data and describing the 
nature'and volume of the work involved 
will be available at EGPC (natural gas 
project) Office, Osman Abdel Hafiz 
Street, Nasr City, Cairo, or at No. 2 
Midan Kasr el Doubara, Garden City, 
Cairo (Sth floor, Apt. 48) against 

- payment of ten pounds- Egyptian or 
equivalent thereto. . ; 

Applications will be received starting from 16th 

July until 30th August 1978. ; 



(S1E.O.),; 1 - > - , j 


% % 

Vi_ » 

1. The Government of Greece has received a Loan (No. 
859GR) totalling $23.5 million, from the International 
Bank for Reconstruction and Development- (LBJLD.) 
towards the Second Educational Project. 

This programme, regarding MJE.O„ . consists of the 
. following: 

A. Eight (8) new Vocational' Training Centres (KEKATE 
and KM) (construction, equipment, furniture) 

B. Ten (10) Vocational Training -Centres (equipment 

C. Three (3) Mobil Units for Vocational Training 

2. This announcement concerns tbe procurement of 
mechanical-electrical equipment for three (3) new 
KEKATE and KM. the remaining equipment from 
previous biddings and the furniture of the eight (8) new 
KEKATE and KM.- 

The mechanical-electrical educational equipment Includes j 
lathes, milling machines, drills, generators, hand tools, 
steel, cables, pipes, etc., and is grouped in 24 packages 
according to Type and Similarity (Supply: Phase B*-Siage 
2 ). 

3. Bidding will be among firms from members countries n£ : 
the LBJUX and Switzerland and will take place: frnor 
October 10, 1978 to November 20. 197B. Bid documents 
will be distributed to interested parties at a fee. of US3 10. 

4. . Additional information may be obtained from -rf 


33. Halkokondili Street Athens. 102. Greece. - 
Working days and boars 11.00-13.00. 


Rate: £13.00 

per single column 

For further details 


Ext. 456 


Financial Times Monday July 24 1978 


■ k! 

V i 


ess man' 

s ] 



. 'Currentr-July 28 

5 Current— July 29 
' Current— July 30 
Current— Ju ly 29 
Current— July 28 

July 25—27 

AOS. 2 — 

Aug. fry • 

Aug. 13 — 17 

A u*. 22 — 24 

Aug- 26 — Sep. 2.. 

Sep. 3—7 

Sep. 3—7 

Sep. 5—7 

’ . Sep- 11—14 

Sep. 17— 20 

Sep, IS— 21 

Sep. 24—27 ■ ..... 

Sep. 24^—27 

Sep. 25—29 


[K Mi 
i lltf 

s \ 

, ns 
i N 


Carlton Gardens, S.W.1 
Earls Court 

Grosvenor House Hotel, W.1 

Corn Exchange, Brighton 





Holland Park School, W.8 
Earls Court 
Earls Court 

Bristol Exhibition Centre 
Mount Royal Hotel, London 
Bristol Exhibition Centre 
Earls Court 

Nat. Exbn. Centre, Biramghm. 

International Wool Secretariat’s “ Wool Interiors ’’ 

Royal Tournament 
World Wine Fair . 

Middle East Business Expo 78 \ : 

Brighton Antiques Fair . "! 

Royal welsh Show •■ ■ ■ * 1 

Third National Sheep Demonstration 
The Enterprise North East Exhibition 
International Girts Fair - 

Education and Communication Technology Exbn. 

International Motor Cycle Show 
International Watch and Jewellery Trade Fair 
Giftware and Fashion Accessories Trade Fair 
Electronic Displays Exhibition 
Electrical and Electronics Exhibition 
Autumn Men swear Fair 
Firefighting and Prevention Exhibition 
Menswear Association Exhibition u * . ^ .■ . 

International Garden and' Leisure’ Exhibition 
Furnaces, Refractories, Heat Treatment and Fuel 
Economy Exhibition and Symposium 

Sep. 26 — 29 British International Fashion Fair 

Sep. 26—28 Mailing Efficiency Exhibition 

1 Sep. 28 Petroleum Equipment Exhibition 


Current— July 26 . Photographic and AudltTVisiial Exhibition* 

July 25 — Aug. 20 International Fair 
Aug. 30 — Sep. 3... 16th Overseas import Fair 

Sep. 5 — 8 Third International Offshore North Sea Technology 

Conference and Exhibition 

Sep. 3 — 5 Int. Hardware,' Tools, Household Goods and Gift* 

ware Exhibition 

S^p. 9—15 — International Leather- Week 

Sep. 11 — 15- : International Electra and Mining Exhibition 

Sep. 11—15 International Mining Exhibition 

Sep. 12—15 International Congress and Exbn. on Data 

Processing _■ 

Sep. 13 — 17 Int Trade Exhibition for Home Improvements 

Sep. 19 — 22 Coffee Symposium and Trade Fair 

Sep. 22—25 Exhibition and Trade Fair of the Turkish Textile 

■ and Reidy-to-Wear Industry 

Sep. 24 — 27 . Qupjem: Hardware Trades Exhibition for. retailers, 

■ wholesalers 'and manufacturers 


• July 26 

July 27 

July 27—28 
Aug. 7—11 

Aug. 7—1 1\ 

Aug. 14 — 16 
Aug. 14—18 
Aug. 21 ..... 

Aug. 29— Sep- 1 . 

A&ig. 30—31 

Afig. 31— Sepr 1 . 

s|p- 3-7 

Spp. 3 — 8 
Sfrp. 4-5 
Sep. 4—5 

Sep. 4—7 

Sep- 4—8 

Sep. 4—8 
Sep. 5—6 

Sep. 6 .... 
Sep. 7—8 

Trade Research Publications: Researching UK 
Import Markets 

Australian British Trade Association: Investment 
in Australia's national resources, and uranium 
Middle East Transport; Arab Ports Conference 
Turkish Ministry of Foreign Affairs; Seminar on 
the new international economic order. 

British Safety Council: Advanced Management 

Exeter University: Toxic Dust Problems in Industry 
ABRAXAS: Synectics — Innovative Skills 
British Institute of Management: Selection Inter- 
viewing— Theory and Practice ’ 

Institute of Personnel Management Practical Nego- 
tiation Skills 

Financial Times; World Aerospace 
Brit Inst, .of Management: Effective Speaking- 
Practice and Coaching using dosed circuit TV 
Esoman. -Value for Money in Market and Social 

British Veterinary' Association; . Annual Congress 
Brunei Univ.: Ergonomics of Workplace Design 
Local Authorities Management Services: Negotiat- 
ing Skills 

British Farmer and Stockbreeder: Outlook for the 
English Wine Growing Industry 
Institute of Personnel Management: Work of the 
Personnel Department 
BACIE: Techniques of Instruction. Pari 1 
Institute of Personnel Management: The Secretary 
in Personnel Management . 

Brunei University: Noise in Industry 
Brit Inst, of Management: Management Accounting 
for Non-Financial Managers 
Brunei University: What is organisation develop- 
ment? ■ 

Inst, of Personnel Management: Advanced Inter- 
viewing and Assessment Skills 
Bradford University: Practical Skills of Managing 
People at Work ■ 

Brit Inst- of Management: Unfair Dismissal 

Nat. Exbn. Centre, Btrznnghm. 
Nat. Exbn. Centre. Birmnghm. 
Bloomsbury Centre Hotel 
Treetops Hotel, Aberdeen 












Tower Hotel, E.C. 

Tothill Street, S.W.1 
Grosvenor House, W.1 




68. Churchway, N.W.1 

Parker Street, W.CJ2 

Hemingford Grey. Caxnbs.* 
Royal Lancaster Hotel, W.2 

Parker Street. W.&2 



Uxbridge, Middlesex 

Wye College, Kent 

Embassy Hotel, W.2 
Sackville Hotel. Hove 
Whites Hotel, W.2 

Uxbridge, Middlesex 

Parker Street, W.C-2 

Uxbridge, Middlesex 

Oxford . 


Parker Street W.C;2 . . 

This week’s 
business in 


COMMONS — Debate on' unem- 

. ployment Motion- on the Dock 
Labour Scheme 1978. 

LORDS — Finance BUI, third read- 
Ins. EmDloymenf fCoDtinenfal 
Shelf) Bill, third rending. Wales 
Bill, consideration of Commons 
reasons for disagreeing with 
Lords amendments. Dominica 
Termination of Association 
Order. Debate on the future 
of the Port of London.Authority. 


COMMONS— Debate on the 

economy, including the White 
Paner on inflation. 

LORDS — Homes Insulation Bill, 
reDort and third reading. Inner 
Urban Areas Bill, consideration 
of Commons reasons for dis- 
agreeing with Lords amend- 
roents. Parliamentary Pensions 
B’ll. renorr and third reading. 
Civil Liability (Contribution! 
Bill, remaining staves. Motion 
to Anprnve Road Traffic (Seat 
B®its) i Northern Ireland.) Order 
1978. Debate on the export of 
live farm animal* for slaughter. 


COMMONS — Consideration of 
Lords’ messages on the Scotland. 
Bill, the Wales Bill and the 
Parliamentary Pensions Bill. 

LORDS— Motions to approve Euro- 
pean Space Agency (Immunities 
and Privileges) Order 1B78. 
European Communities (Defini- 
tion ot Treaties) iNo. 6) (Inter- 
national Development Associa- 
tion) Order 1978. European 
Communities (Definition - of 
Treaties) (No. 7) (Internationa] 
Wheat Agreement) Order 1978, 
Community Road Transport 
Rules (Exemption) Regulations 
1978. Drivers’ Hours (Harmoni- 
sation etc.) Regulations, 1978, 
Valuation List (Second Post- 
ponement) Order 1978, Weights 
and Measures Act 1963 (Coffee 
Extracts and- Chicory Extracts) 
Order 1978. and Weights and 
Measures Act 1968 (Various 
Goods) (Termination of- Im- 
perial Quantities) Order 1978. 
Debate on division oL responsi- 
bility for efficiency of county 
police fo rces. 


COMMONS — Proceedings on the 
Dividends Control BilL 

LORDS— Scotland Bill and Wales 
Bill. Consideration of Commons 
reasons for rejecting Lords 
Reasons, Chronically Sick and 
Disabled Persons (Northern 
Ireland) Bill, remaining stages. 
Motions to approve Shipbuild- 
ing (Redundancy Payments 
Scheme) (Northern Ireland) 
Order 1978 and Shipbuilding 
(Redundancy Payments Scheme) 
(Great Britain) Order 1978. 
Debate : on off pollution. 


COMMONS — Motion on the Valua- 
tion List (Second Postpone- 
ment) Order. Motions on the 
Ministers and Members' Salaries, 
Allowances and Pensions. 
Motion on the fifth report from 
the Select' Committee on House 
of Commons (Services) Session 
1977-78 on the new Parliament 

LORDS— Transport Bill, considera- 
tion of Commons reasons tor 
disagreeing with Lords amend 
ments. Motions to approve 
Ministerial and other Salaries 
Order 1978 and the Family 
Income Supplements (Computa- 
tion) Regulations 1978. Motion 
to Approve Dock Labour Scheme 

■1978. ; . .. 


. t . i 1 


: The new Makro Centre in Glasgow cost us £3.5m to build; It's about six times the 
size of the average Scottish cash and carry. And it’s going to give Scottish independent 

of business under 

up to the firsti attempt ever to provide Scottish traders with a buying organisation which 

matCh %dfudgingby the re^ons^south of the border, they’re going to give it abig 
i a-t tear from iust six English sites, Makro Centres achieved a combined 

eligtoleforaMakro^pas^.^oiWI'^tob^parfofour '.fYUKfQ 
MakraMai^tSg Mamge^BnereonHouse, Albert Self Service Wholesalers. 

Street Eccles, Manchester. 

A member ofthe SEt.Y, Group 



More worry about unions 


IN SPTHS or the ‘better news 
about prices, people are feeling 
much less confident about the 
future ' than they were six 
months ago, according to the 
latest survey of consumer 
confidence by the British 
Market Research Bureau. 

Although slightly more people ' 
this month felt better off com- 
pared with a year ago the survey 
shows that they have mixed 
views about the future with 
women taking a far more pessi- 
mistic view than men. 

In general, people seem to be 
more worried about . inflation, 
unemployment and the unions 
than they were a month ago, and 
the underlying trend for con- 
sumer confidence is going down 
again. This is a reversal of the 
steadily improving trend seen 
in the first five months of the 
year. •' 

The ' monthly index of con- 
sumer confidence improved 
slightly this month but it stands 
well below its January level. 
Whereas at the turn of the year 
the proportion of respondents 
thinking things would improve 
over the next 12 months out- 
weighed the pessimists by 27 
per cent^the pessimists are now 
in a majority of 6 per cent 
among all adults. Because of 
this : the six-month moving 
average Index has fallen again 
to show pnly a tiny (3 per cent) 
balance of optimists. 

Professional men had not 
changed their views about the 
future much since last month 
hut men. in blue-collar jobs were 
taking a much more optimistic 
view than in June — in this 
category there was an even split 
between optimists and pessi- 
mists. .’.'Working-class women 
were much more gloomy than 
they were a month ago. 

Rising prices again were the 


* 0 



-4 / 



y -1 







/ ; 




i -Eoofrtui nar roflBT 


— m 

6 - 1970 1971 1972 1973 1974 1975 1976 1977 

most frequently mentioned 
reason for pessimism while 18 
per cent of the pessimists inter- 
viewed blamed their gloom on 
the Government. The number 
of people mentioning unions and 
strikes as grounds for pessimism 
also increased this month while 
there was also an increase in 
the number of respondents 
expecting unemployment to get 
worse. The number of people 
predicting an increase In un- 
employment outnumbered those 
expecting -a fall by 27 per. cent 
— the highest figure since last 


The fatalistic belief that 
“ things must improve " was 
again given as the main reason 
for optimism. Rather less of this 
month’s optimists based their con- 
fidence on the belief that infla- 
tion was being brought under 
control than a month ago in 
spite of the continued fall in the 
retail prices index. 

Against this rather uneven 
picture of consumer confidence, 
the past prosperity index moved 
up again this month. Asked 

whether they felt better or worse 
off compared with a year ago, 32 
per cent said belter off and 30 
per cent worse off. This gave a 
balance of 2 per cent feeling 
better off. As a result, the six- 
month moving average index of 
past prosperity remained con- 
stant at —1 per cent which his- 
torically a very high leveL 

The time to buy index rose 
sharply this month, mainly 
because of a fall in the propor- 
tion of people chinking it was a 
bad time to buy major items. 
Those in favour of buying out- 
weighed those acuiast by 23 per 
cent — the same proportion as in 
Ax Til. 

The research was carried cut 
between July fi and 12 ax a time 
when newspapers carried many 
stories about the Government 
talks with the unions over 
another round of pay restraint. 

The uncertainly over this, 
together with talk of a possible 
election, may have contributed to 
the fall in confidence. 

A total of 2,007 adults was 


to collect 
‘car taxes’ 

THE ANCIENT Cornish Tin- J 
minster Parliament is about to 
launch the second step in its : 
claim that Westminster cannot 
impose taxes in the county with- 
out its approval. 

Last month Mr. Brian Ham- 
bley, a bus driver and the Par- 
llment Speaker, won a decision 
by magistrates at St Austell that 
they had no jurisdiction to hear 

a summons brought against him 
for failing to tax his car. 

Mr. Hamblcy. yesterday an- 
nounced that more than IDO sup- 
porters of the Parliament intend 
not to renew the taxes on their; 

Instead, they intend to pay 
£20 for “ tax " discs issued by ibe 
Parliament which was revived in 
1974 after a break of 222 years. 

The decision by the magi- 
strates has given the Transport 
Ministry a problem which so far 
it has. puhlicly at least, made no 
step to resolve. 

With the 21 days allowed for 
an appeal against the magis- 
trates' decision now past, only 
new legislation at Westminster: 
could bring about a change in- 
much of the taxation Jaw in Corn- 
wall. as the St. Austell magis- 
trates' decision said it now 

The Cornish Parliament is 
claiming that under the terms 
of Royal Charters going back to 
the ' 12th century, Cornish 
tinminers are exempt from taxes 
levied from Westminster unless 
they decide to accept the lesis~ 
lation imposing them. 

The Parliament is also claim-’ 
ing that owners of shares in' 
Cornish linmining companies 
can claim the same privilege and 
also all involved in the Cornish 
china clay industry. 

Annual report 1977 

The Netherlands 
Turnover £ 1909 million - over 60% of which 
outside The Netherlands 

.: f o. 


;• --f 

SHV Is an International group operating in distribution 
and sendee industries with a continuing policy of 
international growth. It is one otjhe 10 largest trading 
• companies in Western Europe, 

>Tf ■ . j) .. -. ... . ; 

'The fnain sectors of the business are: 

• energy, transport and trade in raw materials 

-building and technical services 

-wholesale and retail trade in food and consumer goods 

Key points from Annual Report 1977: 

- The year 1977 was marked by varying results in the 
different divisions. Against the background of the 
average performance there would have been no reason 
for disappointment, were it not for large and • 
unexpected losses in the Building Projects division. 

As a result the profit of FI. 66.6 million (£ 15.3 million) 
was substantially lower than In the previous yean 
FI 93.5 million (£ 22.4 million). 

Summary of annual report 1717 


(in £ million) 

consolidated balance sheet 

fixed assets 



current assets 397 


current liabilities 309 







other long term liabilities 



total nqt assets 240 


financed- by ’ 

share capital and 

reserves including 

outside shareholders interests 

in consolidated subsidiaries 






subordinated long term debts 





-Turnover increased FI. 8.119 million (£1.956 million) in 
.1976 to FI. 8.302 million (£1.909 million) In 1977 ot- 

key figures from the 

which 63% emanated from outside The Netherlands. . 

consolidated P&L 

- By paying a great deal of attention to the management 


potential in our company and by maintaining a high 
level of planned Investments in the year under review 

(in £ million) turnover 



further progress was made Jn providing for the future. 

profit before taxation 



r Investments in property, plant and equipment amounted 

profit after taxation 



to FL 246 million (£ 56 j 6 million). 




Expectation for 197B: 

return on shareholders* 

• It Is expected that toe net profit for 1978 vriff bo 

-funds including third 

comparable with the level reached in 1976. 

parties’ interests 




Turnover In the United Kingdom amounted to 

analysis of sales (In %): 

£ 142 million and the reimber of employees was 


approximately 3000. 

in the Netherlands 



In the rest of the EEC 



Energy and Transport 

in the rest of the world 



The shipping and coal trading activities In the UK. form 
part of SHVs international involvement in ail aspects of 
shipping and coal trading. The UX activities are coal 




trading, bunker and oil cargo brokers, chartering (dry 

energy, transport and trade 

cargo and tanker chartering), shipping and forwarding 

in raw materials 




building and technical 



Self Sendee Wwleeate Trade: Makro 

wholesale and retail trade In 

- Although this sector made a contribution to the proRt In 

food and consumer goods 



toe year under review, the resultsmust be qualified as 
disappointing. This fe mainly due to the poor economic 



situation, whereby the margins both in the food and the 
non-food sector came under very heavy pressure. 

analysis of groups proflt 

- In the course of the year the Makro staff moved into the 

divisional (in %) 

new head office in Manchester. 

energy, transport and raw 

- In 1977 construction started of a branch In Glasgow 

materials trading 



• which is planned to coma into operation in the summer 

building and technical services 



of 1978. 

wholesale and retail trade In 
food and consumer goods 





31 12 1976 f|.4,15-£ 1-00 

31 12 1977 1L 455-2 1.00 

The annual report 1977 (in English, French, German or 
Dutch) can be obtained on request from; 

SHV (United Kingdom) Holding Co. Ltd, 

Three Quays, Tower Hill, London EC 3R DH 
Telephone (01) 626 9126 

SHV Holdings nv 
1 Rljnkatie, Utrecht 
The Netherlands 


■■ / 






Financia l Times Monday July 241978 



Maturity yea» 




Sharp downturn in DM sector 

FOR MOST of last week inter- 
national bond market trends 
continued to suggest that a turn 
in the market had come, with 
investors looking to TI.S. dollar 
rates to peak soon, if not imme- 
diately. Fixed rate dollar bonds 
were reportedly in substantial 
demand from non-professionals 
early in the week. 

This demand created profes- 
sional short positions which 
compounded the price rises. 
Meanwhile, -floating rate notes 
continued to ease (though in 
continuing two-way business) 
while dealers reported consider- 
able movement out of 3>mark 
domestic and foreign bonds by 
foreign holders. 

By Friday the situation bad 
changed again, at least as far 
as dollar straight bonds were 
concerned. There were sub- 
stantial falls in prices that day, 
to the extent that many of the 
earlier gains had been wiped 

A significant -factor here was 
■ reaction to the Federal Reserve 
Board's apparent decision to 
pusb up the Fed funds rate from 
7! at least to 75 per cent and 
probably rn 8 per cent This 
rammed borne the likelihood of 
immediate further rises in U.S. 
rates, following a period when 
many had boped that rises would 
at least be postponed. 

Another bear factor was the 
recommendation by a special 

OPEC committee that the price 
oE oil should he linked to a 
basket of currencies. Although 
opposition from’Saudi Arabia and 
Iran has apparently postponed 
discussion of this proposition 
until next December's routine 
conference of OPEC ministers, 
the implications of such a change 
are likely to overhang the market 
in the intervening period. 

The D-mark sector seems to 
have been the only sector of 
the market which was affected 
substantially by the Bremen/ 
Bonn summitry, a number of 
factors, including a liberal dose 
of confusion, were, at work but 
in general every avenue seemed 
to have led dealers and investors 
to the view that D-mark bonds 
were to be shunned. 

One line of argument arose 
from the increased possibility of 
an EEC common fund. As one 
dealer put it. investors thought 
this would simply mean Ger- 
many handing over its foreign 
currency reserves to Its weaker 

The other tine of argument 
concerned the strain on the 

capital market from the pro- 
posed increase iu Germany's 
GNP of up to one per cent at 
a maximum cost in capital 
market issues of DM23bn. In 
the event a large proportion of 
any increase in GNP is expected 
to be financed substantially from 
taxes — although income tax Is 
expected to be cut, many iu the 
market were last week predict- 
ing a VAT increase to compen- 

The official German statement 
at the summit noted that the 
capacity of the capital market 
would be one constraint on the 
extent of any GNP increase. 

Whatever the package which 
finally emerges, the market 
reacted extremely badly last 

week. Until Friday, the Bundes- 
bank had to buy between 
DM250m and DM400m daily (on 
Friday the figure was DM70m). 
Domestic bond prices fell by 
around a full point. Foreign 
bonds again fell by substantially 
less, between a half and three 
quarters of a point. 

The situation was not helped 
by the large volume of new 



(tramlaa) value In Sol) 

last week pravtain week 
«u- um 

... MM 2jH7-4 

* Ftir4« unit. 

Other bend* 
last week prevtass v 
1 ». Z* MM 

HU 228.7 



1 July I July I July j July ! JulV I July J- 


pincc compilftt n 
High I Low I Higb l Low 


*1 i 


I » ! 


riieli | 




, wJi i 

} BWW | 


issues last week. The DM515m 
scheduled at the Mondav’s mew- 
ing of the capital- markets sub- 
committee Tor Issue in the next 
month was perhaps not exces- 
sive, although probably the 
maximum that the market could 
sensibly have been expected to 

The real problem was that on 
top of the regular calendar a 
large volume of supra-national 
offerings have recently been 
announced, flowing a DM 70m 
placement for the European Coal 
and Steel Community the pre- 
vious week, a DM 75m placement 
for the European investment 
Bank came out last week as well 
as the DM 400m World Bank 

The terms of the latter put 
those of the EEB Issue— -agreed 
a week earlier— completely out 
of line. The terms of the OKB 
issue, originally for seven years 
offering 53 per cent at par. were 
adjusted to bring them into line 
with the short terra tranche Of 
the World Bank offering. 

But perhaps the biggest indi- 
cation of the weakness of the 
D-mark sector was Deutsche 
Bank's decision to reactivate the 
so-called “ control number 

Regularly used in the German 
domestic bond market, this 
system is designed to prevent 
syndicate members from off- 
loading bonds soon after they 

Siw «"<< Falla 

|Ju.v21‘ Ju’vEO JuivlB 

Imu*. trttol ] x.872 tTsSfT 1.871 

Ri-«. ! 570 [ 815 OT1 

Fait*. ) 869 | 664 ■ 448 

UDcbuu-e" I 443 | 419 432 

New His I 43 ! 93 74 

Saw Low -l 12 ! 7, 9 

have been issued. 

Deutsche Bank has announced 
that for three months after the 
eariv August payment date for 
the' World Bank issue ii will 
buy bonds only if they are accom- 
panied by a number which dis- 
tinguishes the syndicate member 
to whom they were sold in the 
primary distribution. 

Iu effect it is saying that it is 
prepared to buy up the whole 
issue if necessary in order to see 
who dumped bonds. 

It is understood that the 
German clearing house has 
agreed not to take delivery un- 
less they are accompanied by 
this number. It seems that the 
two Eurobond clearing houses. 
Eurodear and Cedel. have been 
told that unless they agree to do 
the same they will hot he 
allowed to clear the bonds. 

Although dealers will be able 

to sell free of these control num- 
bers for delivery after early 
November, they will have bad to 
carry the cost of holding the 
boads for three months. The 
argument is that insofar as they 
would not want to be cut from 
future World Bank issuing syndi- 
cates, they would both subscribe 
for bonds this time and avoid 
being seen to be dumping them. 

The introduction of the system 
is felt to have been successful 
in that the bonds which were 
initially quoted at discounts of 
no more than one point. 


Jtt Hydro Quebec 100 

t§Thom Electrical £S 

tfCCCE (g’teed France) SO 

JfBank Hapoalim 50 

ffAfrkan Dev. Bank 40 
fBanque Ext. d*Afgerie 35 
J]. C Penney 

tStandard Chartered 100 

fAlahfi Bank 75 

tCha rtcrii ousc J»ph« 70 


Norge* Kommunalbank mO 
flTckyu Car 30 

§AII Nippon Airways l«0 
}' •'Standard Bk. of S. Africa 50 


■*OKB (g’teed Austria) 
World Bank 

World Bank. 


World Bank 
Gen. Zentralbank 


Credit Immebilier 
(g’teed Morocco) 

— 7 

13 5} : 

75bn 1993 


nJu 4$ 
7.9 8{ 

Brin d l Real *■ Placement, t F1a*tJ®t rate nets. 

■ tt Hcgicttrcd wWl U-S. Securities ^ 

Note; Ti«W* calculated on AIIO butt 

The fact that Deutsche Bank 
feels strong enough to take such 
a high-banded action is a pro- 
duct partly of the prestige — 
and issuing capacity — of the 
World Bank but also a result 
of Deutsche Bank's own position. 

Not only is it the largest 
issuing house but also it is a 
universal bank with virtually 
unlimited funds to buy up bonds. 
U is difficult to think of any 

other house which is in a strong 
enough position to pressure 
international investment banks 
so bluntly. 

Whether it is in the interests 
of the international bond market 
generally is- a different matter. 
Dumping is one of -he worst 
characteristics of this market 
while continuity of issuing 
capacity is important for any 

F. Boston, fiadio, 
Morrill Lynch 
Barth rw 

BNP, CrecL Lyonnais, 

DOlon Read " 

N. M. Rothschild 
CSWW, first Boston 
First Boston (Europe) 
First Boston (Europe) 
EBC, Schrodew, 

Morg. Stan. 

West LB 

EBC . 

Wen LB 

Dean Witter. Bay. 

Hypo uod Wechs 
Bay. YcrtirtJhanJi 



Credit Suisse 


■i Minimum. | Gnnwtftb 

1 nifttm lone 

Many might reel .that the 
introduction of a system which 
makes it possible for the most 
powerful Issuing houxe(ft) (al to 
attract borrowers at unrealistic 
terms and <b) to pressurise the 
market into accepting them for 
their own book; stuffing the 
portfolios they manage is nipt 
necessarily the best of 

Intertriftl _| UmJ 838-82 840.711; 828.00; 868X6 858.83 
17.20 07.1ol 87.2o| 87.131 8700 86.84 
. TraiMport— .! 228.38 22S.MI2M.G9l 2UJxj 227.80 22S.SG 
StlUU« M ....j 705-871 ig6.28jxOS.28j 106.I8[ 705 J8| W6.8& 

2fl.9Bflj8B.i4aj30.B60j 22.88Bj ffl.lflcj 28,57^ 

« Bum of Index chuged tan August 24 

866.61 742. 12 
16/6) 0fc/2> 

30.86 86.75 

14/1) I <VZiT> 
<81.86 1 183.61 
I6i6) I (9/1) 
i 10.96 (02.84 

(3/1) \ (22/S) 

M6l.n| 41.22 
(11/1/73)) (2/7/32) 

273.88 1846 

(7/2/89) (8/7(321 
163.52 DM* 
1(20/4/69) (28/4/42) 


I mlurtna. . -- — 

UnwiUn^ j 1 SB-82 I88-47| 1861-2} 196.6 

TOEOXTO Uimn'ii ejllsLs”! tt/fl-fil IIIM? 1166. 

J« » / Ju % July Jut f- 
21 1 20 19 18 | 

190.04 W»Al! 188J9 Ifll-e* 

: 198-82 198.471 196.-21 196.62] 

190.04 (217) > ld2.uilb.1f/ 
198.62 '21 7) 1 l/0.c2 ,eO>li 





252.8 I 2<5i 1 259.6 I 237.0) 
252-2 | 2523 | 252 J) | »2.2j 

262.6 i21/<) 


1 ,j.u iSa.'4i 

194.- - la-o. 

July 14 

July 7 

l June 30 

(Tear ago approx.) ' 



| 6.71 

. 4.87 

JuT i Pre- W?« j 1976 
31 •' r*ou- l Hi«n l>>» 


| | I I | 1 1978 IS bane Com p, tat 'd 

July July j Jnly I July Inly I July { j- H 

21 20 19 18 { It W High Low High. Low 

1 IndraCrialeT 108.D4I 1WJ0ll08.44 106381 106. 08 W7J0 110.88 86.52 

I 1 I ( 8 / 6 ) *6/3) 

| Composite 17.751 M.DC 88-lfl 96.87] 97.78 8739 10032 86.90 

16.52 144.64 4.52 

(6/3) (11/1/73) flW/32) 

16.90 125.36 4.40 

(6/3) (U/L/S3) (1/6/32 

Jnly 12 | July 6 

lad. dVr. yMd % 

IndTp IfiKMto 

Long Got. .Bond yi nld 


1978 I 

"High } law 3t 

1 a - 07 j 



| 1 



Jana 2t Tear ago (approx./ 

6.11 443 

Sj04, 10.1a 

AonrolUii^) ■x5.81 , ! 
Belgium Ml) lei j 

Demnarkm 1 96.34 j 

1 I 

France ‘tnj *3-1 
Gennanyc::* bMA, 
Holland itt) 

: 1 

Bong ttoTSh • 

IlXlT <u'i r2J6 

Japan c»' <23J4 , ^ 

Singapore 347.90 . 
. (fcv 

aAA'c j 44L.U 

[ (17.1/ I ii.5| | 9U.44 
I 10, a) | 120,^1 
*.(j 1 *ij)j 

IJ-- 1| , (h*5(| 

-3 I 1 4i.l* 

1 31 7. . .4 *1 

•<40. /Ss.4 
.21/7. I ili.O) 

I ; fb.'J 

1 (U/CI (4/4| 

30* .01 ' XkJ.M 

icuO . (13/1) 

"■U.4' 00.40 

- ■van. , iwiij 

■416)^1 ab«JU4 
(19, 7» . (4,w» 

VnAi i e*>£jC 
: >l-i* i l—l 

Ju»i Kre- ir,' ' is'/ 

J SI . vntu H-:> j 

Spain W) UA73 1U*D» I1..< | :<•: 

la Ci ( l(<iC- 

Sweaen «i 367.07 m1.H2 *h.ct | >-s.« 

•. 1 - 

8wn er.'di dsig *L7 w.j- 

/ r ••re 

Indices and base dates <aU base rafue*- 
100 excepl NYSE All amunnn - 3* 
Standards and Poors — 10 and loronK 
300—1.000. tile las* named based •>n Xu 
t bonds. 1 400 Inriusirlrtlk 

1 400 Industrials, 40 UUUnea. 4<i Hnantt 
ana 29 Transpon 5 Sydney AU Orrtiu«r> 

U Belgian SE 31/12/63 Copenhagen St 
1/1/73. It Parts Boune 1961. it Commvn 
bank Dec.. 1933 u Amsterdam indmina 
1970. H Bang Seng Bank si/7'Ot ,i!i Malm. 
2/1/73. a Tokyo New SE 4/1/65 5 SSfai’r 
Ttoes 1066. Closed. <• Madnd SE 
30/12/77. •* Siodtholm Industral I'l 3S 

1 Swiii Bank CornAfati'en. n l nara liable 



\iiiniu Veresch... 

HUM - . 


(later — 

wnunerybanM — .. 
t>mi Uummt — — ■ 
LMim-ei Hcnz~— 



(lent- tie Banw... 
life-, (nei Bank.... 
Uidterikid 4emi.' 
UApKC Lwi-.- 


ih* li-r 

Kne*-h._ i 

Kixten... — 

Km > un-i -ale.— 
iutr» 1 

KailllhM - 

k • - kner I'M ICC 1 . 


Kmn- 1 

faille ...' 

i.rn-^filiran I00_.. 

•»A> ,• 

•Imii i,e- nmiin— ., 
vlelallsea —! 

auncnMhn Ku> kj 


,-KHJHMlt; UJi L'X| 

Xlieifi Weei.K'«*.- 

Mdietirr^ | 

leiiien- — 

u . ^*k. in — — ; 

. n.v—en A.G 

‘tria ! 

* Lc-.4.„ ; 

» -iei>n>a Wi-il»: 
WbU-Kwseo ’ 

Knee '+or. Die. ill *. 
l»m. ' — % j ■*, 

81. & + 0.3 ■ - 1 - 

479.0 - 31-2' 3.0 

261 +3.S £&Jtr, 9A 

133J+0.1 18.76. 10 
1=4.6 *oJi 18.75 6.9 
<91.5 +04 98. tsl -t.9 

030.0 +0.3 ' 18 I ii.7 
157 -3 • — — 
id 1,7—0 8 26AfilL5 

80 -a4 - i - 

324.2 4-5.8 38.12 4.3 
c58.3 1/ a.3 

161.5 14 I 4.3 

30n —2 48 12 4.8 

843.4— 0.1 28. lie) 9.7 

199 +1 9.3t 3.4 

■A)9A U I 2.9 

12UW — 1.5'44.u«; 3.8 
505-5 + 9-5 ,16J7i 9.4 
1Z9.5 — 0.4 ' to.o] 7.4 
47.8 +0.5 1 4(4.2 

143.8 — 0.2 i 4.5o| 4.3 

150 +1.5:14.114 4.7 

330.0 ‘44.44; a 6 

842.5 +3.5;i8./i 3.8 
91.5-1 : — I - 

186.5— 3 ■ IB. (ii 5J3 

102 *2.2 1 - - 

268.5 — 1 . 25 ! 4.6 
1.456 +55 I 25 ! 8.6 

107.4 + 1.5,4.48' «.5 

24/ —0.4 ' IV 1 2.9 
170.7 -4.-8 'IM61 5.1 
243 ,-2 ! 10 < a.2 

580 1 IB lb 

lao .6 + .1 1 - - 

123 —1.6 I - I - 

181.5— 1 I 25 6 9 

2B2-9 — 0.1 ye. 11! 4.9 
25 1 —0.2 ! le 1 «.b 

*49.8- 1.? uStuwi 5.4 

121.5 *0 8.1/. 1b; <0 
le2i*0.S M U 

127.5— 0.5 : 1* 1 4.7 

295 •_ - lb a.0 

252.9 *1.9 - 25 1 5.3 



July 21 Band 

Anglo American CorpQ- ... 6 03 

Charter Consolidated ..... +-60 

East Drkdontein — 13-70 

Elstmrs — * 2-72 

Harmony 7J0 

Kinross 7*0 

KlOOf 11 00 

RtBientrars Platinum . — laa 

St Helena 16 20 

Sotnhvaal .... — — — 9-63 

cold Fields SA 12*30 

Union Corpora don 3^3 

Dt Beers Deferred < i» 

RlyvoonUtBctlT 5.65 

East Rand Pty — 5.60 

Kree State UedttM — 33 25 

President Brand 

17 35 

19TB " ' 
High j tow 

./ «».*■ - 

Wfl f ' 

• 1 'll I 


: " 

High | Low ; 


25 Abbots Uba 

1ST, Adrt w o gta pb — 
31 Ir Aetna UleACaa.. 

221g Air Products 

22 .UcBnAInmioram 

3Bl 4 Alena — ! 

16T, Alien. LudJinn — 
17 »a Allegheny Power 
34 14 Allied Chemical.. 

185* Allied Stores. 

221* Allis Chalmers— I 

311a AilAX...„ ; 

227* Amerada Hem | 

91* lAtner. Airline*... I 
39 1* [Airier. Bmorls — , 
34 i* ‘Amer. Broadcast. | 
343*- Amer. Cso. 

231* ;Amer. Cyans rrurii 
233* lAmer. D«. Tel— 
21S* [.Amer. Klee. Pt*" 1 
315* [Anier. Express.... 
265* Aiuer.Hnme Prid: 
165* .Amer. Medical....' 

35g Amer. llraor* j 

39)* Amer. Nat. Gnu..' 
325* j.Miier. slandard.. 

28 1* I Amer. r«ti>w* 1 

57 1a Amer. TeU A Tel- 

27 7* lAwetek • 

15!* iAMP 

241* ,A 111* - 

10 lAmpHS 1 

25 b* Am-il'T Hndnu. 
171* AuLnu^r BukcIj.- 

26 Armwi steel...— 

19]* AAA — 

8 1* ;Awinm Oil ...— j 

13s* i.Vaansi— • 

271* 'AniilMHt Oil 

43 1* All. K icti field. 

23s* Aut<> Data Pro— 

87* AVC. 

15]* Arco ; 

44 14 Avon Product*— 
24]* Belt Gw, Blect 
20 1* .bauk America.... 
34 Uankera l'r. X.Y.: 
25s* .Umtxrr Oil 
33 ittaxier Travenoi.. 

22 1 Beatrice Fvwd. < 

31]* HectunUIckeiuRia 

14 .UeilA Howell 1 

33 Hvnitix ' 

21* UcngiMW UiMa -IS' 
20 1* Bethlehem steel. 
14>t Blue* A Ureter-.' 

25l* .U-ahuk — 

226* tk*l"e Cas-.siie— .. 


25 1* Buijj Warner • 

9 'BrxnllT lul 

X2 t* .Umr'-Tro-A' 

28 1* , llruUH II) era.. ...I 

13t 8 Bnt. Per. A Dll.. * 
25*. .BnvknHyiilaw..' 

13ig |tinuu>wi(;6 , 

16ag BiK-yitia Kne. ’ 

5 liiilov* Wal.'li.... 
36 U UurliDuu>ii Ntlm. 

58Sv Bum,nj>li‘. , 

311* :Ciint|H>ell S<i|ip... 
147g 'CHiiiuiian KMelfU.' 
10 1* Cmuii l(en>inipli..! 
24 U CaraalHiii ! 


11% L'ariiur A (jenemi] 




lfil* (.'artot Hawicy... 
453* iCareryiimrTracl.j 

68 1* 

43% -(.'B? 



36 UnBnwi' Lt-r^ti... 



15 ICvnttai A3.fV....i 



18% lC'ert«inieci(_ [ 


- « 

291* IUckiiu AitcralL..| 
27% (Chase Man (tat um: 


37i* Chemical BK. N'Y 


20% Cbeaedigft Form. 


. . 35l 2 

29 tj L hessio system., 
42 Chicago Bridge... 


. 58 

' •' • -13 A * 

10% i. hrjalor 



13* rClnecanis. 


J 3H* 

IB I* IClnc, MiUoro— 



191* iClilcorp.„ 


.. 641* 

45): 'L’itiet iwmw. — 


11% |City In vetoing... 
35% Cm* Cota — 

" 441 2 



19% Colgate Palm..... 
10% iCotUna Alknran J 



£61* CvrfurYlt'SH r«BB . — ; 

; ^ 

. zzm 

133* CvliiBll'la PlLf ....; 


147* iCc-m.Inri-u-oiAni, 



3H* .Louiraistwn Kuu- 

C"inniisi>on Ei|...- 

L*in*w‘rii iwiiMiin. 

Cm’w'iliUil Kel. 

r.iiiim. satellite. 

451* Coming Qm... 56 
421+ CPC Infn’tional 49 

243* Ctsne ...... 27** 

221* Crocken Nat J6S« 

29 i* Crewn ZeUetach 32i* 
331* Cnmznuti Bngtne 37 M 
161* Curtiw WnebU- 1& 1 * 

193* Dana. B7S* 

34 Dan Imfintriea.. 45 

23 Deere...—. 31 a « 

223* Del Monte. 28 

61* Deltona 10 

16U Denteply Inter— 227* 
181* Detroit Ediaoo — lt>3* 

23 OtamondSbanirk 255* 

115* Dictaphone 151* 

38B* Digits Equip—.. 45 
31S* Dlaney (Wait)_... 40 
38 DoeerCorpn— .— 1 43 
22]* Dow Cftemtau—: 237* 

20 :Di»to 27 

361* I Bre w e r . — j 433* 

973* Dupont. ! 1121* 

121* Dymo lodiutxics. 30 U 
161* IKiigle Picber — 2H* 
6 'Baer Airline*— < 135* 
411* 'KaaTmao Kodak..; 58 

33 IKaun— — ^ 383* 

163* B.G.10 263* 

148* Bl Fk*v Nal. Gas 104* 

254* Ultra 32 

295* Emerson Elect rk- 37/g 
188* Emery AirP r i K hl 237* 

27o* Emhart 391* 

21* R.M.I. - 23* 

21>* Engelhard — I 22 

251* Bsroark 29t* 

28 Ethyl 22 J* 

441* Exxon — 4S 

23 Pniicbild Camera 303* 

34 V«d- Dept. cStorea 36s* 
13 Pirnone Tire— . 13** 

24 Fit Nat. Uotroo.l 287* 

16 Elen Van j 205* 

183* Plintkote i 32 

287* P (Grids Power nl** 

304* Fluor | 351* 

201* IM1.C . 231* 

406* Kom Motor. 1 453* 

17 Foremost Mdc— I 21 1« 

275* Poxtxiro— | 38>* 

7*a Fntaftlln Mtnt 1 93* 

181* IPreepnt NUneral! 26 1 2 
24 U iPniebaul— . 30 
8i* IPaquc lads...— .] 103* 

101* [Cr.A.F— — I 13;* 

343* [(j annex. I 461* 

87* lOen. Amer. lot.. 97* 

223« K3.A.T.A 27 

lit* ki on. Calile. 167* 

37J* fceu. Ltymcutr*" 74»j 
441* kirn. Eicctncs— 82»* 
264* beu. Fools.— 32 ■« 

263* lUraerai Mill* 1 31 '3 

574* [General Motors.. 60t« 

181* 'Gun. Puls l,Mf . 18 1* 

24 {Iren. Signal.— 293* 
282* lUcn. Tel. 287* 

224* ]Gea. tjre. 1 262* 

37* iGonerco. 1 52i 

233* jGtur^iia Psuulc. -| 27t* 
3514 jUeity Oil I 3713 

231* iGilieue. 293« 

19 [Un.lnclt B. K.... 221* 
167* i;,»iyeai ’liie.... lbtt 

247* jijouhi 3ul* 

237* I timer W. K 263« 

63* |Gi_ Ailao rteXeai 7s* 
22 >e I'd. Not tli InM.: 26(a 
12 >c jfl ityiaaai— 12 'a 
11 .Vi u ll K Western. 1 14 1* 

223, ,iinifOil_ [ SaS* 

547* .tJxJitiurtnn — ; 621* 

32 idauiia llinlna — j 823* 

145* .Uxrnlschteger ; 16 

393* |Harna Uorpa -1 603* 

34 [Uetn* H, J 

24 [UeuWelo 1 26*2 

617* Howie Hictard— j S* 5 * 
14i* UoUrtay Inna..—. 174* 
301s Hontestak*— . — I |8 
431* Honeywell— — •[ «*. 
Ill* Hoover — — — - 
225a riospXcrp. Amer' 348* 
231* Houston Nat. Gas, 84 7* 
101* HuntlPb^)Cbmi 111* 
103* Hutton (B.K.)— .. j 16 
203* l.C. imlustne*...! 2pJj 

341* [ISA ■ 431* 

BOT* lugenoii Raon_.. 581* 

337* /(ntaiwl riled ; o7J* 

123* ilnsilcu. 14 

12 % j 

8 >* 'C,,iiifHiter3eWi»ni* 


so?* : 

5 1 >4 v.,.*ni Lila In* 


25% j 

18% ■Connie 



217j L„n. N.T. 




231* ;l'ima,l hinli 



llnniul Nil. (im. 



21 % ,C,iii»iuneir Pnivcr. 

iW« n 

35 -a ; 

£8% .Cuntinenini Orr 


311* ! 

,£6U Cuniiiieuul Uil.. 


.14% ,Ccn> menial Tele 



| 23% |Umtroi Iwta ..... 


9 i 


[ 403* 1 Cooper lndui ._J 

56 U 


1 1 in.. 1 lavour-.,,,. 
Inti. Harve»tcT... 
Inti, .tin, A (.hero 
Inti. Mi.iiiiMnv,, 1 


1 Inn. Paper.— 


jlnr. l(«Ltitler I 

|(nt. Tei. A Tat....] 


>*wa Heel 

IE Internauimal 
Hun Waller— 

270.25 i 

23 I 
3B>t | 
371* ; 
taOij I 

16t« I 

403. ! 

111 , 
30 (j I 
> ; 
361* I 
1 1 *8 
287, [ 

281* loom. Manviile— ; 
66 3-8n*on Johnmn 

343* li/bniou Conti cl. 
293* fin IXsnumctui b 

231* K. Mai l..'p 

28 Kn:t*'Aiumin>m 
IS* Kaiaci ln»u»rMek 

21i* hsirej steel 


195* Ken nw,* i 

401* Ker. McGee. 

273* ai'Mi Waiiei 

383* Kimberly Clark.. 

195* tappers 

42 Matt 

291* Kroger Ca 

271* Leaseway Trans.. 

2H* Len STmnsB. 

253* LibfayUw.Fuoil... 

2612 -Ltgget Group— ..| 

367* iLtilyiKl.n.— 

14U .Litt<ai Indus! — 
13 |U.«*heed AiPirlil 
171a ;U*ie5tar Indus. 
184* ,Umc Island Ltd. 
201* IGiuialana Lami... 
353* Lui nso 

13 Luck\ Stores 1 

' 512 L1»e Vunget’wn.: 

93* [MsclIUian 

353* iMacy K. H i 

291* I Uus. Hanover....; 

31 iMaieo : 

40 iManobi-n 

113* .Marine Midland. j 
191* ; Mats l*u 1 Field — 

207* .May Depl. toreri 

329* -MCA _...■ 

21s* ’MuUermon ... 

223* llcUoune, Uoug< 
163* Me G raw Hill — ! 

26 'Memotex H 

483* 'Merck I 

13 S* 'Merrii. Lynch 

323* I Mesa Petroleum.' 

25W | MUM 

431* Minn Mine AMit 

984* Mutii i.nrp 

445* iLmaaoto | 

395* Morgan J.P. ; 

347* .Mutornis I 

33 .Murphy Ol< | 

23 U 'NiU.'Lsoo j 

253* ;.\a*xi <.'bctmcai_i 

14 |>atlcam, Can [ 

20U ;Nau Utstilierv— —1 
12l; !.\at service Ind. 
29i* 'National Hteei— I 

33f» ;Nsto<nar — ■! 


13 ■ X ejitnnr i rnp— .1 

213* :Xew Knetan,) K)J 
33 New England leij 
137* I Niagara Uobawk! 

93* ! Niagara Share — ( 
153* N-L. lndu»inBs-..| 
241* Nod oik*. Western] 
34»* INorib Net. Gas..., 

24 NUtn.St»M» P»r 
2Ut* Ntbuest Airline., 
211* lilikfri Uencoip 
163* j Norton Simon..... 

20 ucmientn, Peln»,' 
37U Oaf'Vi. Mather — 

17l» 'Ohu* "KfUxjn 

137* Uitn — j 

803* fOveraeas tfblpe...[ 
271* lUnena (.Sniia* J 
194* juweni ltuma.— .( 

23U I Pa ill ■ Gas. >1 

183* .PaeiiU' Ligbtlnc.j 
2Ui* ]P*n Pwr. A Ltd.J 
4 Pan Adi Worn An, 
20 Jftritcr Hanniriaj 
201* I'esUody 
£04* Pen. Pw. a l...., 

35 U 'Penny J.C ,| 

£65* [Pcnaioll..— ....: 
7 j Peoples Drug 

346* Ifepsko- j 

17l* 'Perkin Elmer.—., 

3812 'Pec I 

£96* :PJ)un — ' 

17a* Pheips Doige...., 
17 Pbilatlelpbia Kir. 
56 Plmip ll.flTto— . 
271* . Pbilltpa Petro'm.i 

33 la Pilstiury..„._ 

163* Punm Bow**.... 

2ul» Pulsion 

16ia Pieuey I4.1 AUKv 

23tj '•lilanait 

141* I'utMaiac Lieu. .. 
23 ly i'Kj Ii+luvlriei.. 
73 . I'r.viur Gam ,ts- .. 
213* .Pun serve tleci.i 

24 ‘Pullman I 

15)* jPuros 1 

ZOi'j Quaker Oats | 

Sij 'dap id American.! 
291* ltaTtheun...»......i 

22 ;«l.A : 

22 Kppui'liuaieel.... 
151* Itaaon* Inti —l 

38 'ger+.m..— j 49»; 

251* :Hevn',i«s tleiai*. 30 
52t* Kertsihis h. J ....1 aai» 
20 Kic/1-.tft l/e„e 
287* iip, kwH I met..' 32i| 
281* |Kohm A Haas — 1 533* 

641* K',va, l>,«ch 603* 

121* lrt lU 143* 

IK* Km- Lv - X«3* 

131* Kyder •y-iriii.... c3i* 
351* aatetray 413* 

221* su Joe Miners ■ J c2 1* 
• 255* 3t. Kegv Paper— K75* 
331* 38 nm V- Ind-— a85* 

33* iran- lnve,i ( 06* 

41* i ’axon Ind-... _ oi« 

10 j sub, I lr brewing... 13j* 
643* I xiMjmbergei — j 67 

151* I .CM 1 20l a 

12>* ! awn. Pnpvt.... — 16 

191* soivli Mrs ; 21a* 

61* ,5cutlderDuo. Cap! ?7* 

197* Sea Container. 291* 

201* Seagram — , 437* 

113* 'seanctb.Lij — — , 151* 
231* |seaia llnei uek— .! H3 

29M. sKUCO I 377* 

281* :3nel Oi ' 3lS* 

37 Sheii Iran-pnri— ' 42 1* 

28 .signal ; -»73* 

307* )su;nra1e korj— .■ 3bi* 
103* !stmp*lclt\ Pal ...I 187* 

18 I singer — l 197* 

463* I smith K lne.—..i 87 1* 
13* I so' 1 cron 1 31* 

18 jsoutbdiiwo 331* 
235*. houutuernCaiJ>d' 4ai* 

151* snulbern c- ■ lbi* 

285* l:ilbu.Nat H» ! s6 

307* ] soul bern Pm-i/W J 305* 
44 j* IsouibernKaliwai | 38 

22l« Southland .. —..I 26l* 
233* js’w’i beu hare-.* *67* 
151* 5 terry Hutch— 1&3* 

327* j -perry Kan., •Wi* 

215* Ijquili j 446* 

22>* ; -lai+iani Uranri J *7 
245* sl'i.UilCalifomutj 41 
44 jsfci. U11 In. lbuw. 507* 

291* sut.OiiObK> 483* 

341* »iaiifl CbetnicaJ*. 43 
127* 3tertina Drug—. 18 

437* Istudebalter — 04s* 

336* I run Co. 481* 

31% iauoiMmod 464* 

IBS* syntax 1 40a* 

lleohmcoior— .1 18J* 

32% | lekmxiiz : 48 1* 

67i* lietonyne J K18 

83* ti'e/ea Si* 

28% lien ecu- 1 307* 

75, 1 rewo Petroteuni] 10 1* 

231* [rezaeo..... — ' 26>* 

174, 1 leiaagull. , 20 L* 
375* jiexaa Easiem— .; 39 

61% iftra. lam’ni 081* 

28 i deiras Oil A S6if 

19S* .lexer L-tiliiiew 20<s 

34% llruies Iuk. 43% 

221* limes Him* 3IJI* 

411* jPimkeii 47 

31% draue. ' 47 

131* I'rnUkmei-iitc. 161* 

173* . lrau-cv 20% 

321* 1 1 r*n. 1 ijiun 35a,, 

21U 'Irati-u^t Inir'n. 45'* 

9% Iraiir Wf«|.- An. ££l* 

261* I'ravg.eik as',* 

181* In Ueitinenta. ..- 183* 

871, .; 487* 

201* iA/tb Century Fos 1 381* 

19% U.AX. | a4% 

I^VMLO. *3','b 

19 LUI 201* 

454* icnnevit 40 

50% |l/niiever NV 33 

12% |L'moo Uatwirp...! 247* 
36% Lmlnn C*iW,t e .... 38% 

6% titnoo LkMumerw 73* 
45% |l/niou Oi, C*n|,„' 463* 
41 [UtpcD Pkcihc— ..j 441, 

7l* U.lniroj’a | 7% 

6v a f united Bran-ia—! 10% 
£57* !Us 8«u-oni...— . I 50>* 

211* 1U8 Gyp-urn- ; 271, 

21% Liti&boe 24% 

26lg -c'8 stn>- -J £7% 

42% iS levhiiim^rie,. 1 447* 

181a jul'luitu-rfne*..— 2c>* 

13% 1 rum ia Elect—! !«% 

161* .rtalgirta, <H7* 

291* -tt'aiiiei Li nunn- 48s* 
26ig Aailiei-Uaiiiirifrl. <9% 
171* d-t (e-Maii'nimi nn>« 

24 1, KeiJ.-Ki.'j,, ..; 4?S* 

29a* ;He tern Ban mi a9t 2 
203* ilV'r-iein N.Aniei <» 
1S3* Wetern Unkrtl... 17% 
115* -We Llugh-e Biet- alsg 

227* iWtHiro 1 *73, 

203, 'tVeyeiluieii-er 47i* 

201* Wliii tpcoi ! 21 

2Qi* Itki.-. | kOi* 

183* tViiivnn Co. 195, 

21% IWiicnaam Elect- 1 28 

207* ; 17% d.«»»v*th 

si, >, 3.71.7 

561* 41 

391, { 14>* /apara 

16'.* j 11% den till Kaiun 

94-’« 1 93. i l.s.ltea lir- ! 
82% . 797j l -rrea-4i^/S«| 
7.181. b.07* L\s. nil .lay Dili* J 


: lot* : tprtitn Paper | 

• 4.30 tgnici-- bag-e.-.., 

, 24% \ rau v umianimi 

; 141* tk-KRia stem I 

■ 44lg \ lie-ip 

171* /atikul Morn tea : 
161* :ilenK.\,iva rrsia; 

. 4.20 ‘ua-ic Ke^mroe-.. 

02 l«>epJ7nne_.; 

, 201* ; note Vauev Ind , 

I 13>* UP Canada 1 

j I4t* 'dim ran— ! 

• 2.06 — ! ' 

l 34 ca.*ar\ P"wer .... 

' 11% ; wunnuw Mine*..., 
i 86* 1 wsiuuln Ceroeui .. 

1 97* -i^inarta AW Lan. 

1 22U Ican.lnlp bk.Comj 
18 J^airaia lurtu-i — 
16% u,n. Patillc— . 
1st* Can Pa ittc Inv. 

51 Can. sii(« On... 

3.05 ><rlinii (J'KfWi . 
81* ~asaiar Ast«r|o>. 

17% S meiiain j 

23t* t<imini.v— — — 
211* . ha(hur-l — 

1st* ^uarumer Ua»— . 
61* ^ireaa taramrer 

7% J --r-tam - 

67* Uaua Uevet— ... . 
62 [Oeui-tm Min%-... 
7LU* JLhiin Mine-— . 
53U jOmue Prin„eun> 
21% l O<*Minirei Hmuit- 
143* lUicitar 

12 |Ou/4HU 1 

16% fr'**9iii’gr Maiie ,j 
69U |r*oni Mrnoi Can | 

23% iUeii»rar - 

lose U14111 Xei’wkiuir 
26 fi mi OH Canada .J 
3 iH-fVHer SHl.On^ 
29 iHoimiaei.— ■ < 
37 iHume Oil ’A'-... 
16% 'Hudwm bay Ung 

1 161* HimUod day 

I 40k IHudvonOil 4 U»»i 

875* |Iui**co - 

18% iiu/erial Oil..— _i 
191* iho — ..J 

8i« 'tonal ; 

.5* liulauii Nal. ij a>. 

141* ilul'p. f Pli«Line 

13 jivaiMU- Kewjui .e*. 

67* • Lauri FlU. CVr|,..| 
3.26 Luirtaw Cum. ■B'J 
193, >t ml 'u' 
97* - Jrt -we, Ketvusort 

2ui« U. I in \ nr — . 1 

2&J, ! »ii»rrw lur)i>i • 

1-90 duiuiuunstaielb| 
£1 . -Vutiivui Muie>... 

143* •Sit i-u biKnu 

la% .-(mi. Ir.ttum ...j 

14 '.tuuia, OiiAtiar, 
3.99 1 jki.w,.»>i Peiri n«' 
1.55 |PhciiicC»piierli.i 

1 331* fScifli Petroleum: 

, 31% Pan. Can. Pet'm.) 

141* Pan do —J 

I 3.8U Peoiitaa'Oei*. s_. 

| 0.80 Pra-eCatcJi On...| 

; 19 U Pia.-erDerakipmi, 

9f« HyroerCutv^f® 

: 101* Pnra 

1.05 tjiraba stureeou 
| 25>* Kan^erOi — ..... 

8 Keen dtooehou e 
i 243* jlliuAuuiii— 

25i* ;Uoya. Bh.ot Can. 

1 15 IKoya.lruM— . 

1 7% ; seeptt* H'-ourw r 

1 22% , wngrmm — .1 

1 145* *ne- Caiia-ia..... 
4.3 j ; -li«rnll Ii. Mine ’ 
22o* j O. Ii... . 

4.4u ' -ii.i-u*.': | 

22% ! Lea I* l^ana ,s. , 
2.30 ; -leef lioc* ln,n.. : 
44 - ( iaw<- Lana. 

16% . loiuulv lA'Uub^. 
Ii“: trail CnriP'larL, ' 
B»* (limn Mount 1 >1 

' 10 |tr.«M * 

I 10 JLuiubUb .... . ,.| 

7 jCfci. ircrJcUmr-i 
28% . 'Vi.kei Hiram.../ 
101* !-l*>(Cia t 1 Vx.ii 
131, .'.u |.ai,«i, | 

: Asked. } Traded. (New 

President. Steyn la 00 +1.0 

Stilfontetti 5.70 *U 

VVelKom — S*» 

West □riefomein 40 09 +cB 

western HoMinss *7 M 

Western Deep — - M- 5 ® +*-'' 1 


AECI *•» 

Angln-Aroer. Industrial ... 10 40 

Bartow Band 4.03 +9.B 

CNA Investments 1.73 

Currie Ktnance — 035 

Do Beers Industrial 11.00 —0.5 

Edita rs Consolidated lne. 335 

Ed aars S' ores 2»50 +06 

Every Ready SA .... 13.00 +40 

tt-tier ule Voiiotelrggtnxs . I 85 

Greatermans Stores 2.25 

Guardian Assurance (SA) 2-U5 

Hiilens l-W 

LTA - 1-02 

McCarthy Radway ........ 0-90 +43 

Ned Bant- — .... — ... . - SO +80 

OK Bazaars 730 

Premier Milling — 5 711 —0.0 

Pretoria Cement ... w .. X333 

Prucea Hoktinas LS5 

Sage HtHtlings — 1 50 -0.0 

SA Breweries 143 -03 

Tteer Oats and Natl. Mig. 10 W 1 
Umw .... 1-20 +0 0 

Securities Rand. UJS^U.69J 
(Discount of 39.8%) 


Price [ + **r| Uiv.-f ■ 
Jnl) 31 ; F'«. I — 1 t t 

\l,na> 1 

Vkzo (F,J0|— 

k vein bnkib'-.HAi 

iMhViF.L)) i 

\Min«enk iK . Vi 

Jijeilkix-l - 

fa.ka MVt'miF>C) 
dull mi 
e>|*evierV (K'J/0). 
Euro CnmT-tlFiiO 
dtwcuvena (PI^D). 1 
.lunler U.IPI.UUI. 
h.UM. iKI.liU)— . 
mi. Mulier.LcU)— 
Naanten iFi.UA—. 
.* at . N'e ' f o«.i Pf it#.. 
NedCrod BklFUfOi 
BetiUMBk (FljaXI 

•-.■» Fu uj) 


. ii, iJiuuMrun.— 
Prab-jed .Pc a/l. 
,'uilii* (FI. Id)-.. 
Upscb Ver i.FUOJi 

.b<wuu n.j« 

AMinuo lift. =0)— 

ri'«anl'Mpi. 00»... 

lysiL/utcb. FI— 1 
1 in rauUurx— ... 
leviiiUrj- -.Fl^J 
lu*y>i{Vu. Hi ik.fl 
Umlevei 'Pi.^Jsuj. 

* UinuKe*. I.IIL'I. 

We-tL tJtr. HyybA 

1-7 ; + l i «28| 5.3 
29.6 — J.4 — 1 — 
562.5 -0.5 I 7.8 
8b. a! +0.3 ' 3w o.O 
• 5.8— —2 I J9.b o.s* 
. 94.01+0.4' 2b a.5 

1 19.71— 0.2 . 02* 6.u 
70.6 -0.2 25 1.3 

279 +1 27.3 2.u 

la2.3 — 1 37.3 0.0 

00.2 94.8 5.1 

36 -U.1 20 5.b 
lv £.21— d-7 14 1.4 

34.61+0.3 | - I - 
49.7; + U.6 12 4.7 

155.1/ — 8 O 6.1 
+8.71+ .4 19 7.9 

44.9; — 122) 4.5 

i02Jcf— w.3 | -Mt +.7 
o<s.5— 0.1 1 21 8.U 

196 I— D.5 I <4 I j. 7 
147.81 + 031 'n 4.e 
39. « — 0.4 1 23 7.9 

139.3;... - - 

46.9, +0.7 — - 

at). i ; — 0.2 17 6.5 

■I* 1+0.5 — - 

173.71- 0.9 A24t 7.4 
194.3—0.51 - 
U2.6i'— 0.2 <9.4 4.7 

1 94.6| | JO./ 3 O.v 

«.4o.2 — 1.0 20 8.0 

147 i + l c<* -».0 
laUMU SAM- -3 
I 28 . 3 !.:.— ... ««. 7.. 

4i i+o.3 su.a 1.2 
394.6+ .6 44 4.1 

icentr »* | 

IfrujuMUrcKi'l t , 

Alt Lk)u+ e ~j 

\qutaine | 



.N. Oemv,.| 
Canetrau 1 


• .1.7’. A -rater —J *1 

CwHantaurr^ ( 

Crab Mpotei ......j 

Crolil Coin K+'m i 

C'mUM* lnw_.. ! 

L>umer j 

tt. ttfnXM i 

Uvn. O nrtrott 1 1 


J -v i)ur» Barer—..] 


L'Onmi —....—....i 

Legrand — ..... 

um «m* Pbenis..! 
d K-he*i n •'B*'— ... 
Meet Hcnnemev .< 
Kmil i/irx 

l* 1 ]!**--! «, 


Pou»e« -Citroen..; 

iU>,b> l«>hiuaue.] 

IOmhii- PnuledC ..., 

m. Ut4wln —..I 

fcu- Hovugno' j 

ue* , 


■ (nmisna Branm.; 
v Mruii ...... .. — 1 


7M :-l 4lj 0.6 

446 • 1 21. lb' 4.7 

333 1+2 ,1621,4.9 
089 ' + 8 'Jh.2b! 4.6 

468ut +2 I la. B: 2.9 
920 1—5 • 42 l 4,6 
556 .+ 11 ■ 40.M 7.2 
1,689 ; + S9 75 ' 4.4 
372 1+5 41 Ji afi 

1.090 j+38 17AM 1 7.0 
346 !+9 18 • SA 

476 .+9 1 1 Labi 8.4 

134.5 +3.3 12 I 9.0 

73.8^+ 1.6 - ( - 

775B1 + 1 U.fei 4.3 

149.6 +5.8 M. 10; IQ. I 

195.5; ; 8 .ft, «.E 

56.0-0.8, 4./; 10.2 
149.0, +9.3. - : - 
206.4 +2.4 ;1b.i7 8.1 
BS 8 1+.40 'l4.a/ 1.9 
1.703 + 3 ;45fti eJ I 
500 j + 6 ] 49.-; 8.0 

48. ft *ja 

49. 8.0 

1.4401 + 11 ,51.56 2.4 
002 1+6 1*4 2.0 

166.0 + Ut ■ 

1 *JH 2.0 

3 1.9 

177.9/ + 1.4 ; 1j.» 6 UJI 
86.0d-0.93 7.6<6.8 + 3.8 l.o! 2.7 
447.0 + )5.aWJ5 3.9 
£ 08 . 01 + 2.81 - ' - 
430.U + 0.1 30 i b.S 
60S 1+19 • 30 I 0.4 
105.2 +1AI 9 8.5 
148.3 —0.9 11466 9.8 
1.6901——; 39 ; 2.2 
BB1 +2 85.69.0 

772 + 10 *6 A 4.3 

£88.01 + 7.8 .20.15 6.0 
22.3 +0.9 | —I - 


tVv»!'*ii. Muling .si'cenlr 



1‘Fneem i « 

! Yen — 





} 597 



455 1-6 



. 685 Uai 



.1 420 <r - 5 



1 660 ;~4 



.1 530 —5 



.1 246 i-2 



.] »i8 | + 1- 






iraikUl-^ 1.04 -0.0l!..U 1 11.Wi 

dannxii. nm»' ...t lit -a.i30.liw.9O 
Banco Ttau PS- 1.53 +u.,lj0.37(27.fil 
31, win. Of 1.83 -a.UWvi.Ui. 4.37 
Luja- Amt*. DP- 3.*S + - oUja.te.79 

.■Wionra- PP 3.27 3.07 

P.rem — ... 1.47 j Jj.ltiltt.8a 

iuuza Cruz OP 2.85 +0.643. tclaO? 

Uiuu I'K 6.65 1^.42 

V* - «■ ItneePP 1.28 1 . |14.08 

Turnover: Cr.l4£nic Voffine 7ll®n.“ 
Source: Rto da Janeiro SE. 



: Price +0 r Uiv.lV.,1 
JmySl j Kn.nei - % J *. 


jcrmeiM it W_. 

.Hill- hr 1*1 Ik 

.Vi l.\ ihi l,. 



f nr. Ki|iir le.rtqiiib 

u. Vtn'ii H.iKrt*.' 

i,,r . lulr ... 




v+.n. Beren^n.... 
’uperira i 


134% +% 
432 +4 


I66(j +1 

12vi a 

4«2 +1 
77S* +l« 


266 +1 




1361*1—1 1 
404% +% 
180 + 1 * 

1* B.e 
la 4.5 
1 * +8 
12 I >.2 

la 10.0 

1* 4.4 

1* 8.9 

12 +.1 
12 0.2 

- B.4 

11 B.l 

12 3.0 

12 5.7 

v. I (Ob 244 

U.~3fijk*raj_ .1,430 

1*cc» — 666 

i.A.L. 2,840 

tanrat Elect Pw 1 1,210 

KuuwtMj l 335 

autMl*.. 281 

nyuto-Cwamic „.4.05J 
vUteuBbita lm_.' 719 
Miuutuabi uanh.J 279 
di|«U>iibi ttrav.f ] 180 
M1iBuim.i1, un.^ 4o8 
Mi(«ui X Cok...,;..| 4*5 

tliiriiluatii ' 595 

Mppiii Uenwx— J1.44U 
>>V+on obmpnii..' 682 
.' iraau Mo»ur> ,...| 7e»7 

I’lraieei ..... l,74o 

any,, K.ectnc.... 2aS 

'eniwi. Preraj, 879 

'bi«ei’ii< 1,160 

'til. — 1.550 

(nibIk- lUnne.....] 242 
iak«Ma L'tieimm 420 

* DK |2.18J 

•vj*" ; la 1 

*<*»«• Mki me ! 492 

fcra.4 l*«*w'ijl.0tM» 

"4)'>3*lll, 428 

■■•rax —....I lr9 

l Okbihn Corp.. 162 

Price I Tor [ DieJYm. 

KnmBi ' — it 1 T 

— 1.5 

10 i 4.1 

is ; 2.7 
15 : 2 . 1 

10 1 Us 
13 ' 4.7 

13 \ 1.5 

14 : 2S 
20 ■ l.l 

15 } 0.6 

12 2.7 
30 1.7 
20 0.9 
40 1.8 

30 : 0.7 
10 ! 3.3 

10 3.6 
10 3.0 
20 j 1.3 

909 - 




2S7 - 

1 M - 


24S - 

Source'NikKn secunuet. Tokyo 


Prior l-f-or! Dle.|YI,l 

Price + or I l)i v. I i 
Kmnt — Jli. I * 

AU A Ab ( hr J3i))— 
Mia Lava B(KrM 

Vafc'A (KrJsO) 

Atlas Copen (Krfc 
Billerwt .....| 




189 1-1 
64.6a 1 +1 

6.5 2.4 
o 3.3 

tkxoi- — _...| 


«4 | i.o 

. ill'IU. 


+ l 

SY5 2.9 

JeilukM j 



10 4.v 

K(ect‘liix*H'. Kra. . 



6-3 I 4 0 

taorWl’b’UvtW 1 



b ! 4.3 

.mielle "b"«, .J 


9.6 : 2.7 

. aeersra 

■ lr*nai+* (m»j 

lara ' letiet rt hen- . 


itu Ucb Dual in.. 
'*n ■ Vlh A.u_— . 
'.K.F. Knc... 

ikad-i hnuiMA... 

laa-istik •(#' KrtC 

D i.lebo*m 

V.nvo /Kr. aO)^— 


465 j+6 

1.4 ... 

62 +1 
270 j+6 
75.S— -.5 
17 a 1-4 

73 . a- 1 

60 +U.6 
74.8, +1.6 


I./3 £.. 1 
4.4 O.r 
8 4.7 

5 5.4 

w— - 

6 8.1 

A,uroiniuin .... 1.4 60 

bJJC'A - l.oaU 

Citw GeuuiFr.HXl 1 096 
Do. Put. Cen. 815 

Do. Krat. 587 

Uieut 'dim.,— 2.16S 

Hiwtrovnt — — .. 1 810 
Pi*cbet (ueontej. 680 
HoftiumPt Com-. 70,240 

Do. Oman) ,7.026 

(nttctrtd B„- ,3,900 

ieicuuU (Fr. Ijj). |l,*i20 
Nestie fFr. UWi.... 3,426 

uo. Kea — |2ra40 

>.%r,i*t>u8. (K..i60;2.o55 
Pire.11 si P(P LXn| 2t»9 
nami |Fi.aJ>.. 1 . | i.t90 
Do. Part Ceit*..J 400 
diimucf U Kloji 420 
u xer CuPr. lOL'ij 3o0 
rriMon (» jaui... 844 
um dn«. F.lUi.i 377 
wim ,KnFrajO_.i4 750 

colon BanJc l3.. 88 

Zurich In*— .....111. 200 

+ 10 8 


—10 22 

1—30 110 I 

!-£b £0 ! 


1-10. 20 

1-60 « 

j Dir.l 

PrV.+ + or Pm. l)(i 1 

Fra. — Net I (, 

Anew '2.420 

rieuen "IT 2.020 

v.ti.K. Cement.—: 1.124 
woi^enil— — .j 438 

biiKs 2.250 

K-ectntoi <6.600 

ribnuue .Nat 2.800 

i/.a./amv. Dni...„;i! I ,4$ 
■t^seri 1.402 

Gr)ie Brux. Lamb. ,1.545 

■ nniaau '1.740 

.1 re- 1 id Inal. O.860 

L* II, A k *■ Ueiue..l4. (2j 

Pan H»idme ’2.o7 J 

Petrol) na. [4.790 

ant Cen Manque.. ;<J.936 
JOC Odi betfflqiic Lyso 

aufllhl --- Id. 1QA 

w-v»y 12.460 

IradiiMi Kin* <2.556 

I'CB | 920 

Cc Mtn.fl.IU) j 750 

i mmfilontaane 1.480 

+ 20 I - - 

1+20 11b 6,7 

1-30 100 8.9 

tdas k 

:...... ...i 1 70 o.l 

I. lav | 6.7 

i— 6 • dr a 
, + & J 164i;10.7 
1 — 30 It, ,.3 
-la 1 14* ! 8.2 

Je9v 1 4.2 

+ 20 {.aa. a.7 

, + 2U a.), 

1+40 ;i /u 4.5 


1+10 7.2 

j. 210 0.7 

1—40 Ac Ic 8£ 
j+b I7v 6.7 

j + 4 au 6.9 
1+8 — — 





Do. PriV 

Dander —— 

Uaicememi n . 


Uedkwnnc* HU< 
MunrediKon — . 
O.ivetti PrtTu 
Pirwli 1 C.+ .. 

1*1 relit 3p» 

inla Vlscnra 

Pnoe + nr Die. ;T- • 

l/re — Li re | * 

110.251+10.26 — 1 - 

966.731+ 17.76. — - 
1.1 BBj +63 150 1 8.6 
1.5001+30 15 v 10,1 

ran . .. I 

150.001 + 11 _ _ 

11,480 + lid 6C0 5.3 

c70I+l*.6l — _ 

55 40v> + 1Q0, 1.200 d.c 

161 +4.5 - - 

999.75: +7.7H - - 

. — 1,627 J + la 130 8.) 

-.... 983at|+7 80. 9.1 

770 1+45 - - 

Jwueo bauk— ...., 93.0j.....— 8 9.7 

■h+Tewani j 65.00 I — — 

-.reriitbanK .1 107.0'...—! H u -3 

Kranaw ' 220.00; + 6.S5 20 r.l 

tvre-'iika-cn-. ... , 104 11 

l.a iHv'wfcrA leO —1 ; 12 A3 

ro- r-M I 85.01-0.5 . 7 jlO.6 


July 11 Per oeM. 

Asland U9 + J 

Banco Bilbao .... 380 — b - 

Banco Central — 30fl “ * 

Banco Exterior 27S — 

Banco General 2 M — 

Banco Granada 0.000) ISO — 

Banco HlepanO . 2X7 — 5 

Banco Ind. Cat. <1,000) l** — 3 

B. Ind. Medlterraeeo ... 353 — 

Banco Pooiitar .... 2SS “ 6 

Banco Santander fflSO) 3M — 7 
Banco UranUo (UNO)- 233 -3 

Banco Vizcajra — . 2*1 • — * 

Banco Zaragozano ... Z73 — 4 , 

Baakvitfan — 252 — 

Banns Andaluda 28S — 

Babcock WUcox — — 20 — 

CIC 82 — ' 

Dragadra 2*8 — 5 

rnmobanlf — .... 72 — 3 

E. I. Araponesaa — B — 

Espanola Zinc — _ 182 — 

Expl. Rio Tbm 8838 — 830 

Fecsa (1.000) — ... 6450 — 2 

Fcnota (MM) HUS — 

Gal. PredBdM 75 — 

Gnnxi Velazquex (400) UB +.3 

HWrola 71 - 2 ' 

Ibcrtoero SUB — 330' 

Olarra — US — 3 • 

Papeleraa BeunMaB ... 70 — 

Pemiiber U7 — 

Petroleos — 20S —S'. 

Sarrio Paoalera 52 — 

Snlace , « — t 

Soseflsa — 124 — - 

Telefonica I? + 0J8 

Torraa Hostescb « — 

Tubaeex - 0* . — - 

union Elec. tSJS ■ . — US 


Hijujf Cun* 0 j July SX Jnly V 

Oort. 1 ran 19*8. 1 snap- Nin 

A mali^i uuited llnbber— { 75,00 . J2.528 

Bowater* - — ... 12.50 — . 

China Llcht t Pmcw 98.60 98.70 

City Hntala. J 3.075 — ‘ 

.IVaniotMlIiMi Propntlo_( 1.80 1.8S. 

Otom Harbour Tunnel.. ...; 11.60 11.80' 
N. Asln N'ltlnitiw),.....^. 4,60 4.30 

Uun/t Kun/t AbcralL..— 64.00 ;60-OO 

H imjr Kraiir KlecWr [ 6,18 8.W. 

Honj/K/»n/;Krtii Inon Wharf) 24.40 23.70- 
Hobtf Kanff lrand lane ... 6.95 10.30: 

Kunf 6hmi((htl Dull 18.70 18-M 
H(m|(Konx Phang&nl Hntuj 15.00 15.10" 
Hnldilsna-Whainpruu— — 8.20 8.48 ) 

Inter. PaeirivtadiriUira. map. •“*&. 

Jartlne Mafhe*HU- 10.10 18.70 

JanHnetara 7.85 7.90 r 

Rubber. — . .— . 3.70 ;4.0Q: 

Mine Darby— 6.20 6.30 . 

ioutlrn. Pae, Prop, — j — — 

Nnitbm Inlilt. 

>«ire IVAfic A ..—.,— 8,70 9.001 

Texlllp Alliara+k. — ..J — — - 

TextlleCorbolHini«KiniK map. amp.' 
tnirHork Manleo.— . 3.1951 3.275 
Whnrtuct. Slnritlmt-’...-. 73.60 I 3.60- 
Wlnanr larlintiid .+•■■., 3.10 | 3.00- 
Wyuci+ . ..., wap, i au atki- 

vi ux+imdwai "■ " hh»« T^her 5 

Rusd SoyoendMl. 

NOTES: overseas erica* esefuda s gmntam. fietenn divfafrnda a/a after 
raUbbuldins tax. ' ' ~ . 

4 DM50 dtnotn. unless otherwise sated. ¥ Piea.600 denom. units* otbmrlse 
natrd. + Kr.ioo denom. unless otbcrwisa. stated; . • PnjOO denanu mdew 
otherwise stated. B Yen &0 denotn. unless ntherwlae anied. i Price u time «• 
suspension o Kiorins. bScbiiunBE. r Ccnta, </ Dividend . after andOB rUIMt 
and/or serin (ssoe. c Per share. I Francs! o Gross dlv. %. h Assumed dtrilWWC 
after scrip and/or nghts issue, k After local taxes, m % t» free.' n Praftra, 
indudips Uniiac drv. pftom. a snare split. * Dir. and yield «rri«w> speettt 
payment, t rndicaied dt«. a Uoomoal rradUK. n utnonty -boidera otrir. »MWS« 
oendins. * Asked, r Bid. i Traded, t Seller, t Asantned. xr Ex nrhra. sd tt 
(Uvtdend. xc Ex scrip tasoe. xa Sx all. a Interim sac* -. , - 

N A \ 

Financial Times Monday July 24 1978 




'Atibcr Life Assurance Co. Ltd. 

j-B St Paul'* Churchyard. EC4. 01.& 

■Enalfy Fund 06 5 3E5J .. . — 

'EaunyAcr... 31-5 33 1 .... — 

PrnMftvrti mr 1566 - 

-5opMVA« 154 B 1US . 

£?£&• Fund 906 954 . . _ 

OwwUbleFuDd 131 J 1302 .. - 

oMMJwVund 1216 131.0 - ■ 

pK* ?rope«jr. ..174* 1*41 , _ 

fcnS.'Sriecttvo — 05 6 902 . - 

Pen* Security 136 9 144.2 — 

pent- ltena*cd ... 178 1 127 5 

Pent. Xquitv. - . . 161 * 169 1 — ■ 

uPropTriL Ser 4 137.3 134.1 _ . 

OJdjm.Fd.Scr 4.. 1338 140< . ... _ 
OFUgqitj Fd. Ser 4 35 0 369 . — 

vCodv. FiJ. Srr. 4 112.1 1161 - 

rttfcney Fd Ser 4. 1096 115 . 

FHcn at July IS Valuation normally Tuesday. 

Albany LiTe .Assurance Co. Ltd. 

*1. Old Burlington St. W.l. OJ-437 5WB 

VEqutly Fd. Acc ...11863 
IxMlaL A«. , 

Tv.Jd.WTO^Fd Ar.. 

• viDtlJlHi.FcLAtm. 

. oPnrp.FdArr... 

- SnFd. 

Abbey t'ni! Tst.. Mgra, Ltd. lit 
75 W Gdrhnuft Rd , Ai le*him . OS 

* 6bcy Cspilo) 133 2 35 31 -OJj 

Abbey Invomc W1 -4251 +0 3) 
Abbey lav Tst. Fd pT4 . 34.8 ' 

Abbe; Cm. Tin 5SJ 462 d -D » 

Garin*"* Fund Managers f faHg> Perpetual Unit Trust Mu* ml.* lal 


Ltd. General Portfolio Life In*. C. J-ld.V NPI Pen*i„, Management ud ■ thbSrlST^ rd 87 * m3 *° 1 

Ol -2430113 <10 Bari bolnmcw CL. Waltham CrMf. WX3IV71 48 GrarcchuirhSt..ECaP3 HH 01-03 4200 GctiTw WJ 48j'3 +B 4 

. .. ~ pStfSLoS«Kiii7'j4:.» mB »-<l 3 - 3 NM 5 dealh5 5oouJ r AUitd Hambro GrtwpP fal fg> 

~~ Gresham Life Ass. Soc. Ltd. T . . , , * H .*gbrgJj>* • Hunun. Bron nuod . e*wx. 

- 2 Mne. of Wales Rd. mm «»= 9*3*59 JS^SS? !} -*■» LUL¥ 2851 ° r (tBT!7i 21 1450 

- CL Cart Fond N70 162.1] -. *?" ViulhendSRl 2JS 0TO26=»& *»lmic«l Fnads 

2.3t UazrAJie EC3ABRP. 
‘Oi) 430 iriAtnerlcan Ts>. .. .[M S 
-M BrltirtTd-iAec 1 [55* 

_ .1 426 I'onuoodrtJ Share, f]M4 
*H«i 4J4 aura IWUKT* 23* 
.... lilFarEtRTrua 31 1 

«0ff -9 
59 £ +0, 

05-283 3331 40 Han >1 . Henley (*n Thames nwiSQHBl 
-0 31 0 03 PpctualUpGlh -140 4 4J4J | 3*9 

in Piccadilly Unit T. Mgra. Ltd.* (alibi U T 

CL l art Fond W70 162.11 I VwUiendSRI 2JS 07tC 62055 B 

•*JL Equity Fund ... Mr * 112.3 - ■ - * i» Plan ( aft 1 *253 - £ 

CL Gill Fund ...... fill 6 U77| .. . I — 52!3r^P *1 94 9 *01 — B 

CL Inti Fuat) . .MLO 127 4 ■■ - 21 «S 7 * fl - 4 2 

SraS^,B& *i 33 - t 

Wnr Bank. Brav-co-Tfcama. Bert* MSB-WISU SJWgJIXa - W« 1092 _ H 

FlmiUcTlaanw . I £L0« j - Cm Dewt Id.. . . 969 U20|-0l] - li 

.i£SSI^lll*- S,W 117J llnion Group* tj 

O ft S Super Fd . . I C7JB4 - ( . 1 — ^ B«* 4. Nomeh KR1 3NC 0*03 52200 A 

1465 . 

94 9 -0 ! - 
10B7 -0.4 - 
912 _ 

ltt.1 -D3 _ 

214 *0.4 - 
109 2 _ 

ltt.0 -01 — 

Allied 1 M •• _ 665- 

Dm. Inda. Fund . 63 4 
Cnh ft Inc 376 

Elect t> Ind He-. 33* 
Allied Capital 72 4 
Haabrafuiut ■ 205 1 
H ambry Acr Fd... 120.7 
Ibcoibf FOads 
Hlgb Yield Fd._ [70 6 

'Hicb Inwur Tn 

&«sr N . 

ttOnd-Tst lAce . 

s — lot Bins ft Amu 
?« PrivazeFund . — 

— — ^ , . . a §nf Fund 

5J1 Gibbs tAntooyi Unit T«. Mgs. Ud. Tecimtto Fond 
5 22 3. Frede»1«*4 Plare Old Inm,- KC2R SHP. JWgWj"- 
490 01-588 4111. Aaienean Fund . . 

t^5 laiA-C romme* |« 5 «J| . .1 »« p—mlnal Inc* 

PrtvaicFund . — - Wl 
Aeeusltr Fond..' 59 5 

36*1 438 

63 9) 1 MS 

54 5 -0^ 3J7 
29 Sh *0^ UO 
26 2d -0 1 238 

n'fl laiA-C Weow* 141 5 44 

2? twAC.-CKWhn. US 4 tl3; 

4 0 7. 4.46 ia)A C. FBr Eaw • [S 5 27 

Deal me -Turn. tTW* 

GoanUan Royal Rzdumge 
Royal Rxcbance. H.C 3, 

jiiftl jtn-PnFdAcc 

a t Pen. Arc . . 


AM*V Life Assurance Ltd.? nS puTpCi 

Alina Hsc.’. Alma RdTRcigatr Rctgata40l0L Pm Prop. Am 

AHF.VHwiMed .. 037 144.41 Pm. Man. Cap 

xuv'j MwPtr - 1303 1162 — '&?■*** A** 

AKEVMSneyFd . 1052 110 E -01 _ G HEdct 

aMEV Equity Fd U0.7 • 1164 . . — £**»■ gi« EOr / 

AMEV FixeifltiL... 92.1 971 . — gew-WJ Cap., 

ayri' pmn frH _ 972 252.4 PfOi. B S AtCL. 

aJevtKSSv^PHI mi " - ^LDAaP.Cat 

AMRA' XCdPnr'B' 974 102,6 .. - Pen DA F. A« 

Fteaiplau — WS 102 8j — Hearts of O 

Arrow Life Assurance ■ 'MT.TM««ei 

30.UxbHdaeRoad.WU 01-749 Bill ”“f* £rf0 “ k " 

Sd.Stk.Fd.Cp r aft . H2.9 - *7.71 . J - Hill S*BJUCi 

SellttFd StUnt.. M* .“3-S" NLATwr..Add 

pS.HcdFdA:|mj iia| ....:i pKSSJlHsJ 

01-075082 Property Bonds.. 11769 lK3i •. 1 - 

“ Hambro Life Assurance limited 97 

— 7 Old Park 2-Jui**. bondon. W1 or -4 90 0031 

= -SSK^'P - 

- Propel- .. 163.8 17U .. 

— MaaacedCap... . 1402 ' 1476 . . — 

“ Managed Arc 171J 112.4 .... 

— Overxcas... 1208 127J .. 

— GibRdfted — 1241. 1512 - • — 

Amniraa Arc. . .. tag Mf.f 

... J - PmF.IDepCap.. 1218 1M1 - 

„ Pea.F.LDepAre .. 1497 1571 — 

f Pen. Prop Cap 204i . 225.1 . — 

Pm Prop. Ac? . 263T "SW . 

Pet. Man. Cap __ 2062 g7J . 

Pea. Hsu Ace - 2M>» 2802 . . 

Pen GlhEdc-Cop. 1218 1283 

Pcn.GlHEdft ACC 12H3 13SJ . .. 

Pen.B.5 Cap.. . _ 124.1- 1367 .... 

Pen. BS Ace.. — 1434 1469 ... 

PCB.DAF.Csp .. 132 B — . 

Pen DAF.Aer- .. 103 A— .. I 

Hearts of Osk Benefit Society 

Managed Fund . _ 
Equity Fund.. 

01-28371(7; Property Fund _ . 

Fixed Int. Fund 053 7 . 161 7^ - 
ESP"!!^ 0 ^* .. .pots 4 1U9 . 
♦Nor Gnit July 15 | 2058 “ 

Phoenix Assurance Co. Ltd. 

High In. -one 
Ah Eq Inc . 

75 6-9? 
70 a -0 2 
41 L4 +0 4 

*52 GoveU LlPhnWf 

lwnutliiiia! Puds 

Inlcmalionai [269 

Pacific Fund ..fe 7 

Seri O/ America . pc 5 
,US A Exempt® .I960 
Specialist Finds 
SmallrrCo'sFd ...1364 

5AV -0 
ioi a -o 

*o2 JH 77, London Wall. EC2 D)-» 

Fhldr.MpM Q«1 MT7I™..| 

. ,,, Do Aetnun-l nil .. S68.4 I77il . „..| 
j. l| 4 «5 Nexi dealing day Ju^ 14. 

-ffjf 197 Gritv&tn Maa^coent Ca Lid. 
-0 It La7 seCrcabaJBBSl .D-2P2DS 01-10 

Barringun July is [2M 6 2130* .1 

-0 21 a 75 iAerum.Uuu> 224 6 234 71 ... 

-03 4 96 BlngJBVd July 2dl757 UMa....J 

“3[ . .1 860 PrartfraJ invest. Co. Ltd.* lyWri 
'27IS "I 8 50 44. Idojuebtiiy sq. 8\*|A 2H.4 9MBJ14M 

rWod Pnctio.! .July IB IM75 1M1I J 421 

AtctiML l nits .1222 7 236 3) . | 4 21 

Di <5985620 Provincial Life inv. Co. Ltd.* 

M77I I 1B7 3SS. Bixhnpxcare. EC2 01-3S78U3 

177.H . .. . | 1*7 Prolific UniU 185 3 914|-*a 385 

luly 14. High Income lU39 12201*1 71 7U 

f rn T JH 

ot!«)«*433 P™«U< Portfolio Mngra. Ltd.» (aNbNel 

|iu I in Hoi bora Bars. BCINSNH 0H8S(C2 

&I 7j ...1 *.<B Prudential. -1127.8 135 01 -1 0] 446 

EbT'pb A 2a ■ i u, '77 4 U7a l \ a^riftr*>- ."Ea m 3 -aii If? wSSfoi „ 

r*rngk._:..U 7t '*l: .1 - S5»Eaf?s?-*Bfi ffld] as SfiSSBrn* g*7 : 

t A 85 - Co¥ ^ Anderson Unit Trust Menegen Ltd. MRgS* ia 

JSBFmchurrhStEOMaAA 6539231 ” 4 

lift Equi»|d ‘ 'I h “ Aademon U.T. . .. 1588 53 9) .. | 42* Goardlan Rojal E* 

FWeiEUrBi-J 1496 Ud J - Ansbacher Unit MgooL Co. Ltd. SSSSStRST* 
Property Growth Assnr. Co. UdLV l Noblest. EC2V 7 J a 0J 823R374 Benders - .Admins 

TO - 

1*4 tt ... 

ZUfl . 


10Q2d -2 


7 a Quilter Management Co. Lid.* 

J* TheSik Exchance BC&V IRI* 614818 11T7 
1-2 Quadrant Gm Fd 0047 . 10931 | S» 

Qaadnol Income .11215 128 4fl( .. | 122 

Nmagers Ltd. *?**?$£& “ ^fa j J" Roliance Unit Mgr*. Lld.W , 

838231 r^n J»ul r. i-Jim-J RelianreHse.TbnbndteWeHs.KL 0WB22271 

539| ..| *2* Goardlan Rojal Ex. LaJi Mgr*. Lid. o — 1672 719) | 520! 

— I-^wi House, Crpydon, CR8 1 LD 

- Property Fund. _| 182 5 

— . Property PundtAl. 1 1809 

— AincullunUFuod.l 762 9 

- Apte. Fund lAj . 756* 

- Abbey Nat. Fund I 154.1 

p.l<OL . n.O ■ *7.71 ■ . J - 

:UnL... 968 IM.iJ .. .J - 

L Eq .. 1214 ' 125 3 
-FJ.- 123J JIM I - 

I _ Pen DAF.Aer- .. 1 - 1B3.5 i ■ I - Abbey Nat Fund 

I - Hearts of Oak Benefit Society Nft Fd cy. ■ 

■ !6-l7.TavtMOCk Place. WClHBSM 03-3*15030 Fi’iAi 

m Tiaani HeottapfOak 1365 36*1 . J — Equity Fund 

■ . 4 _ Hin Samuel Ufe Amur. Ltd.* mBSSkSS*** ; " 

.. .J — NLA Tut.. A dtHacombc Rd. Crop. ' 01-0864355 Money Fund IAi V 

®Prop*rtj Unit* -1164 8 U2Jl ■ -I — Actuarial Fund .. 

I “ Fro petty Senes A. 120L 9 VO A -- j — t.ilievlccd Pund . . 

Ol-BBtofOOfl ,nr MmiWyFund [1666 17681 

Arbuthnot Securities Ltd. (ail 
_ 39, Queen Sl London EC4R 1BV 01 

_ Skin Income Fd.. 1194 7 11 Z 6 I *0 
_ Rich I uc. Fund 412 443+0 

_ OlAecnm. Uoilal. . p53 59 S 

Barclays Life .Absut. Co. Lid. 

282 Rnmford Rrl E 7 01 

Barclaybmda'. 1128.2 1M8 . 

Equity (1162 122.*/ „ 

equity .... X16 l2 122.4 _. . — 

GBi«daed no 4 U63 +oj — 

Property 104J 1696 — 

Man axed 109* 1152 -01 — 

tfonry... .. 969 3042 +0J _ 

- Jia/> PraxActum _ 982 10X3 — 

Dt>. 1 tubal .. .95.7 109.1 .... _ 

Gilt FdfiPnuc Arr. . 96.4 UU _ 

I>o lnlual 93 5 9*5 .. . — 

Money Pena Act 1008 1062 . . — 

. Do Initial [97.4| ... J — 

•Current unit s*luc July 24. 

.'Beehive LUe Assay. Cs. UiV 

-, ' ® Property Uuitk 

I “ FrupeitySenet, 

j Man aged Unit* 

**■ Managod Senes A 

01-584 5S44 Manocrd Scries C 

. . I — Money Unit* .. 

„ .1 — Money Seri ax A 

— Pas. Man9*ed Cap 

— Pn*. ManaeadAcc. 

— . Pn*. Gteed. Cap 

_ Pcs. ftleed Act 

— Peng. Equity Cap 

— Pen* Equity Arc 

— Puv FXd.lnt.Cap 

_ Pn« Fyri TnLAcc 

— Pena Prop. Cap 
Pens. Prop acc. 

Imperial Life Aas. Co. of Ca n a d a 

— GlH-edced Fund ..I 1 

— Glir-Eaecd FdtAi .1 X 

— ORctlr* Annuity. 1 

♦limned Aunty { 1 

— ad^^Tac *StT S? 

— a£.W£fs 

' — Pension Fd Dt* . l: 

— Conv. Pens Fd. 1 

— Cnr. Pas. Cap Cl ft 

— Man Pens. Ftf .... 1 

— Man. Pens. Cap. Cl. 1 

— Prop PtniFi. 1 

— Prop Pena. Cap Cu 1 

— Kjtae. Soc Pen Ut 1 

— Bid* Soc Cap LI . 1 

♦ Aociim. UojIsE . i 

>8^% Wdr»l lilacs 3 
Pr efer e n ce Fond . 
lAreum. I'niUt 
Capital Fund — 
Commodity Fund _ 
[Arrum Laitn.. .. 


GianuFiDKl i 

I.Aceum. Vnitai 

Growth Fund. : 

i Aceuxn. Cotta) 

Smaller Co’s Fd . ' 
Eastern 6 laU. Fd . 
i69* VT rtrvrl I'tftl. 

Forrien Fd. 

N. Amrr ft Int. Fd 

- »■ 53 91 .. | 42* 1 “*• Opportunity Fd . 1672 71*. [528 

,. it ' , . .... Royal Btchance. EC3P3PX. 01-E8861! ^KdeTIAcd W34 ** 

nit Mgiaft. Co. Ltd. lamGnmdhUITq. |91 6 94^+04 427 Scftfordc T. Inr |«3 4521 -0J| 59* 

id J |166B Beudewmi -Admin strati on* laXcXg) Ridgefield Management Ud 

P660 17681 l 9 83 Pm marW Adm.o.. 5 Raylnsh B^HuHo"; 3»A0. Kenneth- St- ManchcKer 061298*531 

ECnritlCS Ltd. (and Brentwood Ea»c* 0CT721 ■ OS Hidjj^rielit Int IT [98 8 1040D .1 172 

>doti£r4RlBY 01-3365281 ,_ r Mtiiuiil tafl R 'd*'* ,rid ,acoo ~ I “- 71 

L aft 7 4a tl 4m Cap Gtmrtlt Aer Mas «7^-12| J46 Rothschild Aran Management (g) 

M2 ^ 1 2jf ' loronyfcAaseLi.. £333 355|+04| 604 72«.Gate6ou-«cRd.Ayleaburv 0286 SMI 

rw KSETTs: juja js 5-iwr«5pftJ8?* ffiam u 

....Si TO--. “ ^ 1 n! ; ^^& 8 IS 

I .. S94 u« . 536 FlnanrialftiTft ^2 26« +6.D 427 N.C lnU Fd tAcc ^932 992 -0^ 155 

.. 15.4 9z| .. 538 Ol I ft Not- Ro. . fzil 29 9| -oil 18* N r Srallr fn> FdllSS 4 165 -1 O) 4 86 

I 173 igM ‘ f.S — |*7 9 93 6| ..I - 2.4* BochscItfU A Lowndes Mgntf. ui 

- 368 41Aq -03 2.87 Lnienrxtianal.. . 358 164 1 16) St AmtbtnsLane. Ldn ET4. 01-8C6425* 

... 45.(> 49Jjd -8 4 2*7 W»ld.Wld®July 34 [75 0 M2) -0.4| *47 Exrmpl 14323 0 130 01 I 345 

C^ftSShlnr [44 2 
*S4 4^ Cap Gimrih Aer Ka 
* 01 ' luMaDefcAjMQ.. 1333 

JS H licit Tnoanr Faadx 

•• g| gj&.%sr.M .8?.; 

Smetac rift® 

530 Financial ft ITf IM2 
]u Dll ft Mai. Re* . fzBl 

UU Ridgefield Management Lid. 

3&A0. Kautcdy Su ManrheMer Ofl] 396*621 
' ^ RldeefMd Int IT [9BO IP* Oct I 2.72 
j ^ Ridgefield Income |9ft * 97 o3 1 16.71 

346 Rothschild Asset Management <g) 
684 7308,Gatehou*r Rd . Ayleabnrv 0286 SMI 

530 Flnaudof ft ITU W1 
538 Oil ft NM- ft** - (Si 
530 lolemadana) 

3.64 Cabca - *74 

2.57 mreruxtioaal.- .058 
2X7 Wrld.WtdaJuly 34 [75 0 
2-63 OiujEt Faadx 
2 68 Aiixtraltaa . 136 1 

432 Eiirnpeaa 419 

139 Pu-Eaa 77.5 

139 NcBthAmer..- - 464 
LM N Am.GrtJulj-21 123 7 
1M cabetAioaeSiD Co 1542 

K.C Equity Fund [176 5 
SC Eoey.ReaTn.ftll 5 
N I'. Income Fund 149 * 
Kf Inti Fd line 492.1 
N.C lntl Fd (ACC.J932 
SC Smllr Ceaa Fdll55 4 

1813 -0.U 
1186 -09) 
15*5 -afc] 
9* On -OS 

5*5^ -air 7 25 ARMAC -July 3 . HnBUi 
I Did -0 4) 155 CANRHO«'Jub3 |£3 837 
9921 -0 4f 155 COUNT *-JuJr3 |£24M 

1 *71. Lombard SL. Ed 
'Bit Horae July 1) 12767 | 

\ Canada LUe A aid ranee Col 
- 54 m*b SU PoUera Bar. HerU. I 
EqtyCth.FdJulj3.j592 -UU 
RttiaL Fed July 6 | 173 “ 

‘ Cannon Aasonuiee Ltdf 

014231288 ,rD I>enaI House. GulUtford 

i _ GrLFd July 21 [7X7 

' ' reni.FdJulr21._j67* 

Unit Linked Pi 



Provincial Life Assurance Co. Lid. I’mcom Ho. 2fi2 Rceoford Rd E7 

Kh *76588 53 

- Archway Unit Tat. Mgs. Ltd.* (alio Smxxmei Unit Taf. Mgrs.t (*» 

- 317. Wish HoJborn.WTlV7NL 014316233. „ “f?" 

- Archway Fund -Jt2.9 8*2 1 683 ‘ RH* uLSlAt 

- Pric« ai July 20Nexl mb day July 27. JggjESfc, ft«3 

- Barclays Unicom Ltd. (aKglVlc) :SSlSS5ilPrS lu . £-fl 

<b> Financial T run 6 

01-5345544 (b) Income TruM 06 6 

StiSXZg'- 8,122 SBJSS.W. -:S 2 • ffl SSI r 
MBf" I” ....:i z ^ tSil z 

Equity Fund 1963 1813) +0 

Irish Life Assurance Ca Lid. 

Prov. Manared Fd U3.1 1192 . . - 

Pror Cosh Fd 3049 1105 . - 

CUt Fund 20 117.9 1242 +02 — 

Property Fund.. . 95.9 1010 .. - 

Equity Fund 974 103.0 — 

Fxd ML Fund *4.2 99J - 

I Do.AudLloc.- 60 5 65.7^+02 

Do Capital. ._. _. 674. 72. » +0.6 

Do Exempt Ta ... 1094 114 0+0 8 

Do. Extra inrame .279 382 +01 

Do. Financial 612 Mjj -fl 5 

Do General - . . 516 34.3+0 2 

Dtx Growth Acc *12 4*a+nt 

□o Income T& ... M3 913d -L2 
'Do Prf. A'iw. Tst . 133.7 146«| .. .. 

Price* m June 90 Next nib day Js 

Do Recovery $32 46(jj +0.4f 

Do Trustee Fund. UJ 7 122 9)3+02 
DoW-ldundeTa... 50 1 5423 +DJ 

Btff.ln.Fd.Inc 6) 6 66jj +D 5 

Do Amun . . .. [729 75 9( +0 6 

J. OhropicWj- Wembley HAMNB 01-9028878 tl. Finsbury Square. Ed 
Equity Unlu 107.22 - j+fljli - BUx-Chn jblj 21 -[766 

'■fiSsgasfe z 

- : BaJ.'Bd /ExK.t'oil 

- Deposit Bond. 

- Equity Acmun. 

:^% Acevm 
2nd Equity 
2nd Proporty 
. ' 2nd 3f anac*d 

2nd Depot) 

; and Gilt 

UL Prudential Pensions Limited^ dS eSSff *c«‘ ' ’ 

01428 82S3 H »1 bora Barx. EC1N SJfH. 01-405B222 Do Income Tx ... 

+4LSC 5 80 E*“i*. PA Jldv IS ...[£25.86 25.8*1 . . I — ’Do Prf. A’tlK Tst . 

!*» _ Fxd. Int July )B ..JmK 19_77l .. .. J _ Prices at Jane 31 

| _ Prop F July IP [0697 368B .. ..J — Do Recovery 

— | — Reliance Mnlnal 

Tunbridge WeDa. Kent 0802 3 371 B-MLln.Fdlne ■■ — 

RelPr " p - Mfc 1 m ’ I I - °®Ac«im . . .. 

I _ Rothschild Asset Management Baring Brother 

s "\ St StrtthlosLaae Loudon, EC«. 0143C43C6 ». LeadeobaD Sl. 1 

-•I - N.C. Prop. J1175 12501 . 4 - Stratum TO. 

n I At* Next Sab. Dty September 1. Armia..- - 

:2nd Gilt 

• and Fq Penai; Acc 
+ 2ndPrp Pens) Arr 
'tnd Mgd PensiA 
r 2nd Pep FenfLArr, 
f Snri Gilt Penx'Art 
tilrKSI F - . 

EJtftES.IF.: |27 0 2401.. 

Currant talnr July 20. CArt Initial . . * 6 106: 

tapital Ufe Assurancetf ^“nfual m‘) 5SI 

: Conirton Hoiine. Chapel Ash WTon 090228511 Dq Accum. 124 8 13L< 

- Key ImcfJ Fd | 16098 I ( - Fixed Initial 1175 ' 123.: 

Pacemakerlm- Fd | 18L07 | . ...J — Do Accum. . .... 1199 - 126J 

— .... a«-___ Ind Initial. 998 184J 

Chart ernouse Magna tritf Do Ac cum _. . _ Hi IMJ 

• lRChequmSq..Uxbrid8cUB8INE 5210 Managed tniUal ... U92 1211 

ffittS'-Stt M - z-RpSSLHT-fc* ^ 

Chrth^: M^Sod M m 3 “ DC Art UHL .1812 1061 

M^e 5^“:J4* 36.3 :.: - Lf*«I ft G+»«rtl fl alt rmtfoaq 

Bre.J 1336 1 ... - Exempt Cart lnit ..(96.4 1BU 

IIassu MuiBQed _ 150.6 I — Do Ac rum. ,90 0 WJj 

City of Westminster A rear. Ca Ud. ^AenSf 8- . 1 !!!^. 1234 ' lS; 

■ I 

M^w“‘...-.b 1 5 r z sl u.J z • g4^p:fnii: %A j& 

&Slmo1Wz:B 5 ' SS ::::. z *****<* wnmai 

UwftttaM. Vaa Tunbridge WeBa. Kent 

King ft Sbixsou UA RelProp-Bde. I 19*4 

52. CornhiU. BC3. ' 04235423 dji._i.uj ..... m> 

Bend Fd Exempt. J103.82 105*4 1 - Rothschild Asset Mxnaj 

Next dealing date July 16. . St Swthlng Lane London, ECi 

Gort.Sec.Bd -IUS.48 126*8 -I - N.C. Prop. [U74 1 

Langftam Life Assunmce.Co. Ltd. *“ S“h- d *f Se ^ e 

Laoehaia Ha. Hoimbrook Dr, NW4, 014035211 Royal Insurance Group 

121 iblSecmtoTrusi fek 
177 (hiHlgjiVTeldTxi. |?92 
InteLV (aMgl 

639 16 Christopher StreeL E C2 

-Ql SZZ- Intel. Inc jhmd 
-4 > 5 0* Sw Fnxut M 

J " 2H Rothschild A Lowndes Mgmt. tstl j 
16) St Mnibuw Lan+. Ldn ET*. 0I-K!fi4.Vi* 
*47 N-ewrtt Exrmpi 1023 0 130 01 I 3 65 I 

Prices on July 17 Next dealing Aug 15 j 
437! ail m Rowan Unit Trust Slop. LtdANai ' 
K2* -0-3 J.48 City Gate Hse. FlnsburrSq. EfC 01406 IW*! 
+DI +2 Amen ran July 20 675 7051 I 097 

In SecuntimJucv )* 1696 1781V . 4.18 

S7Sl+04| 127 m B h Yld. July 21 5*2 573 -1U 7«t 

l.t (ai r Art-urn. (,■«»• 76* f05j ~P2J 70S 

mmifni 1 Merlin July tfi 78 7 V 7d I 4 1« 

+11 S3N 'Acran Urdu I .>972 1021) ) 414 

+01 299 Royal Tst. Can. FA Mgrs. Ud. 

54. Jenpyn Street. S W 1 01«9IC52 

*il ffi fissw. • 151 7)13 I ?8 

-oJ S 27 Price* at July 14. Next dealing July 31. 
»o.ll H4 & prosper Group 

_ 4. Great Sl Helena. London EC3P 3EP 

M-24<«« 6B-73 Queen Sl Edinburgh EH2 4NX 

96 M +05) 678 Dealings to 01-554 8890 or 03I-22B SB! 

- LMUbam A-Plan. >622 4 - New Hall Place. Liverpool. (I5123T4422 PTOgrO 

PJYop Bond . , [ML* MU . . [ — Royal Shield Fd [1366 14451 J — ft Biihopsgeie. EC 2 

■ Wtm, ISP1 Mm Fd[75 9 .71^. ■ I — _ _ _ .. . B'gatePr —July 18 .11856 

- - - - - - - “ *- •» « “ AiSUU-Julr* 

l Baring Brothers A Ca Udf faj(xl *KJ 
-+««« 8B LeadeobaD SL.EC:3 01-5882830 , 

1 _ StrattoaTM. i-R72 2 179 61 .. .1 451 , * 

"* Do Arrum - ~~ ftb.6 222* ..J *J) L * 

Next sub day August 2 The 

2174422 Bishopsgate Progressive Mgnrt. CaV {jf 

j _ ft Bisbopsgale. EC 2 Ql-SflBfflftO [js 

\ 2J Ke>' Fuad Managers Ltd. (aHgJ Save St Prosper Securities Ud.* 
tLS 25.MUkSL&.'2V-aiE 014067070 l.rrmsileiirl Pr-*- 

22 te&givzm s»a «5 iw- ss i 

It 3 TO +6., VA ! 

ffi lsSMS.».Sf SSTSST^.ST ,7,«» , 

L17 Klednwort Benson Unit Managers? High tacew Fund* 

ao.FlsoelnrtbSt.ECS 014238000 H igh Re turn |M3 ‘“3 j 

ELB-Cnttm Inc . 066 • 4)91 -3 3 5 49 >»«" • •*>* *66|-0g I 

lx) 6K_B. UriiFdAc ..(15* 1 ' 1172+4R 5.49 fJL Fhads 
W« K_B.Fd Inv. T«ts. 553 54U 462 UKEquity- 

K-BSmlr-Cotf-d | - Sal . I - Oscraeas Ptudmi 

4jj LAC Unit Trust Management Ltd.V Europe 

The Stock Echange. BCD 1HP 0.-588 2800 

LftClnc-Fd . 1137.7 M20J .1 SU „ .'l 

.a¥ LtrinUtCen Fd 19*8 1019) .. L79 goctar Fnade 

579l+0)| 718 

UnUFd Inc . 186 6 9391 -3 3 S49 

. UritFdAe . .(lftS 1 1172 +4 3 5*9 fJL Fhads 

Fdlnv.Tjs. 553 593 .1 *62 UKEquity- [4*4 

indr-Co'sFd I - 56) . I — 0+ crams Fnndsui 

C Unit Trust Management Ltd.¥ Europe Hi 

Stock Kchange. EC2N IHP 0.-588 2800 J*r ~ lift* 

a Fd .1137.7 1*20) .1 111 : 

ft Gen Fd |9t8 

M ^:83 

— Legal A General (Unit AssorJ Ltd. 

Save A Pr o sper Group? 

t GLStB dec's. Lodii- ECZP 3J 

sus^&r* 3A i4jS a «“^r p ai?iSr.r 6as 

Secs. Ltd. Vlalicl 

1 79 Setter Fncde 


j'q 37, QnortVBt Ltaidon EC4R1BV Ol-2365+Sl Financial Seta 

I.J = 

Surrey KTSD6EI*. 
■-'Ash Initial 


ikj :z:: - 

1241 +L3 - 

130.4 +1.2 - 
123,7 +02 - 
-1263 +o| - 

uo +i3 - 

Magna Bid Six. 
Magna Managed 

+OR - 
+ 071 _ 

West Prop. Fund .„ 
i Managed Ftu»d ■ 1717 188.7 . .. — 

Equity Fund ... . 585 615 +9.4 — 

FnmfandFond . 739 77.7 - 

Money Fund 1212 U75 - 

Gill Fund .64 2 675 -0 6 — 

rt’LA Fund .... 1697 173.0 . — 

Pmx Mngd Cap.. 117.1 123 2 .. — 

Pros. Mnfid Acr . 121 7 128.1 . — 

Prov Money Cap *6 7 *11 — 

..r*aii Money Acc «5 51 0 . . — 

I*TOx Equity Cap .. 5*9 577 

Pen* Equity 4cr 57 1 M ij +0 4 — 

‘ Klmd currently c used It* nc% in«eumenL 
J^yrionn L nlts . 261 • * '| 

; City -of Westminster Assav.dtec. I4d 

ifnlephooe 01484 08M 

first Units — |123 6 IND .) — 

.IPwprtTj I'nim. 1547 57*| . I — 

iCommerriai Cntao Graap 

Si Helro'vl.Underrtali.R S 012831 
VrAnAet'l Jub 22 | 5514 1+001} - 
Do AnruiD l 'U I 17 99 } | ■ 

Confederation Life Insurance Ca 

*0. Chancery Lane. Wl”2A 1ME 01 242 B 

VEqulD Fund. - 052 6 16021 

•Managed Fund 1777 1865 

VPIPFSad. 5754 - . . .. - 

l*nd IVn Mud 72.6 7b 2 ... 

■ Sialfgd MniXLPn . . 72.6 76- 

GnmpMngd Pen 18*0 

Fried InL Pen.. 199 7 

Eqult} PcnMcn. . 224 0 . 

Property Twin no 1394 

01-2837300 0^5 

Exempt Eqtr.lDlL. 1219 . }S1 . — - , J S£. 1 - 

Po Accum 1239 1369 — Fried Int. July 18— 

load Exercpt Fried Uirt. 1OT.6 . fiSa .. . _ Fixed _InL 3 July 18. 

01-6049864. Do. Accum ...— u£* U73 ._ — InLUL July 16. 

11 Exempt Mngd Intt. U9L9 126S — NftSCdlJui 

•• 1 — Do icrum 1218 ..... — KfcSe.Julyl 

h-J Z • SeSSproaI«UL.1ft4 S3. . - Mafid.MtJW7l8. 

I **■*) Z Ho. Accum 98.* 204 - Managed JulylB 

Legal A Geneni Prop. FtLSgra. Ltd 
11. Queen Victoria Sl. BC4J7 6VP 01-3189678 Proper^ July 18 
L*GPrp.Fd. July 3 j%5 1IL3I . .| - 

. N>at «urd« 'Xugu* I 

LUe Assnr. Ca el Pennsylvania MnPnCpBJoly te 
3#.42.N»»Bcod5u WJ70RQ. 41-W83B6 J “j* V? 

IACOP G01U- M7 1BS6I,. .1 - FrilSl^SrcS 5 

Lloyds Bk. Unit Tst Mngra. Ltd. Prop. Pen Cap a 

Tt.ljimhard SI . EC3 * 01423 13*8 £^JpL/c!„ B B 

l B6 7 ■■ MOt) . . T 796 x“n^F^.Art h 

Lloyds Life Assurance . ■ Ov meu 

an ciiiton SL. ECU 4 »n Scottish Widow 

®!!:ClhluLv6 I L297S* J..-I - ■ PO Bo* 902. Bdinbu 
Sfa r ” Iro-Jb-5erieaL 

Property Fd“ 1539 1624 . - 

GHiTd 120.4 J2ft! -0 7 

DeporitFdt 1236 IMi . - 

Comp Penardt 2045 2144 ... . — 

EquHyPenn-Fd. 185.4 195.7 +L3 - 

PrepjypxFd* 2228 2352 - 

Gill Pen* Fd.,.. _ 935 987 -0 7 - 

Depot PaoxFdr...|991 1M4> — 

Tnro on July 18. 
rwoekiy dsslmg i 

Schroder Life Group* 

Enterprise Houae. Poruiuouth. 07053713 

Equity July 18 I 230J 

Eaulty 2 Julv ia 

'(WrfnLJulyll .074 0 18S3 ‘."I 211 JRayf.Material> (39.0 _ « 

Keromi July !1. P92 0 2093) | 2 81 . 107 47 

Next sub. day -July 39 —August I. -Growth Fii nd 5ft* 60 

I Bridge Fund ManagcrsViagc) 

Elog William St. EC4RBAR 014234*51 fraSHaSlr ‘ ' S* 9 ' 27lt 1 5S KI "nil ?2] 

Amen can ft Geo. t. IB 3 26 71... I«t!®yii.ld‘ .146 W.fl M7# gggi, ' HI Jg 

Income* - . — So. 9 55.4) .... *46 -^Aceam. I'nlix U5 oil [1170 Sc«<»nana . — p7 5 b >4 »» *» 

Capital loci 368 3U 313 &exl +Mon. *Tue* ttWed. cThur^ — Fn. Scot Ex Gth’* [248 2 259 I 2 08 

DoArtt.. 407 <l5 ...._ 3.13 g Jt rjn.-Vl T — Sent. Ex. YMl J165S 173^ . .1 73* 

Eyenptt - . 13*6 143.0m 5 BS * General Tyndall FnndO M j*iy 11 Men sub day July 26 

IntenfS-tatt 169 18*... 3J7 l&CauyngeRoidBrinol 037233241 - ... ,, 

Do. Acc • 186 I9.ll 3 37 DlaJolyU.. . .[578 ult ..J 553 8chleslnger Trust Mngxs. Ltd. laMzl 

Coaling *Tues tWcd fThura. Prices Inly (Accum Units- - (718 . 75. ffi .. [ — 140. South Street. Dorking. 1 0306)88441 1 

1L 12/13 Next rob day Aug 18 AmExanOt ®I 23 M -0.1 252 

Bjitaonla Tn.« (»> «> „ JfjsS&fl- if S3 M ig 

3 London Wall Buildings. London Wall. 2, Dote SL. Loodon W1M6IP. OMOBMR Exempt MktLdrs 255 27« +1L2 454 ! 

Tricorne* - . — 

Cap! ml Inc I 

Do Acer. . 

EyemptT . 

InlerntL 7nc.r 

■lAreum Vniui _ 62.6 661 — 279 

rtGUtaodWomni 377 4S 7a .' J 189 
lAmcrteatiFd . 240 . 261 - 849 

4*“‘ xfArvaai Dal'si 2*9 271 .8 *9 

JS •* High Yield . . *46 *7.1 

646 -^Aceam. t'nlrii . 1625 67.1| . 1170 

1 J3 Best. dDtotv "Tue+ rtKed. ^Hiura ”Fn. 

, ^ Legal A General Tyndall FnndV 
357 l& Canynge Road Bristol 037233241 

. - 6*8 _Hlgb-aOntnwini Funds 

*2 Select Inieroal .' .[2665 27) 

1 5* Select Income [536 W 

- J" Scdtbite Securities Ud.V 

T 55 52ML- ~ Si 

47 71-031 5.B2 

95 21 +081 318 
112* j an 

821] +03) 124 

84R-06I 392 
77ffl +0 4 177 

7»* +0 2|: 560 

Z I Britannia Trust Management (ai (g> 

— Il London. Wall Buildings, London Wall. 

-0.1 242 

. . L60 

+0.1 «A1 

Oversea* 4 

Scottish Widows' Group 
PO Box 902. Edinburgh EH1B5BU 02145SS0ec 

London EC2M5QL 

Arnett |7L8 

Capital Acc — 533 

Comm ft Ind.. . S60 

Cmmucdity 005 

Doocftlc.:. 38.4 

Exempt 1158 

Extra Income *93 

Far East 225 

Financial Secs. 646 

Gold «* General 974 

Gnnflh. • .. 51 0 

T &<-. ft Growth.. _. ... 73.6 

Inti Growth B. J 

ImreaLTiLSbare* . 47 7 
Minerals. - . . 84 

NoL High Inc . „ 624 
New Issue. „. 35 7 
North American 296 
Prolrguotial.. - 5095 
Property Share* 13 6~ 
Shield..- ... ...466- 

.Sistui Change 301 

Cn}v Eaerjty- ... ..(3B 9 

0479 UoDiJU- . gl.9 7«5 “HI 5 g ExSftfcTM. .. .. 280 

5 T7 LeoAccma. — _|819 862j -62| *59 ItwomcDtiL . . .38” 

3.90 Lloyds Bk. Unit Tst. Magrs. LkLf Ml Inc. 10% Wdnri. — 29 0 

Registrar's Depu Gorlng-bpSea. 2* 

WortWag. West Sussex 01-933 128B 

S-ti FimiBalncd) 158.1 54 ft +053 4.49 Leaders 79.5 

01-6380478/0479 Leo D iff— . (74.9 

77_2J +0 (J 5 T7 UoAcCtWL 

57S +0.9 3.90 Llojrds Bk. Unit Tst 

m ^ SSSK:.::zSS 

b1 ... 2.98 S 5 

Hid +03 459 K| 

10433+4 2 275 TMroOaew.™ 895 

snTI ui r ten Do-IAccouli. uj" 

M x |i BSSSSK-rW 

5133+0 4 iS Lloyd's' Life Unit 1 

slsi ;s 

Z iiMwat.- 

a2 "Nil Yield' 28.1 

53'^x Prof ftGiltTnnL- 226 

57 § +0.; 2-77 Property share* -. 762 

Ira Special Sit Tff 2S2 

tra CS 1 Grth. Arrum 220 
S4S UK. Grth Dlff. 194 

52 7d -0 1] 
2*ft +0J 
3L7) +0J 
3033 -0.1 

+05 5.07 
+6l| S.07 

3 *5 Lloyd's' Life Unit Tst. Mngrs. Ltd. 

72-80. GmSlK+l Mr Rd, 
Sir Equity Accum, . |X 
18 M A CrtGroupV i 

J. Henry Schroder Wagg A Ca Ltd.V 

im.rbeapside.RC5 . 01 -M0 3*34 

0SM&M1 Capllal July 18.. 

L^JM*) - ) V»-tt5SKidr5l”©r9 

' Arrum Vnltai. . _.| 

L [1855 - 105/ +02 - 

rS „ 999 ■ 105.2 +0.2 - 

21... 983 163.5 +0 1 - 

». . 139.6 145.1 +45 - 

9 . ... 1355 1413 +4* - 

10 . 266 9 265.1 +64 _ 

« S Three dEftiTiraw HiU. EC» ®0 .016*6 4588 General JpJv 10 .. 

• 5rtd£sSkFi£h*e1>e-iEDra "3™,'^“"* 

S iasaurfBl sssf SS5SSS-" 

UtdvEasnQr- — -® 9 35*4+61] 258 AiSSSa^lroTlZl 

The British Life Office LULf 7*1 ] 

Reliance Hae. Tunbridge Well*. K103P2 22271 1 Arrum. t uiUl” — 
BL British LUe... |S0 r 53 71+OM 5 72 Compound Grouth. 

_ The British Life Office LULf t*l 

““•*’ i - ExUUncJoIylP 11355 14131 +4 4 _ 

London Indemnity A GnL Ins. Ca Ltd. Mgd. PenJubio. [2U9 2(&d+04| - 

01 242 0282 i6-2D.TheFarbury. Reading 505ii Solar Life Assunnce Limited 

■ = BOTta0E..iM 

■ — j ~ Fixed Inters* 1S2 -36.1} 1 - Sobr bunged S . 1HJ USJ^ +0.4 - 

The London A Manchester Ass. Gp.f — 1642 17i5 +L2 - 

TheLeax. Fnlkesuaie. Kadi 67333 S " Z 

CornhiU Insurance Ca Ud. 

RM'nrnhil!, v 0 3 61-065410 Jnr Truff Fund.. .1 

Cap Growth Fund. 
OFlex. Exempt Fd . 
CLxccnU Prod Fd 
♦Expt inv Tst. Fd. 
Flexible Fund .. 

Cap Feb. Aug. I3_ .Q260 — ( - 1 — Property Fund 

&I?& a j^:© 6 iwoHz JUGro 

Credit A Commerce Insurance PwTpwSoo- 
iao. Regent Sl. London WIRJFE 01-4397061- Com-. Deposit' 

Property Food | 83.6 I +1 

MAG GrtwpO . 

Three Quays. Timer Hill EC3R 6BQ 01 

+04 — 
+ 1* _ 
+L2 - 
+Jl - 
+02 _ 

Solar Carts 1002 

Solar IntLS 96.6 

Solar Managed P ... 1279 


Solar FWUnLP.. . 1168 
Solar Cart P 100.0 

as = 

as»— 'BS 1 i84l Z.7 - 1 112 lAccum. Inltai— 

_ . ... - . ._ ... Pt-rtormance I5S3 62* +0 4 4 40 Hagmun 

Son Alhance Fund M ang m t. Ltd. Recovery BL6 229) .. . 6*9 1 Accent. I'nttai 

Sun AlUonie Hoaar. Horsham 040364141 Earnpt iuly l 6*1 51.3) 538 SDdlrod. . _i. 

P^ob^l • H z Canada Ufe Unit TsL Mngrs. Ltd.« 

J“_. .J? 1 M High SL. Potters Bar. Umts P Bar 5 1122 

Sun. AlBance Linked Idle Ins. Ltd. cjiai^xiDiff — oa 4 40.4^ +0 a *32 — 

Sun AlUaoco Hone. Horahua 646364141 Ool G«i Aecuni- .874 +5^ 452 t mlal — ■- 

Per*. Pension* 

CftCMnwlFd . .. |122 6 132 6( I - 

Crown Life Assurance. Co. LULU 

Equity- Bond'* __ 
FnnttU 1 75680*" . . 

Family HI-88*' ... 

'Rtwra Ulellw. Hnkmc.GL-21 IXW (HriE.iaa 
1 Muigd Fund Art. (10*3 1093+23 ~ 

.-gaug'd Fd Jncm |l£J 3 ‘H 3 rS«Xt> Btf*" 

1093 -ow 

109.7 -0 9 
- Bang'd Fd lnit . BBS 1M-” +0? 

,i Equity Fd. Acc 99 2 ?2*f "S^: 

Finiiiv FJ (firm “9.2 134 4 +0 2 

Equity Fd I nil 989 'Ml »B.. 

Property Fd. Ace . 95 9 1«0 9 

Property Fd. Inrrn 95 9 1M9| 

Property Fd 1 nil 954 100 g. 

lm Trt Frt Arc 1031 Ml 3 +6 7 

Int Tst Fd (nim. 1039 1*93 *0 7 

lm Trt Kd lnit 103 3 }W7 +0 7 

Fried ItsL Fd Arr . 978 1® 9 +£ J 

Fed Int Fdlnim 17 6 MU -? > 

Infer l Fd Ace_ 115 6 121 1 ril ' 

Inter I Fd Itirm 11^6 1»1 6 +0 9 

Mnriey Fd ftre 9ft 2 101 2 

Men «T- Fd lru-m 962 131 2 

D-.H frrt Incm 104 7 119 2 0 5 

rrown Brl Inv. 'A . 155J 
Crusader In.turaare Co. I iff. 
Vlneulx lleiiM-. Tnwrr VI . E*-.t ntJC 
Gtb Prop July* . |70 4 «0*j . I 

Eagle Star InsarfMidland Ass. 

liifcmaUtl Bond" 
-644 ponged Bd-~. . 
rropoifrBtt" ... 
Yield Fd 1KL- 
j m Bcf*ny Fd Bd.* 
American Fd. Bd - 
Japan Fd Bd* - 

Z34J „ 
1183 1243 

1387 1455 

162 3 

tall mi 

as- as 

159 2 1«3 

•13 *54 
M3 664 
52 9 

57) . 603 

Sun Alliance House. Horsham 

BL British LUe -. B*r 53 71 +-0 51 572 
BL Balanced*. . W75 Sttft .. 561 

BL Dividend* |*2 4 45.4) . . | 126 

■Price* July 19 Next dealing July 26. 

Brawn Shipley & Ca LULf 
Mngra: Founder* CL. EC2 01-09C8KM 

BS L'nlri Juft- »7 . (2171 233JI — J 452 

Do (Acc 1 Jutr H - 1262.9 296 6| j 452 

teSSJ^J"*g« 3751+0)1 4.62 

General .1199 3)3 +0.4 5 22 

Growth Actum. _ Mft9 «8 0 +03 5.M 

Growth Income. — [36.6 J5 S +0.2 5.9* 

High Income 129.4 31.9+01 950 

LTD PL7 +02 3 41 

Index _.p4.8 27 (W +0-2 4.26 

Oversea* • U97 2133+0.1 3J8 

Performance 1583 +0 4 * « 

Recovery I2L6 22 91 .. . 689 

Exmpi- fuly 1. — — .U69 51.3) 538 

040364141 ExmpL July 

5 61 I'onvrTUOn Growth (6 J 
f20 Cpoverrion Inc... 65 3 

8 Dividend. 1X7.7 

(Artum Unltat 2Z31 

European ... 499 

km tAecum. L'nltsl — . 510 

fs Extra Yield K2 

J-g (Aocorn Units) 1125 

452 Far Eastern S85 

• (Accum Unit*) 63.9 

4.62 Fund of Inv.Tffx-— U.1 
520 (Accum. UniU)- — 769 

■5l 68 General" : 169.6 

586 {Accum. Unha). — 263.9 
950 High Income — 1818 

3 41 LAcc’tm ITnttX) - 17D.0 

4.26 Japan Income — ,..165.4 
386 lAecum. I’tlnl 16ft* 

4 40 Magrnun — ZD 7 

689 1 Acvcra. I'ntrii. — 2665 

552 +0.6 . 

5*2 +05 *■«£ 

592 +0 5 J 92 
84) +0 4 422 

906 +0.4 4 22 
1164 +0 6 3 76 
702 +0.6 ZA2 
695 +0) 835 

1265 +05 7JO 
2391 +L0 787 

S3 lu +0.4 3 02 

5*3 +0.6 302 

09.7 +03 S40 

119.1 +0.4 846 

62.1 .... 113 

68C -0) 233 

*7.7 *0.2 45Z 

82.7 +62 452 

lM.Oa +10 — 

2863 +1.6 - — 

1076a +02 844 

181.1 +05 844 

1762 .. ..- L® 

177.1 +91 2.30 

2287 +24 371 

235 2 +3i 3.71 

* PttifcChar FdJy 18 

4 22 *Fnr tax exempt funds only 

Scottish Equitable Fnd. Mgr*. LtA¥ 

*35 28 St Andrews Sq. Edinburgh 031-556 »1 01 
7*7 Income Units - -I49.fc 52.* I 5 24 

787 Accum Units . ...J567 , 68S ,| 524 

188 . Dealing day Wednesday 

im Sebag Unit TsL Managers Ltd? lal 
846 PO BosSIi. Bddbiy H«e . EC.4 61-3365000 1 
Scfaag Capital Fd - B3 5 35.U +021 359 | 

Sebag Income F(1 -P02. • -3221 +02} «17 

452 Security Selection Ltd. 

5-5 15-18 Lincoln's Inn'Fletila, WC2 0I-8310B36P 
>44 UnrlGUlTn Art ..K) 26S .1 2JQ 

JS UnriGthTn Inc — [21 9 23.M . I 321 1 

+0 7l - 
+0 7/ 4 90 

, +071 - payery." 
+01 - Fro petty p 

-3 1 11.44 fcuity -- 

Japan rd. Hd.* - p/J . , w-H ,t — 
Iwr* on *Jnly IS "Julv 3>. -“July 31. 

Merchant Investors Assurance 
1S5. High Street. Uroyden Ol-flSflOr 

fSBSifti-j:| W -sil- 

— Equity Fund.. flZLl 3Z7JI +12 — . 

2 — ' PrirtflnftrreffFd:. 1862 m3 +0.1 — 

- — 1 Pro p e r ty Fund- -.. 109) 134.9) .. _ — 

— Internariooal Fd .. 1082 113.9) -04 — 

= SEafKi--'BA iSS-J - 

uiy 21. Sou LUe of Canada (llij Ltd. 
e 83. ft CockspurSL. 5W1Y 5BH oi«054C 

Si ••• z 

I - %£l u Ju SS I r.l = 

C*a Gen DiftL 084 408aJ +0 3 

Do Geo. Aecuia— . 47 4 49.g +0j| 

Do Inc. DIM. 1 S3 7 35S +02 

Do .Inc Accum. . -p*3 464( +0)| 

ITS. IJif Recovery. — _2” 
P Bar 5) 122 tAecum. Uniia)^^.. 
.ft ^1 j m Second wi 

£44 Unrl Gill T« acc ..K) 2*8 .. | 2JQ 

UnriGthTn Inc — [21 9 23.M . I 221 

J-® Stewart Unit Tst. Maoagera Ud (a) 
371 *5. Charlotte Sq . Edinburgh. 031^283271 
371 tStewart America n Fan* 

Standard Unit*. -.1660 69S ...I 1.J9 

i *4 Accum. Units [711 75J) . ...J - 

+551 5-g Withdrawal Unit*. ] 

1 Accum Unital- 

+M Serom I'oiW — ”( 

BpcrUllo+d Panda 

Cape! (James) MngL Lld-V Truotce L.t 

100 Old Broad Su BC2X 181) 01-588 ®10 V 

t2££-~ KS- 2| " | 52 cteTj d of?tf:t 

, «SSS«'H.Te-in |7 Xl+. li.iiw Jj, U I A ream. U nflXJ ___ t 








I +01 


I +0.1 



1 Thrrmlnr-rdli- Si . El'?. 01-5881-1 

Facie. Mid V nil- 152* 54.91 +0 3 5 9 

Equity & Law Ufe As*. Soc. LtdV 

4mer+ha<n Ifnail. Hilth Hyeooibe O+M ."331 

t qillri Frt fll* 1 111 1| *LflJ - 

Froperl > Kd 1W> 7 112 M • - 

Fried l.- uneit K 1091 ll** +0? 

t'.trt Ocpo+ll Fd 99* 104 ft 

MlirdFd . 1115 1173) +D1| - 

4 Kqnity Pen*. 1 W 4 

q tag IlMiyilaiM MJJ 

Money Mkt IVn* . lgl 

■ 75 Depmit.. 1291 

5 ft25 nerroitPeax ..- 140 [ 

„ Managed 1056 

ManaccdPen? 137* 

inti equity .. 107 7 'nil Managed .. .. M52 

. | .. NEL Henidons Ltd. • 

. Mi lmn Court, Dorkutg. Surrey. 

' NclexEqUop {701 I 

Target Ufe Assurance Co. Ltd d° High Yield— W15 
Target Honae. Galehouae Bd Ayic rtu iy. Do Arrpm Unlu -J516 
Burt* Aylrsbuiy <CCP6l 504! Neri dealing dot 

Man. Fund lac. 195.6 160. « ■ I - Charities Official I 

SSSSrr.7-.RS' SI :[ !S ' 

Price* 00 July Ifl Nrrl deal! os Auguff a 'A5 S&. jSsItZTBj Ml .: .. | 
Carliol Unit Fd Mgrs. Ltd? (aHc) MannUfe Management Ltd 

MJIbnrti Hnoae. Ncwr*sUeupon-1>iie 21165 fa. Gcorge'aWm.Sterenaae. 0(38! 

Carliol—- |6?J 7U|._.J 4 SO Growth Unit* (5E4 552 1. I 

Do. Accum Units., [as o «5J — 4 * oo >ipyfiower Management Ca Ltd. 

Do High Yield-.— [415 4401 I 827 14,18 Gr*chamft..gC3V7AL*. 0I4SM 

r in -Stemmn BrMrt Cwital PUnd 
5 10 Standard. ...11351 MU...I 430 
Saa Accum. Uaita ..|»4B » . I *J» 

4_2* Dealing fPrt ‘Wed- 

Sun Alliance Fund MngL Ltd . ! 

SunAllignceHse.Horxham 0*63 M 141. 

|S 5sM.rfe. , .igr 

77* Target Tst. Mngra. LtdV laHgi 

!> n ' 31. Gre+hnm At- 6C2. Dcolinjm 020650*1 

Target Commodity’ 07 9 40.M +0.51 3 61 

01-588 1212 %eirxEq Accum.. 
+0 2f 5 97 NcJcx Money Cap 

Xelex Hon Acc«5 
VclexUIblneCap B1 Jfl --••) 

■•clcx Glh Inr Arc Mi 51. 11 1 

Ncl Mxd- Fd. Cap.. MJ6 562 I 

NelMxd Frt .Arc. MB 6 51 « 1 

N-hcC Sub day July 25 
For New Four: Piepcjvy * ** a ndtr 
Bothwhild Aoart Mmagemcal 

KaaFudAcr 1383 1245 . ... 

Prop Fd Inc. - 108* 1141 

Prop- Fd. Arc — . 1390 .. . 

Prop. Pd Inv 1080 - . 

Fri+d Int Fd Inc 1606 1051 

Dep. Fd- Act Inc ... 96 .4 100 < 

Rot Plan Ac. Pen. . 733 798 +6 J 

BctJ^onCjmJVn tit . fctl -*- 0.4 

12*1 U3.1 

JtMi1ailln.Cn. . 1166 122.1 ... . 

. GIB Pro! Act Z* . 1361 1381 _... 

Gilt Poa Cap. - 1122.6 1291} . .. 

fd ISA - .1 

f data date Jub 38 
tal Invest. Fd4> 

waytiower management ca lul m AroTfUbT.. : 
827 ]4,lBGrroham5L.ECZV7AU. 0(4068000 TargctGUl Fund 
•27 locojneJoly 18— _lll>5 9 11151 . | M6 Target Growth. ... 

General July 18 [783 74 ffi - | 549 Txrgct lnU 

6*38 18101 Taraet Financial. 

I 415 Target Equity . 

, .li Target Ex July IB 
LUL . 6Do. Arc. I* nits.. 
014068000 Target Gib Fund 

July}*- -Bgi? - Hi?) 444 Metv. Gen.Ji0yl8.IM24 204 7T . . ../ 4.45 Tft' 
July 18.. -.[ZSftftl — f- 3 511 — Arc. L'la July mZ„ 25ft0 26ft H _ ( 4 45 TSL 
ith Only available to Reg Chantie*. y^ ici §5 Z.. 252 tR 

Tl Landau Wall. ECBN IDB. 
Income July Id. -113417 
Amim. Jo/y 18. -.[25661 
ftUnauth Only available ti 

Cbarterhoose Japhettf 

1. Paternoiler Rom EC4. 

CJ Intornat'l gi 

Accum Unite — — - Q7 6 

CJ Income ®4 

CJ.Euro Fin 12ft 6 

General July UL— [703 740| . 

Mercury Fund Managers Ltd 

01-5661815 30, Gresham St, BC2P3EB. 

Target lull - 
Do.Rrinv. UuUa . . 
Target Inv — 

Tgl. PT-JulySU 

Tft Inc . 

— Transuneraaficmai Life I as- Ca L*dj£ 5 e y 5 'i'n?*T«it “ 

3 Bream BMgs. FTP INV. 
"Tulip Invert. Pd. flftLB 
: TuUpManrd. Pd. . . U2 7 
Han. BoooFd. .. . . U64 
Man. Pen. Fd. Cap U96 
Man Pen. Fd. Acc 1271 
— Managed Inv. Pd 96 0 
4MnedJnvFdAcC 96 7 

01-4056 4< 
14934 .. .. - 
1181 ... — 
1227 ...... - 

125.1 — 

133 7 . .. - 

1611 — 

1*1.7 . 1. — 

I Accum L tuis 


Pnee« July 10 Neat dealing July 28 Gro«il» — ; 

... Do Accum — i 

Chieftain Trust Managers Ltdfuiig) Capiui ■■■— , — . 
UNe-St EC(M4Tr 01-2832BC 

yncn^.„- - • • MM « 11 +011 1 41 • .“ ' 

High Income - MO 6 43 61 I 9.4* internal tonal 1 

loiernaUanalTH.- .2124 6 .264id -0.1] 32# noAccum..— 
Bwic Resrce. Tff 127 4 295) +0^1 4 24 {fojfySjS ..SZZ\ 

Till a (•< Do, Accum 1 

Jes Mere, lot July 1S.-.W5 69.7d .... 252 TfL Special Slu. . |19.6 2LU -0 1| *.« 

. ..1 *» Targ* 4 Tot-. Mfcrs. (Scotland (aKbl 
01-2483990 Acorn l-Lx Juue28-^5 5 26611 ....J 456 18 Atbol Creocenu Edm. 3 01-320 8621/2 

201 Midland Bank Group Tara« Agwr-ErtJeWU J0)rf +031 l« 

^ S 2 L 2 rS 2 Sf"J"- 2 i ' BaSairS? sl^tUs s 

43* sbefneiiSlTO^ • r **Vfi 0748786*2 Trades Union Unit Tst. Managers* 

334 commodity itGca. rrt$ 7741 +D3I 5^ too. Wood Street E fi 6I4K60II 

“‘r 1 - — ml fia zSa IS tv'utjous -..m* *i*8 f ss* 

55ft Do Accum. 

ECJM-ITF 01-283 26+2 j 


} Trident Life Aoauxaace Co. Ltd¥ Basic Raaree. Tfff&* 29S +og| 424 High Yield ... : 

iRenslade Houoe. Gloucester 04523«4l Confederation Ponds Mgt. Ltd.* fai Equf^^mpt'Zrj 

30.7a . .. 

335 .. . 
S87 +0: 
646 +01 
S22 -01 
555 -0‘ 

Managed A — [122.9 

5aggd -.zr:....M84 

Propera 1484 

Eon lnrTA marl ran . 865 

50 Chancery Lane. WC2A1 HE 01-2420282 Do Arrum" — . 

Growth Fund... . |42 4 44.5| . .. | 4 26 ‘Price* at June 50. Next dealing Jo 

Cosmopolitan Fund Managers. 

3a Pont Street. London SW1XBEJ 01-3S8SS3. ! ccyi ' St- EC« H e B H . 

rasmopofai.G(h Fd [17 6 190) 4JB ut-srr July 10-— B4.2 362T 

i.LiMiiiri lir.Hnarv... ‘tra. 3. '*»«■*« ** «•*» -*■*■-* 

175.0 170.7 164.4 162.6. ltil.i 160.6 

-•r.j. |nr 5.54 5.64 5.6S S.6A 5.56 5.60' 

i+mn;. - 15-flI l?- 14 17 - 10 17 01 

. -I, 7.94 7.T94 '7 94 7.81 7.92 7.B5 

I'Miinr n<«rse,l 4 .438 4.367 +.385 4.757 4.5U1 4.172 

_ . 75.77 76 84.SS.84 68.07 70.96 

rvrit'WBHM'ri. 15.920 19.J78_17.I41 WJM l*- 74 ? ! 

ia gm 47u fi 1 1 am *77 3 Noiu 4ri*.9. i wii^t 
2 pm 4(3.0. 3 P«n *784- 
Lateit Judex 01-246 ED2ft- 

• na K; n.-r iy« torpuralwn :«. 1 Nll = - 

Baric HM twl Mit, i;, 19 26 l ived IlH m. Itlrt •>«! I ■ 
Hines :*■ P 55. SF. A'-llril* Jul.v-prc. ISC. 


1281) . ... — 

uzq :... . — 
130.61 - 

13471 .. — 

1189 ... . — 

1239 — - 

lb Transatlantic and Gen. Secs. CaV 

3 7? BUBO New London Rd Cbelimford 034551631 

4 43 Barbican July 30. {73 6 7854 545 

443 lAccum I'nllxi ..1142 1217 • 56 

Borh.E»pUune28 95 6 882= 5B7 

JS Burkin. July 28 785 824a 4.99 

B2S ■ Accum. UuHal .. 972 102 0 *99 

82 ColemoJob'SI ■ - 2273 23*9 +0.3 598 

394 i Accum Units' .1536 162.7 «D1 5 88 

594 Cumhld July 10 589 54 B 721 

31 i Accum Unit* I - 55 7 59 1 . 7S 

Glen July 18. . . S4J 571 ... 480 

t Accum. t' niu ■- .698 »! .. 

Hurl boro July IB 52.B 541 ... 311 

•Accum Unltai. .,BJ 616 ... Ill 

Growth Cap. 1233 130 « 

Growth Ace 1272 134 S .. 

Pena Vned. Cap - 1119 1189 

Pens. Hand. Ace. ._ lift* 13 9 
Pen* G id. Dep. Cap. 1023 188*1.-... 

Pmu.Gtd.De? Acc lBft* Jllfl ._... 

PeuiPpty Cap . . 113 0 111 fl ..~. 

Pena p 5 Arc - - . U7 7- 124 3 • 

Trdt Bond .. _. .. 34.2 J8» ... 

Trill G 3 Bood ... 197.5 - ) ■ 

.•Cnah value (or £1M premium. 

— (CoraopotoGlh Fd [17 4 190|-.| 4JB MiojicvJuly ]0_ 042 3621 f 6.02 VauCffth. JulylS 50* Si 

Crescent Utril TsL Mgra. Ltd. (aHg) 5fri3S feR W 1 “* ASKARS. .* nl “ 
4 MclviUe Cra*.. Edinburgh 3. 031^2848*1 ^ JS?*** ^nft fee July 10 «3 « 

— .w 3B2I+B1 *11 Old ijueen Street. 5W1H0JG. 01-0B073B.- lAccum- UqJDli ...... 45 0 *1 

SMSSn*: Si 3^ MIAUU..; - ,^«.4 4*9 -I «M WWJYJM .... tt* f. 

era* High.Diff . -fol q*3 ♦or 893 Mutual Unit Trust ManagersV (a)tg) 'A'S'S VS'J'J, «] y 

8StS«"-*B{ al-Ol 1« l8UoptbailA«aBCSR7BlL 01-C064B03 - -S 

Toaya [rn* mzi u.y ivy Mulu3 is«- PUia._l*99 53 9 +0 3 45* __j_h . tA . 

Discretion an* Vnll Fund Managers Mutual ric Tff. — Ej 7i| +03 741 TJudaU Managers LlxLV 

c, rXnvr-. /t TxlZ+IZ*. Mutual Blue Chiu .ETs *7 0) +03] 672 18 Canynge Road. BnooL 

S. Blomndd Sl - DC2.H7AL Mutual High Y1«r_|5B 6 42 9+0 1) 84* income July 18 . I988 

highs and lows 


■Mnrr Cranpllplbm | 

.tleri-dtea-i 78.6B 
1 •aili 

Flstri Ink... | 81.27 
iP.‘l i 

r t nU Mirjm. 175 D 

' ffi!.). 

UM I ;ui^«l J 152.2 

(Slew ; Al.ibl ; | Dl1u(t ritia 162-1 

150.0 ! M.M ! speculative., j JB* ; 

4H.U4TI: lJ i*75i rotate..-. ; 100-8 . 

4S3.4 ! MV.B ! 49.0 ' 155.? lg-0 

*•», iAf6«ti | pallia I rla*h... 165.1 l|d.b 
<42.5 , 45.S pacuatirr...; 53.0 
. — 9w7M+* K .W«il' :«ui> ' 101.3 300.2 

TyudJcU Assurance/ Pension sV 

ICCaovugeB—LBriffol OPSmtl *£££££„ 

3 Cffi:.Z' «6 Z <»l Wlneh'rr n'seff 

BwdJuffSo. UftB .... - E cason St D 

SS: is r = 2SSS5 

O'seoalov. JuJy 30- 781 • — c „ 

MaPnJ-W July 3— 1*9 1 — Etjuito* See 

DaEqunjJuly3 . - S7» — ■ — 41 Bishapacate. 

Do-BrodjahrS -- 1W8 - proeresrifr .. 

Do. Prop Jug 3 »6 — — , - 

Vanbrugh Life Assurance 

41-0 HrthteSL. Ida. W1R0LA. 01-4004023 *™*™'*^~ 

Uauasedpd. D47.7 1555 +8* - 

EuoJWRl Z35.6 2491 *29 — F ramllng Ux 

I ntnl. 5^md 103 5 1193 .-([/ A7 IzdandYat 

Fried Inlerrt Fd... ©J 175.9 +0J - * Z^T 

asRss&Ji Sz 

Vanbrugh PcnsisU Limited lut. Growth Fd 

EL F. Winchester Fa ad MtigL Ud. 

37*3) +7.ftf 510 ^at/ouai and Cttnoaercial 

Income July 10 
f Accum. Volltt..- 

| 831 

ft. Lid. 31 Si Andrew Sqaare. Edinburgh 031-6568151 SK2n. J SmUl 
0180621BT IncomeJub;I2-_P«* UlH . 62* kS^I&IO.. 

• I 521 — WS! 20*9 "■ 'Arrtiai Ualj*' 

J 424 rapt JuK-12 [U78 131 o M IbL Earn July 10 

i Actum Unit»L....pL55A 161.2). 544 . i Arc am. Unlui 

»"2 32241 Old Jewry. EC2 0180621B7 Income mbh. BA5* • “"EacaaplJulyW-- 

nT:2Sa * : GrrmWlncbeffer I17)' IBM . . | 521 ASySiia®: — »S2 5 ^3". fi* 'AccU*. lialtli - 

— Etnsxm St Dudley- TsL MngnmL Ltd. National Prwldenl Inv. Mngrs. Ltd.* Pref July Uj - 

Z 20.ArlituaouSI.SWl. , OU0O7S5! 48 Graeechurch St. EX3P3HH 018234200 'JJSjTrro. j3c U 

- Exnooo Dudley T*i..)665 715).. [ 3 80 N.PI Glb.liaTK- Jgl 4801 ..( « 

„ ^ , .j 58 ft ..| 450 Scrt Inr JulrlB 

nr:’ — Equltas Secs. Ltd. (a) (SO NPI O'aeaa Tn** !h25 9 134S . ..I 2 60 

... . — 41 BishopMate. BK 01.5083081 'Aecum. Uuitar- -Dp 3 14E2) | 260 

..... — - . tx7 w 71 ai t % ge **Pnces on- Jmeh Next dttlinE July 27. 

:z - PTO«rw*l" ~ IA78 ns 1 3« .Pneev on Jo* tt. Next dealmd July 28 

■ Equity & Law Un. Tr, H.¥ laHbg cXsl National WettmiuaterV(a) 
mjxatan Aaterohaai Rd, High WJrombe. 0484X077 IQ], Chcspalde. EC2 V «eu. 01406 8000. 

EquiOftLaw [675 710) +0.71 <08 Capital' AcOij»>.,_ rift 7 TLJ +0 2 

+** - FramZlngteu Vait MgL Lid la)' nSScSri S’* stU ^.*1 5 M 


lAreum. Cuts) . 1766 

Exempt July !0 110 6 

4 2 lAccum. Ualtii - 1584 
l** Iul Earn Jiiiy 10 2476 

*.** .lAreum. Unlui .. 275 6 
UIV Pref July 19 . - 988 

•WI ■ AmuuUnllai . 122 4 

Scot ft Cap July 1ft.. 1388 
fa i Arrum Units) . 144 4 
Scot Inr JulylB 1590 
2 40 Lu a da n Wall Croup 
27 Capita! Growth 183 3 
28 ' DO Accum - .. .... . B.l 

Ewnr inr Growth 372 

Do Arena 43 2 

FiauciBlPr'ity- 180 
415 Do Arrum .. . .194 

773 Hicb loe. Priority 62* 

ie^. m ti.«+ M tT l+A i— .* Extrt lor. — 16.8 739 +0* 773 HijA loC PrioriO «* 66 

Fr amllngi cv Unit Mgft Lid. la) nnaariol 35 a ST he 532 Tnieruatpro*] ^ pi 2 33 J 

5-7. belaud Yard. EC4B SDH. • 01^480071 Growth Inv — P.9 945 +02 \0 Special Ml* . [310 3*1 

:#ssnfc—r flfc ]&1 • | 18 SSUOKSi Si3i |S T 88 1; ”‘ Tn,sls w 

8911 +03| 594 
91.9 +0 3 - 
391 -0.2 995 
464 +02 - 
~371 +01 526 

+0.fl IR 
-0J 2.7» 

*0 2 509 

rd Frt. 

33 7 3 684-d«i JJ0 
03 9 97 3 -7 ?l IN 

1385 14971 +3.S] 150 
Sl 22 2 34+0*1 IDB 

r097 1 8l! I 1200 

Alexander Fuad 

3T. rue Nntre Dame, ixivemhourc . 
Alexander Fund. ( SI'Sft04 i ....I — 
Set tan \aivr Julv 20. 

Arbuthnot Securities (CJ.) Limited 
pn Box 21M Sl Hriier.Jmey 0534721.. 
Cap. T*i. .Jrroo i |U70 1218) .. J *13 

Next oeahne date August I 

EafffclnUTsun. |1160 12301 i 70S 

Jiext sub Auffutd 3 

AuPtnlisn Selection Fund NV 

N artel Oppariunlllet. co -Irish VoanC * 
tiulbaailc. 127. Kent St. Sidney. 

USS1 Share* . I SCSI 54 ■■ 

Net Amrt Value July 20 

Bank ef America intcrufftienal S-A. 
35 Boulexaitl Rn>>L LuxetnMurt: G D 
Kldtmcstlncomr IP sum UUU+8231 7 7* 
Prim *t July 20. Next Mb day Jul>- 28 
Fro Bak. of Ladn ft S Aoiwtc* Lid. »ee 
Alexander Fd 

B&nque Brttxelle* Lambert 
2 Rue Dr la Rescnrr B 1000 Brua*ela 
Rent* Fund LF |L89* L95J) . ) 779 

Barclays Unicorn Int. iCb. Is.1 Ltd. 
L Channg Cro»*. it Heller. Inv 0534 73741 

CHcnuna* Income 144* 40Bri +0 1! 12 00 

LuidoHxc Trust . . ta C UJS I 410* 

Unibond Trust . . prsiwM iEiSl 1 »« 

‘Subject la Ice and withholding taxes 

Barci ays Unicorn InL (1. 0. Bio) Ltd. 
1 Thomas St.. Pouglax. 1 nil 
Unicorn Au O. Ext 153 7 $7M 1*0 

Do Auit Min . . 35 4 34 S 1 70 

Do. Grtr. Parifir 4*0 6891 - „ 

Do loti Incomr . 385 41 4] . frt 

Do I cfManTM 455 41W+0 7 9« 

Do Manx Mutual pft* ZB*) 1« 

Bisbopsgale Commodity Ser. Ltd. 
pn Box 42. DfHijtlao. I o M . M24 3811 

ARMAC -Ju lr3 . Ul>2t» J0M I - 
CANRHO ••July 3 jb 037 1 10CJ . 

COUNT **Jnb3. I £2400 2 546} I 206 
Originally iwim u +51(1 and **tl 00 

Bridge Management Lid. 

PO. Box .908 Grand Cayman, tumin 1* 
N'hashi June 30 . | Y15569 I J - 

G PO Box W0. Hone Kong 
N.ppoaFdJulv IS |>r;u4t HIM - I 0*6 

F.r Mivt Spill 

Britannia Tst. Mngmt. (Cl I Ltd. 

30 Bath St. St Holier. Jersey 0SW731U 

Sterling B m ot uo ud Fd>. 

Growth invest (J3 7 36 Art +9*1 300 

lntnl Fd. . 03 9 92 * -? 71 IN 

Jerse? Energy Ta 1385 1497I +3.5I 158 
I nirsI lTa SIR £2 22 2 3*\ +0^ M 

n«bnUtlgTri. |£0 97 1 81) 1 12 00 

15 Dollar Denominated Fd*. 

U nival STff |SI Sd26 iSfl-OOi - 

lot High lot Tri III 50 W 1 011 I 9 0 

Value July 21 Next dealing Job' 24 
Brawn Shipley Tst. Ca (Jersey) Ltd. 
PO Box 583. SI Heller. Jeroev 05.1*74777. 

Sterling Rond Fd IC10 16 10281 I 11 75 

Butterfield Management Ca Ltd. 

TO Bax 105. Homilion. Bennuda. 

Buttress Equity 12.30 3 301 . I 176 

Buttresa iorumr M 97 2 0*1 I 7 4S 

Prices at July IT Next sub day August 10. 

Capital fnteruatiimRi SA 

37 rue Nttrc- Dame. Luxembourg 

Capitol int Fund' | 5US1763 | . ..J - 

Charterhouse Japhet 

1 . Paterncroer Rnu- EC 4 01-2«A.9W0 

Adlropx ... .BU31M DM+OIM 537 

Adi verba MINN DM 507 

Fondak . UU3U0 MM 5 71 

F«idu mnZJD 23 W 5 46 

Emperor Fund SCFIH B2M . . - 

Hispano SIS0S GHI-0 22] 2 95 

Clive Investments ijersey) Ltd. 

1*0. BOX320.SI H cl i rr. Jersey. 053*37341. 
CUvcGlb Fd-iC 1 i 11QJ7 1021] ,| 118 
rftxeGilt Fd iJw i flO 13 10J7| . ] 11 00 

CornhiU Ins. (Guernsey) Ltd. 

P ft Box M7. V. Peter Port. Goernte*- 

Intnl-Man Fd 1164 8- 17881 ....J — 

Delta Group 

P n- Bor -3012 Njkmu. Bahama* 

Pella Inv July 11 ISL73 1 821 ..I — 
Dcutscber InvestnooiLTruSt 
Pootfarh 2086 BicbergaaecMOflOW Frankfurt. 
Ce n r en tra .01312821 2L5H I — 

Ini Renlenfonda _ |t>BI850 7U7*f I - 

Dreyfus Intercootineutal Inv. Fd. 

P.O. Box N3712. Naxoau. Bahamas 

NAV July 1ft 11131*36 1328 .J - 

Emm it Dudley TsLMgUrayJUtL 
T 0 Box 73. Si Heber. Jeraay 053420581 
B.D.IC.T 1122.8 138.01. . | 380 

Eurobond Holdings K.V. 

Hladelskade 34. WUlematad. Curaran 

NAV per share July 21 SUS2020 
F.6C. MgmL Ltd. Inv. Adylsers 
1 2. Laurence Pountnay BiU. EC4R OBA 
0NES.4W0 ‘ - 

Cent Fd. July 12 I Sl'BMl I . . I' — 
FldelityMgnk. it Refs. fBda.1 Ltd. 
PO. Box 870. HamUIon. Broetudi- 
rBdelUyjkin. Art : Ljligftlg +.>*!.«. 
Fidelity lal- Fund .1 5US22.47 +058 - 

Fidelity Par Fd — 31S50S9 ..J - 

Fidelity Wrid.Fd I 5US1539- l+O0t| — 

Fidelity MgmL Research (Jersey) Ltd. 
Waterloo H«e.. Don St . Si Relier.Jeracy 
US34 2TSS1 

SenesAOntnU.-. I C3.95 (-015) — 

SeriraBiPactflcl-. £896 [ — 

Series D (ABLAaail U79ri I 1 — 

First Viking Commodity Trusts 

Keysefex MngL, Jersey Ltd. - - 
pn Box 081 St Helier-Jcraev.-iEng 0‘. -806 -vTOl 

Fonurlex IFnl^l 151M ... [ 2M 

Bmtdselex . - . FtsIRb U3« . . 

Kprwlcx led - ..£664 746 - 

KeMlorEiavpc.... £3 9* * *5 3 71 

Japan Gib. Fond FHTJ0 HR - 

Kryxeles Japan . £1410 1SS2+0W -- 

Ural.. VttfU C#P 1134 73 l-POJ 

King it Sbasson Mgra. 

! Charing Crow. Sl Helier. Jorroy W 
Valley Hoe. St Peter Pert, timay. iWSll 
I Thamat fined. DoueUx. f O « 'OS24 

Gilt Fund iJcrcryi .[£8.96 *01ri I 

GillTnittiloH i. ..p0*S 107 2j . . 

Gilt Fnd. Gueniwyk9J6 9*M - I 

I all Grot. Sen. T*. 

Firrt Stcrlmc .. .Kill* 18+*i - I 

Flirt lntl . )S185 23 18580) j 

Klein wort Benson Limited 

70. Feorhurrh SI. F.C3 ON B 

PsniKHl Lux. F LH2 
Guern a cy Inc . 6a a U1 

Do Accum . - J1J HI 
KB Far East Fd SUSl2J4rt 

KBInU. Final ... Sl'Sll 61 
Kfi Japan Fund .. 5VS3S.90 

K H. I'S Gwlh. Fd. Sl'Sll 77 
Sibthm nernuida SU54 94 -C01 

■ In Ihmds iPM ■ M30 203CH 8 371 

*KB rot as London 0a>ij>jc ffmU at 

- 79J HI 
Sl'Sll 61 
■d. Sl'Sll 77 
SUS4 9* 
1430 M30 

• 11 
. 076 

-0 01 102 
8 37l 837 

•KB rot m London paying wratt only 
Lltn'ds Bk. IC.1.1 L7T MgW. 

PO Boxlrt.fil Helier. Jersey 053427501 
Lla«daTM.rVacas..|572 6021 I 127 
Next dealing dalr Aufniff IS 

Lloyds IntrrnMiouai MgmnL S.A- 
7 Rue du Rhone. Ptl. Rov 1701 1211 Gohii It 
Umdslut. Growth fsnjftsa Mtq 1 160 
Lloyd* Int Income (SBKN JHBh . I 630 

MAG Group 

Throe Quail. Tower Hill EC3R 0FO 0US2S *308 
AGantlc July IB .. 3U.S2M lift J - 
Auil Ex July 10 H <a 50 2JB . I — 
Gold Es Jill* IP H'SISl MSB 1 
Island . 128 9 1372^ +0 6] 13*7 

1 ACMHi UnKM .102 3 19*0| •OW 4147 

vuiKM Hciicr. Jersey 
1 Site.Fxd.lm. I £1 J 

1 mu s«» I sust ! 

1 inti Rd I jus: ! 

ice* ai Jub 12 Next dealing 

USUI 90 

n jsm 







St’S J 00 



01 240.1000 
>0101 537 

StaMLjSLS^" 2448} +151 257 

toH s -“ 

- Ilt3.1 119 7] +D.9| 11 61 
n Jithr ft •'July 18 —July 20 . 

ID. Hamilton. Bemud* - 

U?i - 

5d%zl SiSH UJ Z 

SenesA tlntnl.l... I £3.95 1-0 

SeriraBiPactflci-. £896 
Series D ( U79ri I 

First Viking Commodity Trui 
ft SL George's St. Douglas. I o.M 
WB4 4«tt Ldn- AgtsDun bar ft Ca, 

51 r*UUaU. London SWZ75JH. 01 

IW4 4®2 Ldn- Agu. Dunbar ft Ca. Ud.. 

53. Fail Mali, London SWZ75JH. 0)ft307B57 
Fff.Vlk.Cni T5.—W.0 35 01 ( 318 

F« V k T)bL Op-Tf* - [75.0 00 0| ; .. I UJO 

Fleming- Japan 'Fund S-A. 

37. run Notre- Dame. Luxembourg 
Fleming July 19 — 1 VUSS6T5 i \ — 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Bermuda. 

NAV June 30 | 1US1H 76 | . . .J — 

G.T. Management Ltd. 

Perk Hae, 16 Flnrtnry Cnrua. Iroulon EC2. 
Trt. 014WI 8131. TLX: 888100 
London Agrata for: 

Anchor 'IlTJnlta — 1IUS89S lOlff 21* 

Anchor Gilt Edge. . K9.71 9.78a +0D1 12.99 

Anchor Int W KUSftt tfla .. 2.1* 

Anchor 1 n.Jqy. Tff J2S.0 291 2.JB 

Berry Pro Fd. ..„1 3US4985 OH 

BtriyPro srrig. -boa 00 suoa ... o« 

GT.XffaFd... ..SffEie iff 158 

G.T Aida Sterling 16 4. 9* 168*1 . [ 1» 

i> T Bond Fuod .J SUSU-ISff +L0h 

._ 214 

+001 12.99 
21 * 
12 * 



JUKI* 99 

+0JU 571 
+Q1B 861 
♦0 02 IBS 

G art more Invest. Ltd. Ldn. Agts. 

2. Si Mary Axe. London. EC3 01-2833531 

Gartamt Fmd Start. tFar Eaall Ltd. 

1503 Htnchuou Hu e, M Harcourl Rd, H Konc 
HR ft Par l" Tff - JSIS3 Jtl JJBI . ..I 23* 

Japan Fd . VCSlSOi UJ7&J . ...J 060 

N. JUaeHcaaTta .. .Hvsmff U91M ..I 150 
Tull. Bond Fond ... JSC5MSU Bftfl . . ] 5 70 
Uawet lavcstmtat Mart- Iff 
PO Box 32 Douglax loM. 063423PII 

Corunore Inti, lac .012 22 6] 11090 

Gartmore Inti Grth|66 3 706j .. J 300 

figmbro PacUlc Fuad MgmL Ltd. 

31 10. Connaught Centre. Hone Konc 
Far Elan July 18 .. |!BXU.« UtU . I — 
Japan Fund - . . [£1/5223 (67|+012| 

Hambros iGneraaeyi Ltd./ 

Hambro Fund Mgra. (C.I.) Ltd. 

PV Box 8ft Guernsey 0481^6921 

U.l Fuad .* -_QA17 158.91 J70 

lntnl Bond SUS!195 57 108 841 0.50 

Ini Equity sushi 23 315* 2 50 

Int Svgs. 'A' SUS/LW 183 8 50 

Ini Svgs B- SUmiJ 1161 250 

Prices on July 19 Next dealing July 28 
Henderson Baring Fund Mgra. Ltd. 
P O. Box N'4723, Nassau. Bahjuna* 

Japan Pd Jub IB .KUQSN SW .. I — 
Prices on July IB New dcaJInC date July M 
SOS. Gammon House, Hone Kaag _ 

Bonne Head Band Fd Julv 20 JUSlOOfr. 
•Excbiutt- of any prelim rharges. 

Dili -Samuel it Ca (Guernsey) Lid. 

8 LcFebvrr Sl. Pclcv Port Hucrnsey. <■' I 

Guernsey TW ./1528 16351+111 3 56 

Hill Samuel Oveneas Fund S.A. 

37. Rue SMre-Dame. Luxembourg 

IJOWl* 14BJ-0J3/ - 
International Pacific Inv. 3IngL Lid. 
PO Bo* R237. 58. Pltr St. Sydney. AusL 
Javelin Equity Tff. UAZ09 22WI I - 
J.B.T. Managers- (Jersey] LUL 
PO Box 194. Royal Tff. Hse Jeroo+EO* 27*41 
Jersey Emrnl Tff .p740 IK BJ I - 

Ax *j June 30 Next sub day Jub' 31. 
Jardine Fleming Sc Co. Ltd. 

*0U> Floor. Connaufifal Pentre. Hnog Kong 
Jardloe Esm Tff ) JHK293 9* 2 50 

JardineJ'pn Fd* JHK353 28 1M 

JordinnS.tA . I - JlSlfcW 180 

JardlDc Flem.Ini. | SHK1055 
InilPaMftcfien.. IlNSUfi — 

NAV June .10. •Lquivol+iil * 575 PI 
Next Mb. July :*. 

Samuel Montagu Ldn. Agts. 
114.OldRrnaf1Sl.Er: Ai-MBAHH 

ApnlloFd July 12 .IAF441B 30 SS I t« 
Janfoff Julr IS . IHK3U7 L'ffd >181 
11. Grp Julv t: .hlrllU 11 W 1 2 05 

117 Jersey Jul v 12 £512 5 611 I 0 75 

UTJroyfftJub 12 lul*7 1Z40| ] - 

Murray-. Johnstone Unv. Adviserl 
IBJ. Hone Sl . Glaicnu. i*2 <141 2Z I 5331 

-Hnp+St.Frt | «l'S36rt I ! - 

•Murray Fund JUS18 96 .. . - 

•NAV Julv |9 

Neglt S.A. 

10a Rmileianl Rm*|. riixemhnurc 
nav July I* [ ircties , : — 

Neglt Ud. 

Bank of Renmiria Ride*. Hsmilicn Rnnda 
NAV July 14 -KS69 - , . J — 

Phoenix International 

P0 B.xt 77 Si Peter Port. Guernsey. 

Inter Dollar Fund. 02 3* 2 521 I — 

Quest Fund MngmnL ijersryi Ltd. 

P O Rnsc IB*. Sl Hclicr. Jerxet 053427441 
Quest Slte.Fxd.lnL I £1 J . I - 

Queff Inil Sros I 51>T — 

wneff lull Rd | JU51 ! [ 

Prices si Julv 12 Next dealing July 18. 

Richmond Life Ass. Ltd. 

48. Athol Street. LViuglailO M (W433B14 

■ xfllio Silver TruoL 1107 J 1B9.9J +1 ffi - • 

Richmond Rond 07. [176 7 186 oW +0 « 10 72 

Da Platinum Rd 1223 UIM+2U 

Do Hold Bd 1074 113 1) +2 R 

Da Em 07-02 Bd . |l7J 3 184 5) +0 *1 11 16 

Rothschild Ansel Management (r.l.) 
P.KBpxSS Si. J ulian* ft Gueraxo IM81 26331 
Ol'Eq.Fr. June .10 822 5531 7.4* 

OC Inr Fd July .1. 1526 1621 3 21 

il r inlLFdt Sl 23 1W. 130 

O l' SmCoFdJn30 . 145.9 1S5S J 25 

»>(' I'naunodiry . 1363 1**4| 4*7 

rii* nir Comdly.t . S2601 2766J+0H 0 7T 

-Pnrex on Jub- 14. Next dealing Jnty 31. 
tlVicet on July 7 Next dealing July' 21. 

RovaJ Trust (CII Fd. Mgt. Ltd. 
rn Box 194. Royal Trt Hse.. Jersey 05.1477441 
R T Inti Fd. .. IIUS93I 9711 I 300 

R. T IntT Uro.tFd |91 951 .. .1 3 21 

Prices at July I* Next dealing August l. 

Save & Prosper International 
Dealing lo - 

37 Broad SL SL Helier. Jerae*- 0534-XHVt 

15. DaUardnsasioiri Fnmb 

Dir. Fxd Int- W37 u.ri] . | 748 

Inieroal Gr *J . |7JZff 7 891 , . — 

ParEosterot .. -W5.M *9.W| 

North American** [377 4 Oft ...1 — 

Sepra—J }l«JJ 15«j . J - 

stroll Mft ga Bai le d Funds 
Chnnwl rapltaI*...|23U 244 « +1*1 257 

Channel Islands*.. 144.2 ISlfdl v0.*| 5 12 

Commod.™* ..... - 1208 HIS j — 

CL F j«*d— . .- . |lU.l U9 7| +0.9I 11 6X 
Prices on Jithr ft *-Jnlv 10 —July 20. . 
tweekly Dealings 

Sctalesinger International MugL Ltd. 
41. La KocteSl, St. Helier Jersey 05M 7350ft 

SAIL -182 -- *71 -II ft»' 

SAOL .. — W87 0 92 .. 4 89 

Gilt Fd .. . tat 23 2 - 01 1185 

Inti FdJerrtrt'. .. .Rob . 113 J 3.25 

lntnl. FdlJUitfcg K1092 -00a +_ 

‘Far East Fund . |M0 105 [ 2.86 

“Noat sub day July 28 

Schroder Life Group 

Entcrpnse House. Portsmouth. OTW *778* 

International Fonda 

LEquitJ .. 11185 126« } - 

SEquiw -0332 141. J . J - 

enked Interest . (1376 1463] , — 

S Fixed Interest ..ho* 9 1U.S . 1 — 

(Managed ... U305 I3*8j . [ — 

SMonaged.... )ll8> 126 J| 1 — 

J. flour Schroder Wagg it Co. Ltd. 

120.Cheapslde.EC 3 01 -588 <000 

Cheap S July 21. — 1 SCSI 175 I-0D2I 247 
Trafalgar June 30 IL ; S12L27 171- 

Aslan FdJulylO . UTSltl* I99J 1 275 

Darting Fnd pALBT L9fi . 520 

JapanrdJuly 13. |irs7J* 7 0^ | 05a- 

Sentry Anrora n ce Internallonai Ltd. 
PO Box 32ft Hamilton 5. Bermuda 
Managed Fund BlUJai lttMl .) — 

Singer St Friedlander Ldn. Agent* 

20. Cannon St .EC* 013488048 

Dekofondc — ID5G6J7 7WJ . ...| 615' 

Tokyo Tff Jnty3 I SUS3700 j .. | 1 68 

Strooghoid Management Limited 

PO Box 315. fit. Helier. Jersey 0084-71400 
. Commodity Trufl (91 U 95 90( .. .[ - - 

Sttrtnvest (Jersey) Ltd. un 
UueensHse Don Rd Sl Helier. Jry 0534 77348 
AmrncoD IndTst |Cft27 8 441+0021 — 
Copper Trust .. (£18.18 HJjj-OIil — 

Jap Index Tff... kl2.32 1257] | — 

TSB Unit Trust Managers (C.I.) Ltd: 

SaeffeJIw Rd. fir. Swiwr. Jersey 003*7340* 
Jersey Fond .1466 49 On! . I *98 

Guernsey Fund .(466 . 49 Off 4.40 

Price* on July 10 Sat sub day July 2ft 

Tokyo Pacific Holdings K.V. 

Tnuims Management Co N V . Curaeaa. 

NAV per sham July 17 SU501 22 +<■ 1ft 

Tokyo Pacific HJdjuv (Seaboard) >.V. 

Inti ml* ManMctoeni Co V V . Curacao 
NAV per share July 17 SI' 544 Bn +D1L 

Tyndall Group 

PO. Sol 1238 Hamilton *. Bermuda. 2-2718 
Overseas July 18.. ISUS1J7 124ff | 6 08 

■ Accum rnitiw licsias 1^ I — 

3-Way Int. June 22 . ISU52615 | — . 

2 New 51. SL Brllcr. J«**ey 053487331.-3 

TOFSLJuJj aJ .... [C7W 8 10x1 I 6M 

lAccum Shares 1 
Amerlran July 30 
•Accum shares). 

Jersey Fd July IP 
■Non-J Acc. Its 1 
GUI Fund Julv 15) 

■ Accum. Sharon 

Vlctarr Hause. Osorios. IsleofMia. 0C2424I IL 
Managed July 20 ...1130 2 137 2) -Off — 

I'td. lntnl. MmtffnL iC-X.I l Ad. 

14. Mnlcaxter Street. St Helier. Jmec 
I'.l B Fund IR ritn UU11 -10?) ftU 

Vnltcd Slate* Tst. lnlL Adv. Ca 
14. Rue Aldnuter. Luxetnhoorc 
U fi Tff Inr. Knit | 51074 HMD) 9.« 

Net uwi Juli 30 

S. G. Wnriktag A Co. Ltd. 

30, Gresham Street . EC2 Ol-SDnrtSB 

Cnv BdJnly20 . ..j SUS9 60 1+0031 — 

Enp Int Julvao SUS1796 l-OCH — 
GrSlftFff June 30. 1 SUS7.08 . — 

MercEhdFrOtUriP BIS»U MR] 10 2411 

Warburg Invest- MngL Jny. Lid. 
l.yTiaring Cross. Sl Helier. Jgy Cl OKM 77741 
•’MF Ltd June 2n._iU 51LB UHJ I- 
CHT Lid. Junr2B 102.77 131M - 

Metal* rn June 16 £12.17 12 471 . — 

TMT July 14 -. BVSMJ0 ltffl —■ 

TMTLtd July 14 - faO.J6 1063] ..J — 
World Wide Growth Managements 
IDs. Boulevard Riwgl Ixiremhoutt; 

UnrUtwide Gth Fdl Sl'Sll 52 1-0 OH — 

[ 600 


American- - - HI 

CatxtidTst 1228 

Income Tff ... 105* 

Ini Groulh Fd . — 1122 

include all expenses, b Today 's pnccs. c \ irid booed on offer pn 
opening prion, h DiffribotionTrec ff I'.K- taxe* p Periodic premlu 
premium instraner. x Offered price Includes all expenroo e 
> Offered price isdadns all expense* it bought through joaojup 
9 hl«* et lax cm roffiaed cspltri fiff" ubIm* indlealed b>- ». 9 Cu 
4 Vi eld rveJore JerseT lax, t Fj-xubdlvlxl 

iff* except ggetiTg commKUoa 

nanagera. x Prerieua da*'* price. 

■ I Currnsay Crntx. g Sucpended.* 


fro Universal Fdldi — [ 

:2 UOI 

442.5 , *5.b 


1 41-43 KaddoxSL Ldn WIR8LA 

Managed 1979 103] 

Bdurtw-^. .1(00 1881 

01-4SB4S23 P° AC««« 

_ . 2 28 2 Li'kanoy Way. Andover. Ham* 

232 NEL Trust SUnagers L£d.f (aggl Dralrogs to <ch 

18 Mtliuntourt. Dotting. sorrsy ‘ 59,1 !h)^ tSm 574 ^S '° 7 JS 

t SfiS^Mrahi'-r-lSf «3 *0- a | JS Ihj TSB Income"’’ 591 ’ Sff -02 Ijh 

35WS NetemH'gh.lte.-.^S 529| . .J •» ib< Do Acoim k.5 65 3 -Q.3 73* 

4T7 For New Court Fund Mahager* Lid. TSBScottub 8*5 89.9) +0 * 278 

<17 BathaHH Aart Management .h* no Accum. . . p»5 96i| +03I Z78 

Norwich Union Insurance Group lb) Ulster Bank9 (a) 
rant PC* Bo<+. Norwich. SRI 3NU o an g 27 «t Waring SWet-fttllaM. 023235231 

3 40 Group Tu. Fd fS4T9 36621 +2 7) 4 95 ibit'laterr.rcMh 07 9 40 71 -0 31 5 14 

3 JO Fear) Trust Hang ar Ltd. iiHfJhl unit Trust Account & M emt i.u 

SS Pearl Growm 24ff +021 53* s_r.Do. r..»i nna iua.ii i au. 


Guaranteed see In* Base Hales' table. 

Welfare Insurance Ca lid .9 

TfaeLeag.Fffkastooe.KMit (00357333 

Friends' Prevdt Unit Tr, Mgrs.9 

I PlxUamEed. Dorktog. 03A650S 

Fneads Prov. 1 'Is . M2 46.1) +02| 4 17 
Du. Accum - - 058 • 594) +0.3J 417 

G.T. Unit Managers Ltd. 4 

IftFInrtun Cuvx**EC3Si7DD 01^88131 

-051 340 

- sail JbfTSB General. . 
„ ... J2, 'biDn Arrum. *. 
S3* 0 ' I'S ibj TSB Income 
519) . • A tbi Do Accum . 

[ahacen Lid. TSB Scottish 

laxirmrnl .bt Do Accum 

InliMtrial lirour . 

V-J ciurw 

’p»«. Y d.. l+* 

T R 'nut* 

a 15.00 2 11. AS 2017.96' 
25B.SS 254.S4 242 Sai 
g 44 S-SZ S S6' 
8 14 8.03 7 97 ! 

211.4S 215.51- 312.14, 174.05 

234.57 237-22' ™ 

ff.51 5.4« Ft on -5.7* 

004 a. IS B.IO B 50 

I ktCDomekerFd... ] 1058 J+07J 

For other huffs, pJoue refer to The Lea 

21 ft. 86 21PP7.ai5.i5l B15 7a B19 II 217.** IBS J7 

Manchester Group • 

Windsor Ufe Assnr. Co. Ltd. 

RoyaLAitaertHact. Short Su Windsor «*W 

Ute lav. plane 16ft2 ' 728) . . - 

FotweAari.gdfi*;. ».« — 

Fy«n«Ai*d.CtCbi. 4100 — 

l&^dSSii." itaP^ioftil £J z 

GT Cap!*- »* 

Luadonft GT loc-Fd-Un 1639 

CT US ftCefl.. - MS a 
G T Japan* Gen. .. DJI 
‘ *CL P«^&.Fd._ 13*6 

««♦* GT lulL Fund -.132 9 
. . I - G T. FourVdsFi... 542 

G- & A. Tnut tal Jgl 
3 , hmlffgb ltd. Bre n twood 
6.4*. — fHJ 

153 ^ -0i 098 JSSmKw . :»» ?3| IS Fna-sHsc Fund OSZfl J 

14LS . . J 4 SO Prfrilrw- Bin Sl H 727 Wider Grih Fnd Ml 

RSl!«r«=:Kt Si -nJ IS doac^ . - -Uo 

37 -* — ■* J- 29 i4ccum lnttsi,_^l*61 . « i) +o il **5 Wider Grtmth Fund 

Pellcait Units Adndh. Ltd. tgBxl KingWiiuamst ZC*R o*r 
iOrmamoe OlFouaialnSUXaBehrolee P612M5WS Inmrtw Units . pa J 
OBJI+U] 04 Pffieaa Unlta— ffj . K.9| 40.9) 687 Accum. Umu._ [35J . 

UOff ..1-4.66 

SI j.Jg 

. fn«34»: 

31 ff I 423 

969! — J 4.23 

1 Royal Exchange Ave- London EC3V 3LU • Tel: 01-283 1101 
Index Guide as at 18th July, 19TS (Base 100 at 14.1.77) - 

Clive Fixed Interest Capital 129.77 

Clive Fixed Interest Income 115,70 

CORAL INDEX: Close 473-480 


t Property Groivlh 10i 

t Vanbrugh Guaranfepd 9.25 

9 AddrMV thnwn wder ln*ur*nc» and Protwrty Rnnd Table 


Stewart " 

Insurance Brokers 
for USA & Canada . 

jrf*So Lcnsro £C5&r«»J 
<?& reserve ff-STSTSH 


Financial Times wonaay 


5^ i w«! «{| 

»n. * v } V < T . IX j *1 ftlft 
Mir. s* ?•- j •' r? j* . m 5 ;** os 

tbr. *. .’..T,. X l SltUI 


Not. Aj'f 

mi am 


BANKS & HP— Continued 

[Let Divri) Red 
1 4 Crow I Yield 

101 » 

1M ] 

U l 

30J 3lDj'li)6pe®«-. ■. Hri 3Q6j 6 110! 
1A 10 Pen AwJpc .. — l«J J« T 21 

30-1 31 D SC.I.S.’pclSW—. 75pnl 30o 6*4 86. 

May 1 Turin 9pc 1991... . SWb 25 9 

15A 150 TunnfPjprlBH— DM91 174 60 10 J 

IF.MA.NTlunifliijSjpe .- 97 2i| 3b .3* 

U.S. $ & DM prices exclude inv. S premium 

S2i 7 | 1261 
82% isa 



IbL | Red. 

6b 1070 

3b 3W> 

“Shorts” (Lives up to Five Years 

3SSjJ&cri5pc'711-7BK_.. Jj9£ 172 50# 

BM Treasurj H ! 2E./®S— 30|iV 11 37 

ITS Treasure 3pr -Stt . . _ 95 A 8*. 3 M 

asSEaectnc^pc-i+S-- jJS-JJj 

INTrcasun^iiJcTW.. 1W\ *31046 

lSNElMncSapCT^. - 95ft 104 3 65 

3.M Treasury Snc ISjJOfc- • ol 9.21 

14M Treasury S#el5E- *£% 9.67 

1AJ Treasury 93* 95 3 g 

13.1 FandiMJfrfCjMOtt 94^ in d if I? 

25N Exchequer 13pf ISWfc lOjS 1§« U52 

1 Wa Treason 11‘jpf 1S81JS . 100^ in 5 1 \ ra 

15F Treasure Sjpc U7M1. 90%xfl 10 7 3 88 

1 A Treasury 9Vpcl38Ut~ 96V« 23210-08 

. 12J Exch 8%jx' Ml r.'JE 

4A Extfi ffipc 1081. — -. 95‘Aal 2&« 9 93 


DMfrtxh [ • „ t _ 

Paid S Stock «*w 

June Dec. Nat Bk.4u«tSAl 220 
Jan. July N* Cron. Grp. • 73 
Aur Mar Nat Wert £l- 275 

Mai Noi Schraders El.-- 405 
Jan. July SetrombeMTEl. 215 
Star. June Smith fit Aub... 76 
jan Am}. SamFd Chart £1 390rd 
.Tune TtadePev SI 50. H 
Sent. Mar 1 'iuodDisc£1 - 322 
_ IDT. . ._ *4 
J. A Jy O RelUFneaSS - E22b 
Nov. March ffinm:«i2np__ 69 



Laat Dw. 
d Gn» 

’Stor. OcL.UA 18}r .If 

706 September 4MF3%Conv’87_ 60b 155 

J* MaJiLSe.De. ArnaxSl. — 30% «5 

10 09 Ja.ApJy.O. American Express . 29bni 37 
*•2 April Amw Medic-V . 23, 17 1 

105? December Asarrohic- -1 - Ub 3| 

W-S No Fella M BatolmnI Oxp.Sl- 25 25 

7-W MtJil S. D BarnesGrp-Sfii.-. Wj 2m 

859 DMrJn.SP.BendnOwn.B_ 30b 66 

1102 aueS.D Beth. Steel & 194. U 

‘ o E=SKi!ft- ISi SS 

21AEsch.SK 1981 

17N Treas Variable BW- 
23N Exch. lK*pc 1WUJ — 
l5Ja Trea>9jpC8WC!tt— 

15F Treasury S kIES- — 

IBM Treasnrv Upc TOi .- 
15J Treas \ ariable Riff.- 

5JU Treason ^pc ‘82 

22S Exch. 9*ipc IS82 

22S Each. Wipe 1982 A 

5J Exch. B'j pc 1983 

2lF Exch IpcW 
1 7M Treasury 12pc 19S3tt— 
18JuiTttasiiiy9 1 jpc'83 

Five to Fifteen Years 

.10pc1OiH5pd»! 45 
* u 8Z 3 4 



67^ s 



Over Fifteen Years 


rr u nutiwcyv v n j n 

11?2 J ApJy.O. C.P.C.fl, 

,S2f P%Au». Caaerpillaill 

10-88 FJfrAuN. Chase snnaSIOS- 

1^29 MrJe_S.D. ChesebroughSI— 

1078 MrJn.SJJ. HiryglersSI 1 

8.12 MvJVo.VF OtworoM 

iOTB MrJn.SJD. Chrysler 

f-J? My/uuN.F. Citicorp M 

13-90 MtAlN-F. City lire.Sl 

11-46 MyAuNJ". Do Cm. Ptf. BS1 - 

“T'Z n.vnuiiJ'. 

1112 FAJyAu.N. 
11-® HalitStlte. 
11.47 MyAN Fh 

It tods SI.-— 



11-47 MyAN.Fb. ConLOhnoisSlO— 

11- g V&Je-S-D. CooLOilSS. 

827 ApJy.O Ja. Crown ZeHS5 

U-39 MJjl&D; Coiler-HaminerSS. 
U36 FJHAJf. Eaton Crp.S050._ 

J.A J.OEmaaA 

,, M MrJU.SJ). EnonU — 

J. ApJy.O. Firestone Tire I — 
.2 Si ApJy.OJa. First Orica w 

10 « j. A - jy. o Fluor Corp. 55, 

10-27 FonJ jiotar ja 

10” MtJblS.D. CATS 

.5 S Apr. OcL Gen. HectRUz 

10-S MtJilS.D. Gillette SI 

lf5 MrJuAD- Honeywell Sl-50— 

|£ SiSS SKSI- 

it-St S.D.MJu. W-SpIerastimSl 
12^ MrJe.S.D. LC.lmeniawmaUl 

12- W F.MyAuN. Kaiser AL Pi- — 

ApJuOJa CSant Han. GSSTJ0 
inao Ju ApJy.O. Morgan IBJ2.5 
TT2« N- F Sly. An. Norton Simm Inc. SL 
Tjtft MJilS.D. Owens-Ill. S3 US — 

1272 tetghnB- 

11 q7 March Reliance Hw--.-. 
Ttni J.AJ.O. Rep. N.Y. Corp. S5- 
T9M F.MyAuN. RexnordS5 — —... 

0 77 S.D. Mr Ja. Richdsn.MrrlLSl>, 

,2 M MtJilS.D. SanliR F.lSl 

MrJe.S.D. Shell Oil SI 

its MrJe5.Dec. Singer fllDL— 
17 « Au.N.F.My SgenxRandSa50. 

17 ?4 MaJiLStDec. mWlnc-SV^ 

Feb Hr JUNK Tenneco—. 

15 S .lone Dec. Pa 10% La. Stk 91-96. 
1I35 J Aa Jr. O. retoroPLCSSaiSj- 

17^ MrJe.S.D. Tms«SR25 

Jl78 MrJu^.D. Tunc Inc 

3<P- <5 SL75 - 

29bnJ 37 SL40 - 
a 17 5 30c - 
1U 2 35 40c - 

25 2 5 64c - 

174s 235 90c - 
30b 6 6 52.28 - 
194 4J> 5L00 - 

104. 15.6 40c - 
lid 17.7 70c — 
58% 286 SI. OO _ 
43% 277 $2.40 — 

39 l fl«d Z7.6 SZ.50 — 
46%xd 14.7 SL80 - 
2&d 27.6 S2.20 - 
19U Si 94c — 
876p 95 SLOO - 

19%») 266 SL06 - 
3% 285 SLOO - 
20>: 283 « - 

36%sf 177 SLOO - 
3ln 37 S3.I5 - 
23bd 27.6 SL32 - 
d-b 95 SL40 - 

26 « SL90 - 

46 2556SL40 - 

3W 4 35 SL25 - 

23% 136 SL84 - 
354, 95 53.20 - 

llUxd 286 SL10 - 

17b 66 S1.10 - 

28*>«e 26 b 51.20 - 
36b 85 53.20 - 

214. 16 S2JO - 
42% 26 52.20 - 

24 26.4 S1.60 - 

48% 225 5220 - 

Nov. riarch|Wiiim:«t2hp__ J 69 1 1! 

Hire Purchase 

-k I - |TTd Feb. Ani.MB£s'«te'10p|«b»l J 
Grow ICvtlGr's May CwffCPeFr W. £6®b 1 

__ . ... — Credit Data top. - 8p - 

8ge.| — | 2-9 Auc. Jan. UapbiScOiaft- 97 l 
«T “ Ti Feb. June Dwi Srtt.Fm.% 36 

fe i; = . CINEMAS 

— UMlllWa iup- op — . — - — , lnt - Vr*. 

. 2 -9 Auc. Jan. LkpbiSwt^W- 97 126 +3.95 2* 7 5 Mav Nov. 

- Feb. June Liw.Srttntl.10p 36 34 gl^7 30 '9 ^ ^ Teil 

3 3 _ StojrwicMrrc.l^i 9 873 _ - T= n R Tan June Ir-xpy 

2-Z OcL Mar. Prov. FtaoaL 99 Li 4J7 | 88 ■ Apr. Green G 

O J Mar. Sept Stilt Credit IQp. 27 B2 htL3 U 7j <74. 

20 _ Stittla Hloa. lOp 14l z 774 — — — 7, Ort HTVN ' 

jL5 April WagoiLFmance- 44 23’^h2.06l 23l 7.1 46_>iay ^ 

h ^ fe ssc 


LO Sent. Mar.lAJlied Brews. — 84l 2 266(13 93 U 7.0(10.4 -'oec. Juncf^elwr 
3.1 Sept. .\nuLDistPr top- ■» m >wf)2 5 - r 7 ; 

3.6 Jan. July Baa aar'gton.. 158 »5 t4.W 33 47^ 9.7 . DRAP. 

22 Dec. June Bell Arthur 50p- 248 17.4 L4.78 3® n i»ii«JTl 

4 1 _ Bdhmen Brewery, 44 T74 - - rJ,T B Mar. Aug. AOKd* 

2fl May Doc. BoddniMs— KM 1T.J H2.61 25 3.« MS 1 Apr. OcL.taberl 

U j a ^ 76 155 350 M JuneAqu^ 

L2 Aug. Feb, Brown tMgtthewt 114 Si 1192 2.4 5|l22,Jan. June DoA 

JA Jan July Buekto s Brew.. . 46 126 179 25 §2| 9.7. June Jan. Au_diou 

LO Sept. Mar.lAliled Brows. — 84lj 

3.1 Feb. Sept .VnaLDiEtPr top- j|5 

3.6 Jan. July Baa Char gton... 1H 

22 Dec. June Bell Arthur 50p_ 248 
48 — Bdlaten Brewery, 44 

28 May Dec. Boddmfflons — 104 
65 Jan. July Border &**;*_ 7b- 

3.2 Aug. Feb. Brown iMatthewl 114 

4.6 Jan. Ju^ Buddy's Brew.. 46 

5.6 April Aug BubnertHJM — 130 . —• 

35 August Burunreood ISS^j 10.7 

57 FefckAuA QtyLm.P»d — 1 17.4 

3-2 Apr. OA ClirkiNatthe«L 146 

3.6 Feb. Oct. D&Uler&5Cj^_. 1B7 

4 1 - GordmtLlWP- 25 

L7 Nov. Juty Gough Fbro-3to- » 

41 -AUg. Feh. Greccall Whiliej’ 117 

4.4 Aug. Feb. Greene King— 277 

51 Anc. Feb. Guinness «3 

5.5 Jan. July Hlghl d DlsL 20p 135 

36 bneromlon — U4 
14 Aug. Feb. Insb Distillers _ 153 
5.0 April Nov. Macallan. GJen_. 320 

65 June Jan- norland O 505 

2.9 Jan. June Sandeman-—-. M 
38 May Aug. Scott 4 New 20p- 64al 

= 9129 . Ill 
i tttflj ! 

i Li* 3 

? Hr 

l* dSKf-J 

1213.44 (d 
h2.Wt 3 

l : 

66 * I-i * !Aur. Feb. Bator * 

3.4 * 3.3 *;jan-Jnly Eaxter>;bws?V- 90 

2.4 1 6 5 9 15.9 June Sept. Beatoe ^4 — 1^ 

1421 \\ In la :Ma1 ' if 

7^6 d3B 6.0 8.4. _ B&maiCoaaJp- J», 

25 153 3- 

177 £33 L 

26 6 hdO 57 9.' 

155 hl53 6. 
595 2.32 4 

17.4 1 18 2. 

876 — - 

te ?4h3M 29 

1 'p ill 3 3j 

“j 277 J® 

M Sis = sis ssto ill 2 1? a 

^ II E B«SiE£S^gS= m nap \\ fjjjjiffii J 

111 = R&gBbiiar 

... SJS-S 4? S!? Am TomatiiL. — — U4 -34 300 25 4.014.1. _ Cbmeli Dress.??. ,12 

uii WJ MM - f 0 Stf. v£aH?2~ 117 305 M 02 24 5 2 12.0. May Nov Courts ‘V 112 

Ciii = Hst Jf s ss. | n^arse aagn g » 

9 5|P S! Z 35 _ I Mar. Oct toms-Ph«etop 1« 


37% 216 S2Z » - 3.3 llTn nmne I — E«snlex20n.„ 37 

126 250 1 9 8J 

»5 «.62 «1 3 
16.1 7.26 2-8 f 

266 17.02 2-4 6 
17.4 2.9 2 5 3. 

lit 223 39 3 

266 135 5 4 2 3. 

3.4 4.62 2 3 2- 

305 1245 2* l 
17.4 231 * *■ 

■ 3.4 3.00 
305 t4 02 
305 3.94 
126 15.74 
126 328 

7.0 iw Dec. JuncfflesftaMTt i'jp-1 « i -wi — — - May DctMW™-- 2® :: '”34 * 54 * ■ , 


«■= li h H set is«= | M ? is aJi^jgfesr I 
tiS , iisr«asRss “ sdfc n j* "» s ?»» «atissjsssws«*-- 

H | I If is as **->* *• li is ?i 

IfliHS 111 l!l«| II 1 ISS 

5 1 d2 55 U 
U2 If - 

13.2 L5 - 

13J t204 L 
155 C215 4. 
34 337 7. 

174 324 3. 

12.6 d0.48 9. 

— Feh. JulyH 
r95<|Junc Dec-H 

n House — | 5? 

43 10 £ t2 59 

I, liiW 5 

S'* iSSiSi’js 

S !bl 12.42 
59 31 .3-* 

U ]\ 5Md^brr £ g 

a i 1 Dec JuK Bren« *? ,|f 

HMSSs: jSasiwjM!*- ^ 

&a 1* Uer. June rv\’<pIWrti-. 
r-, ii -. Km.-urr-ip — 
u 7R Apr. ort 'tonisartSup- 
5! II March KuriMl ‘Hlua 

|i ?? mjv on irffcliTOtolrtp.-. 

2 §1 | fe Jaw Ml t-harWtoWF 
tl So Apr. Iier Mk*lfcb*50» •- 
\pr. tH-l .VrtMkVbp 
SS 1 ?? PW .Iune.Nuith.MF t|H* 

,,2-i l 7 julv pr.iwidKaJ«_ 

toil d* *5 
•Sd II 

I IT.IKV'ft no*w*- 

Ort qiiMcSUt* 41 b is 
■ Vf Unrlnn Hiileh .. 147 ti 

15 M Transamericall— 

SS Mgr/gg 1 jgj&f®- 

19 Id MT-JcAU. U.J. JigCT 

1545 MrJe.S.D. WoolwmtfasQi;— 
TlTon ApJy-OJ. Xenn Carp 51 — 
i,n7 — Xowcslnc-lOc — 
jljjs OJa.Ap.Jy. Zapata C«p 25c. - 

19% 20 6 SI 04 
25% 95 15c 
27% 126 SLOO 
15% 92 88c 

20% 125 90c 
528p 1174 — 

25b 12 hSl.M 
195 60c 
34Ud 28i 51.12 
31 9i 51:80 - 
24% 95 5200 - 
151 305 10% 

837p 1<9 - 
20% 35 5200 
- 34b 222 SL50 
13m 30.6 80c 
36 225 5200 

22 15 SL60 

15>b Di 51.40 
43b 25.5 5200 


2-9 j U ne Nov.lAberdeen Const- 89 4.61 

— jan. JuMAberthawCem... 148 f 15 516.76 
2-3 Feb. Oct.|AIli«i Plant 10p. l|b 26.3 0.71 

3-3 Feb. OcL.\r*Mfa«amla.. 73 71, 

2-4 Feb. Aug. BPB tods. %- 223«d 10., 
— Februars - BaMendgefirit 31 3 

3i May Dec. BafleyBenlOp... D 3U| 

fg jan. Sept. Bambersers™. «>d ID., 
I f May Dec. Barratt Dev. 10p. 99 11 

33 Feb. Aug Beechwnod lOp- gb 

4.6 _ Benlax30p g 87 

f6.7 May OcL Benfortsttop- 52 17.; 

-Mar. Aug Betl Bros. — Mul 18 
5 6 Aug. OcL BlocUr>320p — 77 12.1 

2-4 OcL May BlueOrrlefl — 250 17.; 

33 Apr. Nov. Blundell Perm— 74rt 10. 
31 OcL Apr. Breedonlime— 107 3_ 

4.1 _ RriLDredgine-. 29 117 

52 May Nov. Brown Jtat 3)p 152 17. 

23 jan. July Brownlee 61b 26. 

153 4.61 39 

155 6.76 3 9 

a.6 0.71 25 

272 43- 1.1 
10.7 7.62 4 7 

31 233 14 

lit ld0.55 1.8 

j — ExecutexKp — 
■Jan. July FandaieT«.t 5p 
49'- ton. July Do A sp 
55 Jan. July nne.WDei' ap 
■ 58> Mav OcL Fo-diNTnui I4p_ 

13 H 3.49 

Mil 53 L 
174 hl.32 5 
Ml t218 6. 
25 1.90 L 
17.4 4 82 2 


94 07 226 Apr. Oct. toyl «r- 

_ — 21.1 February DdwnlOp— 28 
* 4 8 * Jan. June DelU.lfc6l.-~- 73 

41 3 610.0 Feb. July Dennis LH-Wp- g 
_ „ _ Mar. July DeriiaidSOp-... . ISO 
L7 8.9 i8.5i Ort. Ma.v Dpsnutttr 1» 
5 0 3.1 6.9 Dec. July Dowiurtgie top. 32 

L21L310.8 Dec. May Steels- 116 

i 6 i s i5ir SSSSSascffi 

a q2 * Feb. Jut 1 HlirttrB l. 133 

2g 3 1 itl.Sl 

73 ’j? 5.02 

a $ in? 12.82 

150 J05 497 

3 i *:a 5 dS« 

g* *$ « 0B 

71 30J 449 

L91 3 ; ?3i 

L33 12U a 33 

stgi is iSZ.9 SJ : JSt JSffiMtes g m 

15J, as on 2 5 6.45.8* 'May OcL FrrdiNTtnii top- || 13, 

73* 272 43- 1.1 l|l4.2 Mar. SepL FonnugwlOp- 152 >■ 

223ut 107 762 4 7 53 5.1 .Jan. July Foster Bros---- 137 S ; 

31 31 233 L4 1LS 95iJune Dec.Fi«manstL^.. 3M *- 

11 UID+yIOS^ 18 d 112. Apr. OrLGelleri.VJ.t20p- 38 3 Fj 

49m 107^23’ 4> 10.8 * July Feb. Goldber;-V— _ 75 30 

99 25 1806 2.5 12| 44! Dec. June Geodnaa Mb 3J 

25i, 266 L80 1 C 10.71103 June Nov. Greran to — 122 17 

S wn ffl75 - 5.2} - iMar. Dec. GLlmversal 290 It 

92 174 1 ft? 4 4 53| 63, Mar. Dec Do 'A Ord jt 

Mtd m? rn.7 nj.s 4.31 9.4 Ang. Apr.jGre'tnrtL< 10p. Wjid 10 
77 126 3R2 «0 7.|jsi;Jan. teL ItobtFnii'-- Z7L 8 

>50 17.4 9:M 35 5.7| 7.9 Jan. Ocl „Do_ A M ,_™. 27, _ B 

133[ h2G2 1 ljaiB.gi0.0 Mav 

A fen. juiy winBu«» 1 . w. *r.-5i,65 
d> Jan. June Eas . .Car d Cloth- g3rf ijll’yl 
1L5 Jan- Aur. Eratoduanrs.- 96m l'J- 4 0 
10 0 Mav OcL Exwnded Metal. 7pij ■'« 

i \ .if APT- 

i« j ac Feb. rv-t K«rHal« V .?p-| 32' 

}S 68 Aug I'd hector »10p.- 1 3«0 

101 58 

10 8 ill INDUSTRIALS (BfisceL) 

Ti 61 Apr. Oct urn ig 1 nnt*n\ M 

1.3 4-4 jin. June .WBRroeard— 106 
51 58 OrL Apr. urorsnoPr^ top 57 
62 * Mar. Ocl. UOmylJM- " 

54 « Feb. OrL Vlrfixlmhab- 53 

7 6 4.4 julv Dec AtameHliksV 68 

25b 266 L80 
22 875 t0 7 

52 17.4 L8Z 

514.18 * 

305 235 3. 

25 5.94 4.' 

272 *2 57 1.' 
305 4.11 * 

3 JO hO.75 3 J 
174 556 2. 

ltl 8.25 43. 

J.U.U fldj l, ' b, ST’““:Sr ,17 

A June tonnmSW.. 126 
13.0 Aur. May|F1nstdg[Lire30O 9 

*:il d5.05l 

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3.4 Nov. MayErith 

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193 Jan. 
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19 92 1512' 

4.7 4.3M.9 
- 4.4 — 

21 7,9 85 
3.4 9 0 37 
0.9174 95 
35 4.3 10 J 

2 8 98 j m . June Brit Swhnn20p. 

36 74 May Not. British Vita.-;- 

nijoilS StaSSrsB! m * 

” ? fs- ssas 

17 9 9 9.2 peh. Not. Burco pean.— 78 126+372 

ISiSJ f?SE SSK58V. S ii !)S 

1} SSiSSjunc Fob, C-H, bid klUp... 33tj 2.0 
* 5.0102 Mar. Nw.CanrpanJOp— .. 130 133 TL83 

32 72 bl _ po . h 117 - - 

4.0 7.6 50 May Nov. CamrexSlp 64 677 3% 

2.0 10.4 iM< Dec. July ramunifm i_— 63 133 353 

23 96 68 jan. May Cape lading. 224 ja 
- tU6 — Feb. JuneCaidanProtlOp. 1« 126 4.79 _ 

1410.8104 jtaj.. SepL Caravans Int.tfp 77 315 W.62 

1.910.6 7.8 jan. June CarUoo lads.: — 19W 107 f5.g 

2>;B it 

6ftb 30 

99. 13. 

"27 3 

695 a 

57 • 


IK£I 360 301 7.36 U 

A2__ 558 126 K330C - 

nd£l 282 17.4 10.B9 3.1 

'510. £287 B ouqaoo - 
325 272L33.08 5: 

228 125 9.27 - 

£1„ 255m 30ihl6.91 - 
20 p_ 77 25 4.78 - 

25 IT! *151 19 
SlJ.1 168 13J 18.60 ZS 

aa. 1 ! ni S' 7 

iBSft a u «« r< 

feSAnOO £37 57 QifW. 

[Uohni-A". 181 155 352 61 

Sb(Jj£1 — 135 1232 7 61 * 

encei+lL— 90 i?4 63 ll 

mWn.t2Qp. 79b«r 266 J6.M *. 

ind Paint— 155 3 70 3.< 

KFJC 68 17.4 2.5 4- 

ion Brick — 66 D.4 3 23 3.j 

U1Y.J.1. 85 30.1 3.89 3.! 

8 3 8.1 May Nov. Walker Jas.'__ 91 

15 5.1 May Nov Do NA 89 

i 8.7 June Jan. Wallu 10p 1» 
7.8 1.0 May. Not. KanngBCBlow. 113 
* — Jan. JuneWearoeUSp. — . 31 

3!o * jan. SepL Wharf MiUlOpJ. S: 


r 3.i g.£ 

4 6 93 July Jan-MwsEntK 67 30^416 ? 

mHi&£EaSh&-4 %s&\ 

iiSJK |£ | 

8.3 M.7i SepL Feb. NwtomW. Eiap. Wjd U-i H165 * 
11.4 175 Jan. Aug. "K- 1« %6 7.69 3. 

65 55 Ian. June PBrterChad.20p IB 155 5|7 4. 
53 6.9 Apr. AW. Pratt (*-—■ 2 fJIlR, l 

34 15 2 

aStUWiC J 
D6 420 J 
25Q3.2 2 

155 122 3 

J 4 7 O' J 
Di +3 72 '3 
25 tl.01 3 
171 tl.45 4 


PJZ 4J 4.£ 
>!0 ♦ 3.7 

3.4 %L5l 
31 4.0 

72 Sept. Mur. PriestiBen 
7.1 July Dec.torqcnrlMiK 

23d l 10.7 142 - 



7 5 June Dec.jAB. Electronic-] 124 f-ll jH 

a Apr. OcL Allied Insulators I 71 2721 4;13 2.4 W 

1.9 Janoary .India Fidelity lOp ] 29 ij 1 ! 

63 Not. 5(ay .AmoledSeclOp 97 2flL32 3,1 2 
53 July Jan-Bl'TSOp 120 toJj.OS 1| 8.J 

1°5 to 
70 71. 

83 S 

£84b » 
38 30 

!Zb 13 
55 30 

25 8.17 
25 2.20 
272 15.18 
17 4 0.13 
14 275 
301 110.0 
!8U 9.61 

llasi Div r i Red. 

I ri Gross Yield 

— AnlofacasURIy — 

l.T 1.7 Dn5pcPrel 

]J li Chi lean .Mued . .. 

1 J I D I’icinian Ynt Hjjk . 

11! IN Greek Try .Ass ... 

IF 1 A Poftprasuh .Am .. 

I A lOPnlpcMKcd.Ass... 

Mny 1 Hunt -1 .Ass . _ . 
30J 3 ID) Iceland dtyjcB^ra 

133) 339 

— net, Apr. MixcwHTete- — ,, 

I — Nov. May Mod En^neen . 36 

— Jan. July Mmk<Ai 87 

— Jan. July Mmriem'Jt 117 

— Jan. June NewatthlllEl — 152 

— Jan. July Norms! HoW— 97 

— Aug. Feb. NolL Bnck S0p._ 275 

— Apr. 'XL OnneDevs top... 43 

hQ59c - 
hi 27 — 

5 m , . _ llOn) 10 j 
El 363 2f 

4.12 - 

19 09 5 

fi? i 

14 75 4 
,Q7I;N 21 

,97 . 30 1 8 93 * 

49 155 2.79 28 

97 15 254 3.1 

38a 272 (5 0 12.7 
77 126 d249 35 

19 132 5 84 « 

63 31 3-06 * 

13 30.1 tl 7B 04 

40 155 2 70 20 

56 31 4.67 4> 

95 26.6 4 80 * 

13 25 d0.75 1.2 

62 3.4 3 19 1-9 

36 25 27D 1.3 

87m 10.7 3.51 *. 

LT7 2 5 6.5 2.5 

(4.0i Apr. Nov. BSRIOp 97 

— July Jan. Rerec_. _ — 160 
a OcL Mar BertiMay l0p_ 57 

63 Jan. June Bowlrape lOp... » 

123 . Inn Nov. Brockslup 70 

3 5 6.4 May Nov. Rulrin A 3p — 24 

MV Ap 5'u£T* fete; 18 

7.6 d> July Dec. ChlerldeGtp.— 115 
t '4621 Aug Feb.CoKrtRServ *_ 128 
102 75 April Nov. rtarETtromcinp- 25 
8.5 * Apr. OcL CrSlonlOpj.— 16 
77 « — - Do HpfOW! TB81 17 

B7718 Dec. May Dale HecLtop.. 153 

60 305 428 

57 301 +Z74 

53b 155 UZ 

70 155 3.40 

24 155 1.31 

81 71.2 1 33 

4.77 2.5 

428 43 

1274 2.4 
L62 4.1 

3.40 LI 
1.31 LB 
133 146 
290 10.1 

132 b528 
_ 305 QU‘»*‘ 

*" June Dec.fetoF.Holdine. 38 3ft5 1272 

9.1 Dec. Apr.RahKEngglOp- 12b gj g-|J 

9J May Not! ffnsouw^in 

10.8 6.1 Ma?. SOTtRardiflelwb— bS 3ay4.71 

9.6 1LB Nov. May RatelifisiGJRL- 9t 113 L90 

Ocl Apr- Recwd Ridgway. 75 b2 14.95 

fO Apr. Oct R'dmnffnan lCfp 5|b 132 +L81 

Aug. Feb. Renold£l_-_-_ 323m to.7 9.44 
10.9 June Nov. Ririmi* of Ujc. 78 Ii4 3.81 
(5.4i Feb. Aug. Rirh'nsWeg^hx- 59^2 1W 4 53 

4.2 OcL May aohuiMm<Thns.i 76 17.4 338 

il7B> Nov. June Mort Up- 137 174 d2J 

9.8 July Jan. 5andeBMliayrfr. 62 17.4 438 

63Mar. Oct. SiRilleG.ilOpii . 24 b2 dl4 

73 Nov. June Senior EngglOp 24i ? 25 U7 

88 Feb. Aug. Sen* 86 M5 665 

63 OcL Apr. Shakesp'reJ ; ro-l 29jj 1JW 

3 0 ZV •' 

12 9t 
23 B.' 5: : ; . 

3 5 6. 4' 

15 ltf» 1 
33 I- '. 

6-H 3.96 
133 353 
174 B21 
126 4.79 

j!S 4 20 10.6 72 Feb. Aug. Cawoods— — - 139 

834 2.9 83 4,8 September Celesnoalnttoro 32 

*-71 J IB 5 ♦ jaiT Jab CrmndBU&ttp. 5U 

L90 8.7 3 ; 5.0 pec. July lent 3ta*red5p. 65 

t4.95 23 10.0 74 SepL Feb. Centrew^50p,_ 236 
+L81 5.8 4-8 4 0 Dec/ July iTiambenamGp. 46 
9.44 13 11.6 (73] Jan. Aug. ClunblanPh- Hto. 42 

3.81 58 7.4 4.7 Mar. Nov. CtunttWBtjlOp- 

4.53 17 1L5 7.9 March IXuir^ caPStop. 2ft 

.....338 3.4 6.7 6./ Apr. Oct ChnSie-TlOp _ 75 

D4jd237 72 26 6.7 Not. May Chrisriwlnt top 1M 

17.4) 438 1.710.7 73 Dec. Aug Chubb top. — r 

132l dl 46 1.9 9.2 8.7 Feh. June Har^r 'lament' 71 

L17 28 7.2 7.5 June Dec. GoleiR-R.’.-jj— 116 

139 J 
32 il: 
5Wj 221 
65 IL 
236 11 

46 15. 

42 2(u 

21PJ 47 
20m to 
75. IL 

7.4)18.1 1 Jan. July 
8.3)102 Jan. Aug. 

l F niKutop..l 28tj I 15a 264 

265 5.14 L7 
266»hd2M 4* 
30 1 4gl.4S 2J 

c.,2 142 Jan. June Simon Eng* c — 230 
34 44 Auc. Jan.SMGnmn — — ?0 

6.8 10.8 August SmithiWnit.'5p.. 13 

2811.8 Jan. May Spear fcjadwn 124 
88 72 July Mar. SpencerGlc Xp 30 
— — Jan July Spencer Geara ap_ 15 
F9.3 — Nov. June Splrax-Sareu — 175 

8 713 8 Hec Mav P3]eE3ecl l6p^^ 153xri 10.7 {{272 4^ Z.7[15.4 July Ffb. Spoowr I wls ■ . - 

7 8 1Q0 tor DOT.Sera.!”— 420 133=110.7 3.J 3.912.6 May Nov. Srertriteaip™. 

1113 7J Apr! Dec Do A' 410 133 +10.7 3M4.M123July Jan. gavdg InSs. £L 

55' VTr.. rCT.:.— in. IB.! -,n7 nn A hi A Mai Stnnf^rtaH 

i-ti m i.t •••> june uec. menva.-.-i- " 

66 53 17 11.5 B.3 i a |y Dee. CmptnWebbtt» 3f 

L92 25 9.9 6.0 MrJe^.D. Conti GrpiST— £23 

264 1.6 14.0 6 8 Apr. July Cam. a*w»'!'®P- 3* 

1411 4.25 1 7 9.5 92 j u p ne Feh. rflpcAHnmJp- 6M 

15.5 7.77 4.6 5.1 62 gepL May CopydttiOp--— 32 

126 4.08 2 9 6.9) 7.6*-!! 95 

26.7 *025 3.9 j — Jan- July <?*atL 54 

25 d9 38 L0 11.S J2iJ May Dec. tonrtnv Pope top.. 57 

1.7121 T. J Mat Oct Cnwasdeiw.«fe- .72 

b034 35 55 7.9 July Jan. Creana.)50p__ 169 

h4.47 2.8 3.9133 Apr. Nov. Crest SiritoTlOo. 83 

♦264 34 43 9.9 Nov . July Crosby Hrarea. 160 


Telex: Editorial 886341/2, 8S3897. Advertisements: 885033. Telegrams: Fluantiroo. London PS4. 

Telephone: 01-248 8000. 

for Share Index and Business News Summary in London, Birmingham. 

Liverpool and Manchester. Tel: 246 8026 

— 62 — j an . July Nonwsl.HoW— 97 

— 1-9 - Aug. Feb. Non. Bnck SOp.. 275 

— 8.8 — Apr. ijct. OnneDOTx 30p... 43 

— 63 — Nov. July P»W Timber. . 100 

55 5.3 52 Feb. Aug. Phoenix Timber. 153 

♦ 10 3 * Jan. July Prchins — 140 

— 5-1 — June Dec. R-M.C_. 124 

43 6.2 5.7 ft™ Oct Redland 141 

211193 -ocl May Rchds Wall top 80 
2Lle*lJ “ July Dec. Roberts AdlnnL. 98 
2 5) 8.5) 7.2 Rnban Group — 83 

Dec. July fliwlinson lOpt. 1M 

July Not, Roj-co G roup— 33 

NOT-. May Rttheroid. — .— 39 

Jan. J une Rugby?. Cement 77 
Apr. OcL SlBwoup. . 1M 

Dec. July Sebat Timber Wp. 37 

Oct May Sharpe t Fisher. 43 

Dec. June Smart ij.l top — 42 

Ocl May Southern Con. 5p 7 

ndon PS4. not. July towterotop — 20 

July Nov. IhnaacMp 150 

d4 84 7.0 4 

97 126 4.58 4> 

275m 107 11155 34 

43 712 +262 0.4 

100 5.9 5 44 35 

153 3.1 13 88 13.2 

WO 15 5 1d4 61 5 J 
124 174 5.77 24 

6 616 Feb. July Denitron lOp— jam to./ 0J3 
Z.9 8.4 4.1 SepL Apr. DewtursF.V I0p 15t| 30.1 10 83 

7.0 4 8 4.5 Jlay Dec OwdimilLSp. 29 2i TL08 

J 7.2 * OcL June Dreamland 10p_ 34 155 hl.27 

4 6.4 55 Jan. July Dubiherap ,19b Ji6 90 99 

0.9 92'abJuly Jan. EMliOp... — 143 155)924 

35 8 2 53 Aue. Feb. Do&f -Coni , '81 £95 il 
3 2 3 8 2.1 Feb. OcL Elect romps l'rp 485 2E11 

53 50 6.0 — Electronic Mact 24 97i 

29 7 0 7.1 Mar. Aug Elec flen'als 10p 128 111 

3.4 4.1 9.7 Jan. Aug. Eaer?ySem.lOc_ 16%m 10; 

22 8.5 i63i June Not. Famell Elec. 30p 300 15! 

2.7 6.7 83 July Jan. Fidelity Rad. lOp 81 3QJ 

32 3.712.1 May Nov. r«wardTMh.i0p. 127 2! 

63 3 7 6.6 Mar. OcLGEC. 272 50J 

23 6 B 93 January Highland E1.3>p. 38 3L1I 

L9 9.1 9.0 C»cL Apr. Jones Stroud — 84 27- 

25 7.9 7.8 -Ian. Jun Kodelrt. 145 3.; 

38 5.1 7.7 Mar. Ocl Laurence Seal- 107 13- 

4 8 6.b 46 June Curt. LecRefrig 69 17.; 

22 7.0 7.9 Jan. July H.K. Electric — 197*d If 

4.6 7.2 5.0 Jan. July Mmrhead 178 30, 

- _ - Jan. July Sewnon IndS; — 79 30. 

3412.8 3 5 Mar. OcL SewmartLoms- If® 

22 9.9 71 July Jan.MwmaadEl.20p. « 

5.5 3.2 8.7 Mar. SepL^ VManMW- % 

2811 13 81 . 
80 17 a d4.5 Zl 

98 155 432 2. 

83 - 25 3J 

LOO 266 d243 6. 

33b 30-5 1 50 2 

39 D 4 226 L 

77 26.6 M3.9 2 

158 27 2 +525 3 

sni. 155 L63 4 

41 305 hi 89 2 

42 126 ld200 4. 

7 tn — — 

TO 266 164 3 

150 15 9 80 2. 

164 J7.J 7 60 5. 

278 17.4 20.04 2. 

134 25 <13.81 6. 

179 2&i 1097 * 

68 126 4 30 L 

26.6 tl 48 3. 
132td951 1. 


Amsterdam- P.O. Bax 13W. Amsterdam^. 

Telex 12171 Tel: 240 555 
Birmingham- Gen r£e House. George Rood. 

Telex 3386S0 Tel: 0=1-454 «C2 
Bonn Presshaus 11.104 Heupsallee 3-10. 

Telex 0860542 Tel. 3IMJ38 
Bruwels- 30 Ruo Ducale 
Telex 23283 Tel: 512-9037 
Cairo- r.O. Bax 2040. 

Tel: 9385 tn 

Dublin: 8 Fi twill iam Square. 

Telex 5414 Tel: 7B5321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-228 4120 
Frankfort: 1m Sachacnlacer 13. 

TeleiL 416283 Tel. 555730 
Johannesburg: P»- Emc 2128 
Tdcx fr€ 257 Tel- 838-7NS 
Lisbon: Fraea da Alegrin 98-ID. Lisboa 2. 

Telex 12533 Tel 362 508 
Madnd. EsrrOTiceda 32. Madrid 3. 

Tel: 441 6772 


Birminsham George Houmc. Onrge Road. 

Telex 350650 Tel 021 454 0922 
Edinbureh 37 George Street 
Tele\ 72 W Tel rai-226 4139 
Fra^lctnr- Im Sachvenlacer 13. 

Telex H5263 Tel 534667 
Leed": Permnnem House. The Hcadrnw. 
Tel 0332 454969 


Manchester Queen’s House. Queen Street 
Telex 686813 Tel: 061-834 9381 
Moscow: Sadovo-Samotechnaya 12-24. ApL 15. 

Telex 7900 Tel- 294 3748 
New York- Tn Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: '2121 541 4tS5 
Pans: 36 Rue du Sen tier. 7S002. 

Tele* 220044 Tel: 236 5743 
Rio de Janeiro: Aveuida Pres. Vargas 418-10. 
Tel: 353 4848 

Rome: Via della Mercede 55. 

Telex 61033 Tel- 678 3314 

July OcL Tajior Woodrow. 364 

May OcL nibuiyClp£l 278 

May Oct. Trans fc Arnold. 134 
Feb. Aug. Tunnel B50p_. 279 
Feb. Aug- TOM Group— .. 68 
Ane. Feb. Vectis Rone lOp. 32 

Mar. Oct Vibroplant 176 

Apr. OcL Ward HldsB top. 33 

Dec. July Warrington 54 

July Nov. Watts Blake 113 

Jan. July Wcstbrick Prods. 49*; 
Jan. June Wfttrrn Bros. ... 79 

Apr. Sept. WbatlinffiSSp 42 

Nov. May Whit'&h'in ISjot. 32 
Mar. Oct. WigcL-ttCon-ipp 31 
OcL July WiGomCoonollyi 136 
May OcLflFuapeyiGeoj — 80 

0.73 6 61 6 Nov. May Stone-Plan 

10 83 1.2 8.3 14.6|OcL May grbes- Hour)— 
1L08 2.1 5.7 115 Apr. Oct. faelto-— 
hl.27 3 2 5.7 6.4 Jan. May Taylor Palluter- 

10 9 53 Jan.' July 

43 5.7 May Dec. Philips Fin. aV% Qyz 
6 0 4 Dec. May PhilwLp-Fto- 945 
96138 Apr. OcL P1JW Wfc 20p- jg 

7.0 73 Apr. Oct Do. 'A 84 

8 Z 10.3 July Jan. 2 

155 b.h 
305 5.13 

712 4.67 

3.4 4.7 

m f5.o 

17.4 dZ59 
111.7 65 
305 t5.0 
305 5.0 
30.1 16.02 
12.6 2.83 

31 5.7 64 Jan. May 
19 7.7 10.4 Jan. July 
1.9 9.8 7.8 Feb. Sept. 
273 f4.0 - May 
4 1.6 * Apr. ttet 
— — — Jan. Aug. 
25 5.9 1751 May Oct 
4 0 25 13 1 June 

SSSfc-I i?7m U 

, 17.1 h4.47 2. 
305 42.64 3; 
, 17.4 T3.48 4 
266 9.00 4.: 

! 3. 15 3 61 4.: 

’ U.« 3.2 J, 

112 155 3.' 

17.4 4.48 3. 

1'ov. July Crosby Hdu»n. 160 31 

Jan. ' CrosbySw;Bl0p. 18»a 26 

ran. July Da«es iN^wnm. 131 12 

5ec. AuH. PeLaKue — 360 12 

266 214 3.4 

*77 tOA — 
W7 .]» t 
132 4.75 ♦. 

17.4 327 35 

14.11 3.87 35 

15i 216 3.4 

25 3.71 55 

155 1.87 26 

125 52-20 - 
266 252 L4 
15 5 1345 3J 
155 224 L4 
25 6.0 2! 

305 3.08 .5.3 
3 .4 $258 3.1 
30 .1 KL25 51 
.126 t8.45 XI 
27.2 13.36 35 

ftS 1 « 

(.Abtaslto- 68 
issenDmlO— 890 
BkrosFH.5p. g 

g cxFdnM- 87 
Inrerfi Q- 370 
xtfl. 72 

33 125 Apr. Not. IVnictiWA' lOp 24 
9,6 1L1 Jiny Dec.lW.E<Sl^.- « 
85 17.0 July Feb. Otd. Sgnng top- 27 
2.2 * July - Jan. IMWreGroup. 65 
4.3 19.5 Jbil June \1ctesU_-— 171 

8.7 * Apr. OcL l ictor Products. 138 

4.9 78 Jan. Aug-WGJ^^- 105 

75 72 Nov. June WadknicOp-— _ 120 

5.7 54 Mar. OeL Waan Indnah’]- 125 
5.0 65 Dec. July w3kerlC.tW.).. 125 

4J 13.2 Apr. July Ward IT. W.l 68 

9ii 3 J Dec. June WaroeWiishUOP- 57ij 


<18.61 * 

ufss imm p. 1 

15 5 311 10 8.B 18.1 Apr. OcLW Hinp ■— vjj 

I # 37 4.6 “o assr 4 :' 2 s 

ki toll 0.7 10.0 76 4 Apr. Oct MMlmCB I0p ^ 

ml 2.57 10 9 5 53 May PiOT. Schol«i'<H' — 

■« a,* 4 7 50 jnly Feb. Sonylio. Y30 — 652 

132 1155 22 7.6 9!l Ortober SouMDiifro.5p. 40 

2.5 d250 10 J 28 5.4 Apr. Not. rdrinaOBbp— 36 

23 0.68 tol L3 7.8 Apr. Nov. Dp. A M ap._ 35 

“ Dec. June Tele. Rentals — 142 

Mar. Oct. Than Beet — 360 

Rio de Janeiro: Aveuida Pres. Varras 418-10. H.muraiTC T¥T A CTTFC 

Tel: 253 4848 CHEMICAld, rLAallW 

Rome: Via della Mercede 95. rin% 5751 — — 

Telex 61033 Tel- 678 3314 Wb. ^ 188 13J 44.61 33 

Stockhdirtc o Svenska Daghladet, Raalambsvagen 7. Dec -Urinate Inds.— 280 15Jdl3.96 2.1 

Telex 17003 Tel: 50 « 88 AaNUlEFnlRi. « 126 6.32 2l}3 

jQJ Lot 
25 d4.16 

25 5.41 
3.4 +2.7 
3.4 3.57 
266 3.88 

70 335 

16b 26.6 

34 099 4 

U 2 +1.55 2 
25 d250 10 
25 0.68 to 

DittsL 5p. 40 

'eiefusiQn SP — 36 
Do. - A , N.Yap._ 35 
fete. Rentals-... 142 
rhorn Elect 360 

86nl 117 4.79 
52 272 L6 

•65 3.4 16.65 

■52 142 Q503i 

40 191 1.22 

36 133 Tl.17 

Apr. Dec. ThTpe F.W. I0pj 
Apr. Oct Uidiech lOp — 
OcL Apr. Hid. Scientific 

Tehran- PCI Box 1I-187P 
Telex 212634 Tel: 682696 
Tokyo- 8th Floor. Mhon Kelzai Shlmbun 
Building. [-9-5 Oiemachi. Chlyoda-ku. 
Telex J 27104 Tel. 241 2920 
Washington: 2nd Floor. 1325 E Street. 

N w . Washington D C 20004 
Telex 44(033 Tel- '2021 347 8678 

Manchester ‘-J2H*” s,Tt * L 

Telex 68W13 Tel. OSJ-834 9361 
New York 7S Rockefeller Pla^. N.Y. 10019 
Telex 42302S Tel. i212l 489 8300 
Pari*: M Wire du Senuer. ..-'002. 

Tele* 220044 Tel 23686 01 
Tnkvn Kasahara Building. 1^.10 T'ehtkanda. 
Chiyoda ku Telex J 27104 Tel; 2S5 4030 

KS ITA- l 

■® ® s.'iif is 1 * flSN 1 ABril 

ipiov. ju£- Brent Owns Wp lWd IOTINDjIS 6. M 26^152 

OcL Apr. lild. Scientific 308 

10J Feb. OcL Ward A Gold . — 86 
ni Jan. Aug. WeUwHJds.5p- 21“ 
2.1)101 6 0 M ar - ttet WteUnghouse . _ 55 
*T3 8 * December Whitworth E1.5p ,17 
95 ?i May OcL WklesaleF.ttop. 149 
^ 227 April ffigfaUfH.) 228 

142 Q50W 4> 
144 1.22 « 

133 Tl.17 36 
13J +1.17 3.1 
155 5.84 20 

303 11.45 
3.4 +1.47 51 
132 t362 2t 
155 M6.0 8.t 

86 Llth4.07 3.« 7.| 5A i an< j u 
21b 155 tl.13 8.D 8.S 4.9 Apr. SepL' 
55 350 213 3 1 5.g 5.7 F |b. qcL 

5.0 bl Dec. July WalkiTlCiW j.- 125 to 

4J 13.2 Apr. July Ward tT.W.l M 26.1 

9.6 3.1 Dec. June Wsrne 57b 3-' 

4.6 5.8 SepL Mar. Wrinck Eng. Mp 39 to 

10.0 4> Jan. Apr. Weeks Assoc. lOp 31l 2 A 

f4 5 — Jan. May War Group 122 17. 

5.6 4> Mar. SepL WrilmanEntfe- «b 3?. 

flOJJ — Jan. July W.BromSn'g.1^- 28 to 

45 1L0 July Feb. Westland^. .- ,3|b to 

4.6 6.6 Dec. Aug. ffesl'tEiansSOiL 132ri 10. 

4.9 63 Jan. June Whcasoe 70 30 

89 6 Jan. Aug WbewayWt5iL5p 16b “ 

4.6 93 June WhitehmseMp- 90 15. 

5.9 5.7 Jan. July WilliamsiWTii — 24 15 

11 6 Jan. May WlmsAJames. . 84 3 

8.411.6 May Wolf Elect. Tools 82 5 

4.7 7.3 Juty Jan. Wohfy Hughes.. 200 15. 

9.5 125 Apr. Nov. Wbwdl Fdy. lOp 21b }7 
0.9 ♦ Apr. Aug. WocdfSW.iSOp. 43 13 

4 7 ip OCL Apr. VTh'seiUtn 12bp 28 13 

4.9 ;6J2> 

5.1 t6.0i 
6.2 12.3 


! 3.012!4d«. Ji 

11 502 * 

17.4 Qll-t L( 

132 e0.95 * 

2fJ 4.63 i 
14 28.95 It 
155 235 5 

155 L28 33 

305 222 21 

126 1145 32 
1S5 A69 25 

155 9.81 21 

133 13.03 4.1 

26.6 58 22 

23 536 3: 

272 16.92 2: 
155 6JM 41 
26.6 t4.08 22 
14 164 3.1 

to6 033 V 

305 L3 4.' 

17.fl 5.2 3. 

30.1 24 * 

26.6bd0.97 5 
tol fJ.18 1. 
10.7 1+7 02 « 
305 14.6 3 

4| 4-6 5.4 Dec. Aug. PeLaKue— . 360 
» 7* «SE 

|-4 73 6.0 Fe t. gept DiamnrfSt*Wp 2« 
53 6.1 7.2 jan, June Din fae Heel 5p~. 10 

* 67 *- jan. . July DomHHga Up- 79 

* ST $- Jan. . July Dorn HHgaUp- 
} B 8-J MaJuSeDe DorerCwp LWU 
|-9 |-6 115} jan. May Doens SsrgL top 
5 2 5.0 42 May Oct. Dufay Birura. top 
32 8.1 6.0 nim-. Apr. Dunbee Con. top 
26 7.0 8.2 j un e Feb DundwuanMp- 
a3 82 5.6 jan. Duple Ini 5p — 

4-0 33 1L4 p eb- am S > 

75 84 6.7 A pr. OcL DjsanU.tJ.l — 1 

3-7 7.4 45 Apr . oct t o.X 

2-1 8 4 85 _ RC Casre lOp— . 

29 Z-? 52 Dec. EatternProd %p. 

£347 s 22 
42b 15 
36 3 

148 17 

49 12 

17 26 

131 » 

8% 30 
27l 2 6" 
58 U 
52b 13 
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, 96 V 

126 730 0.9 8.4191 

126 9.9 4.4 4 2 6.7* 

301 5.44 0210L74.S 

155 Q9*i 12.4 flO 8 - 
1212 d0.99 5 6 4 ♦ 
17.4 h0.26 48 38 14 
133 3 45 5.0 2.9 10.4 

I 161 MO 27 62 7.7 
26,6 dl 64 * 8.9 * 

82 301 5.44 

£85 155 CW 

24 1212 d0.99 

10b 17-4 h0.26 

178 133 3 45 

99 161 MO 

79 26.6 d4 64 

£34% 222 Oil 20 
42b 155 232, 

36 3.4 hi . 41 

148 17.4 5.58 

49 126 2.13- 

266 10.59 4.2 

266 4.0B 32 

305 0 .20 9 t 

677 - — 

U2 136 2.i 

305 J4.6 3.8 

266 008 30 

15i g2.29 i 
155 dll3 43 
34 245 4.4 

J4 hL27 7.6 
155 t*70 3.S 
174 1.2 2S 

132 d4 29 - 

133 232 o.e 

305 435 

f-2 July. Nov Elbarlixls.50p.- 2&® U5 800 

Jj-I April Not. Elbief6p. — 16 .712 1 to 

2®^ May Jan. ESecoltfi—. — 43b JJWL75 

|8 Jan. July Hw. Inn. See... 52 .25 2.99 

July Jan.aiWPh'wlOp- 16 257 025 

t. Jan. JuoeEbmiSRnbhOTS. 91 12.6 13 H 

,f-P Jan. June ElswickH-perSB 17b 26.6 1099 
Mar. . Dec. EmhartComSL 01% 63 tt.0 
*. May Sept EnpreaSen.10^ 12%J» 

?■? February- EnF.*<>er , 5 top 2?b 311 20.35 
51 July April Big OunaOW 76 26.6 t3.91 

* Mar, Nov. Operatca »jp- 1» »■! ^08 

i 1 July Apnl Eng China |3»t 76 

* Mar, Nov. Ehperawa Ojp- J39 
5 s Jan. June Euro Femes ^ 136 
7.0 Mar. SepL Kredn HS,dpL2Dp . 39 
H Feh. Ana. BrerGeorcelOp 39 1 
7-S Jan. JuT Extol-.-. 110 
O- 2 Oct June FartsurnUwson. 57 
Jan. June Feriex lOp ...- 31 

*** Auft jan. FemwnJ.H'— - l®9' 

Jon. July Famiaonlod 122 

Jan. SepL PertlenunMp- 24 


May Nov. Find!ayi'ARi_, . 

, June First Ci-dle 10p_ 39 

J. Apr. Dec. FitartUon 431 

July Jan. FlewlioC.tW.. 55 

I = 21 Nov. June Fhgartytp 

8.5 (WJ Dec, July FwewHinsep- J71 
5-3 5.8 jan. May fVaSo^UHamy^ 101 
0318.2 MaJuSeDe. FranHinMumu. 76S 
i 5 4.1 Feh. Nov. FrenchThos. lOp 62 

Mar! Sept Brh-Bena^lOp 22 M 
Feb. Aug. Brit TarPnLlOp Mn 3tH 

Jan. Juft BurreU 5p 12% laa 

Jan. July CarlasOapd Wp . 32 12.6 

Jan. May Catidln 45 1741 

Dec. June CibaG'sji , « 9 iLn £89b 34] 

Mar SepL DofiSCm«l.94 £90b 3* 

Mar. Sept. DnWbrJBa 

■roallieChem. — 69 ”6 2.78 

Jan. July Coates Bros 74 355 232 

Jan. July Lm VW _. T3 155 2.32 
SepL June C«>(Hi>rarei5p 24b 174 0.67 
Jan June I'rodalm. top . . 56 25 

May CryuaUlt- Jn — 28‘z 34 
Jan. Aug. Enalroi Plastics- 46 liti 
Jan. July Fann Feed 52 lift 

22 88 11.2 5 6 i 33 

bOa X6 1208 2.6 5213.0 

12% 155 092 0 9 1LDil62> 

32 12.6 0.92 <6 4.4 4 

45 174 286 1.9 9.6 8 4 

:89b 34 Q7l* i ffl.2 _ 
L90b 3« <58% 6 !91 — 


, ... „ AC.E.Nxhuetj'... 107 

16 1.9 9.6 84 Ocl. June API*. .50p 235 

171* 16 f8.2 — Apr Sept AcrOT — 112 

KPb 6 !91 — Apr. Sept. Do. A" 87 

l*% 6 f9.4 — May Nov .Aduestfiroup.... 2&4 

F8 4.7 6.1 53 — tan A'ramuuum. 150 

12 38 48 84 Junt Dec Do9pcOw - U4i 

52 38 4.8 83 Not. Krh Mien '£■ Balfour 50i 

57 5.3 4 2 6.5 Oct Apr Alien IK G 50 

L9 3.1 5 9 6.7 - Jan. July Ami Pwrcr . _ 141 

166 6 2 3 5 8 7jFeb. Au? AndwiSclyde_ 71 

51 ID 14 8110) - Artiio-S*i» — .34 

66 t 1.9 '* iOct MaytAshiLac)' - — 124 
>.85 30 5.3 7.2 - Aji.Bri»bfi ISap 7 

Copies obtainable from newagents and bookstalls ororldwide or on regular subscription from 
Subscript :oa Department. Financial Tunes. London 

£145 Ui 
50m 10: 
50 27' 

Jan Junei'rodalnUnp.. 56 25 2 19 3.1 59 6.7- Jan. July .^nai Power . _l 

May CryuaUlt-Jn 28‘z 34 t0 66 6 2 3 5 8 7|Feb. Auq And«nS' 'clyde _ 

Jan. Aug. Elision Plastics 46 12A 4 51 ID 14 8 21 0 1 — .talo-S-siss — 

.Jan. July FamFeed 52 126 0 66 A 1.9 * i Oct May Ashilacv 

l.l an. July Fi'onsCl 364 i5 12.85 30 5.3 7.2 - , Aji-Bniafiliip 

■.Mav NOT. Halstead iJ.'lOp 22-% 153 rt) 32 37 2.2-142 I Jan. July Assoc To-ihn: , 

Aufl. Feb. Hksn. Welch Mp. 194 16ith;4f, 7.7 Z7 SBjttc:. Apr. .ASH Irsfl t0p„ 

Dec. May Hoa-hslDJU - 499 677 016% 4 42 4 j May Nov .Aurora Hldj 

June Dec. IkJIiUIKIIelLii.. £117 toe Q1Q% — 3.6 — )U>ur. SepL [.AnsUiuJ antes} _ 

a 213 33 S.g 5.7 F 5h. Oct 

0.66 3.7 5.g 7.1 Apr. Oct 

T4.79 2.9 4.9)11.8 fS. SepL 
JidijJ 4 93) ♦ jjay Nov. BankstSduyC.) 

— BarictrfcD. top... 

RING Apr. Oct Bair (AG. 1 

« Juna ^ Barnw swung 

T00L5 * J ar «- Aug. Bassett (Geoi - . 

Feb. SepL Badeys York 10p 
13.2) 3.3B 2.91 4.|111 Oct April - “ 

17.4 5.71 4.4 3.7 8.7 May SepL 

132 2.28 3.8 3.1 13.0 Jan. July 

13.2 128 3.8 4.0 10.1 Jan. July 

17.4 F10.0 3 3 5.7 M Apr. Oct 
- 990 1910.0 5.2) SepL Star J 

116 09% 253 [63 - [Mar. Nov. 

10.7 433 1.7131 (55-1 Jan. June 

27 2 c2.82 3 5 8 5 5.6' Dee. June 
25 5 23 5.4 5.7 3.7 June Jan. 

266 2.83 4 6.0 4 May Ort 

475 — _ - - May Ort. 1 . 

17.4 d6.63 24 8.1 78 D«. May ' 

131 26«d6i0 2Jj 

74 155 3.19 39 

66 iW 132 4.0 

245 11 h0.78 194 

43 13 2 43 8 35 

42b WU L09 4 

74 3.4 td3.6 3 3 

11% 614 - - 

fifed 10.7th2.15 4.3,.- » 
a 305 tQL334 lllM 
124s) 18.7 5.67 4 ) 6 ‘ 

60td 107 3 64 . « 

39 30.1 T5 08 '3.0 5.5 

136 155 2.8 53 3J 

39 U2 hl.14 47 ** 

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L10 305 5.42 21 U 

57 155 M5.00 2.4 131 

31 1S5 1.38 3.1 6. 

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122 2b6 60 2 4 7. 

24 31 0-40 ♦ 2i 

44 155 1.90 25 6 

39 155 198, 17 TJ 

266 te.76 
17< h255 
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Oct AprlPricfiaiKlIW.-.. .98 
9 July Jan.KlRffldcsiSOp- 595 

— Apr. Sept GMWner'Aj — 165 
92 Nov.. Mlay Gibbons Dudlpy> & 

?2 Nov.- siariGHihoiu Dudl«7> 

4.7 Nov. JuwfGiteteasiSt 

* July Der.lGteu** Groan -~- 

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266 283 
475 - 
17.4 d6.63 
: T66 B- 
301 23 

23l 2 301) 1.13 
92 34528 

104 zri! t5 J 

- - May Ort. 

81 7B Dec. May Culicns 

- 4.01 Dec. May Do ".Vfflp ... 1 12tt 
110.6 25.6) Jan. May Dan ish Ben' VU | U2 
1 7.6 <h Feb. Doc.EasbsWkl.JBiapJ 153 

Z39 3.4 660 

150 266 112 59 

120 266 (12.59 

164 34 462 

112 15 i th4.75 

Mb 199 0.51 
45 25 +276 

56b 25 3,0« 
50 126 +2.63 

54 174 1.91 

47 17.4 1.91 

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6.7 *2 46[ ja n . Oct . OwtoaOp..— - S75 
3.9 2610.6) October GnomePhntnlllp -43 

52 22 ?5'Sfay not. imiton'Hiiop .15- 

45 4 3 64 < j an . July GonaeHhk.- - 72 

A-9 64 1 4, Jan. juneGnnpwiHdJK- 56 
75 26 8.0 ,\p r. Oct Grenada A . 206 

11 21 April Ort. GnppMwft. iOp. «5 

12 1-2 *7 9> . OrL June awehellGjvaji ■ |a 
38 80 |6 Jan. Aua HMlaaSteipklOp. 3® 

!? 1 1 Feb. Amt. JWMalQp ... 70s 

46 61 53 Nov. .Apr. HBroulbOTnd ISfjti.- 29 

10 5.4 290, Dec. Apt.HmibptCpSx. ,82 
10 5.5 28.5' Feb." July HatuonTrissr.^ 135 
3.4 9.0 4.8 Mar. Sept Dnfilajc C» 8WJ £83 
* 3-4 Jjf Jan.- July Hamm^SOp.. M 

— — 20-4 Jan. Aug. Harris iFh'Mp'. 72 
3,1 8.0) 6,2 May NovjiiauiSheidan-. 51 

B2 3 

f II 

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74 27 

7!? 9.0 Jan. J 

Edvdsl/uF A\ 

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122hI 10.7 432 1. 

12fts) 10.7 4.32 1. 

112 17.4 6A4 3. 

153 tol 4339 * 

9b 47 s - - 

27 17.-1 1-42 3. 

132 1395 
34 2.53 
17.4 33 
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18,7 2.9 
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|-2 (7 9>. OrL June uriKtisellGhap. 
80 3.6 j an . Aug HHUaSleigiWp. 

51 t I • A ..2 MW 

43 27.1 

34 15' 

34 11. 
70*d 10. 
29 1 

133 057 
to5 302 1.9 
VA 399 10 

»i tL94 O 

27.2 2.36 34 

155 100 1] 

11.7 2026 « 
W.7 cL38 Jl 
14 m.m 33 
ir« nWK 41 


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' Financial TJnre? Mpntfey My 91 
INJJUSTKIA15— Continued 







j (Xcraaai : 0 pl 
f \vg. Jan. Hjy'iKJurff 1_ 
June Not. KqwnUiCime. 

jjet Jihm* Hatoir 

- Hap He*WTUt5|i _ 

jj or. Apr TEijf Kil'-rtn 
Jfcw. Aur. KolneniA), 

Feb. Sept ItoiliiBrov , 

Dpc. July 

Apr. Sept- Hwrer7.‘ I 

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Dm. July H<oton.'.LH2Pp 
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member ftaotPuccABn 
July njromilfcJJBp 
j.nja. H'.lndc!4ries|_ 
jiDy Feb. ICLD 

April SepL lrap-OmLGasa 
May Nov. iDroninde. I0p_ 
Jan. Aug. 1 nltial Services. 

Dee. June !ai«-Qty30p 

Bar. Dec. Ja.nesUohm 

Jane Jan. .'BKtiHiltcbain_J 
Nov. June JanUne-lLiHKIU 

Apr. Dec. JenUQoe 

— AAimd& Games- 
Oft Apr Johnson elms. _ 
Feb. Aug. Johnson Why. £3 
Oct- June Jourau fT.i 10p_ 
Hay Dec. Kslanurai lOp— 

Tan. July Obey ItkIi, 

Apr. Doc. Kennedy Sm. lOp 
Jtoc. April Kemhtn»iAlSp_ 
tan. Aug. HMEZeHldisJ 
tan.. Au& LCPIUfk-ZT 
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May June Lawto , 

Wly Nov. Uadlnds-iSOp j 

Tan. Aug. Leadenktfl KtrtiacJ 
Jet May le Bas{EJL_Z? 
■tov. Mar. LeWf Fbbel top 
April Lf+usHams. 

Ian. July Leigh Inis. 5p „ 
fan. . Aug. Leisure Car. JOp 
Par. Oci. Lep Group ] 0 p_ 
fan. JnJy Leawy Prods.5p 
?Bb. SepL{T.egs«« M>p 


Sy Feb.II/M.fcNUaLftpLJ 
Can. Junctions Hntbly. Wp.( 
ipr. OcLft/BglPa 1 Y 3 KS — f 
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(one DecJsLY. tarL lOp_J 
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luly N nv . jlfccLell an ip. £ B.j! 
tag. Mar.Uacph^soniDj 
ttqy SepLlMaare'.ia Groan 
tune Jau-iMnciM. At^jUflpj 




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May Hnrtin-Blat' 

. — Ksthew.* 7%pe- 

bine Nov. Mayurrds2Sp 

Ipr. Dec. lOp. 

VI Feb. Menunure to 

Ian. June Metal Eta tl. 

Vnv. Jun" Maal Closures— 
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t 4 -*nim*njll 0 p_ 
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June Nathan (B.£tLl_ 
Aug. KaLCtbV, 

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tar. AugJN^U&Sp'ncuriCp 
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tan. AuK.tNon.ros- f 

tan. Seru iSoii/o 4 Srt Ito- 
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nov.!Oce FinanccCv_ 

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Ma\ J 0 fmS>p.- 



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lan. June 

1 an. 

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:eb. Aug 
lane pec. 
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fcl April 
jnr. Nov 
un. July 
an. SepLj 
•a. Ana 
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n. June! 
■Vpt, Nov 
Apr. net. 
Feb. Sc pi. 
Dec. July 

.I'nUtips Patents. 
itaoto-MeSOp — 











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? en. Aug 
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tune Scpi.1 

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132 327 
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21 9J 7.6 
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Apr. Oct 
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Dec. June Ptoenix 

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May Da’B" 

Kay Prodenhalap 

May RelareSp 

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25 837 

17.4 655 
113 81 

3.4 16.45 
133 5.59 
27J 14.05 
153 2035 
25 t3.42 


53) 4.11 7.GI 

3.4) m IS fiSSXSc 


83 - 

3.8 - 

7.8 - 
63 - 

!29 — 

6.4 - 

5.7 - 

b.° _ 

9.0 - 
26 10.6 

63 9.0 
3.-5 103 

7.7 e3 
25 124 
9.2 6£j 



3 4 13.7 
63 7.4 

5.9 — 

5.0 — 
03 - 
73 — 

3 3 - 
52 1L8 


'■ Motors 2 nd Cycles 






85 Q34c 
675 — 
775 — 
3.4 H5.26 



7J1 9J 

[Feb. Aug. 

305)Q12%] Qjb| 64222 

GnmDefcisl Vehicles 

‘.(SldgsJ— . 





B Smeicber Adanotiw 

Kar. BlaqariBros— 
June Brown firot JOp- 
Sept Dana “ 

7AUa°- — 

4J yaa^ JanetHrnnSffiidi IBp. 

■■■ St 

Jolyg afga G roup IQp 

Aug-WootteadOJ — 

;TnBerI 0 p. 





101 2 



25.7 3 35 
577 t0. 5 
505 tb3.9 
15 5 <1214 


Garages and Distnbalors 

3JH 7.7 52 
43 IS 3.8 
3.8 4.9 83 

3.6 7.4 63 

8.0 24 52 
26 BS 5.9 

1.3 66143 

3.7 32111 

4.4 291L8 
23 10.6 4.9 
4.4 25133 

1.0 3.6 47.7 
33 2413.8 

' 1.0 9.0 

4.4 15l9 
4.2 55 


7.4 4> 





INV. TRUSTS— Continued 

FINANCE, LAND— Continued 

Apr. Sept laiereLTPUjn lOp 
August lenm-a invest .. 

July Oct Land Invest. 

Jan. July Land Sect 50p... 

Mar. SepL 

Mar. Sept r»SVV'--cr 35 
Mar. Sept Dr. lO’iCoiit ■95 

July Nnv. L/re Laudato 

Oct. Mar. Lend lease; 50c _ 
Dec. June LocPuk Slip lOp 
Apr. Dec. Inn Shoo Prop^ 
Apr. Sept. L 7 

Dec Ju/ieH77C_ 


UclDfitMJf i 0 p_ 

M*r Ort.Keaa 7 Sws. 2 Op., 
Apr. Nov. tttoCflWklOp_i 
April Aue MoontriewJto_ 



B»«pK».«J Q69 


Aup. Prop. ftsTshipu- 
Julyifton. t Sev. 'xZ 




Jan. JuIyjProp.&Rev.'A\.| 
Apr. Oct Prop 53pJ 

— ft J ... 

— f^gaJiaa 

April Oct Regional Prop_ 

Apnl Oct Do.’A' 

Jan. June Kuril fc Tompkuc 
December SaaoelProps— 
Aug, Jan. Scot lWrop.aQp 
Mar. Oct Second CitylOp, 


June Dec. Do tSbCoflv'90 
Apr. AuftS'-KkConrMM- 

April. Oct SuideyiEilnv 

_ — SvfiroPropejtMa 

December rmirWr- 
Apr. Oct Tmmfci.'iu- lOp. 

Apr. Nov. Tni/ord Part 

. — . Ui-ProperN 

Nov. ApnJ L'ld. KealProp_ 
Mar. Sept. WamrEsta;c_ 
Apr. Oct Varnunl Inr. 20p_j 
April Sept WebbUosiS?_T 
— WminsUf P SOp. 

July OctSwiaunEgu„ 

M*n t- 

325%) 20) 31)16.4) 

M 3 v No^ 4B*-B 
Feb. AntgTLInifcGenJ 

Dec JonfegTllmea 

„„ Oct Apt- gMtfctaie Q?p» 
26 i! Dec. June frate Iji- 

t3l43Jl Jutt 

25 271228) Dec 

25 SI) 
3.7 llil 


1 a 5 

12 53.9 
21 - 



1-51 51120-2 


. Hast 
? Swan 

June Dec HasQmrnUSnp. 
Dee. June Swan RoulerO . 
.June Dec Voeper 
[Jflu. UasylarmSOp 


{Sept AprflUamnsQbboo 1 
1 — Afcnmders_5p_ 

(Jan. July BSGbUOp 

8 *"". Mar. Bnkdftunpto- 
Nov. Grit Car Ant ftp 
. July CdOSABte 
July CaSynsSJp. 
Sept Cotaore law. — 
pan. July CuvielT.)^). 
pan. Aug. Davis Godfrey— 

too. June DoradJ— 

{Jan. July EMtanTtnlmr- 
August Gata(F.G.)__ 
Mareb GtafttWlawr. 
May HanaarfinslOp 
Jan. June Hamsou(T£j_ 
Jan July HtaacCs 

(Oct Anrii Hens Ktr. Grp. . 
May No> Da.HtocQsv._ 
(Dec June Hurst (Uariei)_ 

lwa IS 



r r»p- 

Nrisaa David 5p 

September [Penmaelftr. b^> 

1 sJSfc 

une Nov.jWadhan Sir. IftL 
JulylWentenltii— _ 





























71 > 

272 435 
JW - 
la; t7.75 
305 213 
107 1138 
17.1 tl.98 
107 +1.42 

26.6 6.40 
Sll d24 

12.6 +sD.7 
137 331 
14 457 

305 281 
107 155 
301 1.25 
17« d0.46 
155 d4-12 
305 16.70 
266 £058 
712 +323 , 

■y is 1 

305 155 
161 +4.15 
133 3.47 
m 12.46 
17.4 6 0 
101 050 
1072 - 



155 27 
155 220 

IS, 92j 52 
^ J24.4 
25 9.7] 7.9 
24 9.lJ 75 
3.7 12\ 4.0 
4S 5.U 55 
23 6.6)203 
22 9, 3 75 
23) 8.7| 75 

^ 1.7 

il I;. 


1.4 53 








I 21 SJI h 

33 38128 
ZUJ 14.8 
6 113 
5.0 6.0 
25 8.9 
4 2 62 
53 6l0 
19 114 
62 6.8 






3.7 3 .8 
5.9 53 
14 229 
L4 28 

7.8 7.4 
37 3 3 



Aug I 

Hay An.BookP.3tou 
DeclBPU Hldgs.' A— 






Black IA ACL) _ 
Sept Bristol Porf- 
Maj ftiiUnilWlJ, 
May Dd.-.VjLH 


Oct GotT^on L Gotch. 
Ma> UoneC«inli«£- 
Feb. WfcwadMil— 

Nov. June N’cnslat ■■ 

Nov. Juiv PearaJnlur.CBBii- 
1 Jan. July lyranud lUp 
Mar. Sept Rmiledw k KP- 
May . Oct Sharpe i^9N) — 

.(Dec. June TlwnBPD. 

Not. June Ltd Newopres 
tod. Feb. Webr*wsPuh.Sp 
April Sept (Wilson Bros. 20p- 







320 id 













25 4.02 
3.4 257 
10.7 237 

17.1 d4.90 
10.7 6.42 
3.4 4.68 
3.4 4.68 
10.7 129 
126 3.63 

16.1 2M 
3.4 A5 
10.7 t6.5 
34 72b 
155 436 

25 M-9 
25 5.99 
M3 d245 
3ai 4.05 
174 1.97 
25 13.98 

174 1.34 
11 140 






, 8.1 87 
29j 55 7.0 
29^ 5.6 A9 
63 17.9 
6.4 52 

B 13 



5« * 

?.51 5J 



< 5.1 47 

M 6.7 


JuJylAsK. Paper — 

lie j«6i 

Dec. Junef 
Dec. May] 

4.1/123 (June Jan. 

^ Ban. July' 

Jan July, 

Nor. JundBonzI Pulp 

Dec. JunedCapseals — 



Snl Printing — 


Jan. Aug 
Sept May] 
(June Nov 

DojwaaRal a>V-' 

.iff r 

^ April W>n»P 

itNw. Juiv DRG. 

East Laws. Fpe.- 


flnJjs finMfma- 


IPG 10 Os. 

Interest Cjp 5?B- 

Udcdvifilii — 
MOJsA Allen 50p 
JloretTF-ar lOp 




July Dec. 

Sept Apr 
4 an June| 
Jan Ju 

[WawGroup^ 1 - 

































-I 12 

305 +289 

34 1» 
17.4 353 

17.4 338 
126 35 
126 13 
305 4.B8 

^ 3.4 $1.90 
H274 - 
126 3.42 
34 h?53 
25 3.27 
26i LOO 
275 - 
155 7.00 

3.4 33 
117 4.25 , 

132 b7 7 
126 K3.0 
25 420 


133 +436 
25 9.70 
lit rl«24 
54 29 
34 520 

155 dh3.Q2 
45 tQ140c 
133 2 25 
155 248 
266 +433 
10J 266 
Zi 7.34 
266 4.94 
266 4329 
155 327 
305 21 
10.7 1131 
155 3.85 
1275 — 

. A4) 7.5) 63 
^145 13.8 - 
24 7 9 8.2 
2.0 83 93 
3 0 9.7 (40) 
4» 7.7 * 







3 S 
lb r 

9.0 * 

7.1 4.6 

i 5 U 

52 85 
9.0 3.6 
63 7 6 
_ 59.0 
L 8 J 8.9 9.4 
29 9.1 5.8 
« 110 * 
3.6 5 2 81 
2 610.6 7.7 
4 . 105 * 
20 103 loUl 
3.6 3.7 7 9 
2.3 1L6 1 «. 6 » 
28 84 65 

8.2 5 * 
4.9 7.4 

1.8 83 

5.9 S3 
L7 13.9 
9.0 93 

5.8 27 
38 97 
3 9 8.9 

_ 5.4 105 

LM1L2 92 
13^ 72 19.9 
7.4 63 
55 95 

6.8 6.7 

li: oil 

153 d0.48 
2b t 2.14 
2B21 0.95 
163 054 
17.4 03 
25 fiX.10 

Ms a? 

P2 314 
25 4SL65 
, 174 090 
1411 ^532 
1 3J£ Uo 




(July Dec. Ail’d London lOp 


Apr. OcL ApcvI Vops-^to- 

Mar. Oct.\quif.b«s5®- 

August Avenue O seSOp 

_ BankiLomlOp- 

Sept 3Iar. (teaunoni rmp*. 
(Ion- Apr.B6j«nf^'l^-| 
Dee. jane 

(July Dm. BjLderHanwo.. 
Nov. July Bdwmtarcv-— 


Bnusbland— . 

Apr. 9^ 

tJufy Nov. BnimnMjew 
Ijan July &p.*ChunHes- 
w DaWamms— 

Feb. Aug Canhttf Group M- 



35 23T 
« 4.9 
3.6 -4.9 

Iff 33)3 
GJ 2 4 
29 8.5) 



L * 'Si 

6 0.3 
20 &4| 


'iCfj QID'^13 9] EU-H - 

IV 4 


13 9.7! 
62 45 
4> j.O 
Uo 84 
4ff 33/ 


Dec. JuncjCtaflehb’rrEiL- 


. Crartrol »ctl^ 

Anr. l Coni&rt a ?fi 
Apr. Ort. ri)OTNc«T.r 
February CSV* DgVL- 


June Oec-rwringtOTl^-- 
Jan May 

te. 6 ®!. 

lp jilv EsUfcA jMIW- 
Nov. June 

Apr. No*. Eds Prop jn* — 
Jan Auc EvawlMds--.. 


Jan Apr. G roenift 'lOp — 
Jan July 

NoSer KSm*fr 


209 - 































. 305) hL8S 
11411 43 

272 35 
133 068 
266 1.63 
1072 — 

132 M3.81 

3.9 +d4J) 
305 I2S7 
126 572 

12A 618 
266 6.81 

1273 - 
374 - 

14 QI79(4 
126 L91 
i&S L7 

Wt 207 
974 - 

lit 45 

1274 - 
126 4 63 
272 1.72 

17.9 L96 
26.6 2D 

133 065 
3J tfl.79 

112 3.0 
155 050 
2U 3.09 


10.? 045 
15 5 3 0 
272 +L01 
107 dL30 
3.4 +5ro8 
1173 - 



■12.12 330 
; 35 Q38c 



32 + 


3.4 373 


11.7 9.1 
4.2 27 ft 

5.5 4 
A0 8.9 


28 08) 









iff 75) 



L5 60.ff 
L7| 42 iT98? 
2.3 ♦ 

Zb t 

4.4 18.6 
1.8 303 
4.2 - 
52 O 
4.7 * 
9n i 
8 5 .782 






AuglBrft. & Com. 500- 


toraQDRrotSfcJ 112 




8tay fisher (J) 

May Finpesj Withy £1 
July ninriinafolwi n 1 
. Oct lacobstlliaipT! 
July Lm.frSeas.Fltli_' 

Jan. July Lffe Sfcippiir; 

June OcL )£ail Linen 2Pj>- 
— MawEtUmU 
July SDlfordDceten. 
New. May Ocean Ttvupoit 
Mar. SepLP.fca.Defd.Q- 
Oct Reardon So. 50p 

Oct Da‘A‘50p 















23 531 

lT.ff 153 

305) 4.90 



JUTy FebJMlebonelOpF— 
Sept Feb. Booth /Into i)_— 

April Dec. Footwear Ian 

Oct June GaraarSnHiiMr. 
December BtrfdUm.Skiis5p_l 

Nov. May Bj!lons20p 

Jane Dec.Sff wi . - 
Apr. Oct Lambed RtkatoL-j 
:A'pr. Oct Vcbold L BurrnJ 

Oct AnrUCHnefiGTA’ 

Jan May Pi hard Gj>- 

Feb. Aug. Stead fcSm’.V- 
Mar. Nov. Stroc«& Flsber. 

Job' Stylo Shoes , 

Se^. Apr. bnwWiElPpJ 

Sept bfty Ward White 

February (Wearra LOp 
















155) 1.0 

** SB” 1 ** 

305 0.7 
D.4 4.90 
305 +227 

3< 277 
lfl.7 213 
133 +424 
228 L72 
L4 hi. 16 
14 M3 96 
3J +131 

** 1Z [ 9 H 

3.4(123 . 

10.4 62 
4 J 72 45 
7.9 5.0 42 
23 8J 82 

5.0 51 4.7 
25120 51 

3.0 84 S9 
27 62 93 
42 7.9 45 


13 45 10.8 

5.7 72 

6.7 46 
7.0 M 


... „ Ans.TYsInd.5CC 

May Nov. Snirorb Mte 

Apr. Sept 
Sept Mar. 
Feo. AugJ 




r. ber 

March Sept 1 




C-old Fids. ?.2>2C 
Gr+jaos'A'SOc — 

May)OK Bazaars 50c. 

Frimrree lOtts. 
Ha Ttoeinra ‘ADcj 
July SA ftvus.Dte— 
Nov. Tiger CtaiiRJ _ 
Nov. Uni&ec — 















Sept Mar. Afficd Tortile— 
|Jan Aug. .MidBa3s>fci_l 
Dec. Juyr Beales ill Hip - 
.May Nov. Becknsan A ll)p 
| June Dec BbcIwwdMort 
Apr. Sept Bond Si. FahlDp 
Dec. July Brigfeiaobpi — 
Bn tjray Grp rip — 
May BnLEnfcalor.— 
Apr. Sept EriL Hotair 
Feb. Aug. RalnrL'ma20p_ 
Jan Jub CaiidiDundeei. 
Dec. May Carpels JnL 5%, 
May Nov. Cairsin Yiyeiia. 

Cttober Cimbrlad 
Dec. June L'eas* talons — 
OcL May Conk.. 

Mar. Sept. CcurUnlds 

Mar. Sept Do. 7N Deb 82.7 
July CrowtbenJ.i — 

Feb. JwpL tawwalnU. 

Fell Sept DaA'— 

Feb. Oct Dvum<lKivid' — , 
Nov. July Ez+r 1 C 1 fc M 10p] 
- r nn July Ftxier John 1 — 
Apr. Nov. FagpmJ.i ll^i _ 
Apr Nov. Hirtang FsJ aOp 
July IIWdat«.5p... 

Jan. Aaeflich 

Oct Hellas Grp 5p — 

Feb. l^jrafray 

Mar. HI garathttDJp. 
Mar. Do.’A 2fip 


MayjJataf iHldgM - 1 






Nor. — ... 

Jan JulyiirttaDrsw — 

NovemberjLejgh Milb 


Apr. Pec. Lister 
|Jan July LriesiS -COp — 
Hay Pec. JtocterHwh — 
Apr. Oct MacljnnonScrtF 
iJan. July JlartmiAiSjp- 
Not. JuneMiUeriT.ilOp — 
Sent Apr. Monifort 
July Dec. Netts. Vanfe — 
Mar. Sept Nma Jerse> 2>p 
Jan. June PWiJand'A - 
Jan July Pickles iff.ifc Co 
Jan July Dn'VNTlflp- 
Apr. Sept R.KT. 10p_. 

Apr. July Ratle.- Fasteocs 

Aug. Pec Reed i Kao 

Mar. OcL Behanro End 3Dp- 
May Nov. Richards 10p — 

Mar. OcL SELET 2Dp 

JcJv Dec ScoORubsti 
'Sept. Jan. Sefcsvlat 
FVu. Aug. a«i^pel« 

June Dec Sslob Sam* 

Mar. Sept Sulla rials 5lp.. 

Jan May Sirdar — 

July Pee. Stall iTidaw., 
Apr. Aug. Sn. 1'isnR LCflO J 
.Apr. Aug. Do Fnv.Liau-. 
Feb. Ocl Spencer 1 Geo >... 

Apr. Nov.tStoddard'A' ; 

Jan JulyjStaaS Riley Drd 
Jan. May TensOnisvlie- 
Mar. Sept TofidJtsy. I0p 
February Treot 
Feb. July Tootal 


April Oct [patfard Carpet* 
Jan July rnronBelOp — 
Mar. Sept ViuTerate — 


MayjYtwghal . 

U2fid6.49f 551 67} 45 


S if 

126 242 
374 - 
T7fi - 






101 3.72 
V2 572 
IbJ t2J8 
30 a 298 
155 25 
772 hfl.67 
272 72 
305 0.75 
12i 3.02 
301 4.54 
305 d3.12 
1232 148 
1232 148 
3.3 d251 
17.4 h278 
305 hl51 
3.10 d!05 
174 — 
1212 02 
305 45 
3H1 155 
155 3.70 
25 3.45 
3« 349 
11 efl55 
326 d3.38 
25 OM 
15 0.69 
32b 44.69, 
272 td3.94 
712 269 
155 +L03 , 
305 274 
266 151 
307 25 
25 164 
12£ 6.D2 
305 20 1 
377 * 

vn - 

34 246 
133 7132 
3IL7 15 
25 165 
13J 10 
1212 375 
25 272 , 
2D 12 
712 US 
155 +183 
Ui 35 
26i 182 
1M 2.05 


19102 8.0 


11 8.7jM°li 


3.7 o 4.5 

13 95^dUi 

91 8 

10.1 4.0) 

« &5 
21127 67 
28105 52 
|20.0 0.9 8.4 
9 117 * 
26 29 67 

3.0 93 5.4 

?.9 105 ill!® 

* 15 * 

* 15 4 
15114 8.9 
3.6 86 4.9 
53 35 73 
28j 93) 5.9 

15110 9.4 
0.9 114 14.9 

5.4 5 0 6.6 
4i 52 41 
3 5 5-41 80 

22 7.4 8.9 

4i 3.9 68 

* 19 * 

6.5 6.4 >2 
21 6.9 20.4 

23 9.9 7.2 
35 7.7 56 

3112.0 43 

* 8.0 t 

29104 is 
3 0 9.0 6.7 
92 4.0 3.4 
25 73!5.9i 

* 63 4 

$3 731?5 
15 9.6103 
48 6.0 42 
1610.4 89 

18) 93) 81 
4.S 73 53 

ta H h 


23 &7 A0 
10 IS 555 

M i* 



Jun Pec Briroart?0p 

June V9e.C±RP j n 

Dec. Auft ^Kkmialhvs- 
Feb. Oct CalMoiumTtt_ 


pec. CfRijruamlGw. 


Dir |TM 
.Net , C'vrjft'l PfE 




May bneUbintiubJ 
June Qan.& Forelcji— 
Apr. pw»- &P't4l*N4L„ 

_ I* ’B' 

Seat Mar. CartiaalDW 

Aug., Ajff.CaruolInv. 

June Dec. Cedar lav — _ 
May Onanl lj. Inc. q . 

— ■ Da fail 

Aug. Mar. ftianemust 

Mar. Sept Os fc Coo. Int. 

— . DaCniEl! — 
— Qtyfcfbr.lnv— 

Msy . Dec. G{y 4 Intern rl_ 
Nov. June City of Oxford— 
Mar. Sept am+nnaeSOp. 

Jan May Omsdalelav- 

Aue. May Cctaad sees. W4. 
FeC Aug- ConUoenriilad, 
Dec. JuneCmtiarotTOniiHi- 

— Japan SOpJ; 

Mar. Aug. Crossfnare 

January Conrulnlnv 

Feb. Aug taw unci snap 

— • Do iCaanOp— 
Aug Mar. Debenture Cam. 
Aug Feb. DertwT«.lata 

— ' DRtap.5Dp 

Dec. Jfljf tans bot fc Gen. 
Apr. Oct Dayton a*nd_ 

May Dec. ta-Coas. 

Apr. Aug. Do. Par Eastern 

Apr. Aug ta. Premier 

Nov. Apr.Dwdwsttoe.50p 

— • Do Capital fl_ 
Jan July tandecALoo.— 

AfyiJ SdmtE/y}i.ta Til, 
June Dee.».W Cl_ 
Jan July Htrtrahrv.Tit. 

N’fJv. Ji& En&t-lnieniatL 
Oet Awtl Eof.kN-V.Tniri_ 
Sept Mar. Erg fcSeot lav_ 
Jan Sept fttarCrostEl- 
Sept ta.DeTdSta— ’ 

May Dec.Bwiiyinc.3jp_ 

Dec. June EUale Duties 

October F.fcC.EurotrmL 
May Nov. Family luv.7te_. 
Sept At* 1 . FlrttScotAjn._ 
NctT Apr. Forejgn&CoL— 
Jan July F.PJUTjMtflSl. 
May New. Fundinvestint- 
— Do. Cap. _ 

OcL Mar. G.T. Japan ___ 
Nov. Apr. Gec.fci'umta cL. 
Aug Apr. GCTLi onsokhd. J 
Sept Mar. General FMri&_ 
— Da.Conv.10p_ 

OcL Apr. Gen-lavestors — 
Dec. June Gen. Scottish — 
Jan Sept >s SThMn.l?^ 
Mar. Aug. G1t«rov SfUdre—j 
Apr. Nov. Gleode roc lnv_ 

_ ta.-BT. 

I June Fob. GJemnorraylav.. 
Globe lev. 

Mar. Sept Grange The* 

Sept Mar. Gt Scrth’nlnv— 

■ March Greesfriarlnv 

Jan June Gresham lav 

Mar. Seot Group Investor*., 
Dec July Gasrdl 2 nlnv.Ts_| 

July Dec. Hanbrcs 

July Dec. Rill'T+ijtipl 

Apr. OcL Htnne Hldt “A”. 

— - Dft 'B“ 

June Icohmd(Si, 

June Do. (£ 1 . — . . 

Dec. June tadastrial* Gen 

Sept Mar. Internal Inv 

[Sept Apr. I m i in So ccess- 

Dec. J TdUnl| 


Apr. SepUBATlnds. 

- Ho DeW 

Jan June DimhiULA.HOp_ 
Nov. Mar. bnpaoid _ — - 
'Jsn Sept R«.'OTwJri;p_ 

Jan JulyfeansenEalupJ 61 







Si 8,72 
U: 556 
22£ 204 
25 2.79 

031 63| 55 
53) 3.9) 7.0 



55) 23 



Investment Trusts 

Dec. June! 
Dec. June! 

Jan ScpUAihalnv. 
Dec. JulyJAllaitcelnv 


74 17 fl 
16 26ff 
23 IS. 71 






Oct Mayj 

ScpL Apr 

June Pec.] 


Aug. Mar 
Not emberi 
Dec. June 


18.9] Now. June, 

Jan July 

Jan AugJ 
Apr. Sept 

I Abenieen Imv.- 
Aberdeen Trust- 

May Alliance TrtiL_ 
Juiy Do Gajuts/Sto- 
Do. Cap — , — 
Asseriran 1st 'F 
.Undo Am. Sees— 


Da AsetShS- 


Feb. Arobiajedeslac.. 

Do Cap-fOp — 
June An;pInt.«SA!._- 
ASinuBalL lOp 
Atlanir .Assets _ 

I Alla* Heel 


Nov. JulyiBar.lms'lnr- - 

Braol FundCrtl | 
BrauIIm Crtl_ 

l&idgertier — 
ApJyO JaajBrAish Ameu — 

155} 235 
25 $5.05 
£4 1D0 
34 7.10 
J15 830 
155 0.42 
12t 45 



107 3j0 
Z7 2 3.2 

15 J +U3 
2Lb 515 

137 +4UT 
2U1 05 

: u 0.4 
155 1.90 . 
UJ t:.7 
17.4 255 
1411 10.87 
3L1C — 
155 d62S 
25 15 


4J - 
T2 165 
155 £220 


Off — 





Iff 273 

Iff 151 
fl 1 

Iff 14)273 

♦ ‘ 

Nov. June Jersey iten.£l 

May Oct 1 os Holdings — 
May Nov. Jcnelm-.lne.10p 

— Do. Cap 2p , 

July Feb. Kevstacelm.SOp J 
Xav. Jun. LJwVieirlnv.— 1 
March Lane fc Lon Inr. 
Apr. Oct izv Debenlure.- 
— U3ro5lle.fte.lp 
Aug Feb. LedaUn.lnt20p 

- Do Cap. So 

Jaanary LeVaUoariluv. 

Mar. SeptlLcafc .toil H® pf 
Dec. 7S Lon Atlantic— 
October Lon.lcGart.50p , 
Nov. July Lada.fcHolyn»d J 
June Jan LonfcLamox — 
Feb. OcLL 011 . 6 lJv.lOp_ 
.Aur. Oet Loti Lomond _ 

iUr. Nor. Loa^Mort^J? 
Nov. JuDe U5n6Pitiv_ i 4- 
Dec. . July Lon ftwJerttol, 
Kav Dec. LonfcS'cljde— 
June Dec. Lm.TtLDld_ — 
June Dec. Ltottatflm — 
Sept Mar. StfcGDndlntlOp] 
— Do&p.irp — 

July Jan DoWaoltaLUp 

Jan June Man. 6 Lon. 50pl 
Mar. Sep. Hddmnlm— _ 

Ji4y Mtablmeit — , 
May MoaLBoslraHto 

- Do. Wilts. £1 — 
For Mooleya 

Jan Sep. HoMtatelnv — 
Aug Mar. KoorsidoTrujl- 
March N'efitSASDSl, 

AprJlyOct fterThrTO-lnc- 

— Do.SwWmv- 1 

April S.Y.fcGaronore 

Aug Dec. 1928 Invert 

May .Dec. Kti AllUitjrSec 
June Dec. Nttn American - 
Dec. July Northern Sees — 
Jan. Aug. Ml* Assoc. luv- 

June Nuv Outcicblsv 

Apr. Aug. Pcialaodlnv 

Dec. Aug Prog. Sol Int. SOp) 
Mar. SepLgrovinriaiatte 1 
Aug Feb. . .. ... 

Feb. ScpURtabrooklnv, 


Sept. Mar. 





_. r _ . JarerPtoteltof . 
Apr. Nov.fRrtjecofBrjnaO] 



s. Andrew 
Scat An. lm S0p 
1 5ri46fonl lar. 
jSat Cities ■*■>- 
Sea E3*t Inv_ 
grot Rational _ 
SectSotlKni — 


ScotWenern — 
[Sea Westn 
• — >et Greti Ntfan. 




Apr. Nov.) 

Aug iUr 
Apr. Nov 

Sep Dec 
Dec. June) 

Oct. Apnl 
July Mar 

Mar. IVc 
Apr. OCL) 


July Jan. 

June Dec. 

June Dee 

May Dec 

July Doc. (San. Ontario- 

Aog Mar. 

Apr. Aug; 


Jan. Sept- 

Dec. June/ 


Apr. Sept 


Dec. JuneWpberelnv 

Dec. Ju lie) SPLIT foe. 10 jl_ 

June Dec) 
Aug Mar. 
Feb. ’ 





Jan Aug. 

Aug Apr. 

June Jan. 


Mar. Oct non* 

April Nifr.rIimftnBta_ 
— [Do. Cap. a 




October LtaCaji, 

Feb. MayrTraat 0cedie_ 

OcL ’ 

Febl Auc. 

Apr. Oct! 


Feb. Aug; 

May Nov. 

tester 1 — 

. _ liULCapltals 

SS: ?Si&££Ssd 


Apr. %pt ImubdIiit.- 

July Dec. ytrte.*L« CT _ 

— ^ortgreeaiOp 

Dec JunffYoragOrdara 

305 *0.98 
772 185 
133 125 
3.4 26 
12b 16 
3.4 038 

Finance land 
| 3JJ3.B2 
SJ f4-75 
375| QUc 
126) 154 

5.0 275) 
Iff 4.4 35.1 
Iff 51 302 
' " 55 25.ff 
Iff 5.0 23. u 
13 4 4 28 J| 
5 4 22.71 
2.6 4831 

Ul 6^1 224 
4ff 1.0 303 
4 9 26.7 
Iff 48 320 

54 27 2 
5.7 24,41 




7 . 1 20.6 

6.9 217 
HI 33 456) 

25 +05 
1411 3.4 
15J 4.85 
133 5.15 
2 U +355 
15i R249 
115 +19 

1212 fL60 

»5 35 
283 20 
305 360 

uD 4.0 

7321 33 
U3 355 


ya — 
25 1225 
13J 182 

13 2 35 

ml +157 

13A 83 
117 540 
15i 35 
10.7 — 
133 +332 
2811 0 8 

26.6 7.75 

271 45 
155 4 7 

132 0.9 

272 6.7 
155 432 

27 2 11 

133 6.75 
126 5.0 
266 155 
305 33 
Z72 26 
732 245 
33 6.77 
85 551 
25 b9.90 
25 hL82 
JOT 055 
133 335 
333 285 
732 t3 77 


3011 tun 

13t 4.7 

I7.4| A0 
83 17 
133 24 
Ml3 +166 

174 17 I iff 35)43.9 

266 550 
305 l.B 
301 +23 
266 +3.67 
3tU 145 



3aa 7.9 
S3 + 3.71 

6.6 2C.7 
38 37.6 
65 221 
.65 226 




. 27 



22J t0.5 
126 3.1 
305 2 
266 039 


. 3.40 

91 BP 


12d5.06 I ♦ I 93( ♦ 


_ GnantovcHtp- 
Fcb. AugHarahroTncl^- 
— HamricaTstSp. 
June HawPar.S.Sl — . 
<teL Mar. taL tei. Ids*, a 1 
Feb. Sept tfivesaKHUJ.- 1 

Feb. Sept riafctia IS- 

— SiiriiaTfllnrJep 

September jKi-ahu lito 

.tacuri Taan! rai-. Iflpr 
Jan. ' May Lor. Euro, ftp- 
Jan. Nov. Urn Merhari 
Jane Jau. MfcilHIitet^i 
November i&^d* run. Iwr . 
Apr. OctJManin ■?-?.: 3>- 
:jnSD. HflSiMrtfcffuy 

— ■ S!M!oyaf3l 

October ‘ SJaLOhra 12bn 

■ — JvppouFdKg-iup 

— • Paraabelflp — 
May Dec. Partf+are&v_ i 
June Nov. PeasjniSifcSan J 

Slay PrriabTiPBSSU 
Nos. July St Geccue top — 
July ‘Dec. Scott Mere. ‘Al 
NOV. 34a}' RF-COjf Aim .- 

Jdarch-Oct Smith Bro s. 

— Sttin. pat. HSSUr 

■ June Suer Pin NF1 00. 
April Trias. Sin Tg Ip J 

Apr. Aug Wstia. Sdect3Dp 
Star. Oci. West d EaRiand . 
Apr. Aug) Yule Cttto 10p_ 




























I s #; 

_. . 03 
153 05 
1213 tl25 



67fl — 

* 11.7 6 



5.6 24.41 
93 1891 

53 2451 

5.1 263 
4.8 26.6' 
31 43.6! 
53 273 


?4 26.21 
4.4 325 
56 213] 

63 ; 

5.0 29. , 
4 8 3151 
93 4 
62 4 

7.2 18.8 
14 39 9 
65 227 
45 318 
3 3 45.7 

6.7 215 
103 1A8 


6.0 23.9 
6.6 217 
4.4 343 

56 233 
55 27.0 

17 mi 

35 384 

May Dec. 


Brot Borneo Uto 

Nov. May{Brit Fetro>'m.£l 
Jan July [to.S'.Pia— 

— Bunaajiil 

Feb. Aug ta fP; LnSI.'flU. 

— r«TNUvSeaaJ 

Dec. June 



- LA5MO 

Feb. Aug LAP»»!«15 e:«) 

lA&HV-Opr Ito 1 
May Oil ErpL 10p 

Premier Const 5p< 

. RanyerGil 

Fteyooli".Div 1c. 
Oct Apr. Hyl QalchFLaO. 

"cenacFta. — 
MlTroan Reft 
ttSefaensil' K.i£t 
JulyfTri found 

Jan July) 

VEooduueAJOc. . 






























di . 

107«J - 









56%) 514 +1 






Q14 r J 








Iff 6 7 24.6] 
42) 3 B 9.5 
13 9 - 






2 45 






















5 2X7 2 

May Jan. 
Apr. Nov. 
Dec. July. 
Apr. Detl 
Apr. Dec. 
Jan Sept 

Oct! _ 



HoHnung'S.! — 
.be hr ape £1 — _ 
larb si ._ — 


Apr. Umrho 

‘ MitchrilCWts— 
Parson. ZatWpJ 
ta ’it'N.V 
Ranger iJ.E.'* ftp. 

I Sena SuiaraOp _ 

May Nov. iSune Darby lOff 

Jjan Julylsi eel Bras. ? 

L4|Jan JunefTowKeBs.^. 

Apr. Oct I 
/tec. Apr. 
Mar. Sept! 

Db-BpcCur. 1 
‘ lOpc Ln 18p 



























2.3)16.8 (3Jb 
17 12.4 

?, Si ts 

n li U 

l3) + 52 






53 631 ' ♦|Apr. Nov 
— I — / — JNov. JunejCherroreseli 


Aiytft .Indona’n .. 
Ben am Cons. 10p— 

Bird! Afnea< 

Fnduall top 

ICasUefiekllOp — 

0 6)117 J 
42)30 9 

4.4) 34.7 

5.5) 272 

sis 9 


Dec. June) 
May Nov, 

lews. PI an is li 
Grand Central I Op 
HarrawsWr Ett U#_ 
itichlamb M50e__ 
Koala K epon p MSI. 


ISosgei Knan Up_ 


1 r57 
■ 77 




722 35 
Tbi - 
25 17 
26i s28 
3.4 hl3B 
14 hQ3.0 
1212 055 
126 150 
133 414.0 
3.4 0208c 
,13J2 yllic, 
[761 +43).' 
310 hu.43 



4ff 45 
15 45 

L0 ?4 
10 IT 
12 4.6 




65 2^4 
46 2651 


India and Bangladesh 

Mar. Sept 

Asmara Docars £1 _ 
Assam Frontier LL. 

Assam Ixa. O 

Hnpire Plants Wp- 

Noremher [Jokai £1 

r?a 27 


m3 1.53 

2b 6) 13.70 
iff 012 
273625 , 

1D75J S— 

,irq »— 



28U lit 
25 36 
27 2 14.5 
266 »260 
!6.7 12 

131 81 
10.7 1450 
Mi 15 
12b «L56 
25 330 
303 +3.45 
25 336 

10 7 h2.05 

132 hL60 
126 220 




155 610 
226 Q25c 
272 8.46 
3U 15 
30 5 3 3 
153) 19.19 

9 306 


M a 0.49 
133) 5.0 
17.< 4.39 

X5 14 
305 3.85 
30.1 +125 

3J 4.44 
25 0.94 
%6 352 
Si +594 
126 " 
172 0.75 
155 10 a 
107 +4.6 
305 23 
305 0.07 
272 759 
Mi 815 
305 3.65 

Niwcmber 1 
I May Nov 

LonetmuTTrfU — 
]itcLeo.lRiweltl . 

Moran Cl 

7?20 3 

09) 07ll£2iJan- JunffSiiielo lUdia %- 

Apr. July 

Warnm Plants. — 












n m 

I7Jfl +L98 
1411 41200 
3110 410.00] 
U to tl35 
25 15.08 
28.11 ♦FL72 
266 14.67 
228 9.0 

5.9 5.9 

4.9 8.1 

3.7 89 
35 5 2 

6.8 4.1 
27 4.0 

4.9 62 
32 111 
4.5 10.4 
4.7 75 

1 5 1163 
6.0 24 8] 
Iff 4.6 275 
56 <0 
62 221 
8.6 » 
4.5 30 

Sri Lanka 

Apr. Sept.lLiauvaEI 1 205 l 13J| 5.5 | 15) 4.1 


4 174)50.0 
1 274 13.0- 




— ftariwn Deep R1 -. 
ilAug Feb. Em Rand Prp. R1 - 
jAug Feb. Rcndfont n Est R2. 
Aug. Feb-lWestRandRl 





2ff 5.9 
6 .l\ 5.4 

illl- 7)13.0 


75 1$3 
5529 0 1 
43 3531 
24 47. D, 

75 Uff 
4.7 343 

5.5 24 Oj 

3.6 57-7] May 
42 36.7]"*** 

31 ff 

May Nnv.fBrarfcenSOc 

February EasDaKaRl 


Aug Feb. GrrolrleiSJc 

May Nov lonroaRl — 

Oct May Irfsl/e65c„ 

Fc-b Marieialc R05O — 
5 African Ld. 35c _ 
Aug Feb LtitfonteinMc — 
Nov. * inWhsak Rfl — 


n J??e 







— . 























■ 67li 






• L7 





4.5 3 
43 34 
29 51. .. 


3.2 « 

4 7 3891 
lb _ 

96 15.4) 
29 421| 
43 32J 

97 28J 

I? ♦ 

4.4 32' 

3.6 493| 



112 ff 




Feb. Aug Blrw«nv25 

Feb. Aug Buflels 

- Deelkraat RD2D — 

Feb. Auc LwnfonieinR] _ 

Aug Feb EanDneRl 

— EtmlsraijifijJdORr-. 

Feb Aug Elsburg R1 

Feb. Auc HartebeeSlRl 

Feb. Ang WorfftddRI 

Feb. AugUhannoP.l 

Februan’ Southvaal r»c 

Aug Feb. &idontejn9)c 

Aug Feb. VaaJHwfo50c — 
Feb. Aug. VcmevspostR] — 
Feb. Aog. W. rvie Rl 

Feb. Aug Western .Areas Rl . 
Feb. Aug Westero Deep R2_ 
Feb. Aug.ZandpanRl 

314 . 






Sept Feb |Ftee State Dev 50e 
Jun Dec.|F5GeduW50c — 
14ffMay Oct jhn&oi^SOc — 1 _ 

Pr» Brand Sit _Z 
Pres. Styn 50c — 

SL Helena BJ 










5.1 4 , 

6.9 226 Jun- 
5.4 Z7 2 
4 7 23.6 

1.7 729 
15 69,4 



. W Ueddins* 50c 



99i 2 









4.7) 81 



Apr. Sept.! 
Jan June 
Mar. Aug; 
Feb. Au. 



(Ang .ton Cold Rl_ 

Jan JulyjCbarierCtms.--.. 

66 221 
6.7 222 

Iff 6.9 sla 

Finance,. Land, etc. 

OtL May 
Mar. Sept 
Feb. Oct 
Aug Feb. 

Dec.fcons. Gold Fields-. 

4ff2 32 

2: 6 ( 30,7 
6.7] 224 


_ AmaorlhLr 
Jan. AU? AtHtavnyb,* 

_ wdawa Arrow 


Oct Mar. Cktfl 

Mar Ann. Dtirterimse Go 
September Common IttL lp [ 
.lute Nov Dalgety£]_ 

Apr - 0ci ™a 



July Et Lands Kto_ 

■ LB ft] 


Dec. July| 




1274 _ 

1275 - 
475 - 



2t6 tj.* 

25.7 0425' 
155 +11.76 
H +L0 

677 - 
22i d0.99 
ail 172 
221 112 
228 d0.J9 
303 444 
26 b 10 
574 — 


Mar. Septl 

bl jJan July 
.^JauC Feb 
,rs?Mav Oi 

M aytEari Rand Con lflp 
|C«iMhilnaR2 — | 
}ColdF>ddsSA2Sc J 

Newell 50c 

PatinDNl'FU5 — 
Rand London Be.-. 
Seler lion Trout — 


SiherannesS*p— , 

7 i-.«ui< . Orl wiienmnesa i »— , 
7 S July vaal.CMisiitRl- 

Vmm " * TC Invest Rl 

Upwni'orpn 825c. 

ZJ^Mar. Sept 
? c Aj.May Ncn. 

36 8J SepL vm - 




^5.-^ Nov,- JbriAsdsABbrJh. 
Apr. Sept Bu&psAto Pit Ids 
3-9 -g-3 May Nov. De Beers DT. Se. _ 
g-l^'Jan Aug Do48pcPL«5— 
9-5! 7.1 Ncre. Maj- L^jecborE’^e— 

Nuv. May Rue Hat be 







a * 

Serving the world 

■financial expertise. 



Tokyo. Japan 



BONES— Continued 

LMl ttv 


Nov. May FMconRh3flc 
May Rhodnlorp 1 
— ' Roan Cons K4_ 

Dee. July Tanganyika Mp 

Jan July Do.Prcf.8fa 

Nov. May tt'anldcl.'ol Rh 1 __ 
— Zam.Cpr5BIi024 . 









Nov. Apr. 




BRSonlti50r .. 
iCentral rantie - - 
Maytiijnnnc Rlftintote 

Dec. Apr. 



l'jmpiri ArrwSp . 
MeukEtSOr .. 
MJ31 Hldg, Sic - 
rell25i- . . 


Jane S« 

Ape. OeL 
OcL May] 


Mount Lre. 
NmmallOr- — 
Nov Nnth B. HiUSflr. ._ 

Nth. Kaleurli 

N+h. West Mimim 

Pamirs . WfcEr to _ 
AtonUmd Sic. 
[SoDihon Pacific _ 
Jftteut Muting 5te -■ 
[Whim Creek aic .. 













13i 2 










» i 



•3 5” 

wa 08c 



iff 40 

2ff 2.5 



iff 40 


• ff IS 







OcL 1 



.tonl Nigena 


iRenUTin — 

BennntalSMI . . 



June Dec (Gnpenp Cons. . 


Idnr 10p- 



KUbnchul . 

Malay DretoniSJUJ 

ft Fihnn r 

Ptmckalcn IDp 




May Nuv. 

Jan. July 

Mar. SepL 
June. Jan 
Mar. Oct 


ISonth CroR>' lOp-- 

JulytKoiith KinU $3(0x0 
Jan.|Si)ni Malayan S3! 

Saricei Bern SMI 


May Nov.+Tanyms lap 

Sept Mar.fTon'ctab Hrbr S1U 
Apr. OrttltoSohSIU 












470 id 















Jnoe DeatMesanaKOSU | 90 11212)tQ30c| Iff 


— • fRArrmro 

— Burma Mi nes l+tjp. 

Aug Feh. Ccus.Wjrch.JOc_ 

November NortlwalcCSl — 

JajL June UTi 

— Sabina IndkCSl 

— raraBqKn.$l I 

Nor. July M«)jJfomblip J 

October VnkrniCOns.C51_ 













Ltoton ithcrehr InMctM, priew aad act dvMvnda are In 
peace end dmanlaMlMu are Sp. EUlmW ptaMmblD 
nttom lad eovere are taard on blrel unnal repena and a ceonaai ' 
and. where possible, are opdaM on batt-xaity flcnrrs. Hto are.- 
cilreJdid on Or bate • t art JhMtBlInc bracketed Bputi 
indicate IB per rent or ante difference If ralenlalcd an “nil", 
dnittbntlon. Conn are toad an ~Butanna* rflstribotion. 
lldda are bared on middle prirro. are great, adjusted to ACT of 
34 prr cent and allow far valne of declared dbtrtbnitota and 
rlpst fcnrtUre with dranatnattoas ather than dntb( are 
« noted Inc leal ve el the Investment dollar p a e uil me- 

srerifnc denominated ottturlPoa which include investment 
dollar premium. 

“Tip" Slock. ■ 

Highs and tows marked thtm bare been adjusted to altar 
for rlyhca issuer ler cash. 

Inierlm since incrosred or manned. 

Inrenm since reduced, passed or deferred- 
tt Tax-free to non-residents ton application. 

Ficure* or report awaited. 

IT Unlisted security. 

Pries.- ai time of suspension. 

lndicatod dividend after pendiue scrip and/or rights lianas 
cover relates 10 pmioiis dividends or forecasts. 

Merger bid or reorgnnl rollon in pro g re ss . 

4 NiU com para hie 

f Same interim, reduced final and or reduced earrdn** 

Forecasi dividend: cover on earnings updated by 1 a l ert 
inierlm statement. 

Cater allows Mr conversion of shares no* now ranldnx Mr* 
dividends or rantanc only Mr restricted dividend. 

Cover docs not allow for shares which may also rank for 
dividend at .1 future date. No P E ratio usually pravtdreL 
V EscfudinR a lirol dividend declanlion. 

T Regional price. 

No pjr value- 

a Tpv free h Figures Hated on prospectus nr nthra- official 
estimate r f>nls d InudcnrJ rale paid nr payable on part' 
of rup'.ul. cover bated on dividend nn full capital.' 

Redemption yield. < Flat yield ■ Assumed dividend and. 
yield h tsonmed dividend and yield after scrip issue.' 

1 Payment trem capital sources h m Interim hirber 
than previous total n Riehta Issue pending 4 Earn Logs 
based on preliminan lieu res. ■ Dividend and yield exclude a 
special paymsnL t Indicated dividend- cover relates to, 
previous dividend. T/E ratio hvised no latest annual 
earnings, n Forecast dividend tmer hared on previous year's 
earnings, r Tax free up to 30p in the E. w Vivid allows for 
urrencr clausr. y Dividend and vfrirt bused on merger terras. 
Dividend ami yield inrludc a special povmont- rowdoeapoC 
apply to special payment. A Net dividend and yield- * 
Preference dividend passed or deferred. C Canadian. E Issue 
price F Pindemf and yield based on prospectus or other 
d final idmulcs lor IfTMl r Aw-umed di VI [tend and yield 
alter pending scrip and 'or ngbts issue. H Dividend ond yield ■ 
based on proipertus or pi her official estimates for 
1 .078-79 K Figures ho.«rd Mi prospectus or olber official 
r*tin!>if» for imt X Dividend and yield based on prospectus 
■w 01 her official rstunum lor lirra N Dividend nod yield 
based on prnopeetus or other official esnmaie* tor I9+S- P 
Figures based on prospectus or Cither official estbnaus for" 
1078-713. Q Cross. T Figures Assumed Z Dividend total to" 
date M \le!d based on ntunpilos Treasury BUI Rate stays 
unchanged until maturity of stock. 

Abbreviations, rtex dividend, c ex scrip Issue; w ex rights; a as 
all. 4 ex capital dtarnbution. 

1 Recent Issues " and M Rights n Page 27 

This .terrier is amflah+r i» every Cmaasydedt hi on 
Stock Exchanges UtranAbent the United Kingdosn fur a 
fee of £40S per annum for each neenrity 



The fn] liming i«a ^elerfion or London quotations of shares 
previously listed only in regional markets. Prices of Irish 
issues, most of winch are not officially listed in London., 
arc u> quoted on the Irish exchange ... 

. 1 -- 1 , Shell Kef mb mt. I to 

.Albany Inv Ofip 24 . . Sind ail iWm.j..-) 103 
Ash Spinning * 


BiUt^ir ErtSfip 
Mover Croft.... 

'raip.i! Rose £1 
Dysuntft A.* A 
Ellis 4 McHdy . 


Fife Forpe 

Finlay Pkft. Sp. 

■ Iraig Ship £ 1 . 

JOW Sua£l_ 

HdJuJos 1 2 Sp -. 

Xlhn. ColdsmiUi 
Pearce iC. H j.J 

peel Mills 1 

Sheffield Bnck 












16 >* 




.. .. 











Con v 9^. TO ■82. 

CT 1 »« 


Alliance Gas... 





Carroll (PJ.j 




Concrete Prods.. 





^■2 ' 



Irish Ropes 4 







L m da re 




3-month Call Rates 


A Brew 

AP. CemOftl 

B. S.R. , 

finbcock - J 

Bardav-y Bank. 
Reechom - ... 



Piirtnn ’.V.. — 
"udburv'5 ... . 
liciu'nhariv . 

Di*fiMvr> . ... 
| mni " i > ■ • • 
Eagle Sliir._ 

K M ! 

ion Accident 
i>n Electric.. 
4 I » ii *. . — . 
Crond Mel — 
CU.S ,;v ] 


C. KN . 
Hawker Sind 




Lloyds Bank... 


London Brick. 


Ijivaslnris .. .. 
f.vunsij 1 ... 


torluv. i. Spncr 
Midland Rank' 
X El . . 

Mat VcvL Bank. , 
Da Warrants 


Rank Otr. ‘A\. 
Reed Intnl 


Ihom . 

Trust House* 

[Tubfcbvtrt. J 30 i 

L nl lever 35 1 

LTd. Drapery. 71,1 

Vickers If 1 

Wool worths S 1 


Brit Land 

Cm. Counties.! 

latreurouean . 

Land Sees. j 



Samuel Props... 






Avital part of Motor Raring. 

Automotive Products Limited 

Monday July 24 197S 

Specio/ists in Reinforced CoflCrcfe Oesf^ni 
& Suppliers of Reteforcement 

plan for BL Cars to meet 

licensing un j ons on j 0 fo cu ts 

to be 


expected to publish this week 
its detailed proposals for new 
legislation on supervision of 
the banking system. 

The new (aw will set up for 
the first time in the UK a 
system of licensing for all 
deposit-taking institutions. It 
will confirm the Bank or Eng- 
land's position as the authority 
carrying statutory respon- 
sibility for regulation of the 

The proposals will be set 
out In the form of draft 
clauses, possibly tomorrow. 
While open for farther discus- 
sion, these effectively will 
form a Bill in draft form. The 
clauses will put fiesh on the 
bones of the plan first out- 
lined in a White Paper pub- 
lished nearly two years ago. 

There will be two main 
groups of financial institutions 
under the new system. The 
recognised banks will be sub- 
ject to close supervision by 
the Bank hut exempted from 
the licensing provisions, while 
other deposit-taking institu- 
tions will have to be licensed. 


The Bank is expected to try 
to retain considerable flexi- 
bility In the exercise of its 
supervisory authority and 
therefore, may avoid too- 
specific roles on the capital 
ratios of hanks. 

A further innovation will he 
the creation of a deposit pro- 
tection fund. All institutions 
and banks will be required to 
contribute to a fund and to 
protect small depositors in 
case any institution gets into 

Contributions are expected 
to be related to each institu- 
tion’s sirtv- though with a 
maxi mum figure which to 
some extent will Unlit the 
relative burden on the big 

The legislation is being 
introduced in response both to 
-the requirements of EEC rules 
.and to the weaknesses in the 
previous system in the UK 
exposed by the fringe banking 

EEC banking rules speeded. 
Page 3 

21% levy 
to hit UK 



BL CARS is expected to open been lost throu 

BL CARS is expected to open been lost through natural Mr. Michael Edwardes. BL f»f||Y)T|OTllP^ 

negotiations with the trade unions wastage, mainly at the Long; chairman, has stressed inat me 

during the next few weeks on bridge and Cowley plants. If early introduction of a proauc-; 

plans to shed about 7,000 jobs closure of the Speke assembly tiviiy deal offering new mccn- 

by the end of the year. Manage- plant with its 3.000 employees lives is “cruriaMo the survival; gy DAVID FREUD 

jnent hopes to achieve this is included, the company must of the company. , j 

through natural wastage and still seek a gross reduction of The workforce, in a ! v - TrTJnv mmoanies 

voluntary redundancy. about 7.000 jobs. . ballot, has already rejected one. CONSTRICTION companies 

New faces needed 
at Spillers 


ballot, has already rcjecred one; CONSTRUCTION* companies 
scheme this year. It will bo dir-- operating in Nigeria. Britain s 

S...U . _ ,h« A., kaltiutn -S.ak .vni.rt m-irLnf mav 

The blow will be softened by The main cut in employment ficu u l0 b r uj ae the gap between , ninth largest exoort market, may 
a recruitment programme, now had been field back until the TOana a en ieni. which warns a cen-, be hit br a 2* per cent levy on 
gathering momentum, to attract second half of the year tn .the lralwed SVs iem giving control > their turnover, 
about 2.000 men to meet the com- hope that the company might v<?r imal * arnings ^ tra de ; * , evv of this amount on 

pany's shortfall m skilled labour, exceed output and m arfcet uninns wh ich a g re pressing fo- 1 individuals and partnerships in 
BL Cars is likely to: tell shop ille rcverse Bas De “ payments closely related lo ;the construction industry was 

BL Cars is likely to: tell shop payments closely related to ;the construction industry was 

stewards lhat they must face individual effort. 'announced last year, but the 

reality and accept that a cut in Production in the last quarter The scheme now under negona- .^-jg er j an tax authorities are now- 
jobs is essential to make the. has been particularly dis- tion is simpler than the original . se eki n g to apply it to companies, 

jobs is essential to make the. has been particularly ms- flop is simpler than the original . se eki n g to anply it to companies. 

State-owned concern viable. appointing, and on present )> ur does not concede to shop; badl loeaI and f ore isn. 

In spite nf lagging output and JjJ 1 nntv^hSiir "fin MO vehicle*- ^ eW l rd f-K, « he !h £h!?! ,d ^ ,f 1ile Tnove ? 00i throu P h n 

its -poor market sbare. ihe cars be ? n *L a ,V 0U J I*?;??, h v * h onn mutuality the right to deter- wdl have a largc injoaet on 

company is thought to have made * vSh^oUin Vould have rener- m,n L e d foreign construction companies, 

the biggest contribution to BL speed of the production line. ;man f of uh ich have been able 

profits in ibe first six months. Missions for fu ure p ym Management may lue !j|®!to use capital allowances as an 

Figures arc not lihelv to be The main hopes for a rise in potential earniogs offset against taxation. 

releawdT until September, but output are pinned on the speedy under any productivity toj levy win ^ a minimum 


BL cars is on target for a pre- intromit 
! tax profit nf about £35m of which scheme. 
! the main contribution is likely 
rn come from the components -j^ t 
and spare parts side rather than |\J I 
cars. -J- ' “ 

Ley land Vehicles, formerly the 
truck and bus company, has •** K 

incentive smooth the 

New London HQ chosen 


;“iax" whether or not such 

( allowances have been made. 

The development comes 
i shortly after Nigeria gave notice 
j that it was ending its double 
taxation treaties with nine of 
its biggest trading partners, 
including tbe L'K. because it 

always been the main profit « L forTr , er iy British Leyland, Mr. Edwardes moved many;"' 11 * dissatisfied with its share 
centre but is thought to be well £VEET an o£ block in' functions from the HQ building! 

£7. th0U5h rema,n - Wes, London- near Mary.ebone Station to th. ; *pKLS ,S"HtaiK 

Tne cars company has made it JtvUfor its new coraorate he^d- 0P* r a tin 8 divisions as one of his airlines and shipping companies 

floor S£ X* pre-wt nnTpJ; "*££" 115 ' C °™ hM '‘ Br* nets. Ho also split iho inter- a. 10 per cent of their Nl E erlan 

target of $19,000 cars for 197S M The move rationalises the com- national division, previously re-; revenue on any cash they remit 

implies a cut nf 12,500 johs. to pany's head-office operations in sponsible For overseas sales andj ou *. of „ H - f , ° un ‘ , T- ■ 

be compensated by the recruit- London which were radically based in London. :. ,. e enaing ot .me treaties 

ment of about 2,500 skilled changed when Mr. Michael Ed- As a result the number of | implies a period of considerable 

workers. wardes became chairman of the: staff working in London was cut i tax uncertainty for foreign 

So far, about 2.500 jobs have state-owned concern. ' ' from about 700 to about son. j companies operating in the 

Sugar workers’ pay rise 
may break new 5% limit 


New Stock 
this week 

THE SECOND stage of the Stock 
Exchange's evidence to the 
Wilson Committee is to be pub- 
lished at the end of this week. 
The second stage evidence covers 
the way in which the Stock 
Exchange functions and its posi- 
tion i;!x-<ms other securities 
markets — those in other 
countries, and potential com- 
petitors in this country such as 
the over the counter market. 

However, the evidence is be- 
lieved to concentrate particularly 
nn the Stock Exchange's responsi- 
bilities for regulating the 
securities market — for which the 
Stock Exchange itself is simul- 
taneously. under investigation 
by the Office uf Fair Trading, 
under the legislation concerning 
restrictive iradc practices. 

THE Government is asking the 
British Sugar Corporation for 
details of a pay settlement which 
provides 5.500 employees with 
9.5 per cent increases after the 5 
per cent guidelines of phase four 
come into force 

Although employees are riot 
due to receive the increase until 
tlteir annual settlement date at 
the end of September, it was 
agreed at a meeting between 
the corporation and union 
officials a week 3go, British 
Sugar apparently was concerned 
to conclude the negotiations so 
far in advance because last 
autumn a • work-to-rule over the 
1977 pay offer disrupted the beet 

Officials of the three unions 
involved — the General and Muni- 
cipal. Transport and General 
and National Union of Agricul- 
tural and Allied Workers — were 
offered a 9 per cent increase 
first of all. They agreed to 
recommend acceptance when the 
corporation raised this to 9.5 per 
cent. A self-financing produc- 
tivity deal, which bas added 7 or 
S per cent to last year's 10 per 
cent settlement, will continue 
although the threshold at which 
it will be paid is being raised 
by 10 per cent. 

A request for details of the 
settlement has been made to the 
corporation by the Ministry of 
Agriculture. If. after studying 
the proposals, officials decide 
that they exceed the pay guide- 
lines corporation representatives 
will be invited to talks with tbe 

Union leaders have begun 
reporting the settlement to mem- 
bers and, not surprisingly, it has 
received a favourable response. 
The Government’s concern must 
lie increased by the fact that the 
State has a substantial holding in 
the corporation. 

The TUC-Labour Party liaison 
committee will meet today to 
formulate a final draft of Us 
latest policy document Into the 
Eighties — An Agreement, which 

contains a range of material 
likely to find its way into an 
eventual Labour election mani- 

When immediate reactions to 
tbe 5 per cent pay norm tor 
the coming year have subsided, 
tbe Government's- now clearly 
declared quest for a perpetual 
understanding on incomes policy 
will develop into a major dis- 
cussion point among union 

Friday's. White Paper stated 
that it was the Government's 
view that the country should aim 
af a long-term approach in 
which “collective bargaining is 
based each year on a broad 
agreement between Government, 
unions and employers about tbe 

Continued from Page 1 

maximum level of earnings 
which is compatible with keep- 
ing inflation under control in 
the following 12 months." 

The policy for next year had 
been “shaped so as to permit 
a transition to such longer term 
arrangements." ■■ - - 

'ft similar 'view appears in tbe 
draft liaison committee , docu- 
ment which speaks of the need 
for a broad understanding and 
thorough discussion on pay 
between the Government and 
union movement each year. 
While such an approach finds 
favour with a number of union 
leaders, others remain sceptical 
about any formal arrangements 
— even those described in the 
most general of terms. 

Government to raise 
North Sea oil tax 


Observers believe the various 
tax maces can be attributed to 
attempts by the Government to 
increase revenue at a time of 
financial stringency. 

Several construction com- 
panies in Nigeria associated 
with international groups have 
been told by the tax authorities 
that their raxes have been 
raised — backdated to the 1977-78 
financial year — under the 21 per; 
cent minimum provisions. 

Appeals are likely, but if the 
authorities’ interpretation of 
the decree stands, UK-based 
companies with Nigerian asso-i 
ciatcs which could be affected 
include Costa in, Taylor Wood- 
row, Wimpey arid Ajney 

Last year's decree introducins 
the 2* per cent levy said that 
the measure applied to 
“ persons.” Whether this in- 
cludes companies as well hinges 
on an apparent contradiction in 
the drafting of the relevant 

The decree was in the form of 
an amendment to the 19B1 
] Income Tax Management Act 
that states that “ person ** in- 
cludes. among other entitles, 

However the specific section in 
wh ; «h the emendation a p Dears. 

I which ilself .was added to the 
Act in 19fiR. states that a 
“ person ” does not include a 
1 company. 

in some of the more keenly, 
sought blocks. 

However, the Government has 
made one important concession 
to the industry. The oil cor- 
poration is to be given authority 
to be the operator — in essence, 
the leading company — in six uf 
tbe blocks. 

Under the draft licence terms, 
the corporation could bave 
waited until the private oil 
groups _ had submitted their 
applications before designating 
which six blocks it wanted. But. 
it has been agreed that the cor- 
poration musr decide before the 
rest of the ’industry' bas chosen. 

Tbe oil industry has said that 
it is concerned about the grow- 
ing influence of the corporation 
and about its dual role as com- 
mercial undertaking and Govern- 
ment adviser. Companies have 
said they are worried that the 
corporation will use confidential 

information to its commercial 

. A report to be published this 
week for the Trade Policy Re- 
search Centre says that there 
should be fewer rather than 
more Government controls over 
North Sea activities. 

Professor Colin Robinson, of 
Surrey University, and Dr. Jan 
Morgan, an economist with 
British National Oil Corporation, 
say that better results would 
flow from a system of diffused 
power chan from a system of 
" central direction which con- 
centrates power in the hands of 
a few people who can plead 
pursuit of the national interest 
for any of their actions.” 

North Sea Oil in the Future:' 
Macmillan, for the Trade Po/icn 
Research Centre; Lin hardcover. 
jM-P- 5 paperback. 

Argyll Field reserves. Page 3 I 

CBI wants MPs from industry 


increasing the number of MPs 
who have direct experience hf 
working in industry was 
launched yesterday by the Con- 
federation of British Industry. 

Companies will he recom- 
mended la help their employees 
to become MPs by giving them 
lime off when they become 
Parliamentary candidates and by 
re-t;m ploying them if they arc 

To allay worries among some 
large companies employees who 
become trade union-sponsored 
MPs would not necessarily 
receive all the benefits. 

These are the main points to 
emerge from the report of a CBI 
working party on Parliamentary 
candidates, set up a year ago 
under the chairmanship of Lord 
Carr, a Conservative former 
Cabinet Minister, now a senior 
CBI figure. 

There has been an increasing 
interest in the past year or two 
in West Germany as well as in 
tbe UK. increasing business 
knowledge of parliamentarians- 

4 .‘MPs are short of real live 
experience in trade and indus? 
try. which is had for business 
a nd had. for tiic country said 
Lord Carr when he launched his' 
report yesterday. He stressed 

there was no question nf com- 
panies or the CBI formally 
sponsoring MPs. 

Some large companies such as 
ICI. Shell and BP have intro- 
duced arrangements to ease the 
path of would-be MPs and a 
survey of companies for 
yesterday's report showed con- 
siderable interest in rhe subject. 

Nearly two-thirds nf the com- 
panies said they should develop 
positive policies, while only 
25 per cent said they should not. 

Smaller companies are gene- 
rally less keen than larger 
because of the gap that 'a 
manager who becomes an MP 
might leave, and because of the 
problem of reaeeommodatins 
him when he wants tn return. 

Policies have been developed 
more in the public sector, where 
nationalised industries such as 
electricity, the Post Office, 
atomic energy, sled, and coal 
have various arrangements for 
rc-crop toy Inc ex -MPs. 

Lord Carr's report says that 
companies should welcome Par- 
liamentary ambitions amnne 
their employop Si realise lhat 
the chance nf being faced with 
the need to help a prospective 
ranriidate or an unseated MP is 
relatively small. 

a Athens S ’In 79 1 Madrid 

Bahrain s .17 99 ' llanchsir. 

Barcelona S 3K 70 ' MrJbournt 

Bc-irni S "9 Mi Milan 

All employees should be attached regarding the em- 5’ ? j rs ”' c T * « Montreal 

helped, irrespective or whether ployees* political actions in J R»rt < r ( ? d? l H! 

ihey are managers or manual Parliament. |i.™5hm. n l' ™ 

workers and a company should Ruling out formal sponsorship i H" 5 " 11 B ,fi « York 
not itself try to assess the suit- „r MPs by companies, tile report ! l xt If: 
ahihty of a would-be candidate, recommends companies against 1 " C* r 'J J 
Nor should there be di scrim- iopping-up an MP’s salary to the ra,rn * ■> iimIptjsiic 
inatian nn a P» rt >‘ basis, though level he received as an employee : < ;? rrt,,r R n-Roykjanfe 
several companies told the work- c nmp , *. ■|'-h" , ncn c :i ks Bin u? i t 

iog party they would be loth to Scottish and Mnwl' et i inc rolflT" l- i'2 « P 01 ”'’ 
heln “extremists whether nf ■ 1 j a ,. Newcastle Brew- enpnbajn. v >9 m stnu nnor- 

fhVuinrir i D rt“ " " fr 01 er >e5.. do this. The report ?dds £U blin c ,,J « Stockholm 

the Right or Left. _ that there, is no ^ * «•*»**. 


SUNNY, but some showers. 
London, S.E^, CcnL S- E_ S.W, 
Cent. N. England, E. Anglia, 
Midlands, Channel Isles 
Sunny, showers. Max. 18C-19C 

Wales, N.W. England. Lakes, 
Isle of Man. S/VV. Scotland. 
N. Ireland 

Showers, sunny intervals. Max. 
17C (63F). 

N.E. England, Borders 
Sunny, isolated showers. Max. 
16C-ISC (61F-64F). 

Cent. Highlands, N.E., N.W. 

Scotland, Orkney, Shetland 
l Rain, bright intervals. Max. 
13C-15C (55F-59F). 

Outlook: Mainly dry. sunny 


Y'dav ' l Y'day 

irlMay j midday 

C *F| m c "f- 

A/nwdm. F 22 72'Lux*ml)rB. H 19 m 

Athens S 'iti 79 1 Madrid F 2 h si 

Bahrain s .77 99'llanchstr. c is m 

Barcelona s 3* 70] Melbourne r e M 

Bc-inw S -9 .<4 1 Milan s :.i J7 

Bejfasi C Ik M .Montreal n is ts 

Rclaradc F 50 AS Moscow r n u 

f 2l_ nr iruni-'h k j 3 S6 
Birmahm. C l. M N^u-i-aRtlc K 19 m 

Esrisin! H Ifi si Xew York r 14 

Bniss»l* F 23 75 Oslo f « « 

BudiiD'-st K ;i Tit Paris f -i r. 

R Aires C •> IS , P.-ril, f 11 

niim s -> K Vo BS 

t-jirrttfr r is in , Reykjavik f 1.1 vj 

Uin-aco c 21 k 9 R m J’q S 21 70 

i.«loan- F 2H Kr Rcitm- s 27 si 

tb W gb \XmT party was " ^ 

XttSLSTtf: "J | j! SfflTS 


problem that a company with a P“ rlUm e basis. [liS-T r i S : TwUn Vl * 

substantial immigrant work- °? in ]f nds discrimination ! n. i t: n FriSSniq 

force could face when confronted “ a0 ‘? union-sponsored j-nnuins s :i ro vi-nna 

by an anti-immigrant employee ™j s /. , sa y s: “ Companies I F 71 »i Warsaw 

candidate- feel that they could nnrf Logflon n Zurich 

But the only limitations it bffer such employees continued i HOLIDAY rbori 

recommends are that parties P/^H'me employment during — ° K 

could be excluded if thev rtle,r Ume as an MP, or give the ■ Y ? a7 i 

fielded fewer than 50 candidates, same degree of assurance! 

nr attracted less than 5 per cent Warding .eventual re-empJov -. 1 al*™* s 24 t-Jlj. wma 
of the poll in the constituency menl - because such trade union- A1,uc^, s 33 81 i^carno 
affected. ' sponsored MP S might well flnd'5! BI T ,rz , ^ 

? l ' sse5 i s prospective thenwelves faced with a conflict- Bord.-Sux f 21 miMgiaKa* 
candidates be offerpd ifi davs’ loyalties. | Knuiocnc f it ex Malta 

extra leave a year between elec- suggests that the unions : 9* s,w 2. nL ' a -j fc 
tions. and re« ivn their pay for involved might help an ex-MPf^m. s S " xS” 
this penod. especially if they are to he employed. ! i-am s wioo xittwia 

tone-service employees. The report was approved asj Florr,K:P p 2,1 ^.^nono 

A guarantee of re-employment a guidance document for com- 1 SSSm c » "'«!i£nh 
and protected pension rights, panies by Ihe CBI monthly 1 r.uemsi-v c ts «.Taa*!« ,b 
lasting for at least tbe duration council meeting last week, and i Jwshruck s 21 m Tci»enic 
"L. two parliaments, should be W| H ^e published early nextii" c ™i” % h g.T«n» 
offered when the employee month r S=vSE“ 

ian CBI backs call Page 3 Jeiwv f 2 n s« ■ 

There should be no strings Men and Matters Page 1Q~ s ls^; r^r^. c-chwdv ' 

1 v 1.1 35 
•W V 20 dj 
Jank K i.i ro 
J q S 21 70 
f S 27 SI 
mor- s 11 a 
liolm F 20 6S 
*irs. s 3 3 
r? F 13 55 

m s . 1 R 86 

Aviv S 24 94 

5 XI 91 


F 21 70 
F It (3 

Vdar • Y'llay 

fflirtilay ; mMrtar 

•O "F ; *c "P 

S 24 7'ilLaa Pirns. S -V $9 

S T.1 91 Ijicarno ■ F 24 T3 

S 21 71) Liaor S 41 |09 

F 1« 64 i Majorca f 27 m 

F 21 WIMtlaaa C 2fl S2 

r 29 
F 23 72 
R 2S « 
5 2d AS 
F 29 84 
S 36 37 
S 27 PI 
F 27 n 
S 24 73 

j S—Smuo. F— Fair. C—Cloody. n— Rain. 


The annual meeting uf Spillers 
this Wednesday promises to be 
a gentlemanly affair. Although 
its withdrawal front the bread- 
baking. industry has cost nearly 
S.U00 jobs and a good slice of 
its net assets, the view among 
its big institutional share- 
holders seems to be that now 
is not the time to rock the 


.Although there are some mis- 
givings about how Spillers got 
into trouble in the first place, 
the way in which it has 
extricated itself is generally 
admired. Moreover, substantial 
profits recovery seems assured 
this year and next — which vs 
really all that matters for a 
number of its shareholders. 
As has happened with other 
large companies which have 
found themselves in difficulties 
for one reason or another, 
Spillers' shares have tended to 
gravitate to the kind of fund 
which is not too interested in 
the long-term picture. Next 
year's dividend is much more 
important — unless someone can 
be persuaded to pop in a bid 
in the meantime. 


The upshot is that the man- 
agement of what remains a large 
public company will emerge 
unscathed from the crisis. 
Although Spillers has been 
subject to a number of internal 
reorganisations since the baking 
side was McKinseyed in 1965, 
the composition of its board 
has remained stable. Five of 
the eight directors have been 
there for at least seven years. 
And last year’s decision to take 
on non-executives for the first 
time remains some way short 
of fulfilment. One of the two 
subsequently appointed decided 
to retire after five months due 
to the pressure of other com- 
mitments, The other is Mr. 
John Elton, who recently sur- 
prised the City by retiring from 
hi's posts at Hill Samuel and 

How far was Spillers' manage- 


All these securities having been sold, 
this announcement appears as a matter of record only. 

July 5, 1978 

w ¥30,000,000,000 


Guaranteed Yen Bonds No.2 (1978) 

Guaranteed by Tbe Republic of France 

due 1990 

Coupon rate: 6.4% 

Issue price: 99.85% 

The Nikko Securities Co., Ltd. 

The Nomura Securities Co., Ltd. 

Daiwa Securities Co-. Ltd. 

Yamaichi Securities Company, limited 

The Nippon Kangyo Kafcumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 
Sanyo Securities Co., Ltd. . Wako Securities Co-, Ltd. 

Merrill Lynch Securities Company Okasan Securities Co, Ltd. 

Tokyo Branch 

Qsakaya Securities Co., Ltd. Yamatane Securities Co., Ltd. 

Locb Rhoades Securities Corporation Dai-ichi Securities Co- Ltd. 

Tokyo Brandt 

Koa Securities Co, Ltd. Marusan Securities Co, Ltd. Yafchiyo Securities Co, Ltd. 
Tovo Securities Co, Ltd. The Kaisei Securities Co, Ltd. 

Koynnagi Securities Co, Ltd. Nichiei Securities Co, Ltd. 

Tokyo Securities Co, Ltd. ' The Chiyoda Securities Co, Ltd. 

Hinode Securities Co, Ltd.- Ichiyoshi Securities Co, Ltd. 

Kosei Securities Co, Ltd. Maruman Securities Co, Ltd. Meiko Securities Co, Ltd. 
Mito Securities Co, Ltd. The Naliomit SecnlW|s 

The Tote Securities Co, Ltd. . Town Securities Co, Ltd. 

Basque Nationale de Paris Caisse des DepSts et Cossisnatioas 'Credit Lyosuais 
Credit Suisse White Weld limited ■ Dresdser Bask Aidesgeseiischaft^ 

The First Boston Corporation Morgan Stanley International, Sodete Ceicrate 


6 The Financial Tuned Lid., . ' 

; merit responsible for th£ baking SIRIr ia gam nf $ft on 
debacle? In its explanations to week) and io. late trading in 
shareholders, the group has New York it went as high ^ 
presented itself as a victim of 81#f. The Hong Kong market 
circumstances brought about opened Saturday morning « 
by Government controls an d about 919U and alter.;.* pretty 
declining consumption. How- active sestinn and some pmflr 
ever, its response to these rakinu finished around SIW. So 
admittedly grave problems is all eyes will be on this mom- 
open to question in a number ings fixing here in London., 
of areas. For instance. Spillers No single event : seems 
substantially increased its share haw sparked tne latest spend*, 
nf the bread market in 1972 tive binge. New York a*alr£ 
bv taking on the business of put it down tn rumours that the 
the Co-op and .T. Lyons— which Arabs were going to peg their 
shared some of its own basic oil prices to a hftsket nf ci«- 

renries in offset ihe depreciaiiijp 

Tn marked cimtrast to of ,hP * his Ktn ® f 

In «nar Fond*: ihe has been around fur some ttrtfc 

A^n^ect British Foods, the nn dC£ljsinn . ^ im ^ 

mdustrj ,> nent. Clearly, the weakness M 

of its ' .: r ^. the American dollar- is fnelliiK 

"llrSwa; the speculative element in tfr 
rnixed hnane.a! result^-rathcr marRot 3nd boTh thp Bn>niw 

than on it> existing huMniss. miieti of lhe European Conn- 

l m cil at *he beginning or the 

toehold in the L.S.. v « nm „jh. and last week's Bonn 
initiated when Spillers floanewl sumnut havp ,i one i ittle to calni 
position was already deter oral- fearg ^ lhp p(?riod of cur . 

mg rapidly. U was nude uncertainty is far from 

possible by a rights issue in 0Vcr * . 

1975. which has been a costly Agamst this confiised inter- 
exercise for shareholders. The naliona i monetary background 
proceeds were held in * hurt- it is not hard u , sec wh> . BO d, 

dated gilts unliJ the beginning has fau | It sue f, a foliowiiw 

nf this year, and the pharos ^ Since , ast Apr | 

now stand well below the issue when thc U.S. authnritif 

P r je e - . . . . aimnttneed the start of ih*# 

Pulling nut from baiting has monlWy salt . Si 1lw ^ 

cauterised Spillers wounds, but pncc has outperformed iftf 
has left it with a highly geared strongesl currencies. Against 

balance-sheet and * commit- ^ rfo ]j ari pr j cr has n>en 

ment tn what are still highly h cenl w hjch compares 

competitive areas of the food wilh a 10 cr CPin apprcc i a , !im 
manufacturing industry. Share- of lh and 7 r ^ ;or 
holders have stood aside the Swiss franc, 
during the years in which the 0f ^ investors in gold 
crisis nf iho taread business was arp nut d inlcrcst and havp 
visibly developing, there now fin3nce lheir positions at 
seem to be a compe ling casc of jp , cnl „ thl . tf 
for them to be need t0 he sure of a hoaUhv 

Spillers could do with some new capjta j appreciation. However. 
taces - there is no stgn yet that 

Gold institutional support for the 

This week could see the gold market is flagging and it will 
price break above its all-time need something tike the 
high nf S197S (reached in Sep- announcement of considerably 
tember. 1974) and it will prob- higher U.S. sales ■ nr the 
ably not be long before it tops appearance of sizeable Russian 
the S200 level Last Friday selling to knock the gold price 
the price dosed in London at sharply lower.