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FINANCIALTIMES 


No. 27,619 


Tuesday July 25 1978 


& 

& 



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UmmT Mens Quartz rangefrom around £49-50-£75. 

COHTTOEHTAL SELLING PWlCg: AUSTRIA ■** 15: «» MUM Fr 75; DENMARK Kr 3.5; FRANCE F- 3.P; GERMANY DM 2-0; ITALY L-SOPj NETHERLANDS FT 1J>; NORWAY Kr 3.5; PORTUGAL &c 29; SPAIN Pt» <0, SWEDEN Kr 33* SWITZERLAND Fr 3.0; EIRE 15p 


NEWS SUMMARY 


GENERAL 


BUSINESS 


Clashes Equities 
in black up €7; 
towns 

kill 3 firm 


Sterling' 
and gold 
boosted 
by renewed 
U.S. 

weakness 



|l75rYBnpW|- 


YBN 

. ;AGA 1 MBT . 
tSBDOIXAi 


EEC talks Ministers 

, . bid for 

start on 

currency plan peace 


Black Nationalists and security 
forces fought gun battles in the 
Rhodesian capital of Salisbury 
for the first time In six years 
of guerrilla warfare, police 
disclosed yesterday. 

The fighting took place in the 
black townships of Mufakose and 
Higbfield. Three guerrillas were 
killed and two wounded and . 
captured. 

The clashes followed reports 
that a group . of guerrillas had 
penetrated Salisbury on a 
mission to assassinate leading 
black members of Rhodesia’s 
transitional Government. 

Tickets row 

Trans-Atlantic passengers want- 
ing cut-price standby tickets 
■were involved in angry scenes 
at Heathrow, after discovering 
that the British Airports 
Authority - has persuaded air- 
lines not to sell the tickets there 
and thus ease congestion. Mean- 
while. holiday flights to the 
Continent were returning to nor- 
mal last night after French air 
traffic controllers ended their 
work- to- rule. Page 7 

Inquiry starts 

A senior fire officer described, 
on the opening day of the 
Taunton train fire public inquiry, 
how he led a crew to rescue 
trapped passengers, but was 
unable to open the door to the 
blazing sleeper carriage in which 
11 people died. 

Jet crash 

An RAF pilot and co-pilot were 
killed when their Phantom jet 
crashed near Hoexter, north 
Germany. Eight civilians were 
slightly injured. 

Davis jailed 

George Davis, freed two yean; 
ago from a 17-year sentence by 
the Home Secretary, was jailed 
for 15 years at the Old Bailey 
after admitting taking part in a 
£50.000 armed robbery on a 
north London bank. 

Spree setback 

Some 500 Continental shoppers 
who embarked at Ostend on the 
British shop ship Aquamart to 
buy tax-free UK goods on board 
were refused landing permission 
at Dunkirk and forced to sail 
back to Ostend and Belgium 
customs charges. 

Girl, 4, shot 

A four-year-old girl was shot in 
the back during a gun attack on 
the Army in West Belfast, but 
she was not thought to be seri- 
ously hurt. The Army did not 
return fire. 

Briton deported 

British journalist Christopher 
Elliot is to be deported from 
Malta because of allegedly hos- 
tile writing about Premier Dom 
Mi ni off. 'Mr. Mintoff imposed a 
ban on E8C and Fleet Street 
journalists ' on July 13. but it 
scents that any reporters con- 
sidered anti-Maltese will not be 
allowed in. 

Kidnap move 

Police in Antwerp have arrested 
a man in connection with the 
kidnapping and murder of 
Belgian • millionaire Baron 
Charles Bracbt, 

Briefly • - 

Bournemouth man was jailed for 
two years by an East German 
court for attempting to smuggle 
a man over the border. 

State prosecutor in Bologna 
opened an inquiry into the death 
of Italian boxer Angelo 
Jacopucci. 

British woman tourist and her 
two children were killed, and her 
husband seriously injured, in A 
car crash near Gerona, Spain. 

Television personality Hughie 
Green had bis driving, licence 
returned pending an appeal over 
his drink-driving conviction. 

At least 13 people were killed 
when a block of flats collapsed 
in Cairo. 


• EQUITIES began the new 
Account confidently, ahead of 
Thursday’s Dividend BUI. FT 


Dollar falls below 
key Y200 mark 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


tf F.T. Industrial 
^^Orditory-f^ 
13 J r Index | Iwnl 

FEB MAR APR MAY JIHI JUL 

30-share index ruse 4.7 to 483.9. 
Gold Mines index rose 5.3 to 
180.3. 

• GILTS held firm, under- 
pinned by exhaustion of the 
long tap. Government Securi- 
ties Index was H31 up at 70.99, 
its best for over two months. 

• GOLD rose to $195}. its 
highest since the December 
1974 record of $195-50. 

• STERLING rose L65 cents to 
$1.9275, its best since March 8. 
Trade-weighted '» Index was 
63.0 (62.7), its highest since 
March 22. Do Dferis w as» 8.4 
(S.0) per cent „ The yen 
reached its highest post-war 
dosing of Y197.8ipta the dollar. 

O WALL STREET was down 
5^4 at 827.88 n-*r ♦hf -»• . • 

• COMPANIES wanting to raise 
their dividends by more than 10 
per cent in line with higher -pro- 
fits will need official consent the 
Treasury said in a statement on 
the Dividends Bill, now before 
Parliament Page 6 

48 FURTHER substantial provi- 
sions against the Bank of 
England's losses on tbe fringe 
bank “lifeboat" support opera- 
tion have again bit the profits of 
its banking department 
Page B 

Fleet Street 
pay warning 

0 NEWSPAPER Publishers 
Association will meet officials 
from the National Union of 
Journalists today for talks - on 
what the NPA says is “the 
serious position " facing the 
newspaper industry. The move 
comes after action over pay 
taken by journalists * In a 
number of offices." 

Tbe Sun was not published 
today for the second day because 
of a pay dispute involving 220 
journalists. 

• GOVERNMENT is considering 
using Navy workers to take 
three Polaris submarines to sea 
from their Scottish bases, where 
they have been tied up by indus- 
trial action, industrial civil ser- 
vants' leaders have been told. 
Page 8 

• EXTRA 28,000 jobs were 
created in the UK in the first 
three months of the year, con- 
firming the upturn in the labour 
market suggested by t be monthly 
unemployment statistics. 

Back Page 

• FUTURE North Sea explora- 
tion and production effort could 
lie restricted if the Government 
goes ahead with its plan to 
increase oil taxation, offshore oil 
industry said. 

Back Page 

• GOVERNMENT is stepping up 

its involvement in the develop- 
ment of electric vehicles with a 
£226m support programme for 
Lucas Industries. - 

Back Page 

• BROOKE BOND Leibig is to 
launch a X20.5m cash" takeover 
bid for Busbells Investments, tbe 

[ leading Australian tea processors 
. and dfvrrr-itors. 

Back Page 


THE DOLLAR dropped below 
I Y200 in Tokyo for the first time 
yesterday. This breach of a 
I psychologically important level 
for the foreign exchange market 
triggered renewed weakness for 
! the U.S. currency throughout the 
i world and led to a sharp rise in 
the price of gold. 

The decline in the dollar was 
reflected in the relative strength 
of sterling — at its highest level 
since early March — and in rises 
in the price of gilt-edged stock. 

The renewed pressure on the, 
dollar began at the end of last 
week after a relatively quiet 
period leading up to. and during, 
the Bonn economic summit. 

However, foreign exchange 
dealers argue that the summit 
failed to produce any significant 
new commitments from the U.S. 
and did not reach agreement on 
measures to stabilise exchange 
rates. 

The prospect remains of large 
Japanese and West German 
current account surpluses this 
year and an even bigger U.S. 
deficit. 

In addition, market sentiment 
has been undermined by specu- 


lation about moves by oil- 
producing countries to link the 
oil price to a basket of curren- 
cies rather than to the dollar. 

The pressures first appeared 
yesterday morning in Tokyo 
where the dollar fell to a record 
closing level of Y199.05. com- 
pared with Y 20 1.25 on Friday. 

The decline occurred in very 
heavy trading and in spile of 

Yen’s progress. Page 4 
Mining news. Page 20 
Lex, Back Page 

some Bank of Japan intervention. 
The dollar had just slipped below 
Y200 late on Friday in New 
York. 

Although a breaching of the 
Y200 bad been expected for some- 
time, the event had a wide effect' 
on sentiment. 

In Europe, the dollar declined' 
to Y197.85 and was at its worst 
closing level against the Swiss 
Franc of SwFr 1.77521. 

There was a slight improve- 
ment towards the close • against 
some European currencies with 
a close against the West German 


D-mark of DM2.0440. compared 
with a day's low of DM2.0340. 

The weakness of the dollar was 
quickly reflected in the London 
bullion market where gold rose 
by $3j an ounce yesterday to 
$195j. its second highest closing 
level ever, after a day’s high of 
$1963. 

The price of gold has risen by 
$11} in tbe last week and its 
Strength has also resulted in 
sharp rises in the price of gold 
mining shares on the London 
stock market. 

Sterling was again helped by 
the dollar’s difficulties. The rate 
rose to a peak of $1-9385 before 
slipping back after some profit- 
taking and official intervention 
to close 1.65 cents up at S 1-9 275. 
Tbe trade-weighted index im- 
proved by 0.3 to 63.0 after a 
day’s high of 63.1. 

The pound has now risen by 
4} per cent in the last month 
against the dollar and by 2$ per 
cent compared with the trade- 
weighted index. 

This rise has occurred in spite 
of regular official intervention 
which may have boosted tbe 

Continued on Back Page 


Post Office announces 
record £368m profit 


BY JOHN LLOYD 

THE Post Office made a profit of 
£367.7m. the highest in the Cor- 
poration’s history, in the year to 
the end of March. Both its major 
businesses — posts and telecom- 
munications — have slightly 
exceeded the profit targets now 
agreed with the Government 
Tbe telecommunications busi- 
ness contributed £325.5m to tbe 
profits, fractionally over the 6 
per cent return on net assets 
which it is required to make (6.06 
per cent). 

Posts, which has lost money 
every year for the past ten years 
except in the previous financial 
year (1976-77), showed a f 40.4m 
surplus, up £16, lm on last year 
and a 3 per cent return on turn- 
over, 1 per cent more than the 
business is required to make 
from this year on. 

Sir William Barlow, chairman 
of the Post Office, said that the 
profits in this financial year for 
posts would be down to around 


POST OFFICE 

Profit and Loss * 

°|£^ ' 


T WMUm i.^W 


\ 1969 *70 *71 *72*73 *7A *75 *76*77 *78 f 

the 2 per cent mark, that is, 
about £27 m. 

Because of the healthy profits, 
he confirmed a statement made 
earlier in tbe year that postal 
and telephone prices would be 


Frozen until the end of 1978. How- 
ever. call box charges are 
thought likely to increase soon. 
Call boxes made a £30.Sm loss! 
over the last year, up £7Bm oni 
the previous year. I 

In absolute terms, last year’s, 
profits are below those of 1976- 
1977. wen a figure of £392.3m was 
initially reported. But flOlm I 
of that was paid in refunds to 
telephone subscribers to bring i 
the surplus on the telecommuni- 
cations side of the business back 
below tbe profit reference level I 
laid down in the Price Code.| 
This brought the net profit down 
to £29 1.3m. 1 

However, even this under- 1 
states the “real” rate of profit, ! 
if calculated on the basis 
common to most large private 
enterprises. The Post Office 
builds supplementary deprecia- 
tion into its profit and loss 
account, an item which has gone 
Continued on Back Page 


BY GUY DE jONQUIERES 

THE CHOICE of a mechanism 
for defining exchange rates, and 
the extent to wbicb countries 
would surrender national control 
over their gold and currency 
reserves, emerged today as key 
issues likely to dominate dis- 
cussions of the EEC's Bremen 
monetary plan during the next 
few months. 

EEC Finance Ministers and 
Central Bank governors dis- 
agreed on both points and it was 
clear that considerably more 
work would be needed before a 
firm consensus could be reached. 

Tbe official communique issued 
after tbe Bremen summit three 
weeks ago was imprecise about 
how the currency plan would 
function in practice and tbe 
Finance Ministers have been 
charged with drawing up a 
detailed scheme by the end of 
October. 

A majority of the nine, includ- 
ing Britain, appeared to favour 
a system in which exchange rates 
would be defined against a basket 
o! EEC currencies similar to tbe 
European unit of account 
Germany expressed a preference 
for “ pivot ” exchange rates, 
defined in terms of other 
national currencies, of tbe kind 
used at present in the European 
currency “snake.” 

Countries with weaker curren- 
cies, such as Britain and Italy, 
believe that a basket system 
would better enable them to 
prevent their exchange rates 
from being draceed up by a ris- 
ing Deutsche Mark because it 
would permit broader overall 
margins of fluctuation. 

It also remains unclear in what 
form EEC countries would 
deposit gold, dollars and national 
currencies in the planned Euro- 
pean monetary co-operation 
fund. These deposits would be 
made against the isue of Euro- 
pean currency units to be used 
for settlements between central 
banks aDd also would be used to 
furnish credit 

Dr. Otmar Emminger. chair- 
man of the Bundesbank, said 
that it might be legally difficult 
to make a physical transfer of 
reserves to the fund under the 
West German constitution. He 
would prefer a system of pledg- 
ing reserves. Similar reservations 
were expresed by tbe Belgian 
and Dutch delegations. 

Mr. Denis Healey, Chancellor, 
said after the meeting that a 
genuine pooling of reserves was 
not essential to the proper 
functioning of the system. But 
if reserves were not pooled, there 
would be less money available 
for intervention in support of 
the scheme. 

Tbe proposed system also 
would have to strike a delicate 
balance in the method of inter- 
vention employed towards third 


BRUSSELS, July 24. 

currencies, particularly the 
dollar. 

If strong EEC currencies were 
little used for such intervention, 
weak currencies either would 

have to be devalued or be 
bolstered by strict deflationary 
measures. Heavy use of strong 
currencies, by contrast, would 
risk inflating money supply in 
the countries to which they 
belonged. 

Committees of monetary 
officials have been instructed to 
report back to the Ministers 
before their next council meeting 
on these questions in mid- 
September. 

The committees will examine 
ways in which currency parities 
could be altered inside the 
system, the size and constitution 
of the European monetary co- 
operation fund, the relationship 
between the EEC and currencies 
of neighbouring countries such 
as Austria and Switzerland and 
ways of producing greater 
economic convergence between 
the nine. 

In spite of the differences of 
view evident today, Mr. Healey 
claimed that the council had 
acepted the three conditions for 
the monetary system which he 
laid down last month. These 
were obligations for both surplus 
and deficit countries, the pro- 
vision of adequate credit and 
Facilities For exchange rate 
adjustments. 


Study plea 


The Finance Ministers also 
agreed to ask national Ambas- 
sadors in Brussels to work on 
studies of ways in which the 
redistributive effect of EEC 
policies could be improved. 

It was agreed by the EEC 
heads of government in Bremen 
at the strong insistence of the 
UK and Ireland, that such 
studies should be undertaken 
concurrently with work on the 
proposed nicnetary scheme. 

Mr. Healey conceded today 
that it was unlikely that the) 
redistributive studies would be 
translated into action by the end 
of this year, when the monetary 
plan is due to take effect 

It was possible that the 
monetary scheme would not have 
to be buttressed immediately by 
transfers of resources inside the 
EEC if it were properly designed, | 
he added. 


f in New York 


— July 21 | Previous 

Spot S 1 .& 156 - 9 U 6 I S 1 . 9 C 7 WJC 85 
1 month 033 - 0 . 4 # .lis 0 . 5&&60 ilia 
3 months 1 , 36 - 1.31 dl» ! 1 ^ 5 -lJSSdb 
18 month* 4 . 95 - 4.76 Hi* [ 4 J& 4 . 6 & ilia 


FINANCIAL TIMES REPORTER 

THREE Ministers have mounted 
an initiative to bring together 
the two sides in the deadlocked 
Chrysler dispute over rests 
from high puint shop tempera- 
tures at Limvood. Scotland . 

Company executives and union 
officials meet separately to 
morrow morning Mr. ErU 
Varley. Industry Secretary- 
Itfr. Albert Booth. Employment 
Secretary 1 ; and Mr. Bruce Mill an 
Scottish Secretary; at Mr 
Varley’s office in Whitehall. 

Whitehall officials- last nigh 
denied any connection betweei 
the meeting and the expeclei 
publication of Chrysler Corpora 
lion’s firsl-halE figures later thi 
week. 

Heavy drain 

But the Government’s initi: 
live reflects tbe seriousness wit.' 
which industrial relations pro! 
lems at Linwood are viewed. 

Disputes at the Sruttish plan 
aggravated by similar difficultie 
at the Ryton factory’ in Coventry 
have caused a heavy drain o 
cash in the last few weeks at 
lime when Chrysler UK’s finance 
are precariously balanced. 

The UR parent company 
which took steps yesterday to r« 
organise some of its debt-raisin 
operations, is also going throug 
a difficult patch financially. Thi: 
makes it difficult to come forwar 
with substantial help to its ore 
seas operations. 

The Limvood strike, involrin 
550 painishop workers, began 3 
weeks ago. The Government su 
ceeded in arranging the meetin 
at the end of last week aftt 
several days of informal contai 
with both sides. 

Representing the company ; 
tomorrow’s talks will be M 
George Lacy, the mnnagic 
director,. Mr. Peter Griffith 
deputy managing director. M 
Tom Darby, industrial reiatioi 
director, and two executives fro 
Linwood- • 

Both unions 

Tbe unions will be represent! 
by Mr. Terry Duffy, presidec 
elect of the Amalgamated Unit 
of Engineering Workers, and M 
, Grenville Hawley, national seer 
twy of the Transport a r 
General Workers' Union 
vehicles* group, with full-tin 
officials and stewards from bo 
unions in Scotland. 

The Scottish plant, whit 
makes Chrysler's Sunbeams at 
Avengers, is on holiday tin - 
August 7 and there seemed litt 
prospect of contact between ti 
two sides until after then, h: 
the Government not intervened 


ICI tries for U.S. chemical site 


BY KEY1N DONE, CHEMICALS CORRESPONDENT 


IMPERIAL Chemical Industries 
is negotiating the acquisition of 
a second petrochemicals manu- 
facturing rite in the U.S. 

Talks ‘with Allied Che m ical 
have reached an advanced stage 
for purchase of the U.S. com- 
pany’s chlor-alkati complex at 
Baton Rouge, Louisiana. The 
deal will mean an investment 
by ICI Of £30-£35m. 

ICTs move to boost its pre- 
sence In basic petrochemicals in 
the U.S. follows shortly after its 
decision to invest S50m (£26m) 
to expand its polyester resin and 
film operations at Hopewell, 
Virginia. 

The company is engaged in a 
major strategic move to build up 
a local manufacturing presence 
in both 'the U.S. and Continental 
Europe, particularly in petro- 


chemicals. 

It is building a 550,000-tonnes-a- 
year ethylene plant at Corpus 
Christi, Texas, in partnership 
with Solvay of Belgium and the 
U.S. Union Pacific Corporation. 
ICI has a 37.5 per cent share in 
this venture. 

This S600m (£315m) project is 
due to come into production in 
January. 1980. Ethylene is tbe 
most important basic petro- 
chemical and is used in making 
a wide range of products, from 
fibres and plastics to detergents 
and antifreeze. 

Acquisition of Allied Chemical’s 
Baton Rouge site fits in closely 
with ICTs gradual development 
of downstream petrochemicals 
in ILS. plants to use the basic 
ethylene. 

ICI intends to buy from Allied 
Chemical caustic soda and 
chlorine plants with a capacity 


of 184,000 tonnes a year, an 
ethylene dichloride plant, .and a 
136,000 -tonnes -a -year vinyl 
chloride monomer plant. 

. This is manufactured from 
chlorine and ethylene, and is 
the intermediate chemical for 
the manufacture of polyvinyl 
chloride, one of the world’s most 
widely used plastics. 

ICr is tbe biggest manufac- 
turer of PVC in Britain, with a 
capacity of 270,000 tonnes. Zt 
is already making a major invest- 
ment in this group of chlor- 
al k ali products at Wllhelms- 
haveh. West Germany, at a cost 
of some £200m, with a related 
investment of £140m on Teesride. 

The company is clearly con- 
sidering expansion into PVC in 
America as welL It said yester- 
day that such a move would 
remain under consideration, 
though it had no firm plans yet 


CONTENTS OF TODAY’S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 

RISES , „ 

Treasury 9Jpc I9®S...i82| + | 
Exchcq. 12pc r lS~17,.JS6i + i 
Asad. Newspapers ... 177 + U 

BATs Dfd S J 7 

Dtro 230 *r « 

Bluebird Conf 84xc +■ ll 

Booker McConnell ... 273 + 12 

British Land 374 + 2§ 

Dally Mail A £J0 £ 

Enclish Property ... 46 + 4 
Fairdale Textiles ... .23 + 4 
Flight Refuelling ... 3S« + 10 

Furness Withy 244 + 19 

Gill and Duffus - 146 + 9 

Gommc 77 .+■ & 

fit. Portland Estates S00 + 14 

QUS A 300 + S 

Homo Counties News 82+10 


House of Fraser 147 + 6 
Marks and Spencer ... I|& + 4 

Matthews (B-) J 

Orme Devx : Si 

« t s 


Watmoughs 

Wettern Bros 

Hannah Oil Jg 

FS Geduld 

Hartebeest 

Libanon 

Pres. Steyn 

Randrontein 

Ventervpcwt fX 

West Drie *** 


92+6 
90 + 11 
73 + 5 
363 + 11 
194 +' t 

m + s 

570 + 21 
875+32 
38i + 1 
260 + 17 
£23 + 1 


European news 2-3 

American news — 4 

Overseas news 4 

World trade news 5 

Home news— general 6-7 

— labour 8 

—Parliament ... 11 


The problems of Saudi 
Arabia’s new immigration 

controls - 16 

Society Today: The growth 
in. private health care ... 17 


Technical Page 

Management page 

.... 12 
.... 13 

ZbIL Companies 

Euromarkets 

21-23 
.... 21 

Aits page 

.... 15 

World markets 

.... 26 

Leader page 

.... 16 

Money and Exchanges 

.... 25 

UK Companies 

18-20 

Farming, raw materials 

... 27 

Mirrhig ........................ 

.... 20 

UK stock market 

.... 28 


FEATURES 

Film and Video: A dear 
picture of decay- in Dock- 
land 14 

A case of ailing labour rela- 
tions in the NHS 24 


W. German economic boost 3 
China’s development 4 

New York State tightens 
foreign bank regulations 4 


FALLS 

5p ,yn st? - 1 


JwQiummi 10 

AmlMmsm Mvtai ' IB 

Btoiaet* OppU. S 

CrWvNrd 1* 

Entertain me nt CoMe U 

B drape an Oms- 26 

FT- Act cartel indices . 28 
Heme Cntmta .... IB 
Letters .— — — l T 


it 32 

Lombard U 

Men pad Mantra ... 16 

Radas ..... — 14 

Saleroom . — 6 

Sbara lafennsiloa _ 34-SI 

Today's Events IT 

TV. and Radio M 

Unit Trusts 29 


Weather J , — 32 

waru value Of £ - • 2S 
PROSPECTUS 
Han. Net. tmr. To.. & 
ANNUAL STATEMEHTS . 
AUied Retailers 1* 

ERP (HUflO " 2B 

The Pest offlcc . — - 19 . 


For latest Share Index ’phone 01-346 802$- 


Rtwilwn Cram. Go. U 

Rsyal Dutch ptrlm. U 

Weston-Evans Cra. 2D 

interim Statements 

BnJlMSb It 

UC luvests- ... 13 

Base Leasing Rues 26 


Mr Square Footage 
and some of his 
Professional Services Jim \ 


* * * ■•cm 

■bbiic:: 

bmbbKssJ 

IkHM 


“ Planning “ 
& Compensation 


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Rating 



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It's all part of the Knight Frank & Rutley service 

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Financial Times Tuesday ^ 




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EUROPEAN NEWS 



Conservatives withdraw 


from Portugal Cabinet 


BY OUR OWN CORRESPONDENT 


LISBON, July- 24. 


Boussac sells racing stable to the Aga Khan 


BY ROBERT MAUTHNER 


THE PACE of Portugal’s Soares. Sr. Soares has said he scious of their support among 
political crisis has quickened would resign if the Conservatives the professional elites, the farm 
with the withdrawal early this pulled out of the alliance. owners and a conservativ elec- 
morning of Conservative However. Prof. Amaral torate must press their present 
ministers from the ruling six- stressed that bis party’s decision attack on the agriculture and 
month-old Socialist-Conservative was aimed at making it easier health ministers, 
alliance for Sr. Soares to reshuffle his The Conservatives want a 

• .. .. Cabinet— a so far unmet CDS reshuffle to remove these two 

.Three ministers including the demand which brought the Crisis men because of opposition to 
highly succeMful foreign to its p resen t peak. plans for heavily socialised 

Minister, handed their resigna- conservatives claim they medicine and objection to the 

tions to Socialist Prime Minister are w -iui ns to continue with the way agar tan reform is being 
Mario Soares today, following a governing agreement which handled. 

Conservative Party (CDS) ensures a stable majority in the Should the Prime Minister 

national council meeting. 263-seat Republican Assembly, carry out his resignation threat. 

Although CDS leader, but at the price of ministerial President Antonio Ramalho 

Professor Freitas Do Amaral, changes. Eanes is likely to ask him to 

denied that the withdrawal of This price tag is presently too form a new administration to- 
his men from the Cabinet was high for the prime minister who gether with the Conservatives, 
designed to bring down the cannot be seen giving way to This could allow Sr. Soares to 
Government this possibility the CDS for fear of Communist appoint a new Cabinet without 
looms very large given the and Left-wing reaction. Likewise, the two contested ministers, and 
already stated position of Sr. the Christian Democrats, con- so save face for everyone. 


Anti-fascist group denies taking 
part in Spanish assassinations 


BY JIMMY BURNS 


MADRID, July 24. 


THERE WERE growing signs for recent police violence in the wing, which prefers a cautious 
today that last Friday's assassina- Basque region. approach to the question of 

tion of an army general and his ETA has claimed responsibility autonomy through alliances with 
aide was organised and executed for a major assassination outside existing radical parties, while 
by ETA, the Basque extremist the Basque country on only one on the other is a “ military" 
group. previous occasion. In December, wing obsessed with armed 

As hundreds of paramilitary 1973 when they killed Admiral struggle 
Civil Guards continued searching Luis Carrero Blanco, General • The Spanish Government is 
for the assassins In a Franco's right-hand man. well on its way towards reaching 

mountainous region north of Until recently, it had been its planned reduction of inflation 
Madrid, the revolutionary anti- thought that ETA’s military to 16 per cent for the year 1978, 
fascist group GRAPO, formally wing did not have the infrastruc- according Sr. Jose Luis Leal, 
denied any involvement in the ture needed to carry out a large- the Secretary of State for the 
killings through a message scale action. If both GRAPO's Economy. 

received by Informaciones, the denial and ETA's claim prove Sr. Leal, speaking at a week- 
leading afternoon paper here. true, however, Friday's assassina- end seminar organised by the 

The denial follows a com- tions would confliro that a ruling centre party, based his 
m unique issued by ETA at the serious and dangerous split has confident predictions on the 
weekend which claimed that the developed within ETA. Spanish consumer price index, 

killings of the military officers On the one hand, there Is a which, in the first half of the 
had been carried out in revenge moderate ' “political-military" year, has risen by 15 per cent- 


M. MARCEL BOUSSAC, the 
89-year-old French textile king 
and raceborse owner, whose 
crumbling business empire was 
recently brought under the 
direct control of a commercial 
court, has sold bis racing 
stable to the Aga Khan for an 
estimated FFr 41m (nearly 
$10m). 

Among the horses purchased 
by the Aga Khan is the recent 
French Frix de Jockey Club 
winner, Acamas, who came 
second in last Saturday’s Klnff 
George VI Stakes at Ascot and 
alone is valued at some 
FFr 30m. M. Boussac, whose 
name has been a household 


word on the world’s greatest 
racecourses since World War I. 
has sold his stable in a last- 
ditch attempt le save his 
group, which must find about 
YFt SOOm to stave off bank- 
ruptcy. 

Some 21 companies m the 
group were made subject to a 
judicial settlement by the 
Paris Commercial Court on 
Mav 31- The decision was 
extended earlier this month to 
include SI. Boussac’s sharehold- 
ings and property outside the 
group, the most important of 
which is the Christian Dior 
fashion house, estimated to be 
worth about FFr 500m- 


The sale or his racehorses 
follows the disposal by M. 
Boussac earlier this mouth of 
his newspaper interests, tnc 
Right-wing Paris dan?, 
L’Anrore. and the sporting 
weekly, Park-Turf, to a group 
of Industrial and financial in- 
terests for FFr 80m. 

But neither M. Boussac s 
creditors nor the Government, 
which is now trying to put 
together a restructuring plan 
for the group, have so far been 
Impressed by M. Boussac s 
personal efforts to put his 
group's finances in order. 

Last month the group’s credi- 
tor banks blocked a move by 


M. Boussac 10 use his personal 
assets as a means of savjnp tnc 
company hecauMi it would nave 
involved dropping their outran 
on assets that had already been 
putiTp as collateral against 


-iuough the Government’s 
avowed policy Is to give finan- 
cial aid only fo those “lame 
docks' 1 which can demonstrate 
convincingly that they will be 
able to stand on their own foci 
by rationalising and restructur- 
ing their operations, it cannot 
afford to Ignore the difficulties 
of a group employing nearly 
12,000 people. 

About one-third of the work- 


force Is employed, in the 
eastern French Vosges Vcgfon, 
an area already suffering high 
us employment. 

The final decision hy the 
authorities ami the commercial 
court on the group's future (s 
doe to ho taken within (he 
next few days. According to 

some reports, the tut) com- 
panies most likely to lake part 
in a siatisarreaged rescue 
operation are the diversified 
Aguche-WMot group, 30 per 
cent of whose turnover of 
FFr 6be is iu the textile sector, 
and the Bldcrnunn. textile 
group, with annual sales' of 
some FFr Ihn. 


Brzezinski 
attacked 
by Pravda 


Lome nations oppose EEC line 


on human rights proposals 


SY MARGARET YAN H ATT EM 


BRUSSELS. July 24 


CARIBBEAN and UN. were bound by its charter government maintain its nppres- 
AFRICAN. CAK1BBEA.N ^ ^ uman r]ghu and ^ ux had sive regime.” J 


Italian 
Communists 
urge action 


By Dominick j. Coyle 

ROME; July 24. 


By David Safcter 

MOSCOW, July 24. 

PRAVDA. THE Communist Party 

Carters' national .- security concessions under a new con- economic atd and '°£P e ™ n ?”- „£**?* mlt m be^in! m,ttCe ,,r ,hc Ital ' an Communist 


“SS, WS2JSS srssarusr ~a --es- wkk .r M 

today unanimously rejected EEC to /eal wnh this £ HpTdpparent ip the way ^ | “H»W.n^»cd wjh 


adviser, and said that his “anti- 
communist views” and line of 
confrontation with the USSR 
held no promise in the long run. 

In a lengthy analysis of Mr. 
Brzezinski's writings, Pravda said 


concessions unaer a new wu- ---i— ------- - . hp.'in' nu*»*?e m me iuiun v-ummuuK 

vention to observance 00 human it was not provided form The i° Party (FCh. This is to he 

rights in the recipient country. Treaty of Rome, and would-be ^ September >ind . h followed next weekend by a 

This was one of several major “ n unnecessary feature of «ew dude next Ilia.. ! caucus nr the lcariendiip nf-ihe 

IDIS was one wi u“*j« i.nmp rfinvontion. he added. TPTTP rt>e:ir<is > r. ■ r,...-...--. ... 


differences to emerge in talks Lorae convention, he added. While the EEC _ regard j ralimf Christian" Democrats' (DC) 

between ACP and EEC ministers The question of human rights Lome 2 as an extension, with j sec Kint» to agree on a candidate 
as negotiations for the second is expected to develop into one improvements, of Lome 1. Mr. 


iK-uuauBup „ - . °| nc 1 * v ,r ’ ' as party president in the wake of 

that the Presidential adviser saw |t ome Convention opened form- of the more difficult problems Patterson made it clear today | the assassination uf Siy. Aldo 

conflict as “ natural and allv here todav as negotiations proceed, for that the ACP states are looking Moro> 

inevitable ” and held that in t ■ n T __„ ipan several EEC members consider for a radical overhaul— in effect J g v nud-wcek the small Social 

international relations it wasi their sovereignty is also at an entirely new treaty which j D eruocnils W ii! also be meeting, 

possible to count only on force. stake. As Mr. Frank Judd. UK would “ incorporate the siren gibs | Bul is ma ,nl.v the twn Jug 

That conception of the world of ,:«? t h ?S5Si 1 -.rnfmded Minister of State for Foreign and avoid the weaknesses of the 1 political forces who will set the 

S2 Hrp statSr unant Affbln put it today: “In the past, former arrangement.” , £, mcS tit; political scene in ih.- 

wously oppose any °atrempt to hav ? been locked into a situa- The EEC is also seeking to ! run-up to the Parliamentary 
, “S a reference to human wher . c - something were new flial u res in Lome 2 J vacation. The PCI's general 

" rights in thenew bStv°-— either badly f? 1188 state ' os well as the human rights | secretary. Sig. Enrico Berlinkurr. 

' as a formal 0 clause, or in the we could not wthold aid. claoiie< It wanU safeguards for " “ 


has led Mr. Brzezinski to find 
common cause with Mr. Hua 
Kuo-feng, the Chinese leader, 
estimate u cold-bloodedly ” the 
possible casualties in a thermo 
nuclear war, and argue that the 


“We see Lome as helping gov- EEC companies seeking to invest 
ernments to fulfil Ihe real needs in ACP countries, and an overall 
1 v;’* c c ifa h°J o f their people. When a aovern- agreement on fishing rights, 

visions which could be used by mont ie *; a ^ nf ' K . nhvin , isly “° Mr> Patterson said most ACPI 

it's countries already provide invest- 


United States needed over- ! preamble, 
whelming military might the j “We cannot tolerate any pro 

Mr. j ■sirj'syjr & “ 
is; tfurWissT^iiiAW aid h ,.p S lh =. 

new stage of strategic arms ! it judges appropriate,” he said, 
limitation negotiations l ACP states, as members of the 


;\"i 

in: 


Si 


9 : 


f Advertisement) 


DKffS ECONOMIC JOURNAL 


July 1978: Vol. 7 No. 7 


Domestic private demand 
in Japan is not enough 
to propel swift recovery 


Year-to-Year Changes in ReiCSNP and Major Demand Factors 


The world economy appears 
to be following the process of 
steady recovery, although at a 
dull tempo. 

Japanese business aiso 
seems to be making a sound 
response to this global trend 
both in the macro-economic 
and microeconomic phases 
principally on the strength of 
the expanding scale of public 
investment projects taking 
effect since the second half of 
1977. 


Brightening outlook 

In the macro-economic 
phase, the growth of gross 
national product in the Janu- 
ary -March quarter of 1978 
registered, an increase of 2.4 
per cent over the previous 
lOc lobe r-Dec ember, 1977J 
quarter in real terms (9.7 per 
cent at an annual rate). 

As a result, the real growth, 
of the national economy in 
fiscal 1977 (April, 1977-March, 
1978 j stood at 5.4 per cent, up 
over the revised growth target 
set earlier at 5.3 per cent for 
the same period by the 
Government. 

The mining-manufacturing 
production index in April 
registered a meager 0.1 per 
cent increase on a seasonally 
adjusted basis in a continuous 
upswing for the sixth con- 
secutive month since last 
November. On the other hand, 
the shipment index in the 
mining-manufacturing sector 
in April marked a 1.8 per cent 
decrease from a month before 
for the first time in six months. 
As a result, the inventory 
index showed a 0.5 per cent 
g3in over a month earlier. 

As to the future outlook 
of mining-manufacturing 
production, the increasing 
keynote is likely to continue 
but its growth pace is destined 
to slacken. 

Despite the relatively sound 
performance in the macro 
economic phase, the situation 
in the micro-economic phase 
has continued to lack vitality, 
except in a limited sector. 

For instance, the Bank of 
Japan’s short-range corporate 
business survey for May 
revealed that the pre-tax profit 
of major corporations in the 
manufacturing sector in the 
semi-annual term ended 
March, 1978 registered a 4.6 
per cent decrease from the 
previous half-year term, 
although the dip was about half 
the sag estimated in its 
previous survey. 

However, the central bank’s 
survey envisages a sound 4.1 
per cent increase in pre-tax 


profit of such major cor- 
porations in the first half 
i.April-Septemberl of the 
current annual business term 
ending March. 1979. 

Nevertheless, the lingering 
impact of surplus equipment 
and excess personnel in 
business and industry still has 
remained unrectified. At the 
same time, corporate 
executives appear extremely 
cautious over the future course 
of sales and earnings. AU in 
all, business is not in the mood 
to feel a tangible return of a 
boom, at least in the micro- 
economic concept. 


Public demand 


However, business has begun 
to show gradual signs of 
starting a limited recovery 
mainly on the strength of the 
increasing fiscal outlay, 
centering on public works 
investments, since last year, 
although the corporate 
management streamlining 
effort based on production 
cutback and inventory 
reduction is considered to have 
been partly responsible. 

It thus appears that the 
fiscal outlay is destined to 
continue to play a leading role 
in the business propping 
program at least in the first 
half of fiscal 1978. 

In addition to the increased 
fiscal outlay, export trade 
continued brisk until recently 
to provide a substantial prop to 
the demand phase. However, 
export trade on a yen- 
denominated basis in May 
registered only a modest in- 
crease of 2.9 per cent over the 
corresponding month a year 
before. 

It thus seems that export 
trade as a major prop to 
demand is beginning to recede. 
With the export climate 
growing severer, the recent 
upsurge or the yen exchange 
rate in relation to the dollar is 
likely to offer an additional 
brake. A slowdown of exports 
in the future thus is considered 
inevitable. 


Personal consumption 
expenditure 

In response to the recent 
stabilization of consumer 
prices, personal consumption 
expenditure has followed a 
firm keynote in real terms. 
According to the Household 
Budget Survey by the Prime 
Minister's Office for March, 
however, real consumer 
spending by all households in 
the same month registered 
only- a small gain of 0.6 per 
cent over the year-ago level. 


Among major indicators 
closely linked with personal 
consumer spending, sales of 
larger retailers in April 
showed a sound 13.0 per cent 
gain over a year before in 
nominal terms. 

Nevertheless, personal 
consumer spending has not 
made a particularly brisk 
upswing in considering the 
average outstanding balance of 
note issues in May and the 
consumption expenditure 
survey for the ApriWune 
quarter. 

Despite some plus factors in 
prospect not much can be 
expected from the sound in- 
crease of personal con- 
sumption expenditure in view 
of the three major deterrents: 

—The wage hike through 
Shunto (spring labor struggle 
for higher pays) this year was 
relatively small in comparison 
with the previous year. 

—Summer bonuses this year 
are not expected to be liberal, 
judging from the course of 
corporate earnings. 

—No specific improvement 
in the employment situation 
can be expected. 

As to private housing invest- 
ments, another prop to the 
rally of domestic business to 
function with the fiscal outlay, 
the increase of housing starts 
over the year-ago level stood 
at 11.2 per cent in February 
and 15.9 per cent in March, 
although they are estimated to 
have shown a 2.9 per cent 
decrease in April. 

The Government is expected 
to continue the policy of en- 
couraging housing starts in the 
future, and housing starts 
based on public funds are 
expected to continue brisk for 
some time. However, the 
outlook of housing investments 
as a whole necessarily is not 
unconditionally favorable. 

All in all. demands based on 
the household budget outlay, 
such as personal consumer 
spending and bousing in- 
vestments, are not expected to 
play a leading role positively 
to support domestic business, 
although they may serve to 
underprop the business course. 



Source: The Economic planning Agency 


registered a 7.3 per cent 
decrease in April after a 9.0 
per cenL increase in March. 

The protracted stagnation of 
private plant and equipment 
investments is ascribable more 
basically to structural factors 
instead of cyclic causes. At 
this time when the supply- 
demand gap still has remained 
noticeably wide, a rapid rally of 
private plant and equipment 
investments in the macro- 
economic phase can hardly be 
expected. 

With reference to inventory 
investments, the inventory- 
sales ratio of manufactured 


products has been gradually 
declining, although at a slow 
tempo, indicating progress in 
inventory adjustment opera- 
tions. 

In contrast, the inventory- 
shipment ratio of raw and 
processed materials still has 
continued to show signs of 
swinging up. 

The tempo of inventory 
adjustment thus has been 
notably unbalanced according 
to different business and in- 
dustrial divisions. Hence, 
completion of all-out inventory 
adjustment operations is likely 
to take time. 


. • x 

The international bank 
with your interests 
at heart. 


Corporate investments 


The trend of private plant 
and equipment investments 
has continued bearish. Orders 
for machinery by private in- 
dustries, exclusive of shipping 
and electric power (a major 
leading indicator of plant- 
eqitipment investments a few 
months ahead), for instance, 


We have your interests at heart 

DAI-ICHI KA1MQYO BANK 

Umfan Branch: Fifth Floqr. P S O Bfcfg., 122-138 Laatfcmhall Suml 
L ondon EC3V 4PA, Cn^antl Taf. tOII-2834929 

K«d Offlar: 6-2. Manmouchi 1-cheme, OwyM*ku. Takyo 100, Jaw Branch** and 

Y ““ lc ' Lo1 Ouneidort. Taipei, Seoul, SmgaDorc Hapnmntaino 

r" 1 , j SaoPwlo. MnucoCiiy. Caracat. Frankfurt. Parte, 

Chicago. Amaardam. Zurich. London, Hong Kong 
AnontM and Amthud Comnanies au Rio da Janeiro. London. Luxemburg. Hom KoiW. 
Bangkok, Singapore. Kuala Lumpur, Jakarta, Manila, Malboume, Sydney. 


French trade in surplus 


BY DAVID CURRY 

PARIS, July 24. 

A FURTHER trade surplus in declining performance of trans- 
June has confirmed France's formed foodstuffs, a generally 
positive progress in correcting weak sector which has defied the 
her external position — one of attempts of successive Minister* 
the planks of the economic of Industry to make it struc- 
recovery programme of M. tu rally more resilient. From a 
Raymond Barre. the Prime FFr 2.2bn surplus in the first 
Minister. half of 1976. this declined to 

The seasonally corrected June FFr lbn Iasi year, and in thu first 
surplus was FFr 459m on exports mon fb$ °f ibis year managed 
of FFr 2S.9bn while the crude * of 00 more lhan 

figures revealed a FFr 2.5bn FFr 43lm. 
surplus The motor industry again 

... . . proved one of the mainstays of 

irnSi^ 6 pu !lv!j Ses the * rade performance with a \ unsubstantiated,, allegations 
imported energy paid in FFr 14 ’bn surplus, 
relatively weak dollars helped ^ ■ 


Danish deficit 
reduction 


the figures into the black, tbe 
surplus • was nonetheless 
achieved despite a continuing 
deficit in the agro-food trade, 
including tropical raw materials, 
which has been not far short of 
FFr I.5bn in the red over the 
first half of the year. 

In this first half, the overall , 

seasonally adjusted figures show deficit for 

that last year's FFr 9.1bn short- 

fall has been converted into a m?? 7 ?>!? nroi™*? 

FFr 708m surplus thanks to S. 

exports growing at twice the frora the Burcau of 

rate of imports. 


By Hilary Barnes 

COPENHAGEN, July 24. 


The main unhappy note is the 


Britain loses 
fish supplies 


Statistics. 

Exports increased by 8.7 per 
cent to DKr 32.2bn and imports 
by 1.2 per cent to DKr 39.8bn, 
but there was a considerable im- 
provement in export perform- 
ance in the second quarter when 
they rose by 14.8 per cent to 
DKr 16.9bn compared with last 
year. Second quarter imports 


BRUSSELS, July 24. 

JOINING THE Common Market ™ean white dedin ed by 3.S' per 
has cost Britain more than haif _ cent t0 DKr 19 -9bn 
its possible 


fish supplies, Mr. 
John Silltin, the UK Agriculture 
and Fisheries Minister, charged 
today. 

British waters, he said, held 
62 per cent of fish available to 
the nine-nation group hut 
Britain got just 26 per cent of 
the market's catch— -or 42 per 
cent of what it could catch alone. 

On the same basis, Denmark 
got 28 per cent of what its own 
waters could produce, Belgium 
26 per cent. France 20 per cent 
and West Germany 17 per cent, 
he said. 

Mr. Siikin gave the figures 
after telling farm ministers at 
talks here that Britain would not 
sign new fishing quota deals 
with Norway, Sweden and the 
Faroe Islands until a new 
community fisheries policy was 
settled. 

Britain is blocking agreements 
on a fisheries policy over its 
demands for fishing zones and 
a better share of fish quotas. 

Talks have dragged on for 21 
months and will resume in 
September after geting nowhere 
in Luxembourg last month. 


Financial Times, published da Hr except San. 
diys «nd hgSdiys. U.s. safecripUon UOQ.IHJ 


(air IreUihti SMO.OO lair RulD per annum. 
Second class 


po«a«e paid at Nn York. N.Y. 


will warn the Government, in 
effect, that if* survival ii at risk 
if agreed all-party programme* 
are not speedily implemented. 

The Communists, for the iir«t 
time in 30 years, are now part 
nf the guvcriunL' majority here 
in Italy, althuugh the l*Cl dues 
not have Cabinet seats as such. 
The party has been cwnplaininq 
bitterly in private about the 
failure of the administration of 
Sir. Giuliu Andrcuili lo lukc con- 
crete stepa to carry out file 
package nt legislative guidelines 
agreed an between the mum 
parties earlier this year. 

Government and Parliatneniarv 
business has been held up very 
considerably by a number of 
major developments since then, 
notably the kidnapping and sub- 
sequent assassination nf the 
former 'Premier, Sic. Morn. and. 
later, by tbe sudden resigna- 
tion of the connin'* 
President. Sia. Giovanni Leone, 
amid widespread, but so Tar 

of 

corruption 
• The eventual election earlier 
this month of Sic. Sandro Pertini 
to . replace Sic. Leone ha* 
removed this particular road- 
block, but the private nnUtu , al 
manoeuvres .surrounding hi? 
election has created '•■trains both 
within the ruling DC and also 
hefwcen it and other parties. 
Those infernal DC strains may 
well suriaco this routine week- 
end if Centre-Riftlii Factions uf 
the party seek fn impoto one of 
their number as President to 
replace Sig. Morn. 

Such a move, if successful, 
could undermine the statu* of the 
parry moderates, including Sip. 
Andreotti. and might swing the 
DC against the present govern- 
ing alliance with the Com- 
munists. a ruling formula which 
the late Sig. Moro himself did 
much to chart It has never been 
wholly accepted by ail Christian 
Democrats. 


You con visit all the 
exhibitions you want. 
but before you decide 
what to buy, wait for 
tile novelties displayed 
at the 



18 th 

CAMPIONARIA 
Dl FIRENZE 
INTERNATIONAL FAIR 

Footwear • Leathergoods 


Florence 


FORTEZZA DA BASSO 
VIALE HUPPO STROZZI 


For information and 


9-12 September 1978 


assistance to visitors, 
apply to 

“ Campionaria di Firenze "-—50123 Firenze (Italy) 
Via Valfonda. 9— Tel. 282792-215867— Cas. Post. 667 


Visit also the 

15tji Italian Footwear Fashion Preselection 
FLORENCE 

from 24th to 26th November 1978 


A worthwhile 
investment 


in 


From studios to 5-room apartments 


A MAN 

development 



hee 

Sales and Information Office @ 

on the premises: 

Immobilize IENA 

79 quat Andre Citro&i - 75015 PARIS - teL 575 .30.63. 


luxury apartments with 
full-length balconies 




■ 





















3 






1 1 . 

• i i t ; 1 
■ * \ 


JFSnaud® Wanes Tuesday 3uJy- 25 1978 


K, l ROPE AN NEWS 


Sharp rise in orders for 
W. German steel industry 


BY GUY HAWTIN 

WEST GERMANY’S recession- 
hit steel industry has reported 
a massive increase in orders for 
rolled steel finished products 
during last month. After two 
months of heavily declining 
demand, bookings rose by over 
22 per cent. 

The news, however, does not 
appear to give grounds for any 
great jubilation. The industry 
points out that the average 
monthly bookings rate for the 
first half of the year stands at 
about 1.85m tonnes, which, 
although it is at much the same 
level as during the comparable 
period of 1977, is still some 
100,000 tonnes below the order 
inflow in the opening six months 
of 1876. 

Furthermore there are no real 
signs that bookings will con- 
tinue to show the same level 
of recovery during the coming 


months. Indeed, duly .and 
August are traditionally quiet 
months on the'- 'orders fronL 
Besides, at the end of the first 
quarter of the current year, 
there was a 17 per cent surge 
in orders which was not main- 
tained. 

One of the reasons for the 
June rise In orders could be 
that many customers- have been 
living off their stocks, which 
have been built up in hopes of 
a recovery in world demand. 
Many observers feel that once 
stocks have been replenished, 
bookings could well return to 
their previous low level. 

Be that as it may, figures 
released by the Iron and Steel 
Industry Federation, show that 
overall orders for rolled steel 
finished products— not including 
semi-finished . products, hot 
rolled strip and special steels — 
rose by 22.7 per cent in June 


FRANKFURT, July 24< 

from 1.66m tonnes to 2.03m 
tonnes. 

The sharpest Increase in de- 
mand came from countries out- 
side the European Economic 
Community — this Includes the 
powerful U.S. market. Orders 
from these sources rose 35.9 per 
cent from 582.000 .tonnes in May 
to 791,000 tonnes. 

Domestic bookings also showed 
a hefty increase, rising by 16,8 
per cent from 898,000 tonnes to 
1.05m tonnes. The recovery in 
bookings from customers in the 
EEC was much less marked, but, 
even so, orders rose by 8.6 per 
cent from May's 175,000 tonnes 
to 190,000 tonnes. 

Deliveries in June also showed 
a massive 29.8 per cent rise. 
They w^nt up from 1.67m tonnes 
to 2.17m tonnes. As a result, the 
industry’s order book dropped by 
3.8 per cent from 3.67m tonnes 
to 3.53m tonnes. 


Cuba’s ‘non-aligned’ credentials 
questioned at Belgrade meeting 


BY ALEXSANDAR LEBL 

CUBA'S African activities and its 
close links with Moscow, will be 
under critical scrutiny from the 
rest of the non-aligned movement 
over the next few days In 
Belgrade. There are fears that 
Cuba’s policies could lead to a 
showdown between rival factions 
at the 86-strong movement’s 
five-day ministerial conference 
that opens tomorrow. 


Cuba, which is to host the 
movement’s next summit meeting 
in September 1979,' has made no 
secret of its view that the Com- 
munist countries are the natural 
allies of the non-aligned. Havana 
would also like to rid the move- 
ment of “ reactionary elements." 

Other countries, however, are 
sow questioning Cuba’s 
credentials as a member of the 


Floating shop sets sail 

BY OUR FOREIGN STAFF 

A BRITISH-BACKED floating 
supermarket left Ostend full up 
yesterday bound for Dunkirk on 
its first trip between the two 
ports selling everything at British 
prices to French and Belgian 
shoppers. 

A company spokesman said: 

** There were 659 people on board 
when the boat left this morning. 

Another 120 will join it at 
Dunkirk. We are fully backed.” 

But the 4,000-ton SS Aquamart— 
a converted British Rail ferry 
ship — has already run into 
opposition from both French and 
Belgian Governments. 

The Belgian Ministry of 
Finance confirmed today that 
customs officers would levy 
special taxes on all goods to 
bring them up to and beyond 


Belgian prices. .The taxes in- 
clude £3 on a litre of whisky, 
and 50p on a packet of cigarettes. 

The British owners of the 
vessel, Channel Cruise Line, plan 
to make several ' trips a day 
carrying up to 900 passengers at 
£5 a head, and offering them 
prices far -cheaper than they 
would pay in Belgium. They 
have put about £4m into this 
project 

The idea is to cash in on the 
great difference between Belgian 
and British prices,: which sends 
hundreds of shoppers over to 
Britain on weekend shopping 
expeditions. 

Goods on sale in the vessels 
10,000 sq ft of selling space in- 
clude jewellery; glass.- china, 
clothing, wines, spirits and 
cigarettes— all duty free.. ■ 


BELGRADE, July 24. 

movement in view of its armed 
intervention in Africa and its 
increasingly close alliance, 
political, economic and military, 
with the Eastern bloc. They 
oppose the choice of Havana for 
the next summit and seek, at the 
very least, a condemnation of 
Cuban policy. 

Cuba's affiliations' are only one 
of numerous problems confront- 
ing the Ministers. Confiicts 
including armed ones between 
non-aligned countries in Africa 
and Asia, and struggles within 
anti-colonialist movements will 
also be represented in Belgrade. 
Differing views on various inter- 
national disputes and contro- 
versial requests to join the 
movement or observe its pro- 
ceedings will also be considered. 

Most member countries seem 
to favour a back-to-the-roots 
approach. This has been stressed 
in interviews with Foreign 
Ministers which the Yugoslav 
news agency, Tanjug, has pub- 
lished in recent weeks. That 
means emphasising the identity 
of the movement as a factor 
independent of power blocs, and 
rejecting attempts to divide it 
on ideological or other grounds. 
The movement is being invited 
to see itself as a group of coun- 
tries with different social and 
political systems which is united 
by the struggle for independ- 
ence, freedom and equalily. . 


Kyprianou 
silent on 
conspiracy 

President Spyros Kyprianou of 
Cyprus yesterday said legal impli- 
cations prevented him from 
making public further details of 
the alleged conspiracy against his 
Government. Reuter reports from 
Nicosia. Since announcing oo 
Wednesday that a conspiracy 
directed from abroad had been 
foiled the President has come 
under pressure to give- details, 
which were expected this week. 
But in a statement the President 
said the island’s attorney general 
bad advised him that it would not 
be correct for the state to make 
further public disclosures because 
of continuing investigations. So 
far four peopje have been 
detained and a number of senior 
Government officials and politi- 
cians are being questioned by 
police. 

In a separate statement, the 
President said • there was no 
evidence that Mr. Tassos Papa- 
dopoulos, who was dismissed as 
negotiator in in terco minimal talks 
with Turkish -Cypriots had any 
link with the alleged conspiracy. 
Mr. Papadopoulos had charged 
that the Government had hinted 
there were connections and 
challenged it to provide evidence 
and start prosecutions. After a 
meeting with his ministers and 
officials. President Kyprianou said, 
“The termination or Mr. Papa- 
dopoulos’s services as representa- 
tive of the Greek side to the 
in terco minimal talks has nothing 
to do with the uncovered con- 
spiracy against the slate. No 
evidence has come up connecting 
Mr. Papadopoulos with the con- 
spiracy." 

Terrorism accord 

Britain yesterday ratified a 
Council of Europe convention 
aimed at suppressing terrorism. 
Under the convention, already 
ratified by Austria, Sweden, West 
Germany and Denmark, signatory 
states pledge to extradite people 
who have been engaged in kid- 
napping,' hijacking or taking 
hostages, Reuter reports from 
Strasbourg. It comes into force 
on August 4 except in Britain] 
where it takes effect in October. 

Briton sentenced 

A 25-year-old Briton, Mr. Colin 
Semple, was sentenced to two 
years and three months in prison 
yesterday on charges of trying to 
smuggle an East German out of 
the country, Reuter reports from 
Magdeburg. A British embassy 
spokesman in East Berlin said Mr. 
Semple, arrested on May- 12 on a 
transit autobahn from West 
Berlin to West Germany, had one 
week to decide whether be wanted 
to appeal against the sentence. 

Turin bomb 

A bomb exploded outside an 
IBM shop in Turin yesterday, 
damaging the store and shattering 
windows of nearby houses, AP-DJ 
reports. The explosion was not 
immediately claimed, but police 
suspect it to have been a 
political gesture. 


WEST GERMAN ECONOMIC BOOST 

Bonn’s dilemma 
in fulfilling 
summit promise 

BY JONATHAN CARR IN BONN 


FOREIGNERS MAY be excused 
for trying to stifle a yawn when 
told that yet another talk on 
economic policy is being held 
this week in Bonn. West 
Germany has already committed 
itself to taking more steps to 
try to boost growth and has set 
an upper limit for them (1 per 
cent of GNP or roughly 
DM 13bn). 

All that remains, surely, is to 
fill in the details. And this will 
be done in discussions between 
the government coalition 
partners— the Social Democrats 
(SFDi and the Liberal Free 
Democrats (FDP) — today 
followed by Cabinet meetings 
ending on Friday. Then all will 

be -revealed if it has not already 
been leaked to the Press. 

But in fact there are good 
reasons for taking a close look 
at what is finally decided. They 
involve the position of Otto 
Friedrich Wilhelm Von Der 
Wenge, Count Lambsdorff, 
Economics Minister for nine 
months and "crown prince” in 
the FDP. The result of the 
meetings could push Count 
Lambsdorff further in the direc- 
tion of the Liberal throne at 
present occupied by the Foreign 
Minister, Herr Hans Dietrich 
Gens cher. 

' The question facing the 
government is simple enough. 
How can it put to best use the 
maximum DM 13bn at its dis- 
posal fa sum worth comparing 
with the DM 70bn in spending 
programmes and tax measures 
which the cabinet has approved 
since the oil crisis with the same 
sum of encouraging economic 
growth)? 

The SPD Finance Minister, 
Herr Han Matthoefer, and his 
party colleague, Herr Volker 
Hauff, have been pressing for a 
government — induced invest- 
ment boost in new technology, 
for example to cut noise, dispose 
of. waste and to keep the air 
dean. Count Lambsdorff. on the 
other hand, has been demanding 
cuts in direct taxes to benefit 
both enterprises and private 
individuals. The SPD approach 
brings cheers from ‘the trade 
unions, who feel quite enough 
concessions have already been 
made to management 

Count LambsdorfFs view is 
supported not only by business 
but, more Immediately import- 
ant, by the Christian Democrat 
4CDU)— Christian. Social Union 
(CSU) parliamentary opposition. 


That is worth stressing since 
whatever the cabinet decides, it 
will require the approval of the 
Upper House of Parliament, the 
Bundesrat, in which the opposi- 
tion has a majority. 

The essence of the dilemma is 
this. Should the Government try 
to direct more public funds into 
particular investment channels, 
arguing that tax cuts will simply 
tempt Germans to save more or 
take another foreign holiday? Or 
sbould it rather cut direct taxes 
(even if- this means simul- 
taneously increasing indirect 
taxation to keep down govern- 
ment borrowing and interest 
rates), arguing that this will 
increase demand and encourage 
entrepreneurs to do their job ? 
All this can be summed up in 
the question — do we trust the 
private sector to deliver the 
goods or don’t we? 

That is not a new problem for 
the coalition. But there are 
several new factors which make 
it more urgent The most 
important is the rise of organ- 
ised protest groups, including 
so-called “green parties” of en- 
vironmentalists and of a move- 
ment pressing for tax reform. 
Common to all is the feeling that 
their special, but legitimate 
interests, have been ignored by 
the major parties. 

Linked to this is a ground 
swell of opinion, not yet wholly 
articulate, which is starting to 
rebel against the abuses of the 
country's highly developed social 
security system. 

Only a few years ago the 
reaction of many to the pre- 
sence of some one million job- 
less was to say: “ Thank heavens 
for generous unemployment 
benefit, which prevents real bard- 
ship.” Today the reaction is 
more likely to be: "There are a 
lot of lazy devils about who 
don’t want to work, and I am 
financing them every month 
from my pay packet" 

The normal human unwilling- 
ness to relinquish hard-earned 
money is starting to turn into a 
more urgent pressure which the 
main parties will ignore only at 
their own peril. To that extent 
Count Lambsdorff is running 
with the tide. 

Provincial elections last month 
in Lower Saxony and Hamburg 
alone showed the power of the 
“green parties.” They did not 
gain the 5 per cent needed for 
parliamentary representation; 
hot they took votes . away from 



West German Economics Minister, Count Lambsdorff, who 
suggests boosting the economy by reducing direct taxation 
to benefit both businesses and private individuals. 


the big parties, and disastrously 
so for the FDP which vanished 
from both state legislatures. 

Hence the concern with which 
all, especially the Liberals, are 
facing the next big election 
battle in the state of Hesse on 
October S. The FDP gained only 
7.2 per cent of the vote there in 
the last elections four years ago. 
The fear is that an unholy 
alliance of environmentalists and 
other disenchanted groups could 
drag the liberals below 5 per cent 
there too. 

The FDP realises quite wei! 
that it has to fight. But it needs 
a cause and perhaps it will need 
a new leader. There are in- 
creasingly ominous signs for 
Herr Genschcr, .who has been 
party chairman since 1974. He 
was long recognised as a skilled 
political tactician — contriving to 
maintain the alliance with the 
SPD in Bonn but building 
bridges with the CDU in the 
provinces. 

But his stock has plummeted, 
especially with last month's 
election defeats. Some people 
high in the party politely suggest 
that Herr Genscber needs more 
hip in bearing the burdens of 
Foreign Minister and FDP 
chairman simultaneously. Others 
feel it would have been better 
had Herr Genscber returned to 
his old job as Interior Minister 
when Herr Werner Maihofer 
resigned from the post last 
month. Few seem certain that 
Herr Genscber is the right leader 
for the coming battle. 

Count Lambsdorff is a fighter 
and an uncomfortable figure for 


many even in his own party. In 
Bonn. Brussels or Washington 
he tends to scatter blunt 
economic observations like 
shrapnel, leaving behind him a 
trail of pained expressions and 
hurt feelings. 

But no one can he in any 
doubt about where he stands. He 
has strongly embraced the cause 
or lax cuts and individual enter- 
prise which could well prove a 
winner. In u letter to Chancellor 
Helmut Schmidt earlier tl-is 
month. Count La mbs dor if said 
that measures of between 
DM lObn and DM 15bn would be 
needed at the start of 1979 — 
primarily cuts in direct taxa- 
tion — if a serious increase in 
unemployment was to be 
avoided. His pnsition will be 
greatly enhanced if this view is 
seen to be the one chiefly pre- 
vailing in cabinet this week. 

The result of the Hesse elec- 
tion is anyone's guess. The CDU 
might win a a absolute majority 
there, though this is unlikely. It 
is slightly jess unlikely that the 
SPD might do so. 

But one thing seems certain. 
If the FDP slips helow 5 per 
cent and vanishes from the Hesse 
parliament then Herr Genscher's 
days as party chairman will he 
numbered. Couni Lambsdorff 
would be the obvious successor. 

It is a prospect certain to 
please the mainstream of the 
CDU. which is always ready for 
an alliance with free enterprise 
liberals. It is less likely to please 
the main body of the SPD, now 
in coalition with the FDP for 
almost exactly a decade and 
feeling the strain. 


Shows promise - should go far 




Ten years ago this week Yorkshire Television 
•went on the air. 

The prospectus that won ns our contract 
contained a number of promises. 

like quality in drama drawn from the writers 
and literature of the region ( The Brontes: 
Winifred Holtby's South, Riding: Stem Barstow’s 
The Cost of Loving). 

Like new ideas in science programmes 
(Discovery: The Scientists: Don ’£ Ask Me). Lake 
■world ranging reports from Alan. Whicker. 

Lake presenting the character of Yorkshire to 
a national audience (Too Long a Winter). 

Our reputation has blossomed in other fields 
as well,notahly in documentaries like Shows 
Promise —Should Go Far, or in pioneering 
investigations of major social 
importance like Johnny Go Home 
and Goodbye Longfellow Road. . 

Ten years ago we said that we 
were more interested in building a 
reputation than in creating an image. 

That is as true today as it was then. 

Andwhat of our philosophy over 
the next ten years? 

, MemheroTlhe 

Just exactly the same. liide !S tidoa 


Iforkshire Television keeps its promises 










Financial Times Tuesday July 25 1978 


OVERSEAS NEWS 


YEN’S Progress against the Dollar 



1971 1972 


1973 


1974 


1975 


1976 


1977 


1978 


LANDMARKS in the ascent of 
the yen since 1971 as des- 
cribed by Charles Smith* Our 
Far East Editor, are: 

August 20, 1971; The yen is 
freed from its fixed rate of 
St=Y260 and starts to float 
upwards. 


December 1971: The rate is 
fixed as part of the Smith* 
son lan currency settlement 
February 1973: The yen 
floats after the disbanding of 
the fixed rate system. It floats 
upwards until midyear and 
then starts to weaken slowly. 


Alter the oil crisis the yen 
falls back abruptly to the 
Smithsonian level. 

Mld-1976: The yen starts to 
appreciate slowly and reaches 
$1— Y292 In January 1977. 

October 1977: The rate of 
appreciation starts to acceler 


rate sharply. The yen marks 
time during the first two 
months of 197S while the 
Deutsche mark and Swiss franc 
appreciate against the dollar. 

April 1978: The yen stalls 
to move upwards again. 


Dayan reveals Cairo plan 


BY DAVID LENNON 


TEL AVIV, July 24 


EGYPT WILL not agree to the Second, there should be a meet- • Early warning stations, like 
e presence of a single Israeli in? of Israel, Egypt and Jordan, those in tbe Sinai buffer zone 
J: soldier or settlement on the West together with Palestinians end between Egyptian and Israeli 
n Bank or Gaza Strip after Israel The UN - to work out the time- forces. 

u withdraws under a peace agree- tabic for the withdrawal. t UN or American supervision 

li merit. Mr. Moshe Davan. the The final stage would be the of the Gulf of Akabar to ensure 
Foreign Minister, disclosed in gradual withdrawal of Israeli freedom of navigation. 

„ the Knesset todav. troops and the dismantling of The Egyptians also pointed out 

Opening a debate on the the Jewish settlement. This that the establishment of peace- 
Gnvermnent's foreign poliev, Mr. could be carried out over a five- ful and good neighbourly rela- 
1 Davan revealed that during his year period, he believed. tions will also give Israel the 

' meeting at Leeds Castle in "Kent To ensure security for all sides, security it seeks, 
f last week Mr. Ibrahim Kamel. Egypt proposed the following Mr. Dayan said that Israel had 
.. the Egyptian Foreign Minister, six points: informed Mr. Cyrus Vance, the 

had presented a six-point plan 9 Return to the 1967 borders U.S. Secretary of State, at the 
to ensure security for all with minor alterations, leaving Leeds Castle meeting that it 

0 parties. no Israeli soldiers on the West would not accept any proposal 

1 The Egyptians also presented Bank or Gaza Strip. w.hich calls for a total Israeli 

1" a three-stage proposal for • Mutual demilitarised areas on withdrawal to the borders of 
a. implementing the peace settle- both sides of the border. 1967. But he said Israel would] 

> ment for these two occupied 9 Limitation of forces on each be prepared to consider a con- 
k territories. First. Israel should side of- the border. . Crete proposal for a peace settie- 

n accept the Egyptian plan for the • Presence of UN forcse to ment based on territorial com- 

West Bank' and Gaza Strip, supervise the arrangements. promise if it were submitted. 


Israeli Minister in budget row 


BY OUR OWN CORRESPONDENT 


TEL AW. July 24. 


ISRAELS CABINET faced a members if the faction left the the Prime Minister during the 
^ crisis today when Mr. Yigal Government. Cabinet session. It read: “I am 

’h Hurvitz. the Minister of „ ... .. out.” Mr. Begin said that he did 


to 


Mr. Hurvitz, a bard-liner on 


- 1UUU9U . mi traii-iicu w resign ~ ‘“"r ''"T ' not accept such a note, as 

H over the Governments refusal to Pf* 11 !® ”51® 0 resignations bad to be formally 


Industry, threatened 

t-i trim the budget. But even if Mr. JJ* t0 l£l£ t L® 0 ™; submitted. 

w Hurvitz carries out his threat, it ! ns ^ p £ roved The Prime Minister and Mr. 

is unlikely to bring down the ? f .,dh Upp ,f“r^ r5 -iT Ud ^j t Simcha Ehrlich, the Finance 

S3 a iT- JS- " «" - ”«« 


Hurv * tz this afternoon to try to 
would be m dissuade him from carrying out 


Government. 

• He is leader of the La "am (“ to financing, which 

, the people”! faction within the contravention of Likud's hKTthwwtL 

-■ruling Likud-led coalition. It elcctoral con.nillmcnts, would The SPppam 

the involve the printing of IX2.5bn. « itn*hi» navan thp Forpi^n 
are He could noL give his support to Mhiister Ifit’ wereto emit the 
‘“ ist ° f <*• inflaliouary 0 M res”, wSd be 

the sp al - . a slight increase in the strength 

still Mr. Hurvitz announced his of the more moderate elements 
?r control 70 of the Knesset's 120 resignation in a note slipped to from the Liberal Party faction. 

L*l — _ 

o 
ai 
d- 


Ec has seven members in 
Knesset, two of whom 
il ministers. 

Mr. Menahem Begin. 
a - Prime Minister, would 


Cabinet reshuffle in Iran 


BY ANDREW WHITLEY 


TEHRAN, July 24. 
h A LONG EXPECTED reshuffle construction programmes are to 
ai of the Iranian Cabinet \*as be expanded, the Shah is said 


announced today. Its main fea- to have told the new Health 
lure appears to be a fresh Minister, Dr. Nassrullah Moidehi. 
attempt to ensure a sound Apart from being a senator and 
1 economic infrastructure, but the a trained physician. Dr. Mojdehi 
Shahs comments to the new j s the newly appointed head of 
h ministers also indicated an aware- one 0 r tbe “ wings," or debating 
iv ness of the need to tackle what forums, of the single party, 
n) the regime sees as the basic Rastakhiz 
a causes behind Ibis year’s violent The extent of the Shah’s dis- 
t tinrest. satisfaction and impatience with 

1 Prime Minister Jamshid Amou- macro-planning in Iran is shown 
In zegar and the six new appoint- by the fact that the planning 
, 3 ments — four ministers and two and budget minister has been 
ii university chancellors — Hew up changed for the third time in a 
to the Caspian Sea resort town of year. The former roads and 
Xowshahr. where the Shah is transport minister. Mr. Morteza 


Sarkis renews 
threat to quit 


Pakistan 
banks 
in protest 

By Simon Henderson 

ISLAMABAD, July 24. 
FOREIGN BANKS in Pakistan 
are protesting to the Govern- 
ment at the new demand that 
they should deposit with the 
State bank 7.5 per cent of their 
liabilities, an increase of 25 per 
cent from the previous level. 
The banks feel that this action 
is discriminatory as Pakistan 
banks still only have to pay 5 per 
cent of their time and demand 
liabilities. 

Banks affected by this move 
include Grindiays, Standard 
Chartered, Citibank, the Bank 
of America. American Express. 
Bank of Tokyo, and a Dutch 
bank. Not all have complained 
but several have received sup- 
port from representations b> 
their own governments. 

The banks are additionally 
arguing that they have to pay 
on the basis of last year's 
balance-sheet while Pakistan 
banks are paying the lower 
amount on 1972 accounts. The 
guarantee has to be deposited 
with tbe State Bank of Pakistan 
in Islamabad in foreign currency. 

Several of tbe concerned 
banks expect that either they 
will not be able to remit any 
funds abroad this year or they 
will have to bring in funds to 
meet the demand. 

The Government of Genera! 
Zia-ul Haq* recently allowed new 
foreign banks into the country 
for the first time since Mr. 
Zulfikar ALi Bhutto, the former 
Premier, nationalised domestic 
banks during his Administration. 
It is believed some banks which 
have applied for a licence under 
tbe new scheme may revise their 
plans if the liability ‘deposit 
demand is not changed. One of 
the banks which intends opening 
up in Pakistan is the Bank of 
Credit and Commerce Interna- 
tional of the Pakistan-born 
banker, Mr. Agha Hasan Abedi. 

Meanwhile, the Government 
has published a White Paper pur- 


AMERICAN 


Chile junta 
sacks air 
force chief 


Carter faces Senate tests 
on Turkey and Rhodesia 


BY DAVID BUCHAN 


WASHINGTON, July 24. 
lift the recent conditional Turkish 




in 

threw 
Allende. 

Anny units this 
surrounded the De/cnce 

try. where General Leii 

still in the office of the 3ir force: tomorrow, will be on anieuw ~ nA Pros idcni 

coramander-in-chtef. .{menu to next year's inter- “i. ™ 0 the whole in Turkey. But the ^ State Depart- 

General Leigh was replaced i nunal security Assistance BiU. ““ 1 “ r cmirsc . Assistance ment is not happy to have assure 

reruanau .uauiici. " i . «■.... u..c kapo ... nnuimi. Administration IS 

opposed to • the 
for an Jm* 

. » n . Rhodesian 

navA^Ti^force^nd militarised 'Turkish arms embargo the single senator George McGovern, and sanctions which Senator Helms 
noliVe— since the 1973 coup. i most important foreign policy supported by the Senate Majority , s again trying to net paused. But 
According to El Mercuric, the issue before the current session Leader, Mr. Robert Byrd, who }; i« poilllcdu remaining 
ieadin° pro-Government news- of Concress. rates its chances highly, calls for cautious on a compromise 

pa perTsupporters of the Pinochet Yesterday. Mr. Cyrus Vance, the lifting of the Turkish amendment ■ proposed py two 
regime are deeply divided Lv e Secretarv of State, warned embargo on a “ certification Liberal RepuolicaatS. Senators 
between “ dietatorialisis ” and'^j an immediate end to from the President that progress Clifford Case and JaeohJavits. 
social democrats. . ! Rhodesian sanctions could towards a Cvprus settlement is This calls for an end to sanc- 

General Leigh last week called • j eopar dise the Anglo-American being made. ’ tions after free and fair elections 

for a return to democracy in initiative which aims to produce ft further aims to assuage the have taken place in Rhodesia. 
Chile within five years in an a oego ti a ted settlement involving strong pro-Greek lobby by giving and after there has been an all- 
interview which he gave while bol h the present interim Govern- Greece an extra $35ni. credit for party negotiated settlement. This 
in Italy. ... i ment in Salisbury and the arms purchases. This would bring amendment would, say 

General Leigh said in toe inter- 1 p 3tr j 0t j C Front guerrillas. m ilitarv credits for Greece to the sponsors, make the lifting nf 

view that he would not accept > warned that an same 'level of $I75m which sanctions conditional on the 

the participation of Marxist also about Turkey *»ets at the moment under actual performance of the 

parties, “which have done too ; adverse Senate ^ ieembargo present Interim Government 

Ihn Miuitrv. *hich the rg „ in what the embargo has done is Whatever the Senate votes 

Lmty >J , e eel ^ ekend tQ lim f t aJl Turkish arms pur- this week will eventually have to 
oncem — could chases to a ceiling of $175tn a be sorted out wlththe Houseof 


much damage to the countrj . 

He would let the Chnstian Demo- 1 Aftuu 
crats take part because in the; Khartoum o\er 



alsojins COW* to' be a .imilar to tti.irof t^CasfJavm 

ri* E—n' ^ HSUS 


on 


vears to accomplish. He 
demanded promulgation 

sllb A ”“ce. Who has wo.com«l Skian sancUoos 

which could be submitted to a; 
referendum. 


USSR objects 
to plan for 
new missile 

By David Bell 

WASHINGTON. July 24. 


Record interest rate likely 
on new Treasury issue 


BY JOHN WYLES NEW YORK, July 24. 

THE U.S. Treasury's quarterly funds markei last week raised] 
financing programme, to be out- the funds rale target, from »1 
lined on Wednesday, is expected per cent, by about 


per cent.] 


Union revolt 
brews over 
post pay deal 

By Our Own Correspondent 
NEW YORK. July 24. 


tvmv c 1 lined on Wednesdav, is expcctea percent, nj auuui * ' • ''thf DISTANT thunder of a 

issues which will probablj fea- „ th 5 ' " “!!?’ £!L fon iho I postal employees was heard over 
ture the highest ever interest J “ n * ^ rliteiSe weekend at union meetings 

s”‘arit",“ ' DnS "‘ erm GoVer " mC " t L fui^ uS Knt^taSSLHSS i ««• the counlrv. 


potentiallv serious objection 
U.S. plans to build a new inter- 
continental missile that would be 
deploved during the lifetime of 
the strategic arms agreement 
now being negotiated between 
Moscow and Washington. 

Opinion is divided here about 
the significance of the Russian 
objection which, according to 
reDorts here this morning, was 

? « _• mnAllna 


This 'comes at a time when the from the Fed s “ discount | Although the extent of opposi 
Administration is anxious about window" and so the discount, tion to lhc p r0 poasais. which 
the high levels of interest rates, rate is expected lo be increased : of f er 195 percent pay rises over 
In a television interview yesier- shortly from its existing t J P c f 1 three years, cannot yet be 
day. Mr. Michael Blumenthal. the cent. .! gauged, unofficial stoppages and 

Treasury Secretary, said that the These are all factors wbich ] autspoken criticism .of union 


“danger point” had been will' "influence ■ the Treasury's 


which hi E h.r rales Brunto* plans. _ ^re ® 


•It 


By Ihsan Hijazi 

BEIRUT. July 24. 

RENEWED FIGHTING between 
Syrian troops of the Arab peace-! porting to show how Mr. Bhutto 
keeping force and Christian ; rigged the March 1977 General 
militias has pushed Lebanon I Elections. The document which 
once again to the brink of another : i s over 400 pages long and 
major crisis. I contains another 1.000 pages of 

President Elias Sarkis, who I evidence including copies of 


only 10 days ago withdrew a 
threat ro resign, said that if 
dashes recurred, he would leave 
office. 

Artillery and rocket duels 
during the past three days have 
raged in the vicinity of the 
palace. Several limes shells 
started fires in the pine woods 
behind the presidential residence 


11 recuperating from illness. The Saiebi. takes over from Mr. . 

•‘I Iranian monarch was reported to Manouchehr Agha, a respected; at Baabda. 

"■ have ordered priority for better economist and friend of the! The latest violence centred in 


health services and the well Prime Minister, who moves side- 
being of students. ways to become Minister Without 

Family planning and hospital Portfolio. 


the Christian town of Al Hadass 
in the eastern hills overlooking 
Beirut 


secret papers, includes the work 
of a committee of enquiry set up 
last November to investigate the 
conduct of the elections. Mr. 
Bhutto's trial on charges of elec- 
tion-rigging has been delayed 
during his appeal against a death 
sentence for political murder. 

It was when Mr. Bhutto's 
Peoples Party won an overwhelm 
ing majority in the 1977 elections, 
that widespread demonstrations 
occurred, culminating id tbe 
takeover by General Zia last 
June. 


CHINA’S DEVELOPMENT 

Slow progress on a long march 

BY COLINA MacDOUGALL 

WHEN CHAIRMAN Hua spoke Iasi year. Official Chinese figures few weeks Peking has announced behest in 1961. Whatever Mao’s 
t‘i a fin a lieu and trade conference for the province of Kweichow, a return to the free rural involvement, the stress on 
in Peking recently about the thought to be reasonably repre- markets and the reorganisation specialisation, central control 
Chinese economy, his real senlative of the provinces as a of industry into specialised and professionalism which they 
message was that progress was whole, show that industrial out- enterprises. It is hardly surpris- lay down was fiercely attacked in 
still painfully slow. put for a year tMay I97frApril ing that local officials are the cultural revolution and the 

Admittedly he cave some 1977) was far below the previous reluctant to implement these 1978 heyday of the gang. 
I'Plimistic-Jooking figures for the P^ a k of September 19 • 5. and with vigour when such policies Besides these immediate prob- 
lirs-l half uf this year— industrial that on average production then ruined many a career before. j emSi modernising the massive 
pruduviion up L'4 per cent, steel remained stationary up to Octo- Not since 1961, when food pro- Chinese economy at the planned 
production up 67 percent, crude her 19«i. The economy has duct ion was at an all-time low. S p ee( j — more than doubling steel 
ml production up 11 per cent, improved a little since then, but has Peking encouraged private output by 1985, for instance — 
cual and power production up ntlt with any speed. trading as openly as did an bring tremendous strains. 

Yet with a population of over 
900m which is still increasing at 
well over 1 per cent annually, 
it is a task of great urgency. 

Even the Japanese, normally 
great optimists in their predic- 
tions about China, suggest that 
the belt-tightening needed to 
wring out the cash for Che 
required investment could pro- 
duce ' unpredictable strains on 
the social fabric. Id that case, a 

— swing leftwards of the political 

The problems are not all article in the People's Daily last pendulum would be well on the 

? ~ ££& ASW'aSS 2 lhe 

'• oincr CIC, F S - ,j CS which Chinese officials activities of middlemen), the future of China which even 

Provincial reports have spoken free ‘ ]v 3dmj . : compounded bv right to “ legitimate exchanges foreigners feel must affect the 

this spring or serious drought in j ;{ek * g . Cf)r Jgd ence H anc j 000 ‘ r between commune members to attitudes to work of many Peking 

north and central China and nf mima „ emem Some officials are meet one another's needs” was officials. The leadership is 


:ii 

mi 


19 per cent and 1” per cent 
respectively. But even Mr. Hua 
made the point that these are due 
more to the collapse in output in 
1976-77 due lu the machinations 
of the Gang of Four than lo a 
staggering rise in 197S. This was 
just a recovery and one not yet 
complete. 

in any case, industry is only- 
part of the story. Mr. Hua 
announced a 3m ton rise in the 

output of summer-hnrvesied 

crops, bul he did not specify 


A poem apparently prophecying the fall of Chairman Hua 
Kuo-fcng and Vice-Chairman Yeh Cbien-ying, and the rise of 
Teng Hsiao-ping. is circulating in the Peking Number Two 
Modern Languages Institute, the Japanese News Ageney Kyodo, 
has reported. Called “ An Ode to a Flower and a Leaf," it runs 
as follows: “ When it is warm, flowers (Chinese: hua) bloom and 
leaves (Chinese: yeh) grow*, but when It is cold, flowers fall 
and leaves fade. Sparrows can never vie with the phoenix. 
Kings’ dreams are destined for ruin.” Kyodo interprets the 
phoenix as being Vice-Premier Teng Hsiao-ping. 


.r 

\ 

Js 

11 

••h 


was officials. The leadership 

drought plus cold in Huilung- affirmed. Prices, the People's currently trying to convince the 

kianp in the north-cast. So far 0 b - f th t kc cotl t r o- Daily said, were a matter purely nation that present policies are 
their guarded nature suggests a j , dii } , e no doul)t for the buyers and sellers to not just practical but also 
less rosy view than Mr. Hua's. ^qfb^aleS oMosT ^e prerent decide though the “law 0 f correct- Tlte extent to which it 
Chinese foreign gram purchases ( „ ;i H« r «h i V ti^l reasons, value" and State control were is having to argue from first prin- 

suggested by a recent 
>aily article on how to 
criteria for judging 


_ » ,, .. , umcn salt — -- . 

Nearly two years after the fall propaganda value, the large merely encourages 
of I he Gang of Four, the radical number of case s of corruption marketeering. 
group in the leadership, and a revealed this spring in local 


black to lhc Thoughts of 

Mao has hitherto been a fairly 
r x safe way out for cadres faced 

01 , ‘ ^ 7 ; .l 11 f. ne *-,n b l " el, ? D - **» decisions. Now they 


still 
economy. 


progress 


Tore of handicap to on“^K “up MW % 

is todays reluctance which later was nicknazned one China. Thfs needs boldness 

1 inclined 
the rifts 
years of the 
plus the 
af rapid 

- ri&M svrSE 



between senior bo vie t and 
officials in Geneva. The fear is 
that it may signal deep Soviet 
opposition to the whole idea of 
a mobile missile system, or M-X 
as it is known in "Washington. 

Although the Administration 
has vet to decide to go 3bead 
with 'the M-X it will come under 
heavy pressure in Congress 10 
do so in coming months— the 
more so if il can reach agree- 
ment on a new SALT treaty. 
The new missile, under the 
version of the plan to which the 
Russians object, would be 
hidden among hundreds of empty 
missile silos so that Soviet 
satellites would be unable to 
pinpoint which “ holes ” contain 
live missiles. 

This scheme is being con- 
sidered as an alternative to 
another idea which would install 
a missile in a long trench along 
which it could be moved. This 
scheme is increasingly con- 
sidered to leave the weapons 
vulnerable to an attack on the 
trench which would make it 
difficult to move them. 

Not surprisingly, the Soviet 
objection to the “scattered silo" 
system ts that it would make it 
extremely difficult to be sure that 
tbe U.S. was not “cheating’' on 
tbe treaty and installing a 
greater number of "live” 
missiles than permitted. 

Some .officials believe that 
these verification problems are 
not insurmountable and that the 
best way to deal with them would 
be to agree to a restriction on 
^he vehicles that transport 
missiles from silo to silo. 

1 Guyana votes 
! to prolong 
Parliament 

By Our Own Correspondent 
GEORGETOWN. JuJy 24. 
THE GUYANA Parliament has 


could harm the economy. . pected to embrace three new 

Among other things, the issues totalling around S7bn. 
Treasury Secretary was con- After redeeming §4.4bn in 
cerned that tbe Federal Reserve maturing notes, the Treasury is 
Board is raising its target for the expected to seek close to S3bn. 
key short-term interest rate— the in new money through three- 
Fed funds rate. year notes, seven-to- ten-year 

Analysts are generally agreed notes, and possibly a 30-year 
that the Fed's actions in the bond. 


leaders indicate deep disenchant- 
ment in various parts of the 
country- 

Tbe U.S. postal service’s 
500.000 employees will start 
voting on the package next week 
and rejection would be a 
grievous blow for the Carter 
Administration’s anti-inflation 
strategy. - 


FOREIGN BANKS IN NEW YORK 

Tighter state control 

BY STEWART FLEMING IN NEW YORK 

i 

FEARS THAT some banks were a U.S. bank must also under 1 ; Shainghai deal with Marine Mid- 
facing the threat of unwanted national law. secure the approval ‘land because of doubts in the 
foreign takeovers were a key of the Federal Reserve Board, uJ.S. about the quality of regula- 
factor in the New York State the U.S. central bank. lion of the former bank in Hong 

Banking Department's decision The state however can block Kong, and also because It dis- 
to seek emergency legislation on foreign acquisitions. The most closes less about its operations 
foreign bank acquisitions," Miss widely quoted example of such than U.S. banks are legally 
Muriel Siebert, the New York a move was the decision by the required to. 

State Superintendent of Bank*;, state banking authorities to stop But there are other issues, 
told the Financial Times. Barclays Bank taking over Long MlAs Siebert is concerned for 

However, tbe Tecent wave of Is,and Trust in 19rs - example about the impact of the 

proposed foreign acquisitions of T ea ^ the Hongkong and M^sition by foreign banks of 

banks in the state was raising Shanghai Bank has begun the New York State banks operating 
broad issues of social and Process of acquiring a 51 per oujrtfc 1 the city of New York, 
economic policy, she added. This . interest in one of New This, ihe suggests, could affect 
[could make further legislation ' ork * largest banks, and the the supply of credit to businesses 
necessary 13th largest bank in the U.S., upstite districts,*) arttcularly 

Nothin® should be inferred Marine Midl and Banks, with if foreign parent found it 
from the° decision to seek new of S12bn - National West- could earn higher . returns by 

legislation a bnlit the Banking minster Bank meanwhile has moving local deposits not just 

^™. n n,l b0 “tut,!5: to pS tb r J , J n,er t ,0 , buy J 5 ?,"s 0f NC ”' YOrk ’ but out ot tbe 

posed acouisitions of NW York per cent of the equity of another oL • * . , , 

b^ forS b^ks alread^ "*** New York Bank, the Sbe^omts^out for example 

announced. she emphasised. — — — - , . 

New York State bad traditiooally x r _ . . _ _ 

adopted a liberal posture in New legislation Would 

>i ! ^ ui S 3 ^ foreig . n *, ban in> a 2 d require any company or 

tins had contributed to the . j. Tv y 

growth of New York as a finan- miHVICUial to seek State 

out tout toe approval f° r the 
size of recent proposed foreign 3CqmSltlOU Of ten per 
acquisitions, and their long- cent OT more Of 2L New 


voted to prolong its Fife for 15 i implications, ^ were such York State hfntk 


t- 



months beyond the five-year term 
ending next Tuesday. It will also 
take on the task of drafting a 
new constitution for the country 
within that time. 

. This is the effect of two post- 
referendum measures which 
were deOated and approved yf 
a ten-hour sitting, ending near 
midnight last Friday, and which 
were piloted by Mr. Forbes 
Burnham, the Prime Minister. 

They capped three months of 
bitter political quarrelling over 
the plans to change the constiiu- 
tion and prolong the life of the 
Government, at election time, 
ending with a boycott call from 
opponents of the Government. 

The key implication of the 
two- measures is that General 
Elections, due not later than this 
October, will not be held before 
late next year. The Government 
has said, however, that it will 
honour the new deadline of 15 
months from July 10. 

Opposition speakers in the 
debates claimed that tbe official 
results showing a 71 per cent 
voter turn-out had been faked 
and that there were widespread 
irregularities before and during 
the polling, including intimida- 
tion of v-oters. 

They claimed that the actual 
voter turnout was in fact less 
than 10 per cent and so the Gov- 
ernment did have the man- 
date to advance the measures for 
delaying elections and writing J 
the new constitution. 


1 \ 


that the state needed time to 
study the situation. “What we 
are seeing now couid affect the 


usury 

laws limit the rate of interest 
banks can charge on home loans 
to per cent. This limit makes 
such lending unattractive when 
Interest rates are as high as they 
are today and might tempt a 
foreign bank to redirect its 
lending. 

Miss Siebert points out too that 
unlike savings and loan associa- 
tions, commercial banks in New 
York have unlimited freedom to 
open branches. But they can 
also dose branches without per- 


supply of' credit in the state 20 National Bank of North mission," leading To“ theYrnulling 
or 30 years from now. I am not America, which has assets of out of distressed areas She 
saying stop the world but I am S3 Sbn So far neither foreign gays that in considering acquisi- 
saymg we should alow down. We bank has formally applied for tions. she must consider broader 
need thinking time," Miss Siebert approval by the state authorities, issues than just whether the 
said. In addition. Arab interests assn- acquisition was a nice fit for tbe 

Last week the Banking ciated with tbe former U.S. banks involved 
Department annoupced that it Budget Director Mr. Bon Lance. Among questions which will 
had introduced legislation into have bought a 25 per cent stake have to be considered are how 
the New York State legislature in a Washington bank holding many direclSrs a forcilS hank 
.. kn«i, nnmnnnv Financial General - - 5 a lorcisn Dank 


redefining a bank holding company. Financial wnerai puts on ho ard of us 

company. The law brings One Bank. Shares, which controls two acquisition what »!*<* fi i 7„ 
all companies and individuals New York Slate banks. SteShS 

under , the same regulations as Miss Siebert believes that the payment 0? dividends to a 
now apply to companies already these moves raise far reaching foreign parent shtuld be 
owning a bank and wanting to issues. Although some 135 restricted M 1 WU “ Dt 
make further acquisitions foreign banka, with total assets . Such a lies lion* relate in ..art 

The trust of the legislation, or around.S65bn., already operate 10 issued ^of mSmw irxiheK 
will have its most direct impact in the state, most of their " York baXwould £ free 
on foreign banking acquisitions, operations are comparatively i n the foreign hank’s eountrvTi 
however. At present, a foreigner, small, with at most 81-2bn of undcnakc lL ^me surt o 
either individual or corporate, assets. 

can buy control of as much of There are a number of 'll 8 ? 67 . C .?. pcnins . .°. f 

the stock of a New York bank anxieties. While a foreign bank JSS-n hank 1 ?? !!lS! 

as it wishes. But if it has making an acquisition roust dis- New York” proposing in 

acquired 10 per cent or more close to bank regulators detailed To some extent iimw m. 
and .t actually warns to vote information about itself at the issues wSch S 
the shares it then roust seek time of acquisition, the extent to 

approval from the New York which US. regulators havn hAiI 1 1 ,, us , naaiJn 

State banking department The either the power 8 and expertiw noSdB^t^&M^aMnSn!^ 
new law, which passed the state lo monitor the foreign bank sub- the stare "JSS St Sdh! 

assembly last week and goes to sequently is uncertain. Yet rcstri«ions oS uS banks SS 
the stale senate early m August clearly the condition of the I? teelear that ««« 
would require the acquirer to foreign parent can have a -p£ ha! SSSS SxS * aSISS 
seek approval for the acquisition found influence on the health of been raise? aSn Sd more 
of 10 per cent or more of a New its U.S. subsidiary. Stiv 

York Stoto bank. The quest” " or toguWicm ^ttoCiunfto tonto 

fnSn In. f f „n PproraI Y 3 CouId cIearly come U P 111 lhe banks of rS ' Sei S 
foreign equty wanting lo buy context of the Hongkong and York presence. 8 





5 



Financial Times Tuesday July 25 1978 


WOR LD T RAD E NEWS 


Growth of Irish exports now 
highest in Community 



BY STEWART DALBY 


DUBLIN, July 24. 


Before Irish membership or 47 per cent. This compares with 
the Community in 19T3. Britain an increase in exports to EEC 

i>nuntpiK avrliiilinn fmm 


REFLECTING WHAT it con- excluding Britain and Northern share of the Irish total fell 
sidcrs “an admirable case for Ireland. .... slfShUy from 48.7 per cent to 

joining the European Ecunomic 
Community” Ireland today 
released export figures for 1977 
which it said surpassed in both 
value and volume terms the 
export growth rate of any of its 
fellow members of the Common 
Market „ . , . . 

The annual report of the Irish 
Export Board shows that with 
total sales abroad of £2.5bn in 
1977 there was an increase, of 
35.4 per cent for the year over 
1976. 

The main stimulus to growth 
came from the industrial sector 
where exports of manufactured 
goods excluding food, drink and 
tobacco, reached £1.4bn, an 
increase of 41.6 per cent. 

According to Mr. Sean Condon, 
the chief executive of the Board, 


MR. FRANK WEIL, the U.S. 
Assistant Commerce Secretary, 
says the UA trade deficit this 
year will probably be modestly 
larger than lSTTs deficit 
although US. import growth 
will moderate and exports will 
pick np over the balance of 
the vear, reports Reuter from 
Washington. „ , 

New production of Alaskan 
oil has already Helped reduce 
oil imports to about 9 per cent 
below last year’s levels, he 
told a Senate Foreign Rela- 
tions Economic Subcommittee. 
Renter. 


Rolls-Royce Motors 
hits at measures 
against luxury cars 


countries excluding Britain from 
27 per cent of the total to 29.2 
per cent in the ten years from 
1967, sales to EEC excluding 
Britain have more than tripled 
from a market share of B.4 per 
cent 

While Ireland's agricultural 
exports have benefited consider- 
ably from the Common Agricul- 
tural Policy, particularly during 
the transitional period to full 
membership which ended on 
July 1 last year, the improve- 
ment in industrial exports to 
the EEC has been more marked. 

The board says this is because 
in the past three or four years 
industry has been able to main- 
.* (ho Roar,! tain output at a high level and 

3: SS 50 in pri “ compe,iti,e 

vEfSnvnSR Condon said that certain 

pattern of S «aies *!o for 66 8 per cent of the whole. industrial sectors can now main- 

very rapid growth Of “ Lories In 1977; however, the market tain export business of levels of 
Common Market countries in up l0 £5o m . “This WO uld not 

have been possible five years 
ago." 

One area Mr. Condon specified 
was textiles. He said the indus- 
trial performance reflected the 
success of the Irish Development 
Association's attempts to attract 
, foreign industries. 

r*TTFD MOSCOW, July 24. He added that because partly 

BY DAVID 5ATTER 0 f promotional activities, these 

THE VALUE of assets of the the Bank, .Which handies aii new industries were not depen d- 
inuiet Bank for Foreign Trade Soviet foreigrr trade, mcreasea ent on the British market and 
fncreased 12 8 per cent last year considerably during 1977 but thp fluctuations in the fortunes 
« -Mihn roubles (£22.7bn) gave no figures. of the British economy but were 

t0 ftif! tn figures released at The shareholders in the Bank i ncrea singly tailored for the 
according to figures re icaseu ui “"V SovLet organisations, ure 
a meeting of the Banka share- are other Soviet ^ h oldcr ^ EEC - 

S° lderS ^d S ° Viet “ eWS SS 2?«5B? state 1 taSTcosbank. 

Tass reported. there was con 

Western bankers said the Tuan id MM £ trade 

increase reflects growth in the ^St^erantedbv the Bank last 
volume of Soviet foreign trade, credit* granteOD . w 

It is a smaller increase, however, year, but again no 

SL-gsnst’sa us 

%rA pro« S for S £i£?<A»». ^ sold. 


BY DAVID LASCELLfS 


NEW YORK, July 24. 


Indian plan 
for another 
car factory 

By K. K. Sharma 

NEW DELHI. July 24. 


West German companies 
in deals worth DM400m 

FINANCIAL TIMS REPORTER 

TWO WEST GERMAN com- achieve this goal. 11 
Danies have received large an annual capacity of 330.000 
orders for construction work in tons and Is due to be coramis- 
China and Dubai. sioned in 1981. 

Uhdc of Dortmund has won a 


its 


Soviet figures reflect 
some increase in trade 


ROLLS-ROYCE Motors, which Rolls-Royce, which does not 
has just been granted a brief make a range of models in the 
reprieve from UB. fuel conserve- full sense of the word produces 
tion rules, has warned here cars with an average weight of 
through its senior executive that two tons and fuel consumption 
political efforts to stifle demand 10,9 miles per gallon, 
for specialty and luxury cars Mr. Plaston acknowledged 
could also harm the world’s -that Rolls-Royce had an interest 
volume manufacturers. hi- preserving the luxury car 

Mr David Plastow, group market. But while the company 
managing director of Rolls-Royce was trying hard to improve the 
Motors said at the Automotive fuel economy of its cars, it could 
World news conference in not go beyond a certain point 
Detroit: “It is dangerous non- "or we will not be making the 
sense for legislators or bureau- car a Rolls-Royce owner wants.” 
crats (in the U.S. or Britain) to Rolls-Royce, whose interaa- 
decide that it is good to level tfonal division is located in the 
down to a basic type of car.” U.S.. has been mounting a 

He added that there would vigorous campaign on behalf of 
also be a major profitability prob- heavy duxury cars, arguing that 
lem for the mass producers of their excess fuel consumption 
automobiles if world markets represents only a miniscule 
moved downwards “wholly into fraction of total car petrol used, 
smaller cars with less added This campaign is spurred by 
value.” Since the beginning of the fact that of Rolls-Royce’s 
the industry, the principle of total annual car production or 
trading up has ensured the some 3,200, exactly half are sold 
growth and profitability of the in the U.S. 
industry, he said. 

Mr. Plastow’s words came only «,•»,. +„_i, onm ' nM 

a few days after Rolls-Royce UllCItfllQ tSllk CHgWcS 
motors was exempted by the . , 

National Highway Traffic Safety An order for engines for Chief- 
Administration from American tarn tanks to be supplied to Iran, 
fuel consumption requirements mentioned in the Financial Tunes 
for this vear. These say that on July IS, was incorrectly stated 
each automaker should adapt his to have been won by Rolls-Royce 
range of models so that their Limited. The order was in fact 
average consumption is IS miles won by Rolls-Royce Motors 
oer gallon. ■ Limited* 


NEW DELHI. July 24. Uhdc of Dortmund has won a p . f np Tunisia 
. _ . _ . ! contract Trom China worth about IjraaerS lUr 1 UIUMB 
INDIA’S Ministry 1 j[ j dm 200m (£50in> to supply five Aveling-Barford has signed 

studying fori i chemical nlanls, most of them biggest ever export contract with 
proposals for setting up anotner {h h mical complex which Tunisia— a £11 m order for 50 MT 
public sector car plant m the,. g D , anned f0P Tmch in£ in the mot or graders- 


_ *"5 «E ‘°b2d ! is Planned for Taschlng in the 

if Franck and Fill i »">■ «■* 

of Italy. 

Three outdated models, made 
originally in collaboration with 
Fiat. .Morris and Standard, are 
presently made in India but these 
are considered not only to be 
Obsolete but also expensive to 
make and run. The Ministry is 
now looking for a car with a 
new generation engine ana 
cheaper bodywork so that costs 
can be reduced. 

Present thinking also is to 


This contract, which is from 
the China National Technical 
Import Corporation, is for an 
acetaldehyde plant at Tasching, 
one at Kirin and another at a 
site near Peking, and an ethanol 
plant and a high pressure 
polyethylene plant for Taschuu- 
The Dubai order is fOr KHD 
Tndustrieanlagen wlucn haa been 


Tunisia's Ministry of Equip- 
ment chose the MT tandem 
drive, leaning front wheel steer 
graders for its national road 
maintenance programme follow- 
ing the successful introduction 
of 10 similar machines last year. 

Delivery of the first 10 graders 
will be made at the end of the 
year, with the balance following 
in two shipments by May. 1979. 


contracted by Dubai Alumin ium - - 

to build a dm 2 oom (£50m) Panama power order 

anode uniL part of an aluminium Bofors-Nohab and the 

exSrttte new mSd%l“to makers j Norwegian company Kv*rjer 

, in Middle East and Africa and if a subsidiary of Brug, ^ se =“? d 1 “ *!?"! C ° d n e 

hence a large plant with econo- KlocckJier . Hum boldt-Deulz. Long ^ I t ir J^S |d| 5Si J i? “ l Elictr" 
: mies of scale is bemg consider^ t finance for the anode um 


However, priority is still to be 
given to improving public trans- 
port and production of lorries 
and trucks is stepped up to take 
into account both defence and 
civil needs. Discussions are 
being held with Fiat, Mann of 
"West Germany and Leyland 
Vehicles for a new project. 

• The stale trading corpora- 
tion has joined hands with 
eight jute mills and five other 
mills to form a consortium to 
promote the export of hessian 
and sacking. Three of the mills 
are nationalised. 

The consortium will tap new 
markets in the Middle East 
South-East Asia and Africa and 
also bid for international tenders. 


is to be 
deuische 

zentrale. 


provided by 
Landesbank 


West- ficacion (IK HE 1 ) of Panuma to 
Giro- supply three Petton turbines, 
generators and transformers for 
the LA Fortuna power station, 

£15m grant for Assam D “ Hturee fn,m 

Mrs. Judith Hart, the Minister The Pel ton turbines, designed by 
for Overseas Development, has Kvaerner. have five jets and 
approved the allocation of a operate at a nominal speed or 
£15m grant from aid funds to 514 r.p.m. The vertical-shaft 
India to assist the construction generators will each have an oiu- 
of an urea fertiliser plant at put of 105 MW. Delivery will take 
Namrun in Assam Province. It place in 1980 and 1981. 
will be lied to the purchase of Under earlier contracts with 
goods and services from Britain. 1RHE, ASEA Is to deliver all the 
The Indian Government aims electrical equipment including 
to achieve self-sufficiency in four 27 MV A generators, for the 
nilro , 'eii fertiliser and this new La Estrella and Los \ alles power 
plant to be built alongside two stations. La tnrluna is located in 
existing plants, will help to the same area. 


Russian faces EEC critics 

BY LYNTON McLAIN, INDUSTRIAL STAFF - 

THE SOVIET shipping official “ha^n'o 

most concerned with Western CQ ^ p e rent dipping policy to I 
accusations of undercutting of match corape tit!on from Russia 
freight rates by the Russian ant j {his will be one of the main 
merchant fleet will come face to themes at 

face with his opposite number by Seitn.de Houma!, for Septera 

, jaSSSJffi'GS sp£ Ssus^si, 

Russians consistently of cutUn 0 ,-ySnSip with Euro- 

ffiLSsx .sspJj. ns-? SSS35s.« 

SScU hltvi" not “esTindcd iUMr *IH detend 
than, necessary to meet their policy. 



UNDERSEA PIPELINES 

Italian barge ready 
for link with Algei 


BY PAUL TAYLOR. RECENTLY IN TRIESTE 


™ -EKrt c n^r Jft Sfarff 


iiic largest and most n-cm last p^de^thc^means to meet 

-iSSVSV gas held or, 

S^bOTlS.. f£a,ie M «*>»!“■? iSfttg j 

impact noi only on the cross ing the Straits of Messina to I 

«r * Italy but. also on mar me "ossmg jn niainland . 

energy col lecuon throughout the th^it pregent lhp pipelme is 

WO s!?pem- the construcUon sub- 

Idrocarburi. took delivery of the R ermaQ y ani j France making 
S Sci on Saturday amid gtr“ a .^ pa Xui Junction" for 
suitable pomp and ceremony and. ^ | M pipe network covering 

b 1 b1ilU° P ' hy f Ul thc 5 Trieste-based El ^ e ^o km sea -bed sectiojof 
lUlcantivn, the major ttie route ^ generation 

teits. the Casio roSei cosi S140m ^ at sUch depth— up to l.KU 
and was financed in P«J {J^ t below the moch 

Saipem itself with the support of Med i t erranean— and across such 

ssa. a .u ^ «« SffWsg-SnS 

Be 

m" between Italy. Alfiona and during contrartwoj 

Tunisia for more than a d^ade ^ trials in. the 
with the contract finally signed efficiency or a pipe-laying 

'list year. It win suppb' Italy ™ ^largely determtaed 1 by 
rith 5 300hn cubic metres of . to operate ‘n advi erse 

-aharan natural gas over -5 father conditions^jojbis^end 

The development of the gstoro wj bSStanta 

s to .u sa&VvSjss 

'my and its unique xn ^ e ea 3o.ooo-ton. v^l ta UB 

.-harsicteristics and capacity for me tres long, has living acewwi^ 

npe laying in extreme conditions . fflr a crew c.f -70, ^vmg 
lave already aroused the “ J dlitieSi jwo lp-ton gantry 
merest of other international ™™ und a 
wtrochemieal groups. The -whole is 

veil out »f reach of. either pitch Propellera 

livers or conventional pipe la>- ^ ■ ihc four jj JJ* 

, . barges. ILs capacit)* to 5Sce provide not only the mwns 

gJTJrff e “ weather Sei 

5" "«ss,s rjs fi* ?saaas 

- Srat rt -"ss - ** *• 

IL ^ had inquiries .from nt > fixed doily con- 


mai S have1 

5 's-r- 


0f the world UKC me -r- uc of its increa«» «|.> 

' Apart from the obvious feel- 


on trees,youknow 


First the good news. 

We in Britain are in the enviable 
position of having coal deposits that will 
run to three hundred years 
Now the serious news. 

Coal will be our main fossil fuel of 


For Industry. 

The NCB Technical Service covers 


There's action too on the home front. 

People like Mr and Mrs Hill of — 

Whittlebuiy, Northants. They now heat all aspects of the efficient use of steam and 

their entire home from just one system- hot water heating- Expert advice is 
coal-fired central heating. available on making the best possible use 

Coal will beour mam tossuruei ox This keeps the whole house nm of existing systems, as well as the latest 

the future, because gas and oil could well land gives them flashings of hot water. _ ^ eqmpment ^ 

be past their peak before, or neax; the end So the Hills are getting real value for 

ofthiscentur)’ - . theirmoney. 

So we mustn’t squander our coal . Of course, these are only a lew 

We must use it well, and use it wisely, examples of the companies and people 
' who have seen the light. 


That means using it efficiently. 

The trouble is that too many people 
in industry and the home are using fuel 
inefficiently. They are wasting their 
money and not helping themselves or 
the country one bit 

But the message is getting through. 0 .. 

Takethe Waldorf Stationervand Greetings you’ll save yourself. 

_ % ■ —mill * rxv 


For Domestic Use. 

The joint partnership of the Coal 
Board, independent producers and coal 
merchants form the SFAS-the Solid Fuel 


j nave seen uic ugm. ----- ; " r , 

But it’s an example that we should all Advisory Service. It will help youm 
try to follow countless ways to make the most of your 

And quickly. sdid fijel heating . 

Use coal wisely and vou’ll help SFASwill: Advise you on choosing 

secure the future.Ifyou don’t do itfor the your new real fire -and give you guidance 
good of the country, "do it for the money on installation. 

° «i lx* 


Cards company, for example 

With the help 
of NCB Technical 
Service, they changed! 
their worn out coal- 
fired heating system for a modem 
one. Now they are paying less for 
better heating. 

The Northern Spinning Division 
of Courtaulds did somethingsimilar, 
also with NCB advice, and came up with 
a new plant boasting 78% efficiency. 


OK, but what are the NCB doing 

help the situation? 

They are doing a 
great deal to help. 


Help you select the right fuel - 
and show you how easily a real fire can 
heat your whole home. 

Demonstrate how your real fire can 
be controlled to give the warmth you want 
when you want it 

Show how to make your coal heating 
even more economical with good insulation. 



For details of NCB Technical Service or Solid Fuel Advisory 
Service write to Hobart House, Grosvcnor P lace , Lon don SYY1X 7AE. 



Make rtyour business 
to save energy: 

Issued fty ikcXaiional Cod Board in yffart of die Gotemmenl s energy amssmztibn campaign. 




Financial Times Tuesday July 23.1^; .; 


P4i*v: 



HOME NEWS 



Callaghan seeks cut 
in form-filling 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 

THE PRIME MINISTER y ester- companies. Mr. Lever has found 
day bunched an inquiry by that form-filling is a big problem 
Ministers and civil servants into for the small businessman and 
means of cutting the number of he has been urging Government 
forms which have to be filled in departments to simplify proce- 
by industry, especially by small dures. 

companies. Two sorts of Government 

He wanted a more critical forms will be covered by the 
and imaginative approach inquiry. One is administrative 
adnpted to the problem. He forms which help Government 
was not satisfied that enough was departments carry out their 
he ing done to control the policies, for example by provid- 
quantity and complexity of j ng information on which taxes 
Government forms. an d duties are assessed and 

Mr. Callaghan told the Coro- pensions and benefits issued. The 
mons he had written to Ministers second are staUsJcal forms 
instructing them to undertake a which cover 3 total of 500 regular 
thorough review of all surveys such as the annual 
administrative forms and regular census of production and 
statistical inquiries for which inquiries on quarterly manafac- 
their departments were respon- turers' sales, 
sible. In a letter to Ministers about 

Mr. Callaghan's initiative is administrative J*® J SJS 

partly the result of the work that Minister sets down five qaarttons 
Mr. Harold Lever, Chancellor of which should be asked. These 
the Duchy of Lancaster, has been cover whether l the Procedure to 
doing Since autumn in co» which the form relates 

SSewiScntl” Udef Ismail Information's needed, whether 

Fringe support hits 
Bank profit again 


Worrying outlook 
for engineering, 
say employers 


BY MICHAEL BLANDEN 

FURTHER SUBSTANTIAL pro- 
visions against the Bank of 
England's ~ losses on the fringe 
“ lifeboat " support operation 
again have hit the profits of its 
banking department. 

The Bank’s annual report 
showed yesterday that even after 
allowing for the offset from a 
reduction in Us provisions 
against its holdings of gilt-edged 
s locks, its provision for losses in 
the past year totalled £10.2m. 

This was a reduction from the 
£lBJ2m set aside in the previous 
year. It brought the total amount 
of provisions disclosed by the 
Bank in the past four years, as a 
result nf its involvement in the 
lifeboat, to £50 5m. 

The profits of the banking divi- 
sion rnse sharply from E13m to 
£20 *5m at the operating level. As 
well as the lower provisions, this 
reflected particularly a sharp 
decline in the amount nf interest 
paid hv the Bank to its depositors 
fro* 1 ! £25 7m lo E17.7m. 

The two main acquisitions 
made by the Bank as a result of 
enonort operations, the Slater 
Walker Ltd. bank and the ERS 
Investments company which 
bought certain assets from 
Edward Bates, have not been 
consolidated with the accounts. 

The Bank has published a 
description nf its involvement 
with the lifeboat and with those 
two companies in particular in 
recent evidence to the Wilson 
committee on the financial insti- 
tutions. The accounts of Slater 
Walker are to be filed separately. 

Commenting on the HFeboat. 
in which the Bank had a 10 per 


cent share, the report said that 
the special committee of the 
Bank and the clearing banks 
which was set up in December, 
1973 continued to meet, although 
less frequently than in previous 
years. 

The number of active com- 
panies still receiving support 
had fallen to four— of which two 
account for the great bulk— and 
the amount of support outstand- 
ing had been reduced to about 
half the peak level of about 
£1.3bn reached at the end of 
1974. The amount “is expected 
to continue to fall steadily. 11 

Discussing arrangements for 
the supervision of the banks— 
due to be taken a step further 
today with the publication of 
draft clauses for the planned 
new legislation on the subject— 
tiie Bank disclosed that it bad 
made a start on talks with senior 
management of some foreign 
banks with branches in the UK. 

These totalled about 140 and 
it was intended that such dis- 
cussions should be steadily 
extended to cover more of these 
banks and should be held 
annually thereafter. 

The accounts again showed a 
rise in the use made by the 
public of higher-denomination 
banknotes. The £10 and £20 
notes at the end of February 
accounted for 39 per cent- of the 
value of notes in circulation 
against 33 per cent a year 
earlier. 

The value of £5 notes dropped 
to 47 per cent of the total and of 
£1 notes to 10 per cent. 


Acrow to stage engineering show 


KEMPT ON PARK racecourse, 
near Hampton Court will be the 
site of the Acrow international 
engineering group's world con- 
vention lo be held in September 
at a cost of more than Elm. 

From September 14-28 nearly 
1.000 delegates representing 
Acrow overseas companies and 
agents from S2 countries will be 
in Britain as the company's 
guests. Acrow claims it will be 


the biggest exhibition ever staged 
by a UK industrial group. 

The value of the products on 
display is put at £10m and the 
highlight of the event will be 
a spectacular “drive-past" on 
September 15 .in which giant 
self-propelled mobile cranes. 
excavators, bridges and a diverse 
range of engineering equipment 
will pass the grandstand in an 
hour-long procession. 


the form could be simplified or 
filled in less frequently and 
whether small companies could 
be exempted. 

On statistical surveys, Mr. 
he is convinced there is sub- 
Callaghan has told Ministers that 
stantial scope for reducing the 
burden ou industry, especially 
small companies, without serious 
detriment to the Government's 
requirements. 

“Small companies are seldom 
equipped to hand le such in- 
quiries and the task falls on the 
proprietors or managers whose 
time could better be devoted to 
running the business.” 

A Minister in each Govern- 
ment department is to be given 
responsibility for the enquiry 
and the size of the Department 
of Industry’s small companies 
division is t-'ng expanded to 
help with the work. 

The statistical farms review is 
to be supervised by the Central 
Statistical Office 


Lloyds 
Bank may 
cut trust 
branches 

By Michael Blanden 


LLOYDS BANK is to carry out 
a review of its trust division 
which may lead to closure of 
one or two of tbe 43 branches 
in the trust division in England 
and Wales. Bat the bank 
stressed yesterday that there 

' was no question of loss of jobs 
among the total of some 2.100 
people employed by the divi- 
sion. 

The problems of Lloyds 
trust division have already 
aroused some concern among 
employees. The bank sa I d 
staff would be kept fully 
informed of any proposals for 
changes. A three-man team is 
being appointed to carry out 
the review. 

Tbe trustee business of all 
the big banks, which in cl odes 
investment advice and manage- 
ment has been finding difficulty 
In making profits recently. 
Lloyds said that “it is gener- 
ally known that bust business 
has not been particularly 
profitable." 

£2.5bn funds 

The bank has submitted pro- 
posals for increased charges 
for trust business to the Price 
Commission, and these are now 
going ahead. It feels if neces- 
sary to undertake “ a thorough 
review of the resources and the 
business potential of our trust 
division." 

It would he some time before 
the findings and their imple- 
mentation took place, bnt it 
was “not inconceivable” that 
the bank might close one or 
two branches. 

Lloyds trust division has 
already closed one branch 
last month, in Wolverhampton. 
Tbe division manages a total of 
some £2J5bn of Investment 
funds,. including the group’s 
own four unit trusts, on behalf 
of customers. 


NOTICE OF REDEMPTION 
To the Holders o£ 

Honeywell International Finance 
Company S.A. 

6 % Guaranteed Sinking Fund Debentures Due 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as o! 
February 15. 1966 providing for the above Debentures. S429JM0 principal amount of said Debentures 
hearing the follow ing serial numbers have been selected for redemption on August 15, 297 B, through 
operation of the Sinking Fund, at the redemption, price of 100% of the principal amount thereof, 
together with accrued interest thereon to said date: 

DEBENTURES OF UA $1,000 EACH 

M- 60 1131 2503 3394 4248 4918 6606 6537 7434 8340 9358 20055 10999 11908 22339 13560 14515 

97 1189 2572 3581 42B9 4934 5621 6528 7505 6346 9367 10062 11039 11918 12342 13562 14518 

12 1224 2752 3G09 429S 5028 5782 6830 7329 8417 9373 10085 11044 11331 12367 13664 I454S 

33 1249 2753 3012 4323 5047 5802 6643 7532 8460 9438 10092 11051 11932 12390 13669 14664 



THE RELATIVE inabDity of !be 
UK to export engineering 
products to its Common Market 
partners is a major cause for 
concent, says tbe Engineering 
Employers' Federation in its 
latest quarterly economic report. 

And in the shorter .term, tbe 
federation suggests that although 
the first quarter of 1978 did sec 
some improvement m ibe 
fortunes of the industry, “ many 
worrying features re ma i n and 
the outlook is by no means 
encouraging.” 

Dealing with the UlCs trade 
balance with the EEC, the 
federation compares the per- 
formances of three major 
categories of engineering goods 
since 1973. 

In that year all three showed 
a slight deficit in their trade 
with the Common Market. By 
the beginning of 1978, following 
sharp reversals from raid-1977 
onwards, the adverse balances 
had reached around £50m far 
electrical engineering; £100n* for 
mechanical engineering and 
nearly £200m for transport 
equipment. 

On exports generally, the 
federation says Britain’s share 
of world exports in engineering 
goods fell in the final quarter of 
last year and is unlikely to have 
recovered in the first quarter 
of 1978. “Indeed the apprecia- 
tion of sterling in that quarter 
is likely to affect export orders 
and therefore . deliveries 
adversely over the coming 
months.” 


For the performance of export 
orders over the past year sug- 
gests that exchange rate levels; 
do have a strong influence on 
the demand for engineering pro- 
ducts from abroad, according to 
the federation. ‘ However, “the 
extent of tbe Influence varies 
from product to product." 

The federation points out that 
new orders, production and 
deliveries all rose in the first 
quarter of 1978, as did profits 
and investment In addition 
cost pressures on the materials 
side continued to fall. 

rt adds a warning, though, 
that by the end of the quarter 
there were signs that the growth 
in orders is to be short-lived and 
cost pressures on the wages 
front are strengthening. Efforts 
to raise productivity to offset 
these pressures “are not suc- 
ceeding as fast as might be 
hoped and the consequent in- 
crease in unit wage costs will 
not help margins or competitive- 
ness." 

And without significant im- 
provements in competitiveness, 
by way of increases in produc- 
tivity outweighing increases in 
earnings, “there is little hope 
of raising production and thus 
increasing employment in the 
industry.” 

Levels of both real profits and 
investment in engineering are 
still extremely low by historic 
standards, the federation says. 

The Engineering Industry in 
Figures, free, from Engineering 
Employers F ^deration, Ta thill 
Street, London, SW1H 9NQ- 


Merged savings bank 
backed by f 670m 


FINANCIAL TIMES REPORTER 

A NEW Trustee Savin-- Bank, 
to be formed by the merger of 
the TSB North West Central and 
the TSB Mid-Lancashire and 
Merseyside, will be the largest 
in the UK with combined assets 
of £670m. 

Tbe new group, the Trustee 
Savings Bank North West will 
have more than 2m customers 
and will cover Merseyside. 
Greater Manchester— including 
branches in Lancashire and 
Cheshire— most of Derbyshire 
and the Isle of Man. 

The merger is the latest to 
take place after the isrue of the 
Page Report in 1973. which re- 
commended the number of 
Trustee Savings Banks should 


be reduced by amalgamations 
from 73 to under 20. 

It means that there will be 
18 TSBs. No further mergers are 
envisaged. 

The bank will have a customer 
ratio to population covered of 
approximately one in three. This 
is the strongest coverage of the 
market outside Scotland where 
the TSB movement originated 

The bead office of TSB North 
West w :, l be in Manchester and 
the chairman will be Mr. W. 
AppteyanL now chairman of TSB 
Mid-Lancashire and Merseyside. 
The general manager will be 
Mr. A. Owen, now general man- 
ner of TSB North West Central. 


Scottish glass plant 
work starts 


BY OUR GLASGOW CORRESPONDENT 


WORK ON building a factory 
complex for Caithness Glass, one 
of Scotland's . leading glassware 
producers, was begun yesterday 
by the .Government-backed 
Scottish Development Agency at 
lnveralmond. near Perth. The 
plan has aroused harsh criticism 
from two/ smaller companies in 
the glassware business. 

When /the £800,000 project was 
originally announced. Perthshire 
Paperweights and John Mon- 
crreff.’both local companies, said 
the agency was using taxpayers’ 
money to subsidise competition 
for their markets and skilled 
\ labour forces. 

Sir William Gray, the agency 
chairman, replied that the two 
companies were selfishly seeking 


to maintain a local pool of un- 
employment so that they could 
keep down wages. 

Yesterday Lady Mackie. wife 
of the chairman of Caithness 
Glass, cut the first turf for the 
new factory. The factory, being 
built by Harvest Hoist Scotland, 
is due to be ready by the middle 
of next year, when it will pro-, 
vide more than 100 jobs. 

Mr. Lewis Robertson, the 
agency deputy chairman and 
chief executive, announced 
yesterday a £125,000 investment 
in GR International Electronics, 
which employs 300 workers 
making audio and scientific 
equipment at Almondbank, near 
Perth. 


Travel 

cheque 

scheme 

opposed 

BY MICHAEL BLANDEN 


BANK OF AMERICA yesterday 
dissociated itself from plans 
recently announced by the two 
leading international bank credit 
card organisations. Visa Inter- 
national and Interbank, to launch 
their own travellers’ cheque 
schemes. t , , 

The bank made it clear that it 
did not intend to participate in 
these developments, and said that 
the two credit card groups should 
take care in planning their new 
venture. 

The news could prove a further 
blow to tbe two card organlsa* 
tions. It followed the announce- 
ment earlier this month by Mr. 
Dee W. Hock, president of Visa, 
that the group was to sound out 
member banks on the proposal to 
start travellers’ cheques. 

This followed the announce- 
ment last, month of similar plans 
bv Interbank, which owns the 
rival Master Charge organisation- 

Vigorously 

BankAmerica Corporation, 
which developed the card 
organisation which eventually 
became Visa, said it would 
“ complete vigorously against the 
new travellers’ cheques and will 
continue to maintain a strong 
position in the market place with 
its own BankAmerica travellers’ 
cheque programme." 

The bank had sold its own 
cheques since 192S and they had 
annual sales of more than $3bn. 
Although a member of both 
credit card associations, the 
bank did not offer all their 
services. 

Mr. Ernest J. Young, president 
of BankAmerica Travellers 
Cheques, said that financial 
institutions considering partici- 
pation in the new schemes should 
“study the numbers carefully.” 

The business, be added, was 
characterised by hich volume 
and low profit margins. “ It is 
almost impossible to make 
money unless sales are in the 
hundreds nf millions or dollars." 

In recent years, he added, 
hanks had been " setting out of 
the business of issuins their own 
travellers’ cheques rather than 
getting into it." 


Companies 
fined over 
drum leaks 

TWO COMPANIES were fined a 
total of £1,050 by magistrates at 
Felixstowe, Suffolk, yesterday 
after firemen had spent two 
hours at the docks isolating eight 
leaking drums of methanol being 
carried on two lorries. 

Tbe drums had not been 
labelled inflammable, the drivers 
were completely ignorant of 
existing safety regulations and 
were not carrying fire extin- 
guishers. the court was told. 

Unalco, a petroleum subsidiary 
oF Tate and Lyle of East Green- 
wich, London , and the trans- 
porter, Owen Dives, of South 
East London, admitted 13 
offences relating to the incident 
Unalco was fined a total of 
£700 and Owen Dives was fined 
£350 and each company was 
ordered to pay £50 costs. 


New order 
affects 


Treasury gives 
new dividend ; 
control plans 


BY MARGARET REID 

ARRANGEMENTS FOR 

theGovernm en t ’s 

partly relaxed, dividend control. 

under powers PT°PJ^ d to 

extended for d . furl ?£ t u.. n ivi- 
July 31. 1979. through tht D 'i 
dends BUI now , ohjore 
meat; were described *L j 
ment by the Treasury yesterday- 

SSS2F d”d«Kl* will 

teals, such a* those relating to 
rights issues, arc to remain un- 

C *Th?Treasury statement next 
deals with the relaxation. wbmh 
will allow dividends to bt? in- 
creased in line with profits. SO 
long as cover for the payment d> 
earnings is not reduced below iU» 
highest since the present curbs 
started nearly six years ago. 

On this, it is stated that “a 
company which does not wish to 
increase its dividend cover 
beyond the highest level 
achieved since the current con- 
trols began nn December 1. 197- 
will be able to seek a Treasury 
consent to main tan that cover 
Id respect of a completed 
financial year ending after July 
3li 1978.” 

The statement then says that 


the Treasury WlljiU&Vrtee 
J iho number uf times that tbe 
net dividend is coveted. by the 
earning of the yew available 
for distribution .ri ufuminr divi- 
dend us expressed ■ . iq the ' 
published anvu«K. However, 
further information, far HJCJtinpl*. 
on extraordinary item* ,«ui 
deferred luxation, may be called 
Tor and niuy affect UH* 

previous undistributed profits 
:in.i transfers from rraefricrwOt 
nut be token into account Where 

therr- have been rfcsfUm fa 
account md pul: s ic-:. Iht? COW for 
each nf the relevant yem.wtlt 
he computed on a consistent 

b3 Thc Treasury further explains 
that since the new rule drt »w*r 
is intended in : apQlv to cem.' 
lutiiy’* completed " financial year, 
companies will not be able to 
take advantage of »l until- the 
declaration of their ; final 
dividend. 

However, ns hitherto, tinder 
tiie provisions" «/ the existing 
Dividends Order fSL 589/1973 
as amended), companies will 
remain entitled- to declare 
interna dividend* of Iheir -'choice, 
in respect of a current financial 
year, provided Thai these dp not 
exceed the total amount of. divi- 
dend declared for ihft preceding 
financial ) car by more than 10 
per cent. 


Meeting may decide 
future of docks 


BY PAUL TAYLOR 

DISAGREEMENTS over the 
future of London's docks and the 
threatened Upper Pocks will be 
brought ini" forms I inlay at n 
meeting of the Docklands Joint 
Committee. 

Particular attention is likely 
to be paid to a controversial 
suggestion made recently by Mr. 
Horace Cutler, Greater London 
Council lc:.der. that the docks 
area might host the Olympic 
Games. 

The Docklands Forum, com- 
posed of lui-al community groups, 
employers and trade unionists, 
which has seats nn the Docklands 
Joint Committee is expected to 
reiterate in objections to the 
plan and criticise both Mr. Cutler 
and Sir Hugh Wilson, committee 
chairman, for supporting the 
scheme. . 

The Forum argues that an 
Olympic village in docklands 
would result in dock closures, 
would deter investment and hide 
"the pressing needs of the area." 


The Greater London Council, 
however, has already set up a 
committee to study the scheme. 

Further- lively debate.. ..is 
expected over the Port of London 
Authority's “preferred plan" to 
close the Royal Ducky 

A delegation from the forum 
saw Mr William Rodgers. Trans- 
port Secretary, last night. 

It was expected to toll 1dm Hut 
the local community continue to 
oppose any closures, that the 
closure of the Rnval Dorks would 
have a drastic effect on deck la ltd 
infrastructure and that whatever 
the future of the Upper Docks, 
the control of the Port of London 
should in: future -Involve local 
councils and community repre- 
sentatives. 

At the joint committee meel- 
ing a statement by Sir Hugh on 
the position could develop into 
a stormy debute. Sir John 
Cuckney, Port nf London 
Authority chairman, is a co-opted 
member of the committee und 
is expected to attend the meeting. 


Cautious outlook printers 

gm m j «1 By Our Consumer Affairs 

for textiles 


BY OUR TEXTILES CORRESPONDENT 


OPTIMISM EXPRESSED earlier 
this year over textiles prospects 
in tbe UK is now being replaced 
by a greater degree of caution, 
according to the first of a new 
series of three-monthly .reviews 
of the sector by Henry Cooke, 
Lurasdeo, stockbrokers. 

The report points to the 10 
per cent rise in share prices in 
the sector overall in the early 
months of this year as a result 
of hopes of a positive impact on 
levels from the newly-signed 
GATT multi-fibre arrangement 
and expectations of strong 
growth in UK consumer spend- 
ing and Increased exports. 

“Latterly,” the review notes, 


“ all three have been subject to 
more bearish re-appraisal and 
this, coupled with increasingly 
cautious comment from the four 
majors Courtaulds. Coats Paton, 
Tootal and Carrington Vlyeila 
has produced a fall in the sec- 
tor's price relative, as enthu- 
siasm has waned. The feeling 
ing has grown that most of the 
short-term good news has now 
been heard.” 

The authors of the report 
claim that the cautious mood 
over textiles is likely to continue 
.until firmer indications on 
second half trading appear in 
September, end movement of 
the sector price relative is there 
fore expected to be limited. 


Correspondent 

The Price Commission yesterday 
laid an order which will prevent 
companies which price their 
goods on the basis of long-term 
escalation price contracts from 
recouping costs incurred before 
August 1 last year. The com- 
panies affected are mainly 
printers or those in the con- 
struction business. 

The order, which has been 
attacked by tbe printing Indus- 
try because of the way it 
impinges on their contracts with 
Her Majesty’s Stationery Office, 
relates to the productivity 
deduction In the old Price Code. 
This prevented companies pass- 
ing on more than a proportion 
of increased labour costs in 
higher prices. The new order 
prevents companies recouping 
the deduction when revising 
long-term contracts. 


Airport plan awaits 
Government verdict 

A £2ra PROJECT to treble The NEC is drawing a lot of 
Birmingham airport’s Capacity fp business to the airport — 
accommodate business and othe* passenger throughput is up 20 
light aircraft cannot be imple^ per cent on a year ago— and com- 
mented until the Government tpanies like Guest, Keen and 
decides whether to go ahead with. Nettlefolds. Tube Investments 
a new £39m terminal. and others want to base aircraft 

West Midlands County Council the airport Until a decision is 
is firmly against the Govern- made about a terminal however, 
ment’s proposal for extending the it\is impossible to say where they 
present terminal and yesterday shbuld be accommodated, 
met local MPs to exert fresh There are 35 light aircraft 
pr S5? ur ?' . , . based on the airport a ad a wait- 

Tbe local authority wants a ing list of as many more. Airport 
terminal sited adjacent to the air- authorities are suggesting new 
port where it can be linked with type Individual “ beehive ” struc- 
tne National Exhibition Centre, tures in an outward facing circle; 
Th | Government, which will have these would be cheaper than a 
to find 80 per cent of the money, hanger. Which would cost at least 
says it will be cheaper to extend £1.5m. Rents might have to be so 
tne existing terminal. high a s to deter aircraft owners. 


Envoy’s papers sold 
for £33,000 


Change in rules means fewer 
foreign programmes on ITV 


BY ARTHUR SANDIES 

TIGHTER RULES on the amount 
of foreign material on ITV, intro- 
duced by the Independent 
Broadcasting Authority, will 
mean a cut-back in UB. pro- 
grammes on British screens. The 
average amount of home- 
produced material is being raised 
from 84 per cent to 86 per cent 
— although in peak hours the 
effective cut in imported pro- 
gramming is from around a 
quarter to just over a fifth. 

Details of the I BA rulings will 
be followed by Government 
announcements on policies for 
the future of broadcasting, 
expected in a White Paper likely 
to be published— printing delays 
allowing — later this week. 

Traditionally most ITV 


imported material comes from 
the U.S. and most of that goes 
on the air in peak hours. Even 
the new rules mean that a pro- 
gramme company can, in theory, 
devote more than 30 per cent 
of its peak programme time to 
old feature films and imported 
material 

Imported news and sports 
material, such as the Olympics 
or World Cup, are not counted 
as foreign programming. “The 
new rules take into account the 
benefits to the television service 
of popular and distinguished 
programmes from overseas," the 
1BA said last night "But the 
aim is to improve further the 
British flavour of the schedules 
and to give added scope to the 


talents working in television In 
the UK." 

Under the rules, all material 
from outside the UK will be 
classified as foreign, regardless 
of its origin. The old rules had 
special sections for Common- 
wealth material. The lower aver- 
age forelgn-produced percentage 
of 14 per cent will be reached In 
stages by tbe summer of 1979 
and companies will be jugded On 
a six-monthly average perform- 
ance. 

In the peak hours of 6.30-10.30 
Mondays to Saturdays and 7.15- 
10.30 on Sundays the maximum 
of overseas material in any week 
will be five and a half hours. Co- 
productions will be individually 
assessed as to whether they are 
British or foreign. 


THE PAPERS of Francisco MelO 
e Torres. Portuguese Ambassador 
to England from 1657-1665. which 
include the marriage certificate 
of Charles II- to Catherine of 
Braganza written in the hand of 
the Earl of Manchester, were 
sold for £33,000 to an unamed 
buyer at Sotheby’s yesterday. 

The archive spans Melo’s 
career between 1640 and 1663 
and comprises letter boobs and 
volumes of correspondence. The 
ambassador was the first lo 
suggest the royal match and 
carried through the negotiations. 

Another major, though more 
modern archive, that of the 
fourth Earl of Carnarvon, was 
sold to Quaritch for £32.000. The 
Jotters, papers and diaries of the 
Victorian statesman (1831-1S90) 
include material relating to such 
matters as Reform Bills and 
Ireland. Quaritch also gave 
£3,800 for tbe diaries of Sir 
HjMlim Seymour, the diplomat 
11797-1SS0). 

A telephone hid From Canada 
secured an early document relat- 
ing to Montreal at £3.500 and a 
letter from David Livingstone 
to Sir Roderick Murchison made 
£3.000. The first day nf a two-day 
sale of letters, literary manu- 
scripts and historica’ documents 
totalled £163.633. 

Another Sotheby’s sale was of 
antiquities owned by Mrs. Stella 
Pin-Rivers from the Pitt-Rlvcrs 
Museum and other owners. This 
amounted to £40.891 with the 
highest price— £720— being paid 


SALEROOM 

BY PAMELA JUDGE 


for a Roman marble head circa 
Ist-2nd Century by the Louisiana 
Gallery. Houston. In a £42.05s 
auction of ini n lain res an un- 
named buyer was successful at 
£3.200 fur a work by John Smart 
signed and dated 1757. 

A scries of five Brussels 
tapestries went to Franses for 
ils.ooo at iho first day of a two- 
day «iie by Christie’s, South 
Kensington, of ’ Uio remaining 
contents or East well Park, Ash- 
ford. Kent. The same dealer gave 
£4.<W0 for a pair of FIeu;!:b com- 
posite tapestry panels. A carved, 
bleached oak plaque of the 
Virgin and Child with St. Anne 
f south' west Germany. 16th Cen- 
tury) made £6.000 and a Ger- 
man carved wood .'figure of St. 
Marlin nn hnresbaek fetched 
£4-snn The total for the day was. 
£181.042. 

In London the same house sold 
silver to a viliie of- £23.100 and 
icons amounting to £77,805. 
Oriental eernmfr* and works ol 
art realised £48.803. 

The sale of winta at the World 
Wine Faro at Bristol . conducted 
by Christie’s amounted W 
£18,046. The highest pnee was 
£600 for a dozen Unities,- of 
Chateau Lafite 1961,' - . ' 


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Financial Times Tuesday July 25 1978 



Re-exported Scotch 
causes problems 


er RAY PERMAN, SCOTTISH CORRESPONDENT 


THE SCOTCH whisky industry 
is lacing a growing problem 
from Scotch re-exported from 
EEC countries , lo important, 
markets in the rest of the world, 
Mr. Adam fiergius. chairman of 
the Scotch Whisky Association's 
information committee, said 
yesterday. 

Although Western Europe was 
heemning a more important mar- 
ket for Scotch, with exports to 
the EEC 9 per cent up in the 
first five months of this year 
compared to the same period 
iasl year, much of the whisky 
imported was being sent else- 
where. 

France, for example, imported 


117,327 hectolitres of whisky 
in 1977, but Te-exportcd 10,522 
or 9 per cent of it 

This was a trade which was 
enabling European middlemen 
to cream off some of the profit 
which rightly belonged to 
British industry, said Mr. 
Bergius. 

France was only one example 
and the same thing was happen- 
ing in other EEC countries. 

“This is a result of a ruling 
by the European Commission in 
Brusels, making it Illegal for 
Scotch whisky companies to 
maintain a duel price structure 
under which British customers 
were charged a gross export 
price if they intended to export 


Bridge and tunnel 
toll changes urged 


BY RHYS DAVID 

CHANGES IN the system Of 
financing toil bridges and tunnels 
will he urged on the Government 
til a meeting soon between Mr. 
William Rodgers. Secretary for 
Transport, and a consortium of 
local authorities. It was due to- 
day but cancelled because of Mr. 
Rodgers' pressure of Parliamen- 
tary business. 

The members of the consor- 
tium, Merseyside and Tyne and 
Wear County Councils; the 
Hartford Tunnel Joint Commitee; 
and the Htunber Bridge Board, 
have run into financial difficul- 
ties with their respective 
crossings. 

In the case to be put to Mr. 
Rodgers tljey will complain of 
unfairness in Government policy 
in imposing toll charges only on 
certain estuarial crossings. 

Mr. Rodgers has said that he 
wants to meet members of the 
consortium personally. A date 
during the recess is being fixed. 

The delegation today will meet 
MPs in the areas affected in a 
bid to win their support. 

The consortium says that 
economic conditions have 
changed since legislation was 
passed authorising financing and 
building of bridges and tunnels 


in their areas. Repaying the 
cost of the crossings has been 
made more difficult by inflation, 
high interest rates and in some 
cases lower-than-anticipated 
traffic flows. 

The Government is being 
urged to review its “ user must 
pay," policy and consider 
interest relief on the initial ^ 
Government loans, to consortium 
members for building. 

The consortium claims in its 
evidence to Mr. Rodgers that the 
concept of tolled estuarial cross- 
ings is alien to methods used to 
finance 99 per cent of public 
roads in the UK, and is oppor- 
tunist in that it is-applied where 
there is a “captive " travelling 
public. / 

Government- assistance has 
been largely confined to loans ! 
requiring repayment at full | 
market rates. The relatively , 
small grants made do not com- 
pare with grants for toll-free 
crossings. 

Operational savings and toll 
increases, it says, have failed to 
solve the financial problems of 
consortium members, which 
stem from repayment of expen- 
sive construction eosts rather 
than operational losses. 


the whisky to the Continental 
EEC, as distinct from a net 
home trade price for sales in the 
UK market" 

During the first six months of 
this year exports of Scotch had 
risen to nearly 50m proof gal- 
lons, an increase of almost 16 
per cent over the first six 
months of 1977. The value of 
exports was £293m. 

Much of the increase was due 
to advance shipments to the UB. 
ahead or an -increase in the 
export price. American distribu 
tors now had large stocks and 
the industry could not expect 
to maintain the same level of 
orders during the rest of the 
year. 


Cutlery 

dispute 

‘lowering 

morale’ 



Mr. Leslie Porter, Tesco’s chairman, at the Pitsea superstore. 


Tesco opens largest 
superstore today 

BY HUMOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 

TESCO TODAY opens its largest petition. The new store is on 
store yet at Pitsea, Essex, and the edge of Pitsea, across the 
so brings the superstore, which road from the Pitsea shopping 
until now has been largely centre where both Sainsbury 
northern phenomenon, closer to and the Co-op have super- 
London. markets. 


Flights return 
to normal after 
weekend delays 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

HOLIDAY FLIGHTS to and from was functioning normally. Tbe 
the Continent were rapidly Spanish controllers, like their 
returning to normal yesterday British counterparts, can handle 
following delays at the weekend only ihe traffic allowed to pass 
resulting from the resumption of through tlie Bordeaux airspace 
the work-to-rule by some French by the French controllers, 
air-traffic controllers. There are fears there may be 

The situation at most UK air- father delays this weekend, as 
ports pruved less unpleasant for l reneh controllers have said 
many travellers than had been Jey miend to resume their go- 
: feared. This was partly because so !»’- which js in pursuit or a ipay 
Term h’o-k the airporis and the airlines were clatp 1 - The >. ,u “y ue to ine “. 

warned in advance, partly controllers in the Paris flight 
because the French controllers re ®!f5 n ’ which would make the 

at the Bordeaux centre allowed Problem worse. 

more flights per hour — 16 uverthe past I wo weekends 
against only four per hour the toe Paris controllers have 


-m-a against only four per nour me «■*- . 

m 1 1 AFI/TA previous weekend — and partly r e ™i ,n S d . fr £ m , lho 3L ' t,a r 

V >11/ 1 lll/il fclla because some flights were re- **> , Bordeaux col 

O routed out over the Atlantic to l ea ^ucs. although they havi 
avoid the affected area. declined lo handle any re-routec 

. . . traflic. This has meant tna: 

Af| nnff Tramc flowing to and from n , sbls l0 and fr0111 Paris> 0l 

1_H I Ud V ?iT a, «V*' r,rtb xf r \ C -t » nd passing across Northern Franct 

Mr •/ ihe \\ esiern Mediterranean was , D central and Eastern Europi 

# --- # , most affected, because this passes 3ml thtf Easlcrn Medl , e rrane-n 

Ssplr .through the Bordeaux liave remain od unaffected by tht 
ficp fglTllT -‘flight information region.’ delays. 

■ »*■*** - *■ w It was stressed strongly jester- The situation could change 

day that the problem was being however, this weekend, if at I 

BY OUR INDUSTRIAL EDITOR caused solely by the French air meeting today the Parts enn 

, . controllers iD Bordeaux, and that trailers decide at last to juir 


H A|*S)|P Covering 82,000 sq ft, the store. Within 20 minutes’ driving LEADERS of the Confederation t bere was no problem with ihcir Bordeaux colleagues ant 

VI Ulv could comfortably accommodate time, normally considered the of British Industry are to de- Spanish jir traffic control, which go-slow next Friday. 

20 of Tesco s smaller branches, catchment area for a store of cide to-morrow how bard lo press 

It will employ 600 people and, this sire, there is also the Inford the Government to change its en- 

By Our Sheffield Correspondent 13135 Mst £4m 10 develop. Astro market which has upset foroemenl of pay rise limits 

To make money it will have ma ny local traders by its pricing through public sector contracts. '*-* . • j j s i v v 

“ draw cunomer. bom a_vndapoH c , K . to publtoM K £11^(1 flflOIOK MiOlllfl 


Retired doctors ‘should 
not work as locums’ 


cutlery comply, called yester- Chelmsford to the north. South- .JJdel of XT' a superstore ** toe comiie year/ finf WOFR 3S lOCUIYlS 

dayforan end to tbe squabbUng end l0 the east and Tilbury to goufd be and the mSemeS The paper also said that the UUl WU1JV 

norTf^ 0 016 mdustry over the south.. hopes that it will convinc! other Present system of enforcing the samuelson 

Port 5 - Tesco is also hoping that planning authorities that such Umlt through sanctions and BY MAURICE SAMUELSON 

Recent publicity attacking the people will b e prepared to drive stores are an asset to the clauses in Government contracts 
Sheffield-based Cutlery and from London to the store, which community would continue. DOCTORS WHO practice as Association s represent at iv< 

Silverware Association its mem- is the first superstore to be built ™ The problems this could cause locums after reaching retire- body, said jesterday that ntanj 

bers, and his own company had near to the city. lDe ;> lor ^/£“ cn *■““ 01 companies in the coming months ment age have been sharply hospital doctors could not allure 

resulted in a lowering of morale Until recently, only the plan- ® ore than w.wv &q n urn lesco W ere considered yesterday by the criticised by an organisation to retire completely at 6! 

within the industry and a loss of ning authorities in the North confederation s special commit- which advises big companies and because of their low pensior 

confidence in the future, he said, have looked favourably on such * ? , 01411 ies 99 s tee of Government contracting professional bodies on the prob- rights. 

The newly formed Federation ^ af 2 e retail developments. Sl.TX' 3 EaSiras , , « , . of retirement. Many elderly doctors had ar 

nfRnH^h SitTer^ ManufaS Some local authorities in the ■“* some novel features ; The officials are to meet again . The Pre Retirement Associa- important role as medical uflicer. 


finished or finished cutlery in " avc ® 

bulfc^°m low-cost Far East pro- J' ° 


proposals and newspapers. Lilley 
rea. Skinner shoes. Steinberg 


nery mittee of top industrialists. In for 40 years ought to welcome hospitals on disciplinary grounds 
and the afternoon there is to be an the opportunity to do something although National Health Scr 
and emergency conference of about quite different “rather than to vice practitioners also neet 


Motorcyclists will 
have to pay more 


groups, lute Asua, nave plans *«CU will aeu a munra WU6C rnuc^, a LMU 1 UUUJ UJC tunicu- vvnguu w, uif auuunuuii » nuwever, a new ncaitu comnilltei 
to open very large stores within of merchandise stocked by eration led by Sir John Methven, president, is published in the is to be formed with powers U 
Tesco's catchment area. these specialists retailers but by president, will meet Mr. Roy Hat- association's magazine Choice, prevent sick doctors from practis 


BY ERIC SHORT 

ABOUT 250.000 motor-cyclists 
insured with Norwich Union, one 
of the leading motor-cycle 
insurers, face a 161 per cent rise 
in their premiums from 

September 1. 

The company has held its 
mulor-cyclo premium rates un- 
i hanged for 12 months, the first 
such standstill for u few years. 
Previously, it revised its rates on 
average every eight months to 
put its motor-cycle account in 
balance and cope with the rise 
in claim cosis. 

It now appears that the com- 
pany has its account under 
control after a period of con- 
tinual losses. 

The company is lifting its car 


insurance rates from September. 
Some 400.000 motorists will pay 
11 per cent more. 

The company previously re^ 
vised its private car rates last 
September, when there was a 12 
per cent iocrease. Norwich Union 
was one of the few insurers to 
make a profit on its motor 
account. last year, a period when 
overall. losses by insurance com- 
panies - were the worst since 
1971. 

The British Insurance Associa- 
tion confirmed yesterday that 
motor insurance increases were 
averaging about 10 per cent com- 
pared with the previous year.. 
Indications are that the average 
increase in premium for 1978 is 
not likely to be much different 


Industry 
Act loans 
assistance 


October hearing 
for Tarling case 


BY MARGARET REID 

THERE WILL be no further 
developments in the tight by Mr. 
Richard Tarling, former chair- 
man c»f the Singapore company 
Haw Par Brothers International, 
to avoid extradition to Singapore 
before October. Mr. Tarling faces 
charges under company law. 

Mr. Tu ding's application for a 
fresh order of habeas corpus to 
prevent his extradition was due 
in have been heard in the High 
Court Iasi Thursday. July 20. But 
the hearing has been put off 
because the lime needed for it 
con id not be found before tbe 
current law term ends this week. 
The case is now expected to be 
heard at the beginning of the new 
law term iu October. 


Mr. Tarling. a former business 
colleague of Mr. Jim Slater, the 
financier, was due to be 
extradited in late June. But on 
June 23, he was given leave to 
apply for a fresh order of habeas 
corpus to prevent bis extradition. 
At the hearing on June 23, Mr. 
Louis Blom-Cooper QC. argued 
that tbe House of Lords’ ruling 
on April 19 that Mr. Tarling 
should not be extradited to face 
charges of dishonesty made it 
possible for him to claim that his 
extradition on the remaining 
charges — which did not involve 
allegations of dishonesty— would 
be unjust and oppressive in view 
of the passage of time. 


aucere - Although tbe new store is far Sons ladies fashions and Dixons 100 big companies which do busi- go rather pathetically on with annual fitness reports when the; 

larger than any other in the area, hi-fi and photographic ness with the Government. being a clinic locum.” reach 70. 

Mnrltpf a number of the established equipment Later in the week, maybe on The report by Dr. Eerie Under the latest Medical Act 

iTiainci groups, like Asda, have plans Tesco will sell a limited range Friday, a team from the confed- Wright 60, the association’s however, a new health commit lei 

Mr. Glatman said that his own to open very large’ stores within of the merchandise stocked by eration led by Sir John Methven, president, is published in the is to be formed with powers U 

company contributed 60 per cent Tesco's catchment area. these specialists retailers but by president, will meet Mr. Roy Hat- association's magazine Choice, prevent sick doctors from practis 

in value of the goods they sold Also tbe joint company formed letting some of the space, it hopes tersley. Prices Secretary. Dr. Wright is also the director ing. It is expected to be it 

in Sheffield. Half of the group's by British Home Stores and J. to be able to provide a better It will tell him that the clauses of the British United Provident force in about IS months, 

film turnover went to export Sainsbury to develop hyper- selection than is normally in Government contracts should Association’s medical centre in The Retirement Briefing File 
markets All imported goods markets is building one at available in superstores which be relaxed and that Mr. Albert London. price £2.50; Bedford Chamber * 

were produced to Viner sped- Basildon are geared to selling mass Booth. Employment Secretary, Dr. John Marks, deputy Corent Garden, London 1VC2I 

fications and design and clearly Tesco will face stiff local com- merchandise at cut prices. should not be the sole arbiter chairman of the British Medi cal 8HA. 

marked with the country of . . 

origin. While the industry had P Ml I 

been “tearing itself to Pieces” T ■ 

American products, not all ITir|)lCTr r 17 S' 

entirely made in the U.S., had -KU.AJ. H. 

built up their share of tbe UK . S ' — - 

tableware- market by an esti- A /v|- |AQnO S 

mated £2.5m in the past two llvl 1U <4-119 jsl 

years. S 

“The debate on protectionism OCCldotlPA B 

will no doubt continue, but HooldltlllCC W 

"sZZsm? rtemat 1 

S" 1 ', 1 h a a " f '“ SSrerS. sS/o” 1 

Sfi,h rn hJflS 7 of the Industry Act 1972 were S 

which appear to be benefiting j nereaset j f ronJ yesterday. ]B 

no one and which are causing J S 

irreparable damage to this fine The rate of interest relief V 
industry.” grant available , in cases where it jV 

would be appropriate to allow H 

tbe equivalent of an interest free 

period on a Department of In- K 
dustry loan — but where com- V 
/Av/Iai* Knnn panies obtain their finance from {■ 

I • 9V Ifci 1 M I IN other sources— was increased H 

from 12 i per cent to 13 per M 
• • cent for each interest-free year. ■* 

Tij ® concessionary rate of in- K 
-*- R c5 terest on loans for employment- B 

n n i creating projects was increased B _ 

nt tnnn frorn 9 * per cent 10 10 p er miil b ^ m 

UI iUUU The “ broadly commercial " rate B X M 

of interest on loans for modern i- B Jr A f / M 

By Our Consumer Affairs sation projects not providing B * I 1 JF / m 

Correspondent additional employment, was in- K ff M g ^ / B 

_ , . . creased from 12i to IS per cent. B ft ^ f / B 


irreparable damage to this fine 
industry.” 


Order bans 
repricing 
of food 



Water charges system protest 


THE Anglian Water Authority 
is heing reported to the Price 
ilmn mission by Ipswich Council 
over its plans for direct billing. 

The council earlier voted to 
cun dent n the 6cheme and called 
fur a reconstitution of the 
authority. 

Councillors say that con- 


sumers will lose money by not I 
being able to keep cash in the' 
bank as a result of plausto bUI 
ratepayers six mo nths in i 
advance, with the threat of 1 
cut-off. 

The authority *■?* . direct, 

billing will not result in any 
extra cost 


By Our Consumer Affairs sation projects not providing 

Correspondent additional employment , was in- 

, . . creased from 12J to IS per cent. 

RETAILERS WILL be prevented 

from repricing food, drinks and 

other products once they have 
been on sale at a lower price 

as a result of an order laid i«i 

yesterday. The new order JT 6 FIH 3.1116 r3H£6 
replaces a similar provision in C7 

the Price Code which expires at a. L fl ntorl/pfod 
the end of this month but while It# t#I? Hid. I Jicl.CU 

its purpose is the same, its scope 
is different. hy PvrPnC 

Tbe old prohibition on re- J ^ 
pricing covered all goods with Pyrene Chemical Services, a 
a stock-turn of more than ten major member of the Brent 
times a year. Tbe order laid Chemicals International group, 
yesterday covers only food and and a leading supplier of metal 
drink and does not make allow- pretreatments, has further 
ance for stock turn. strengthened its position by 

Thus, products such as wine, acquiring a licence to market 
which may stay on the shelf for toe Fennalite range of electro- 
several months before being sold, plating chemicals in the U.K. 
will be brought within the .scope Permalite processes include 
of the control. But, other items, nickel, chrome, zinc, cadmium 
such as detergents, which were and acid copper plating, aiu- 
covered by the old provisions, minium brigbteners and etchants 
, will not now be controlled unless for anodising, and an advanced 
| a separate order is made because process for plating al uminium . 

1 they are Deitber food nor drink, with Pyrene’s existing range of 
As before, special provision is phosphatlng chemicals, metal 
made for products on promotion, cleaning and corrosion removal 
I This will allow goods to return products, tbe company can now 
to their normal price once a pro- offer a very comprehensive 
motion has been completed. service. 


O 


o 


Cutting down on the use 
of natural resources,* 
ifs Metal Box's business. 


‘Ryder letter’ trial delay after protest 


THE TRIAL of a former British 
Lev land executive and his wife 
at the Old Bailey was adjourned 

yesterday. „ 

The delay is to allow the 
prosecution to decide the proper 
course to take following defence 
insistence that witnesses should 
be recalled and certain docu- 
ment produced. 

In spite of 30 minutes of 
argument before the jury, Mr. 
William Howard. QC, persisted 
in his demand that Lord Ryder, 
runner eh airman of the National 
Enterprise Board and Mr. Alts 
Park, funner chief executive of 
British Ley land, be recalled to 
cive further evidence. 

He also held in his request for 
riitcu men is. said to be in the 
inivieaSion °f British Ley lanu, 
lo he produced. 


]tfr. Howard has told the court 
he wants to try to prove that 
reports compiled by Us chart 
Mr Graham Barton, a former 
British Leyland financial execu- 
tive, which alleged that the car 
firm operated a slush fund 
for bribes, were tree. 

Barton and his wife Fatima, 
both oF Hounslow, Middlesex, 
deny between them five charges 
relating to the alleged forging 
of copies of two letters to British 
Leyland— one purporting to be 
from Lord Ryder, and the other 
from the Bank of England— and 
SS& obtaining £15,000 
from tbe Dally Mail wift them. 

When the trial resumed yester- 
dav Mr. Howard asked whether 
the documents he had requested 
were available. _ 

When Mr, Henry Pownall, 


prosecuting, replied that they 
were not, the argument 
developed between counsel and 
Judge Alan King-Ham Uton QC. 

Mr. Pownall said the Crown 
did not dispute that at the time 
Mr. Barton issued the letters he 
honestly believed that his reports 
were accurate. 

“In my submission, that con- 
cession having been made by the 
Crown, the documents called for 
now no longer are material,” he 
said. 

Mr. Howard said : “My case is 
not only that my client's reports 
are accurate and true, but that 
he honestly believed tbe facts 
related In the Ryder letter were 
true." 

Tbe judge said tbe simple 
issues in the case were whether 
Mr. Barton and his wife com- 


mitted forgery and whether they 
knew the documents were 
forgeries when they used them 
to obtain £15,000 from the Daily 
MaiL 

Whether or not Mr. Barton 
believed that corruption of some 
sort had taken place in British 
Leyland was a subsidiary issue. 

Mr. Howard said : “With great 
respect I persist. 1 want the docu- 
ments and T want these wit- 
nesses recalled.” 

The judge said he would not 
prevent Mr. Howard having tbe 
witnesses back, but be thought in 
view of the concession offered by 
the Crown that it was unneces- 
sary to hold up the trial with a 
lot of documents. 

The trial was adjourned until 
today. 


Packaging preserves food and 
beverages— the biggest natural resources 
of an 

But there are often ways to make 
packaging itself more efficient; and when 
there are, you can be sure Metal Box are 
working on them. 

Witness the two-piece can for 
beverages, made jby drawing metal to form 
the main body. 

The result; a thinner, lighter can that 
Only needs one seam instead of three. 

And a material saving that can be as 
much as 20%. 

Resourceful isharefly the word for it 




(3 


The conventional 
three-piece can. 


Iho new two-piece caxu 


Metal Box 


A good business to be in 

Queens House, Forbury Road, Readmg RGl 3JH.'felephone: 0734 531 177. Telex: 847437. 



Financial Times Tuesday July 25 1978“ 


8 


business and investment opportunities 

READERS AR e RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 

" ■ I ■■■ " I ' I I » | 


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Need High Calibre Executives at all Levels 

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SALARY CIRCA £4.000 p.a. plus normal big company benefits. 
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Agents and franchise operators required for the unique 
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PROPERTY AND SECURITY 

DEALING COMPANIES 

with unrealised profits 
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Write Box G2286. Financial Times. 10. Cannon Street. EC4P 4BY. 


BUSINESSES FQR SALE 


AS A GOING CONCERN 



IN HOME COUNTIES 

Specialist module manufacturers t/o approx. £l.0m 
Modern Leasehold Factory. Plant, etc. S.A-V. 
Write Box G2312. Financial Times 
10 Canaon Street. EC4P 4BY 


PfiP£R B8ES?GH£SSTS FOR SALE . 

London Home-Counties based Paper Merchant wishes to sell entire 
interests. Current sales approaching £750.000 pj. with very minimal 
overheads. Future Director participation assured. The company 
is ideally placed for further expansion, and affords buyer a perfect 
access to the lucrative Paper Trade. 

Replies in confidence to: 

Box G2291, Financial Times. 

10. Cannon Street. EC4P 4BY. 


STRUCTURAL STEEL FABRICATION 
AND ERECTION BUSINESS 
for sale as a going concern. Turnover £1 million. Excellent 
equipment and lease. 

Please reply Box G-2303, Financial Times, 10, Cannon Street, 
EC4P 4BV. 


FREEHOLD 
CAR SALES/SERVICE 
BUSINESS 

Well eiubluhcd completely re- 
developed 1 .7 acre ute on major 
trur.W icad and excel lent trading posi- 
tion in E. Midlands within reach, 

of ' mi|or Sice includes *ho»- 

ro.vna. worijhaps. jtl sntilUir.es. 
|jrg> frontage, large house, self con- 
tained flat and boatyard. Mam dealers 
:o> 2 leading franchises, turnover cur- 
-ent’y £2 Ora plus and profitable. 
Ample scope for increase. An excep- 
cienil opportunity to acquire a unique 
Ireehald going concc-n busm^s cus- 
tom built lor j wide range of 
activities with low operational costs. 
P-i:c £225.000 lor business property 
and equipment. S.A.V. as required. 

Principals only please 
Write 3pr G23C0. Financial Times 
fO Connon Street. ECdP 4BY 


FOR SALE 

Small company, Bradford area, 
engaged in the fancy goods 
trade. Experts in ceramic tile 
decoration, screen- printing and 
firing. Operation is owned by 
engineering group who finds it 
surplus to requirements. 
Estimated capital required 
£ 12 . 000 . 

Apply Box G.2308, Financial 
Times, i0. Cannon Street. EC4P 
4BY. to commence negotiations. 


THRIVING lour court sauasn club lor 
Sat*.* in t"c London area. Enquiries bv 
print .oats only elc.i'o to Box 0.2513. 
Financial Tlmr.i. 10. Cannon Street. 
ECJP JB>. 


OLD-ESTABLISHED 
PROVINCIAL UTHO/ 
LETTERPRESS PRINTERS 

with significant specialist connection 
for sale. Freehold premises, moder- 
ately profitable, trade £'.m plus. 
Write Bojt G2266. Financial Times 
10 Cannon Street. EC4P 4 BY 


BUSINESSES WAITED 


ir 

vh 

Hi 

or 


re 

3! 


A MAJOR INTERNATIONAL GROUP 
OF COMPANIES 

wishes lo purchase a travel comany in order to expand its own 
interests in that field. The company must have licences and 
must be situated in London. 

Please reply in strictest confidence lo Box GJ2294, Financial 
Times. 10. Cannon Street, EC4P 4BY. 


PUBLIC COMPANY HAS £3,000,000 PLUS 

AVAILABLE 

for un acquisition or significant holdiug. Engineering or SteeL 
Midlands area preferred. Good profit record essential. Board 
appointment possible. 

Write Box G.2302.- Financial Times, 10, Cannon Street, 
EC4P 4BY. 


ill 

hi 


.Vi 

?<»* 

Jr 


PRIVATE COMPARY 

Currently diversifying into new trading 
activities hn C j million available to 
invest m well established currently 
profitable enterprises located In South 
EaiRrn England. Controlling Interest 
required but present participants may 
retain shares by agreement. Continuity 
of management is regarded is c Ktn- 
dal Pro poufs wiW be received In 
strictest confidence from principals 
on/y by: 

FRYER WHITEHILL & CO. 

Business Development Section 
Budianan House. 24/30 Holborn 
London EC1N 2PX 


Steel fabricating and structural 
BUSINESS wanted 

Concern in tf» London or Greater 
London or Home Counties »th 
capacity for flame cutting, cold saw. 
ing. welding. **. Nos “*wril]r 
profitable but with reasonable prem- 
ises with good head room and crane age. 
Immediate Inspection and purchase 

following rccc-pt or full infomaiiqn. 

Write Bax C2290, Financial Timet 
10 Cannon Street. CSV 


._nu»L RCTA1L GROUP Interested In 
interest -n a Mall Order 
accuirino ESJJ? go, G.2Z9?. Fjiwik-jI 

ftSSSn®. 'cannon Street- EC4P 4BV. 


WANTED TO PURCHASE 

Eabbliahed manufacturing, wholesaling, 
import or «*F°« company. Small but 
capable of development. Any product/ 
service, Londoo/SE England p-eterred. 
Reply in strict confident; 

Baa G2 310. Financial Time; 

10 Cannon Street. ECiP 4BY 


EXCLUSIVE REPRESE3VTATTVE 
•FOR SEVERAL 

FOREIGN BANKS 

seeking QUALIFIED 

' BUSINESS 
BORROWERS 

Brokers protected. Local representatives 
wanted. Write Swiss-American Combine, 
P.O. Box 680 Panama 1, Panama. 


I 


Cosh Voucher 



This cash voucher 
entitles your company 
to an immed iate 

75% CASH 
AGAINST 
INVOICES 



I 

| __ Subject t o approval 

Cash fiowproblemsPThen cash this! 

Need Cash Now? You've got it right there an your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential invoice Discounting Ltd. 

Circus House. New England Road. Briqhton, Sussex BN1 4GX 
Telephone: Brighton (0273 1 606700. Telex: 87382. 

Also Birminghaot. Cardiff. Leeds. London. Manchester. 

A subsidiary of International Factors Limited 


114 years of , 
a og companies 
nssiffiilitus 
atMngortwo 


So next time 
you need, one, 
phone Patricia Parry 
on 01-253 3030 


(lC2l t dulL& 

tiu bast of companies 

jorom noose. MaitM i ut yi^ra 
Loapoumsx 

fELQB3HS;n yyipfl fwxt* MiuB 


COMPUTER FRAUD 
ON THE QE2 

The firs* interna: tonal conference on Comnuicr Fraud is lo be held aboard 
III.: qe:. on her scheduled AllUlU.- crossins. on 20ih September to 
2jrh Sepl. mber 1078. 

Senior Management on both sides of the Atlantic are being invited to 
attend. The conference mil demonstrate In a practical manner. Hew 
ind where the risks of fraud can occur, and how they can be defected 
and countered. 

The conference is being organised by 20th Century Security Education lud.. 
Cicero Road. Leathcrhead. Surrey. Should you wish to be pan of this 
unique conference, contact Peter Reims on Leaiherheid *74305. 


PRODUCTS FOR EXPORT 

Do you have a produce you would like to Export? Qr/<do you hive problem! 
with Exporting yourself? We have established markets, 'in Africa. Middle East 
and Golf and can introduce yoor products to our cuuoAera; where we purchase 

and pay in London. . / 

Interested manufacturer! prepared to grant 
exclusive “So*** Agreements” contact: 

VANDENWAL LTD. _ 

10 SLACKWALL TRADING ESTATE. LANRIOC ROAD LONDON Eld 0JP 
01-515 «1« TB-K *7147* 


NEW PRODUCTS 
FROM U.S.A. 

Consultant, resident U.S.A., offers 
services in product search, licensing, 
commercial intelligence and market 
research: specialising in diversification, 
new business opportunities. 

Write Box G2066. Financial Timet 
10 Canaan Street. EC4P 4BY 


EXPORTING TO 
AUSTRALASIA 

Professionally qualified mechanical 
engineer establishing company to help 
manufacturers of industrial products 
export to Australasia. A visit is being 
made to Australia in November 
to establish suitable markets 
If Interested dense reply to: 
ABEX Co.. P.O. Box No. 37, 

29 Coleridge Road. 
Harpenden. Herts AL5 5PB 


LEASING 

Privately owned leasing brokerage 
company seeks merger with, or 
acquisition by. a reputable financial 
institution/ banking organisation. New 
business currently running at £4/£5 
million per annum. Principals only, 
please, reply to: 

Box G230S. Financial Timet 
10 Cannon Street. ECdP 4 BY 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 p.c. 
Lease 3 years from £3.70 weekly 
Rent from £29 per month 

Phone: 01-647 2365 


MAYAIR FILM 
COMPANY 

Seeks up to £20,000 extra 
capital. 

Share and Directorship 
available. 

Write Box G.2295, 
Financial Times. 

10. Cannon Street, EC4P 4BY. 


LEADING 

INTERNATIONAL GROUP 

Seeks additional manufacturing capa- 
city. preferably by acquisition. Special- 
ist bodybuilders would be particularly 
suitable. Interested firms should send 
relative details to: 

Boa G2304, Financial Timet 
10 Cannon Street, EC4F 4BY 


ACCOUNTING AND MANAGEMENT 
SERVICE5 

We provide assistance to cover short 
term accounting problems or book- 
keeping management on a contract 
bas-s. wirh particular emphasis on 
Insurance Broking. Banking and related 
fields. For further detail* contact: 
EASTCHEAP MANAGEMENT 
SERVICES LIMITED 
33 East: heap, London. EC3 
Telephone: 01-626 5546 


CONTENTS OF 
FRINGE BANK 

(and Iron other sources) 
Exceptional quality office furniture, 
teak desk*, hide chair*, swivel chairs 
in eweed. filing cabinets and filing 
cupboards. Adler and Olympia type- 
writers. 100s of other bargains. 
Phone for Jet oils: 

Brian North or Bill Raynor at 
"Commercial. 1 " 329 Gray's inn Road 
London. WCI - 01-837 9663 


ACCOUNTANT w is nos ro loin Merchant 
Banking organisation on a salaneo basis 
— can introduce tunning contacts includ- 
ing Middle East money , n millions ol 
I dollars. Write Box G.2259. Financial 
Times. 10. Cannon Street. EC4P 4BY. 

AN5AFONE «rem 1 1 50 Der week. Tore. 
Phone 0 1-629 9232 now! 


MANUFACTURING CO. 
SURREY AREA 

REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present subcontracting! £100.000 
of pretcworlc per annum. Surrey -baa ad 
firm preferred. Pleat «nd derails of 
capacity available, v.g. preset, etc. 
Write Boy (52121. Financial Time s 
10 Cannon Street. EC4P 4BY 


INVESTORS 

who with to purchase domestic . 
properties at 6S per cent of their 
maricee value cut do so. 
PROPERTIES NOW AVAILABLE 
Write Bax G2292, Financial Times 
JO Cannon Street. EC4P 4BT 


LIMITED COMPANIES 
FROM £69 

Formation in Britain and all major 
countries and offshore areas Including 

ISLE OF KAN, PANAMA, LIBERIA 
end DELAWARE 

Efficient personal service. Contact: 
CCM Ltd.. 3 Prospect Hill, Douglas, 
Isle of Han. Tel: Douglas (0624) 
23733. Telex: 627900 BALIOM 6 


SWITZERLAND 

Save your time from adrnirihtra- 
tive duties. 

We offer: 

e Formation, domiciliation and 
administration of Swiss and 
Foreign companies 

* Accounting 

* Taxation 

* Law 

* Consultation and secretarial 
services 

SERVADOR 5-A- 
6, rue Belloc 
1206 Geneva 
Tel. 1022) 47 14 50 
Telex 28 92 28 Serv CH 


FINANCE FOR 

THE SMALLER 

COMPANY 

Forfurther information contact: 
K-Dean, 

ARBUTHNOT FACTORS LTD.; 
Breeds Place, Hastings, 

E Sussex. 

Tel: 0424-430824 


WANTED 

U.K. company co co-paroi«r a U.5. 
company purchase of poor ending 
U.K. electronics firm/import new U.S. 
product co Europe. 

FUNDING REQUIRED 

To put £. S. DM at risk in Jamaica. 
Trading plantation — High gearing. 
Write Box G2297, Financial Times 
10 Cannon Street. EC4P 4BY 


*? r CC* address or phone 
messages. Combined rates + telex 
jJJSSf f- 5 » »Mk. Prestige offices near 
Siock E*chanae. Message Minders inter, 
national. 01-626 08M. Telex 8B11725. 

FINANCE FOR MANUFACTURING Com- 
wi'os. Unleue and vueeeastui service rt 
available so companies eapencncino 
severe Kauidltv or viability problems. 
J. E. Forbes Dale. 01-948 4612. 


INVESTMENT in 
FLORIDA, USA 

FOR SALE 79-r prime acres, noxf lo 
Walt Disney World; 30 km irom fart 
growing Orlando area on two main 
arterial roads, at Sd,000,00Q includ- 
ing Ifrchnica! assistance for zoning 
and planning permission. 

Please apply only for wholesale deal 
to: Ing. Dr. George Voyasidis, via 
della Famesina 303, Roma, Italy. 


NEW FINANCIAL 
APPROACH 

Holding Company has .n; treat in 
sovcD small firms a:.d "■r.rtiuS to 
acquire two more. £5Cv <W> »jn:ej 
as drtoecrure loan onief oar: con- 
vertible:. Direciorship aTailabic. Tam- 
over £S. 000 . 00 i). prod: £-’ 00 . OW incrcas- 
mtti Sue Pension Fund or Merchant 
Bank. Brokers welcome bur disclosure 
principal essential after acknowledge- 
ment. 

Write Box C.C2S3. Financial Times. 

10. Cannon Street, ECIP 4B\. 


TURN YOUR 
SURPLUS STOCKS 
INTO CASH ! 

D. Rubin Ltd., i largo organisation 
dealing in all types of domestic eon. 
sumer products, i.e. Hardware. Toys. 
Cosometics. Textiles. Eiccv.cal goods 
etc., etc., offers immediate cash lor 
quantities of surplus stseks or this 
nature. For o quick decision contact: 
Dams Rub n 
D. RUBIN LTD. 

39 Macdonald Sc-etc 
Birmingham 55 6TN 
Tel: 021-622 2222 


MIDDLE EAST— CYPRUS 

l> you are ebsut to or are already 
esocrona 5000 s er ser.iccs to the 
Middle East vol- camsanr ana its ker 
emolavees can abu.n substantial finan- 
cial and baiation cc .muces bv havinq 
a presence in Cyprus Wc will be 
pleased to adtise vou c* how ro obtain 
these tenerrs and will, if rcouired. 
assist in obtainlns any noccssarv con- 
sents required bv t.ie Bank of Enqlaiul 
andlor the U.K. Treasury. Set uo tests 
are low and <*c can orovide mccoen- 
sive local administration staff In 
Cyprus. 

Details from: Christos Marion. 
Primeservlccs Limited. U.K. Office. 
110-111 Strand. Lsrafon WC2E OAA. 


FOR SALE 

RECLAMATION SITE 
APPROX. 35 ACRES 
WEST MIDLAND AREA 

Licensed for tipping of building -waste, 
foundry sand. etc. Estimated Im tons 
of sand still available lor extraction 
thereby increasing tippirg values. 
Write Bar G2311. rlnctfc) Times 
10 Cannon Street. £C4P <BY 


13 % 


PROPERTY 
FINANCE 

Prime bank eerclopment finance still 
available for goed quality Commercial 
and industrial schemes with benefit ol 
pre let or lonsard sals also 5, '10 
year interest only institutional funds. 
Min. loan £100.000. 

Contact K. A. Burgess 
SEYMOUR ADELAIDE A CO. LTD. 
18 Seym Dur Street. London. W.l. 
01-935 2382 


WELL-RUN 

LAUNDERETTE GROUP 

require! partner with not lass than 
£50,000 for further expansion. Return 
on capital should not be less than 
20?i. Only Principals may reply. 
Write Bor G2301. Financial Times 
10 Cannon Street, EC4P 46 Y 


LOSSES 

REQUIRED 

by Chartered Accountants for several 
of their clients < especially but not 
exclusively unrealised capital losses). 
Minimum £100.000. Answers dealt 
with in scricust of confidence. 

Write Box G2299, Financial Times 
10 Cannon Street. £C4P ARY 


PARTICIPATION 

INVESTMENT 

Two gentlemen seek participation 
(non-active) in profitable private 
concern — up co £100.000 available. 
Preferably North West area 
Principal* only should apply co: 
Box G2307, Financial Times 
10 Cannon Street. EC4P 4BY 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEAR CHE 
EXPRESS CO. REGISTRATIONS LTD. 
30 Gey Road. ECI 
01-428 5434/5/7361, 9936 


FOUNDER & MANAGING DIRECTOR 
of successful plastics group with 
unusually high profits record (now 
part el a largor group) with experi. 
encc extending over 25 year*. p lr ticu. 
larly in rotational and injection 
moulding, will have some time at the 
conclusion of hn contract in December 
1978 to acc as consultant or part 
time Director. 

Write Be v C2293, Financial Times 
10 Cannon Street. EC4P 4BY 


CAPITAL LOSS 


COMPANY WITH AGREED 
CAPITAL LOSS OF £9M 
FOR SALE 

Write Bor G2293. Financial Times 
10 Cannon Street, EC4P 4BY 


WEST COUNTRY 
PLANT HIRE 
PARTNERSHIP 

with established tax losses of 
£88,000 

plus few items machinery. 
ALL OFFERS CONSIDERED 
Write Box 62309, Financial Times 
10 Cannon Street. ECdP 4BY 



LABOUR 


Move to repossess 
no plain sailing 

BY RAY PERMAN. SCOTTISH CORRESPONDENT 

FOUR aircraft engines which delivery ® rtc 5 ll !,n‘ 51 IvhiSi covers 
hive stood corroding in wooden court at Hamilton. «niin to 
St* 5 outside the 8 Rolls-Royce the East Kilbride area 
factory at East Kilbride, This gave tue jh forte UK 
Lanarkshire, for the last four right to have 
•.ears could prove an expensive over to it a,lJ - Ul i. „ 
political embarrassment to the can ask for court offievn 110 scuu 
Government in the run-up to an its property, tnaptei ui.h List 
election. week s grant i»r an ® . 

The Avon jets, which once by the Government, trii- means 
powered Hawker Hunter fighters. ihaL the legal fr:tnicwqns for 
are owned by the Chilean Air remoring ih<? engtavs trom 
Force. They were sent to Britain is complfttf. 

Britain for repair and overhaul However, the obstacle, remains 
by the elected Marxist Govern- the res j Sta n Ce 0 f the unions. In 
ment of President Salvador t ^ r ei - CSt jj„- Chilean regime 

has done noiinn? to purge its 
sins against democracy and they 


NEWS ANALYSIS 

• 

CHILE’S JET 
ENGINES 


seo no reason to help it regain 
engines which could be used fur 
internal military use. 

Although local shop stewards 
and national union officials arr 
reluctant to spell it out. the 
appearance or court officials at 
the factory gates could lead lu 
ugly scenes, which ail sides 
- seem anxious lo avoid. . 

The Chilean charge d affaires. 
Allcnde. but were blacked by o r _ Jorge Berguno. indicated 
the British union movement after yesterday that his Government 
the Right-wing coup led by am not ‘want to use this direct 
General Au gusto Pinochet in approach if possible and was 
September. 1973. attempting to negotiate release. 

The engines became a cause 0 f engines with the Rolls- 
celebm among the Left in R Q y Ce management. 

Britain, which saw in Chile in company, he said, bail not 

the 1970s a re-run of Spain in the been paid for the work done on 
1930s. Nowhere was the emo- the engines, but hud not fulfilled 
tional significance of the contract jtg contract, since they had not 
more strongly felt than in Scot- been tested. He denied reports 
land, where, ironically, the a clandestine attempt would 
engines were manufactured and be made to snatch the engines 
which has maintained especially while most of the factory's 2.800 
close ties with opponents of the employees arc on their annual 
Chilean military regime and has summer holiday and said that 
played a big part in rehousing negotiations might take some 
refugees. weeks. 

Once the engines’ initial Rolls-Royce confirmed yester- 
notoriety bad faded, some work day that it had been talking 
on them was carried out. In 1975. to the Chilean Government 
the executive council of the through legal representatives 
Amalgamated Union of Engi- and. at the Ch'lcans* request, 
neering Workers issued a direct had modified the contract so 
instruction to shop stewards at that the engines need JO he 
the East Kilbride factory to com- delivered only ex-works, rather 
plete the overhaul. But. when the than at the dockside, 
work was finished, the engines This means that responsibility 
were merely crated and placed for removing the engines from 
in the yard. They have remained East Kilbride will rest either 
there untouched since. with the Chilean Government or. 

Now. Chilean representatives if they choose :o request ass«st- 
in London have made moves to ancc from »ne court, with 
repossess them. At the end of sheriff’s officer *. 
last year, an Edinburgh firm of In either we. union labour is 
solicitors. acting for the almost certain to be involved at 
Chilean Air Force, obtained a some point along the journey. 



GENERAL PffiOOIET 
Legal from work complete. 

Shop stewards, doing main- 
tenance work at the factory, said 
yesterday that they would a hide 
"by a joint decision between 
unions not 10 mum the engine*, 
and they would expect the 
management lu abide by its 
agreement dot to allow nnn- 
union workers into the factory. 

Mr. Alex Kitsnn, executive 
officer of the Transport and 
General Workers* Uninn. which 
bos members in road haulage and 
in the docks, said that his unkm 
would nut disregard repeated 
TUC decisions to maintain the 
blacking of the engines. 

AU this points to an impasse 
that will nut quickly be resolved. 
There is also a serious question 
over whether the engines will 
still be usuablc by the Chilean 
air force, oven if they arc 
returned. 

Two years ago Rolls-Royce 
management asked workers 1<» 
carry out n routine humidity 
cheek and to undertake any re- 
furbishment necessary*— but the 
request was denied. 

Two years’ extra corrosion has 
been added 'since then and 
stewards estimate that Iff weeks’ 
work would be. essential to got 
the engines into running 
cundilioo. 


Navy may be ordered} Post Office 
to free submarines 


BY PHILIP BASSETT, LABOUR STAFF 


FUNDS REQUIRED for Investment and 
International Tradins. Write Bax G 2298. 
Financial Times, 10. Cannon Street. 
EC4P <BY- 


THE GOVERNMENT yesterday- 
made it clear to leaders of 1S3.000 
industrial civil servants that it 
was considering using the Navy 
to free three Polaris nuclear 
submarines from their Scottish 
bases. 

The submarines have not beeu 
allowed lo leave tbeir bases 
because of industrial action by- 
dockyard workers against the 
Government's Phase Three pay 
offer. 

Union leaders, though, said 
that any attempts by the Navy 
to free the submarines would be 
resisted and could lead to a 
serious increase in the industrial 
action. 

National officers of the main 
unions involved in the dispute, 
the Transport and General 
Workers’ Union, the Amalga- 
mated Union of Engineering 
Workers and the Electrical and 
Plumbing Trades' Union, yester- 
day met Mr. Fred Mulley, Secre- 
tary of State for Defence, and 
senior defence and naval officials. 

Mr. Mick Martin, TGWU 
public services’ national secre- 
tary. said after the meeting that 
it had been indicated that the 
Royal Navy might be used to do 
the work of dockyard staff at 
Fassiane on the Clyde and Rosyth 
on the East Coast 
He said: “We will oppose any 
attempts by the Royal Navy to 
take tiie Polaris submarines out 
to sea. If, as has been indicated. 


the Navy does strike break in 
thij manner there may be 
serious escalation of the present 
dispute.’* 

The submarines Revenge ai 
Fassiane and Repulse and 
Renown at Rosyth have been 
blacked by dockyard workers :in 
support of a Stage Three pay 
claim. The Government lias 
made two 10 per cent offers to 
the industrial civil servants, and 
both have been rejected. The 
fourth member of Britain's 
nuclear fleet. Resolution, is at 
sea. but is due for refit. 

The Government could use the 
Navy to clear the submarines 
from their bases, but would be 
certain to run into strong oppo- 
sition from dockyard workers 
when Resolution came in for a 
refit. 

Mr. Martin said if the Govern- 
ment wanted lo see an end to ihe 
blacking and to other industrial 
action it must make an improved 
pav offer. 

The Government has offered 
10 per cent on pay, glvinc an 
overall net increase of £1.10. 
This would give a new basic rate 
of £36.60. which with incomes 
polit-v supplements would total 
£45.60. 

The unions want similar assur- 
ances on pay to those made to 
the police, firemen, university- 
teachers and armed forces plus 
the introduction of four weeks’ 
holiday a year. 


engineers 


Singer alternative plan 

BY OUR LABOUR CORRESPONDENT 

SHOP STEWARDS at Singers Clydebank. Part of the survey’s 
Clydebank sewing machine plant cost is likely to be met by the 
will announce today details of Scottish Economic Planning 
an alternative plan to the com- Department, 
pany's proposals to cut 2.800 jobs Singers said last month they 
over the next four years. wanted to end industrial sewing 

The new plan has been drawn machine production at the Cly de- 
up by three firms of industrial bank factory, which employs 
consultants led by PA. Manage- 4.500. and introduce a new senti- 
ment Consultants, and is aimed electronic domestic machine 
at retaining some industrial backed by an £Sm. investment 
sewing machine capacity- at programme. 

Fire settlement urged 

BY OUR LABOUR EDITOR 

THE TUC is increasing pressure to Mr. Merlyn Rees, Home 
on the Government to come to Secretary. registering ils 
a quick settlement with the fire- ““f iou f «■»">: ■* ^ failure 

me, on their promised cut id ? f deeolnt'^, 

the working week to 42 hours. ^ th ra J| 1 ^ u ^ t,c ”- omUor ’ s 

The TUC’s finance and general a shorter working week from 
purposes committee decided yes- November was part of the 
terday after an approach from promise that ended the firemen’s 
the Fire Brigades Union to write strike last winter. 


ban likely 
to last 

By Pauline Clark. Labour Staff 
THE WHITE PAPER un pay 
policy for the next 1^ month's 
seems to have dashed all hope 4 
of an early end to the national 
overtime ban by Post Office 
engineers in .support of a 35-huur 
week. 

As talks between union leaders 
and management resumed for The 
eighth time yesterday, with Lord 
McCarthy continuing to net as 
mediator, the Post Office Engi- 
neering Union said that it would 
press for more time to consider 
its case. 

Last week the Government said 
that any negotiations on a 
reduced working week in the 
coming year from July must be 
kept within the boundaries of a 
total 5 per cent pay increase 
iipiit, or financed by a produc- 
t ivi ty scheme to prevent a 
further rise in unit costs. 

Close study 

The union said yesterday that 
without a relaxation in the 
Government's attitude, which 
might have helped batff sides to 
find a formula for settling the 
dispute, alternative areas must 
be explored. 

I In the coming week it would 
study closely the details of a 
White Paper expected today on 
the Government's response to 
the Annan Report on the future 
of broadcasting, and of last 
week's White Paper on the Post 
Office. 

implications of yesterday’s 

The union would look at the 
announcement of a 1360m Post 
Office surplus. 

It hopes that the White Paper 
on broadcasting will include 
plans to extend cable television, 
which it says would call heavily 
on the expertise in cable-laying 
of Post Office engineers. 

On the pay policy White Paper 
Mr. Bryan Stanley, the union 
general secretary, said that 
unless a shorter working week 
was conceded by the Post Office 
u the new targets will' end up as 
pious hopes.*’ 

The White Paper’s target*; 
aimed at an annual reduction of 
5 per cent in real unit costs. 
Plans for more electronic 
exchanges could he achieved 
only with the “ full co-operation 
of the union.” 

Some bene fits of improved 
technology must be returned to 
the Post Office engineers in 
improved conditions, and especi- 
ally acceptance of a shorter 
! working week. 


Move to stop ‘blacking’ fails 


A HIGH COURT move to stop a 
“ blacking ” campaign which has 
cost a Nottinghamshire printing 
company at least £900,000 In lost 
turnover has failed. 

Mr. Justice Slade yesterday 
refused to order two print union 
leaders to stop causing 
customers oE Huth waite Printing 
Company to break their con- 
tracts with the company. 

He ruled that Mr. Joe Wade, 
general secretary of the National 
Graphical Association, and Mr. 
E. J. Martin, national organiser 
of the Society oE Lithographic 


Artists, Designers. Engravers 
and Process Workers (SLADE), 
were acting within their rights 
in furtherance of a trade dispute. 

After the judge’s decision, Mr. 
Wade said: “The blacking will 
definitely continue. There are 
no immediate plans to step it up 
as it has already been highly 
effective." 

The Hulhwaite dispute is 
linked to a long-running battle 
between the unions and the 
T. Bailey Foremen group of com- 
panies over recognition of the 
NGA and SLADE. 


The uniuna claim that Hulh- 
waite is part of the group, but 
the company says that It is 
independent. 

The judge said that he was not 
confident an Injunction would 
have ended the blacking. 

Both Mr. Wade and Mr. Martin 
sent uot letters in March which 
led to the “blacking" of Huth- 
waite liy NGA and SLADE mem- 
bers employed by HuthwaUe's 
customers. These included the 
Teesside Times. Coalville Times, 
Morgan Grampian aud Eason 
Publications. 

































The Financial Times, 



90 years on 

In 1888 we mttoduced lamp oil, Britain’s first 

available cheap source of light 

Then, we invented the first kerbside pump. 

We invented Britain’s first automatic pump. 

We supplied oil to Britain’s first oil fiielled 
dreadnought 

We built Britain’s biggest refinery. 

We revolutionised refining. We developed 
synthetic rubber 

We produced the 100 octane aviation spirit 
used by the Spitfire. 

We invented the world’s first multigrade 

motor oil. _ 

We supply the only approved oil for Concorde s 

generators. 

We have invested £1,000 million in the 

search for North Sea OiL 

We have been involved in just about every 

social change in Britain since 1888. 

This year is our ninetieth birthday. 

Ninety years of service to Britain. 

And we want to wishjyow 


MANY HAPPY RETURNS:.. TO ESSO. 



.-THE JOBS COLUMN 


Financial Times Tuesday- Jury 25 1973 

APPOINTMENTS 


I IV fca VUWtf WVkVINIl * 

BL LV MD PDQ • Sales in Japan • Diggers 


BY MICHAEL DIXON 


USADERS MAY have gained a 
ertain impression that some- 
ne had placed a one-way traffic 
ign prominently outside the 
op executive offices of British 
Hyland which, of course, has 
ately changed its name to BL 
Today, however, I can firm)? 
efute the above rumour by 
nnouncing that Pat Lowry, 
orsonnel director nf BL. is 
een to hear from appropriately 
italifled .fobs Column readers 
■ho think themselves capable 
f hemming managing director 
f Le-rland Vehicles. 

Formerly known as the 
roup's truck and bus division, 
L LV— as the in-speak has it— 
as a world-wide turnover of 
300m to £650m. And there are 
unc 30.000 employees at eight 
mjor and ahout the same num- 
pr of lesser sites in the UK. 
lus mnr" jn overseas ooerations 
i^h as the nlam in India. 
Leylanrt Vehicles itself has 
>ur divisions — respectively. 
?avy. medium-light, bus. and 
arts — each of which has its 
A-n general manager. 

Whoever comes in to replace 
esmonri Pitcher, who is lcav- 
ig the MD's job in a few days’ 
me. will be responsible to 
‘ichael Edv/ardes. the srrnup 
lief executive, who has lately 
:tended the responsibilities nf 
ie head of the vehicles cora- 
inv so as to include all its 
arfceting and sales throughout 
ic world. 


The large task. Mr. Lowry 
says, is to provide “inspira- 
tional guidance " to the whole 
of what is beyond doubt one of 
Europe’s biggest truck and bus 
businesses. “ We need someone 
with the charisma to push 
through the group’s plans as a 
matter of urgency," be adds. 

For candidates, the prime 
qualification is a record of suc- 
cess in running a substantial 
business operation which testi- 
fies to finely developed skills of 

general management. “ The 

ability to guide, motivate, lead 
and monitor,'' says Pat Lowry. 

It matters not what specialism 
preceded an applicant’s eleva- 
tion into general management. 
Nor is experience of the auto- 
motive Industry absolutely 
necessary, although naturally a 
first-hand knowledge of a 

similar kind of business would 
be a help. Someone who has 
had managerial responsibilities 
for automobile production and 
marketing in the past before 
moving to run — say — an 
electronics business, could well 
fill the bill. 

** Youth is no barrier,” Mr. 
Lowry thinks, "and as for an 
upper age limit, well, it would 
have to be somebody able to 
put the next dozen years or so 
into the development of our 
plans. So I don’t think that 
this is a job which would go 
to someone beyond the early 
50s." 

The salary is not specified. 


But my estimate would be 
£40:000 to £45,000. I dare say, 
too. that the perks might well 
include a company car. 

Applications giving outline 
of career should be written to 
Mr. Lowry at BL, 41, Piccadilly. 
London Wl. 

Over to Tokyo 

“WHAT THIS?” demanded 
judo master Aid non Hosaka, 
pointing at the locked door of 
his brand new Dojo in Man- 
chester. 

The dozen pupils who had 
been awaiting the master's 
arrival for the evening session 
clustered and peered apprehen- 
sively at the end of his pointing 
finger. On the freshly painted 
notice affixed to the door, 
beneath the Inscription 
“ Instructor: A. Hosaka (5th 
Dan),” someone either drunk 
or tired of life had pencilled 
the words: w Ah so! ” 

M What this mean? repeated 
Ur. Hosaka, plainly growing 
impatient for an explanation. 
One of the pupils cleared his 
throat Well, he said, it was 
nothing personal, really, just 
a silly example of silly English 
chauvinism. "You see, alt 
English people pretend that all 
Germans say ’Mein Gott!.’ and 
that all Italians say ‘ Mama 
mia.* and in the same way they 
pretend all Japanese say 'Ah 


IIC» uioayau ■ in B ass Sales 

. . , Mnjnr mana-e- the CO-OPERATIVE BANK H* 

ment ‘changes havfSS* SR ^formerly «Uh U» Bank nf 

so.’ If, just a silly jo*«. you Age Is not spodSod, but the centred and tbe muscles tuued ^.SAU^e - u,c heme *« <•"* * ■ 

know." salary is quoted at around for digging. Charrington Group. „ hr Jn annoin trd maScin^dhriSof 

Mr. Hosaka remained inscrut- £30,000 a year. The reason for these open- Stephen ‘ .JJj5^ ee# 5 llfc uK marketing and mOw of the 

able for several more moments people with records demon- ings is that, although the managing director and TIMEX 

while he mentally tested the strating knowledge of and museum’s department of urban Mr> Hugh EnriR nt, sales manaper ? ^fXd'markJ tS" diw^SSfa 
explanation for acceptability. to nreanisebest wavs of archoology is carrying on with of Bass North East. has been made and .markUi . ri., wovH 


“/h so!”, he said, and ^ in £ Japanese market its excavation at the Post Office The climpany/ 

uzriocked the Dojo_door shou]d ^ outline details site just north of St Pauls and BuUcrs. . „ * 


sitting. 


Tennent Caledonian Breweries. 


ways of lire and thought" cur- tants) 70 Grafton Way. London buildings with tessellated noons Mr. Wilfred Mason is now cow.- 

ZS'-ZSSfiJL' 0K«8 nd o.ber indication, of One mcrcial director^ Sa.03.Mr. -JJJg**- ®g*SfKSS 
David Burns, may not be so 205L living at the junction of Cannon * M r. Uarid service Group. He formerly 

Straightforward as it seems. Street and Bow Lane, about gSukey accounts manaRer. and marketing executive with MAM 

Indeed Mr. Burns, of Merton -p* 4 . T) 100 yards from where I am Hr _ George Martin, previously of ion Play. 

Associates, doubts that anyone UOWD IO JtvOIllC sitting. Tennent Caledonian Breweries, * , ... ‘ 

who has not lived and worked rtTT1 r,n T «rTP«' _ If this fresh opportunity to the Bass management company in Andre^^TiHL of \Va iWingjn 

in Japan for several year, will ARCHAEOLOGISTS are not Anglo . Scotland, is sales promotions ttw ; fiermany. bas«mblBtei a. 

be sufficiency aeceptoble there a^ S! Saxonind Mediaeval history of “KI j. aar k, who was ntatias- ANDREAS S'lTHI. LIMITED wiS 

to do the Tokyobased business **“■ „!“" ., 5 ” the area is to be taken, tbe in(! director, has been appointed Mr. Peter Baker as m.mmtog 

development manager’s job instance, they are liable sud- t0 proceed fast, sales director of Bass Marketing director. STU1L bad prewotisly 

which Merton is seeking to fill denjy to stoop down, hand you -: t -, i 00 i- s s required m Burton-on-Trent. Mr. John marketed its products in this 
on behalf of a Britisfi client. a bit of dried day. say “There Ad i initial look t i required N(w direclor of market, ns country throush a distributor. 

^ Jb® client may not be named XM”l^ “her ”aT which d2 of Bas, Is chairman of Bass kale, ^ ^ ^ ^ ^ 

^our B a rappS , s te S I ue“ S5n-.cH to the appropriate deeding on the promise of M.^EjU Jens^ bas bren flgSg 

WSK’aS quite in dta.eter 22^“"® 

is iven). He says however, that m asking Ous column to « “V aft^ whfch the Ken m^ketins manaser Oreanisation. 

m snKSSui 


and ea 
The 
expand 
there f 


operations 


through the development of afternoon. Not less than that. Museum of London, 01-606 1933. 0fc pringle has be come 

joint ventures, distributors, and though, “because it takes a good If I Set at least half-a-oay s chairman 0 f NUCLEAR ENTER- 
local manufacture. hour to get the mind con- chance, I’ll be with you. PRISES, a subsidiary of EMI. Mr. 


| Jonathan Wren • Banking Appoi nt ment^f^jonathan Wren • Banking Appointments^ 

I ffW l The personnel consulrancy -dealing exclasjvelv with the banking profession 


FX/STERLING DEALING & BROKING 


FX, £ DEALING £6.000/12.000 

Our assignments currently include a 
considerable number of Foreign Exchange 
Dealing positions, and also some vacancies 
for Sterling Dealers. 

F X vacancies exist both in London and 
the Middle cast and caff for candidates 
with Irom 2 to 6 years' experience, 
salaries being negotiable according to 
experience within the range indicated. 

Contact : Roy Webb, or David Grove 


MONEY BROKING £ negotiable 

Currently we have tbe undermentioned 
broking vacancies for experienced 
people 

1. F X Deposit Broker with knowledge 
of French and/or German. Salary: 
£ 10.000 -r 

2. Two Commercial Brokers 

3. Three Local Authority Dealers 

4. Three Inter Bank Dealers 

Contact: Mike Pope 



The personnel consultancy dealing exclusivelv with the banking profession , . 


FO R EIGN EXCHANG E ADVISER c. £9,000 

The Treasury Department of a major corporation wishes to appoint a 
Graduate with Foreign Exchange expertise to the position of Foreign 
Exchange Adviser. 

Candidates should be numerate and have the ability to interpret and 
evaluate Foreign Exchange markets, to develop hedging strategy and 
present that strategy to senior management 
The position reports to the Manager, Banking and Foreign Exchange. 

P/ease contact ■ MIKE POPE 


PRISES, a subsidiary of EMI. Mr. 
C. Coles, formerly director of 
finance and ad ministration of 
EMI's industrial electronics 
operations, has succeeded Dr. 
Pringle as manning director of 
Nuclear Enterprises. 

-Ar 

Mr. Barry Welch has joined 
PLBSSEY ELECTRONIC SYSTEMS 
as director of personnel. He has 
held personnel positions with the 
Ford Motor Company. 

★ 

Mr. Frank Roberts has been 
appointed sales director of 
CROMPTON BATTERIES. 

* 

Dr. Stanley M. Manton has been - 
appointed sales and marketing 
director of SU-BUTEC, a member 
of BL Components. He joins 4>U- • 
Butec from Girling. 

* 

Lord Luke has been elected 
chairman of the GATEWAY 
BUILDING SOCIETY in succession 
to the late. Mr. Harold A. Bell. 
Mr. Gladstone E. Moore Has be- 


at the UK sales division. Mr. 

r* — « 


Vj 


H+jr ■■•••/ 




Mr. J. K. Byrne 


01 ^ 6 ^ 3 126 ^ 7 ^ 8 /^ v iTOBishopsgate]^ 0l?625 1266/7/8/9 


Accountant 

up to £S.OOO 

This post could appeal equally to a newly-qualified 
accountant seeking exposure to Stock Exchange work as 
pari of career development, or to a fully-cxpcrienced, but 
not necessarily qualified accountant, who seeks an 
interesting and secure position. 

You will work in the small, professional team responsible 
for supervising the accounting and financial requirements 
which The Stock Exchange places on its Member Firms. 
The work /> siimukuingund imohes research, 
consultancy, invest igarions and other ad-hoc assignments, 
day-to-day contact with Member Firms and the 
accountancy profession. 

A w orking know ledge of banking Stock Exchange 
procedures, or partnership law and taxation, or audit 
w ork. is highly desirable. 

We offer iw aumcihe employment package which 
includes a non-contributory pension, five weeks* annual 
holiday, and assistance with relocation expenses where 
appropriate. 

Please write with full details of >our career and experience 
to dale, or telephone for an application form. 10 Phil 
Mount lord. Manager: Personnel Ser\ ices. The Stock 
Exchange. London EC2N 1 HP (01-538 2355 ext. 8036) 


The Stock Exchange 


MERCHANT BANKiNS MARKETING 
EXECUTIVE 

CIRCA £14.000 + 

Our client, a major new force in Overseas 
sanking. seeks two persons to be responsible for the 
group’s planned expansion programme, using your 
proven skills in a similar capacity. You will search 
out. identify and analyse market potentials in 
■Scandinavia, Western Europe and North America. 
Considerable overseas travel involved and the benefit 
package will compensate accordingly. Call Roy 
Jessep on 828 8055. 

CHURCHILL PERSONNEL CONSULTANTS 


II RECTOR/ DEPUTY CHIEF EXECUTIVE - LAGOS, NIGERIA 

4n unrivalled challenge for professionally qualified Finance Executive 
with opportunity to progress to Chief Executive position. Capacity 
:o develop overall group financial planning and individual projects. 
Senerous total remuneration package. Prefer candidate age about 
35. prepared to commence on basis of bachelor status. 

Send brief C.V. to Box A 6425. Financial Times 

10 Connon Street, EC4-P 4BY 


How do you know that your 
sons and daughters have chosen 
the right job ? 

Vocational Guidance can help your family to dmn a lob moat niic«d to 
ijwir abilitiM. Our advice is backed by over 25 yean* experience wd is 
wiable fer all a»w Jran 14 upwdv 
Write or telephone for further Infonnitton. 


HERIOT-WATT UNIVERSITY 
CHAIR OF BUSINESS LAW 

Applications are invited from 
suitably qualified persons for a 
full-time appointment to the 
newly created Professorship in 
Business Law within the 
Department of Business 
Organisation. 

Applicants should have good 
professional as well as 
academic qualifications t pre- 
ferably in Scots Law ) and 
practical experience of com- 
mercial legal matters in 
finance, industry or commerce. 
The recently introduced degree 
in Business Law is in response 
to the needs and demands of 
a terhnoJoifical university and 
concentrates on national and 
international le-;a! and related 
studies in commerce, industry 
and local government. There 
is no intention to. promote a 
degree structure to permit 
direct entry into cither branch 
nf the legal profession. 

Further particulars and form 
of application are obtainable 
frnm the X'aff Officer. He riot- 
Walt Vnh’crslty, Chambers 
Street. Edinburgh, and should 
bn returned by 31st August 
197$. 


ACCOll\TMT 

£6.500 negotiable 
Accountancy with a difference 
experience is really more 
important than qualifications. 
Join this American interna- 
tional movements group and 
take responsibility for entire 
UK West London based opera- 
tion. Phone in first ins’ance- 
Mark Madsen on S2S S055. 

CHURCHILL PERSONNEL 
CONSULTANTS 


STOCKBROKERS 

Well established firm of Stockbrokers have 
vacancies for members of The Stock Exchange 
to join team .with expanding Institutional and 
Private Client business where progressive ideas 
and independent thought are appreciated. Initially, 
please write-in confidence giving some background 
particulars/and, if convenient, a home telephone 
number. /All replies will be treated in strict 
confidence and will be contacted. 

Write Box A.6424, Financial Times, 10, Cannon 
Street, /EC4P 4BY. 


come vice-chairman. 

* R. N. C. Greenwood ba.v moved 

Mr. Peter Symons has been to the ncwly-created position nf 
appointed finance director of the general manager of the l : K sales 
Board of JOHN BAKER (INSU- division and has been replaced 
LATION). as regional sales manager for the 

★ division’s Manchester region by 

n ic--*. Am ■ cm ETC Mr. ha Hall has. been appointed Mr. John W. Barnet L 

AK I uALLtKlCid personnel director and Mr. Iain * 

■ wi n ■— Hall, national training manager, air. Barry McKadzean Is to join 

acmim moeller callery, 6. Grot- of GARDNER MERCHANT FOOD the AUG Group in Sydney in 

SERVICES. October as an executive director 

ffi,raHv ta Sr "ffiaftiN ■ * of AUSTRALIAN united 

masters. ModiBUMi. Mr. Richard G. Fordham has CORPORATION. He has resigned 

SMWTa* joined MASONEILAN LTD. as as an executive director of S. G. 

: _ - -tt. — sales director. He was previously Warburg and Co. of London. 

with GEC-EJ3iort Conirol Valves. . which is a shareholder in AUC 

Mon.-Fri. io.oo-5.oo. sat. 10.00-12.30. * : Holdings. Mr. MiFndzenn will 

n.i.jr', x.« «~w< Mr. Charles Johnston has beeijf also join the Board of S. ti. 

oi-7m * 626. Exhibirlno paintings. »r appointed to the newly-created WARBURG AND CO. INTERNA- 
?o-i. F,N,t Mon -* Frl ,0 '“° position of Scottish manager Cor TIONAL HOLDINGS. 


ACHIM MOELLER GALLERY, 6. GroS- M UAKU^NI 
venor Street, on Bona Street. W.l. Tel. SERVICES. 
493 7611. Selection ol 15 Minung< by 
! KADINSKY ana 20th CENTURY 

MASTERS. Modigliani. Letter. Braque Mr. Rirhl 


Mon.-Fri. IO.OO-S.00. Sa t. 10.00-12.30. 

CHANDE CALLERY. S-6, Cork St.. W.l M p . Chs 
01-734 4626. Exhibiting paintings ay appointed 

F,NK - Mon - Fri 10 ' S - 30 Position o 


C 0*ccH^I^*v!ratefCOlOurs. From and of KOfVEE CONTRACTS 

EgvpC India and^China^ 20. Rusiell St.. 

£2. 5m Unigate order 

LANDSCAPES try ROYAL Aortcmictans O 

MARBLE Carvings YOMA SASBURGH __ ^ 

v ffljsw'jn: for SDenr Univac 

ENCOUNTERS: t«»c Orientalist Painter* * J Y M.V- 


CONTRACTS AND TENDERS 


Sovernmenl ef Yemen Arab 



COMPANY 

NOTICES 


An established Central Purchase and Tendering Committee of the government of Yemen 
Arab Republic needs to recruit a panel of experts' to evaluate the incernational/locai .b-d« 
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 wi/J be on general overseas terms of two years 
initial contract (renewable) The candidates above 40 years of age having relevant qualification 
and experience and already having served in a responsible position should only apply. 

Having sound post-graduate experience of more 
„ than IS years’ in all types of civil engineering 

1 Csvil Engineer airpor “' sM pom - roads ' 


xor ouciTY univac 

ENCOUNTERS: me Orientalist Painters * ,7 Y M.V- 

Closing ZBth July. w -. 

oMEix gall tries. Fine British ami SPERRY UNIVAC has won a con- Impressed current cathodic pro- 

Modcrn B?°i?h CR MAR it 04 ^' pictures 1 tract worth £2}m for the sale of recti on anodes for the Nlnian 

42. Aibamarfe street, nccaditiv. w.i. computer equipment to Unigatc. Northern platform. The order. 

Delivery of a substantia] part of from Chevron Petroleum (UK), ix 

the order will take place this year, fort, an anode array similar to that 

* used for the Southern platform. 

BLACKWOOD HODGE has re- The. system is of tbe multiple 

rre ceived a repeat order, worth £im, remote ground-bed type and is 

froin Miller Mining, part of the designed to operate at a maximum 

James Miller and Partners Group, total current of 7.200 amperes for 

for Tour Terex 33-1 1C rear dump an expected lift of 30 years, 
trucks. * 

m & * WALTER LAWRENCE AND SON 

ABMra ?■ ERBEN, Hadleigh, Ipswich, has been awarded a refurbishment 

■ HaBB raliill has received a contract worth contract. at 1, King William Street. 

gOBH Ml more than £500.000 from Bell's EC4. worth £124.000 by Cater 

■ w “" M Scotch Whisky, Perth. This Is for Ryder and Co. Work has started 

the supply, erection and commis- on site and the contract period is . 

sioning of a whisky attempera- four months. 

tion system, as well as two bon- * 

ling lines for their premises at HERBERT MORRIS has obtained 

Dunfermline, Fife. an £80,000 order to supply a panel 

* _ _ build-up line to the Robb Caledon 

MARSTON EXCELSIOR. Wolver- shipyard in Dundee. This will be 

the government of Yemen hampton. an IMI company, has the third such plant for the pro- 

■ the interna tional /local .b-ds rf V?nn* v . ed 3 eo * , * rac *. worth duction of ship panels, to be com- 

mrnrstries of the eovemment. HoO.OOO to supply Ntobond leted by Morris in two years. 


w<Tb A VOCATIONAL GUIDANCE ASSOCIATION 
V U|M Upper Harkr Stmt, London NW1 4RP. Q1-535 : 


2600/(017 


THE SANKO STEAMSHIP CO^ 
LTD. 

(CDRs) 

_ The underlie nee announces that the 
Sonfco SNumsblo Co. Ltd. did not 
declare HrMie an Interim wwioeno 
ger record am 30.9 77. For this 
iPierlm diviatnd we designated dlv.to. 
no. 9. which dlv^p, will cgnsenvenllv 
&o null end void. 

further the undersigned announces 
that u rrotn jahr zsth. 1978 at Kas- 
Associati* N.V_ SouiSiraat 172. 
Amsterdam, and Krcdictbank . S.A. 
Lutcmbourgeoue. 43. Boulevard Royal. 
Luxcmaoj:u. d.t to.no. 1<l ol Sit CGRs 
The San ho Steamship Co. Ltd., re or. 
SO * ha. will &e ramble With DBS. 1.39 
net. >eso. Lue.FrsJ0.27. i record dare 
3 1 3 7- gro« Yen 3.- ofir share, 
alter deduction ol iS^a Japanese tax 
» Yen 22.S0 ~ DBS 0.24 b Lux. 
Fra. 3.50 o«r CDRt. 

Without an Aidant 20% Japanese 
lax I Yen 3D.- » DBs.D-Sz _ Lux. 
Fra. 4.c7j per COR will or deduct?*. 
After 31.10.78 this d>«’d«nd will only 
be paid under deduction of 20% 
Japanese tax with gih.lJt s Lux. 
fr*. 19.10 net. in accordance with 
the Japanese tax regulations. 

AMSTERDAM DEPOSITARY 
1 . COMPANY N.V. 

Amsterdant. 

! TTUt July. 1978. 


OLD COURT DOLLAR 
COMMODITY TRUST 
(CDRs) 

The undersigned announces that the 
reoop tor the period ended 2oth 
April 1978 or Old Court Dollar Cam- 
modify Trust will be Mailable in 

Amsterdam at 

Pfer-on. He Wring A Pfcrson N.V.. | 

Aloemime Bank Nederland N.V. ! 
Am-LC-dam-Rafe cam Bank N y 
Bank Mees A Hooe N.“ : 

Kas-Anociatic N.V. 

AMSTERDAM DEPOSITARY i 

. . COMPANY N.V. 

Amsterdam 
July 13. 1978. 


! Civil Engineer 

2 Electrical Engineer 

3 Mechanical Engineers 

4 Legal Adviser 


Having more than 15 years’ of adequate post- 
graduate experience and an ability to evaluate ail 
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 
- „ m dealing with economical studies in feasibilities. 

5 tC0iIQmf5t P ro J ect evaluations, and cost benefit 

rnonti. Calib J re ° f the an,Ji i a « within the range of U 5.52.000-2^00 per 

month (free of local taxes), and an amount of U^ljOOO-UOQ maximum will be eranted 

and Mother. ^ ^ furn,shed a “ 0,nmodation - iir transport (once a year) local trlnsport 

^STSSlS^ ^ tr “ ted “ COnfidehli4L The candidates should cpply 

The Ministry of Public Works and Municipalities. 

Sanaa. Y_A.lt 

tor’ guidance:^ '° r ib ° V ' P ons “ ul<l from the following addrou 

Yemen Arab Republic Embassy, 

41 South Street, London, W.l, U-K. 

or: 

A. Al Kurshumi, Chairman. 

Central Purchase and Tendering Committee, 

Sanaa, Yemen Arab Republic. 


9 Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe ? Is gold your particular 
concern ? Maybe you're a 
commodities expert or a forex 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest.. 
Wherever you are... 

Ring London, Birmingham 
Liverpool or Manchester 

fk 246 8026 

11 for the 

f FT INDEX 

^ and 

Business Mews Summary 







4 






-"Financial Times Tuesday July 25 1978 


PARLIAMENT AND POLITICS 


It 



expects 



in 



autumn 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Callaghan 
will lead 
Phase 4 
defence 

By Philip Rawstome 


Left wins assurance Tug of war 

of bid for EEC ,X^° Ck 
action on textiles ‘corridor’ 


-■ MR. JAMES CALLAGHAN Is 

nise thaf there is a cost attached of Labour Government legist* Iead , Je GovernmenCs 
autumn was made mthe'Com- hour that this Government has °Mr'. Hayhoe denied as untrue ment PnSSmAeL^ Ea ^:. ttT Phase Fonr* won ter- 

nniu nio kvaimj w. n. . ■ « * 


BY IVOR OWEN. PARLIAMENTARY STAFF 


A CLAIM that there will be a was 1,585,811. 
drop in unemployment by the “That means that 


for 


every 


raons last night by Mr, Harold been in power, an extra 25 stories 
Walker, Minister of State for people have been added 
Employment averaee to the number 


_ . P“t around by some From 

on Labour MPs and trarin Iinimrieto 


Government front 


inflation policy, which an 
opinion poll suggested yester- 



out of work, the underlying trend over ini. Of these, 330,000 had unemployment as a ‘weaDon^ wi ttJtoe 
between last September and the been without a job for more eronoraliTpS^ * Weap0n Df Sf 

present time was downwards. than a year and about 750,000, Turning to Torv alternatives SmeSbcr flgurBS ■ 

5“.*5t •» S.M enSEufu, S££"S Se & ™ te d to k... Mother 

the Mr. Hayhoe was alleging that the- 
between civil servants- were juggling 

declared tained in October," 1874, liuT un" th U » M, 5 l, * B ' ?£ w as figures at the behest of 

— * 



claimed they were. 

rr — VZ — “■?*• w hich the finvBnment was trv- —«*>;» ““=■ m. wmca suosmisea merely putting forward crude* 

to tt bw;-on the wo??d.fS?iS" e r; a ogwagaag to or 


spokesman cm employment, that fiSH? JL Government which subsidised merely putting forward crude 


cover up its “abysmally bad" - “sta tistics BhcrwetFthat ind “ str y by imposing taxes on which would be" “the fattening 

record on unemployment by con. STKF'andim^ Britain “2 P™?uctive industries. of the bank accounts of the well- 

tnvlDg to make a sharp drop m ^5 th?So3t eountiTSi tE _, He argued that a better tas t(wJo ' Mends of the party 
the figures for this September o©3? for tmempZwmen? !*lmate was neefled to P>w*de opposite.” 

the month before the general jjg ^ not contend that cuts “ lccntIves - More continuity of The Tories seemed to be 
elect ion is widely expected to in p^iic expenditure would not Government policy was needed advocating similar policies to the 
take place. . sometimes cause a loss of jobs. restore business confidence, ones the yhad adopted in 1970 

According to Mr. Hayhoe, it *nij s had in fact, happened as a ^ rising productivity was the and later abandoned. Cuts in 
was all part of a “window- resu j t ^ aef en ce cuts. At prerequisite for more jobs. taxation at that time had ontled- 
dressing operation for the elec- ^ ^ was true to say If we not provide the to the increased investment 

bon that might well follow. - tliat proper control of public necessary wage differentials to which the Tory Government had 

.The exchanges came as the expenditure 'overall need not encou rage skills, there was little expected. 

House began a debate, initiated result in the job losses eagerly hope . for us In competing Currently, total abandonment 
by the Conservatives, on the sub- predicted by Labour. against overseas industries. of pay and prices policy for 

ject of unemployment He was critical of the indis- He thought that small busi- everyone but the public sectpr- 

Mr. Hayhoe . accused the criminate use of' job subsidies, nesses and the service sector plus swingeing cuts in public 
Government or failing to live up but added: “ Scare stories about should be particularly expenditure seemed to be their 

to its 1974 election' slogan: “Back job subsidies being axed by a encouraged, and saw an increas- policy. 

to work with' -Labour." In March, Tory Government', just are not ing role for private welfare He rejected the argument that 
1974, when Labour .came to true. Temporary help may be services in our society. the Employment Protection Act 

power, there was 600.000 un- useful, but it most not drift into A Tory Government would had acted as a deterrent o jobs, 
employed, whDe the latest -figure permanence and one must recog- have to look again at the effects and bought the . Opposition/ „ 

- - oh nil 1 rj maka itlao, Hik n t tka. Hi*.' U1 


wind up the debate, in which 
the Opposition’s attack will be 
headed by Mrs. Margaret 
Thai cher and Sir Geoffrey 
Howe. 

The opinion poll- conducted 
of ITN by Opinion Research 
Centre, showed that the 5 per 
cent pay policy had won less 
popular approval than last 
year's Phase Three guidelines. 

Fifty-one per cent con- 
sidered the limit generally 
about right, bnt 45 per cent 
thought it too low. These 
figures compare with a 54 per 
cent acceptance of (he Phase 
Three policy, which was 
judged too restrictive by only 
29 per cent 

Potential opposition to the 
new pay limit appeared 
greater when those inter- 
viewed were asked to relate It 
to their own circumstances. 
Fifty-four per cent thought it 
too low for themselves aud 
their families, although 34 per 
cent still considered It about 
right. 

...Or the 660 people inter- 
viewed In 22 different parlia- 
mentary constituencies, 70 per 
cent said they would prefer a 
income tax to an 


By Pauline Clark, Labour Staff 

THE Parliamentary debate 1: 
night on the Dock Labo 
WHILE REAFFIRMING the competitive. Scheme, 197S, was the culmir 

Government’s opposition to Mr. Dell also told the House tion of a two-year tug-of-w 

generalised import controls in that he had informed other between not only the t’ 
the Commons yesterday, Mr. Ministers in the OECD that opposing political forces b 
EdmuDd Dell, Trade Secretary “unless we can relaunch world the Transport and Genei 
warned that without the creation trade to a higher rate of expan- Workers Union and a power! 

of more jobs, through an expan- sion. I believe there will be a lobby of cargo handli 

sion of world trade, there was further deterioration in a employers, 
likely to be “ a further deteriora- protectionist direction." h arQSe out 1976 Do» 

tion in a protectionist direction.” Replying to Mr. Roger Sims (C work Regulation Act whi 
He resisted renewed demands Ch islc-hurst). he agreed that con- provided for a draft scheme 
from Left-wing Labour MPs for sumers had a considerable inter- dock labour to be presented I 
Immediate action to restrict est in avoiding import controls. Parliamentary approval, 
imports, particularly from Japan. But iF the present levels of Primarily, the scheme 
But the MPs did secure assur- unemployment in the developed aimed at extending the empli 
antes that the EEC Commission world and elsewhere continued, ment of registered dockers 
will be pressed to take a harder he had no doubt that Govern- export/import companies wit! 
line in limiting Portuguese tex- merits would “increasingly put a certain radius of their lo< 
tile exports to Britain and the interests of their producers ports. 

in stopping the dumping of chip- first and Introduce more import Even at that time, a fo 
board by Belgium. controls.” warning of the difficulties whi 

Mr. Michael Steadier, . Under- Mr. Hal Miller (C. Broms- !ay ahe . ad J? r P? Govcmtiu 
Secretary for Trade, indicated grove and Redditch) urged the come tile defection Of t 

that Britain is likely' to press the Minister to consult with his EEC Lah °“r Y 01 * 18 w £ pn K ® ret f 
EEC Council of Foreign Minis- colleagues about the plans of the posed bringing all cargo handli 
ters in Brussels to-day to prevent Japanese motor car industry to 10 scheme within a £ 
the undermining of agreements increase its nroduction by four J n, , le . . corridor extenai 
linked with the multi-fibre million cars during the next four In '“ nd from |° e P°y*'. 


arrangements through - “ slip- years. 


As a result of this revolt. 


Tory peers renew challenge 
on Wales Bill powers 


. should, make clear what they pro. 
posed to- do about the Act 
The Minister criticised news- 
..paper headlines last week which 
. said the Treasury ' had informed 
the Expenditure Committee that 
the level of unemployment by 
next spring could be as high as 
1.7m. 

This, said Mr. Walker, had only 

» been a working assumption and 

THE GOVERNMENT .was said there was a feeling of (97-84) on a Tory proposal to had. since been revised dawn- 
defeated in the Lords yesterday unease as to whether the system prevent the Welsh Assembly wards to the figure of 1.55m. 
when peers insisted by 32 votes of local government and its controlling the Welsh Develop- One reason for the present 

that the Welsh Assembly could structure were the best ment Agency and the Develop- level of unemployment had been 

not carry out a review of ' local tk» n . w rr»nsw-«irive nrnnr«ni ment Board for Rural Wales. the Increase in the labour force,, 
government except with the npsitivelv debarred the assembly Baroness Elies (C) said it which had gone up by 170,000 a 
approval of Parliament Voting from earrvins oat a review of its woul(i be unrealistic to expect year between June, 1972, and 
was 109 to 77. owiTnSiS 5 Welsh Assembly to take an June, 1977. The Government 

■" Peers were, considering; the Lord Heycock (Lab) said the intereStS of SoifSJi 

changes the Commons had made Welsh: Counties- were opposed to nn » w. ?? , 5i!lS a ltSi 0 ' 0 S £?t S thL^wSS 

to Lords amendments to the a review by the assembly because ^ j lU in 

Wales Bill it was not vet an established C0D SJdered in isolation from the number of people actually In 

U, wJiV «!5i economic development of the work had increased. 

Conseravtive spokesman. Lord JjjF- !i^v, s ..^S er th t ° UK, she said. At the moment, the Govern^ 

Elton. proposed that the “? a me res p eci ot For the Government,. Baroness ment’s- special employment THE GOVERNMENT is eon- 

assembly .should not carry out a p “ p ,. ;r . . . Stedman- said the amendment measures were supporting: sideline the possibility of 

review unless an Order had been Earlier, peers had howed to would deprive the assembly of 300,000 jobs and by 1979. ttua restoring the employers’ 

made by the Secretary of State the will of the Commons by not powers of great importance to would have risen to 400,000. ' rebate from the redundancy 

for Wales and approved by both insisting that the assembly the people of Wales. . fund to 50 per cent, Mr. John 

Houses nf Parliament. should be elected by propor- If would divorce them from an -r _ _ ^i yr , . Golding, Employment Under- 

Lord Elton said the. Conserva- tiona I representation importantaspert-of-tbe regenera- UlteriCK SQjdKS ^ SecSy, told the Commons 

lives wire nr*t insisting op their Lord Elwvn-Jones thanked the tion of life in Wales and create . * ■ j ■ • j ■ ’list night, 

previous amendment— rejected Liberals Tor -their acceptance of administrative complexities. Plllfiaflffi OT1 In a written answer, Mr. 

by MPs by one vole— that the the inevitable,, but Lord tdoyd The Government suffered an- S ulua J* Golding said the rebate was 

assembly should not carry -nut of Kilficrraa (L> claimed that other defeat when peers Insisted Rnval KQlTIlIv reduced from 50 per cent to 

au> review. > the Government and the Labour th3t Parliament should have a J <*’ A 1 cen t in August last year. 

They recognised all was not Party had ^ne a grave di^rvice nj;ht_ 0 f veto over the assembly SPEAKER. Mr. George The previous month, the fund 

rejected the * had a credit balance of £14.2 m. 
publishing a list of “At May 31, this year, the 
Royal Family credit balance was £47 9m. The 
possibility of restoring the 
rebate to 50 per cent is under 
consideration.” 


increase in pay .of the same 
amount 

Some 70 per cent also said 
that they thought • most 
workers would not . settle 
within the new guidelines. 

Although 46 per cent 
believed the policy would 
make no difference to Labouri6 
election chances and 12 per 
cent thought it would improve 
them, 42 per cent believed that 
Labour was less likely to win 
because of the new pay 
restrictions. 


Employers’ 
rebate 
rise studied 


Problems over air 
fares evidence 


BY IVOR OWEN 


well with focal government in to the people of Wales by the*r taking over the functions of de- 
Wales. But they were opposed to attitude td PR. \ volved bodies. Voting was 94-71, Ajjr o ; ^blishini 

u review by ihe assembly because “ The labour Party in Wales is\a majority of 23. membeJs- of Se * am,,, 

they doubled the lime was right more obsessed with power and • Lady EJJes said the Govern- MPs* coul d not criticise 

for a review or a reorganisation, patronage than any question of raents way— which would allow Jail f^ a iist eame from 

Timing could be left to Parlia- social.' economic and electoral the assembly to take over cer- ^ Tom Litteriek (Sff Selly 
ment and the Secretary of State, reloruf." Lord Lloyd declared tain functions with the approval gj: ^ho* iffit «3 l wS 

For the Government Lord Th? Government was Later of only the Secretary of State, th f SD JS a Jter 

Eiwyn-Jones. the Lord Chancellor defeated by a majority of 13 was a recipe for confrontation. Ifr AnSs Ogilvy 


; -jX .A V^v 


N.V. KONIHKLf JKE NESERLAHOSCHE 
PETROLEUM MAATSGHAPPIJ 

Established at The Hague. The Netherlands 

(Royal Dutch) 


"Nedertands Congresgebouw" 


GENERAL MEETING OF SHAREHOLDERS 

» 

to be held on 18th August, 1978. at 11 a.m. In the 
70 Churctitllpletn, The Hague, The Netherlands. 

AGENDA: 

Appointment of a member of the Supervisory Board. - ' - 

The nomination for the appointment will be available for inspection from J®day unt ^ 
after the meeting at the Company's office. 30, Caret van Byianddaan, The Hague. 

A Holders of share certificates to bearer may — either In person or by proxy — 
attend and address the meeting and exercise voting rights if their share certificates, 
or evidence that their certificates are held in open custody by De Nederlandsche 
Bank N.V., are deposited against receipt not later than 14th August, 1978, at one or 
the banks mentioned below, vu.: 

Aigemene^Bank^Nederland N.V.; Amsterdam- Rotterdam Bank N.V.; Bank Mens & 
Hope NV-: Bcnque de Pans et des Pays-Bas N.V.; Kaa-Associatie N.V.; hereon, 
Heldrlng 6 Pierson N.V.; Van der Hoop, Offers & Zoon N.V. 

CredSnstalt-Bankverein. Vienna: Osterreichiscbe Underbank AG. Vienna: Schoeller 
& Co,, Vienna. 

Soci&te U G*nfralB de Banque SA-.-BruMels: CtiSda Lyonnais. BrussBle; Kredletbank 
NV., Brussels. ' ■ - -' v 

*,r . • 

In France 

La:ard Freras & Cie, Paris. 

DwteSe^Bank AG, Frankfurt/Main. DQsseldo.r^ ^ Hamburg or Munich: Berliner 
njTi”r._ Rank Art Berlin- Bank fur Handel ufld hlduetrle AG. Berlin; Dread ner 
Bank AG. B FronktorVMain, busseldorf, Hamburg,. Munich : or Saarbrijcken: Saarlan- 
dische Kredilbank' AG. Saarbrucken. ...;■ . 

In Luxembourg „ , ■ 

Banque Internationale a Luxembourg S A., Luxembourg. 

O KrpHihnnstah Zilrich; SchweizerlBcher Bankvereln. Basle: Schwel- 

- Aa Zfirk:h : Pictet 6 Cie,; Geneva. 

In the United Kingdom ' ‘ 

N.M. Rothschild & Sons Limited. London. 

In the Unted States of America ■ 

-The Chase Manhattan B^ik, NA^NeW York. 

- — t .Unp-o m av — either In person or by proxy — attend the 

as.-sr- ■ 

with respect to shares of The Hague Registry: 
at the Company’s off ^ at The ^9^% : 

JSTffiS o, S Nedertand N.V., C.K.E. P.O. Box 2230. Bred ai 


The Hague, 25th July. 1978 


The Supervisory Board 


i 

J 


Soviet credit 
attacked 


husband of Princess Alexandra, 
had been obliged to give up 26 
directorships U iu something of 
a hurry.’* 

Yesterday, in the Commons, THE GOVERNMENTS exfen- 
Mr. Litterick pleaded for sion of credit arrangements to 
guidance and asked what atti- the Russians had enabled the 
rude MPs should take on Lord Soviet Uni off to build more 
Snowdon, “who had been prisons and import implements 
attached to the Royal Family, of torture, Mr. Nicholas Ridley 
but was not now." fC Cirencester and Tewkesbury) 

The Speaker told him that claimed in the Commons 
Mr. Ogilvy was a member of the yesterday. 

Royal Family who had not taken He told Mr. Edmund Dell, 
a title. Trade Secretary; that British 

He added that if courteous credit had allowed the Soviet 
references were made by MPs Union to use its own resources to 
there was no need to publish import; prison equipment — racks, 
a list. Normal courtesies were bars -and torture chambers — to 
what ‘ was expected in the deal with dissidents. 

Commons. “The interests of heroes like 

Shcharansky and Ginzburg 
would be better served if we 
were to discontinue this credit," 
he added. 

Mr. Dell replied that if 
Britain did not provide the 
THE FINANCE BILL, which Soviet Union with credit on com- 
lmplements the Budget pro- parable terms to that offered by 
posals. was given a third read- our : major industrialised com- 
ing and passed in the Lords yes- petitors, this country would get 
terday. even less business from the- 

Peers also passed the Employ- Russians, 
ment (Continental Shelf) Bill He could not forecast when 
which extends UK safety laws to the balance of £950m credit 
employees working on North Sea made available to the Soviet 
oil rigs outside British waters. Union would be taken up. 


Peers approve 
Finance Bill 


page" by Mediterranean- sup- After recalling that arrange- To reed to settle Tor an b 
pliers, particularly Portugal. ments had been made with the corridor instead. 

Leading the calls for more Japanese authorities to limit J l,e , ) ;°'I lf !! llT,en fc 5 power 
import controls. Mr. Max Madden vehicle exports to Britain this f£! e ™L\ he J; l ^ our , 1 s 5!'; , e J&? 
(Lab. Sowerby) said that Britain year, Mr. Dell assured the porl . p aired 

wa s seen as an easy and attract House that there would be Ju tthilS * p-h 

tive market by many manufac- further discussions later this 11 arhieie Pari 

turing nations around the world, year in respect of 1979. Elffi 

He contended that countries Dealing with protests from aJ-t 

like Japan, which had the most both sides of tbe House about S CuDnorters of ^te^Jvtensi 
favourable balance of trade with the high level of textile imports bp u^vethar in nrimarvimt! 
Britain, were hardly likely to cut from Mediterranean countries, fanrp is* t? imnose si3>itit!T 
their own throats by taking Mr. Meacher confirmed that the }£?“ worici 

retaliatory action. Government had reserved l illl as a recu 

. Mr. Dell pointed out that it Britain's position in respect of workforce' on emnlovers who 
had been possible to negotiate the proposal made by the EEC nre c cnt r =i v D n casual labour 
voluntary restraint arrange- Commission in May which was P But anv’ such imposition 1 
ments with Japan, but he feared designed to grant significant v-2“ l S P “ r X- 

that more generalised restraint concessions to the Portuguese. emnlovers notahlv the C- 
would provoke retaliation. He Britain, he insisted, would IS™ FaderaSad who h; 
underlined the need for British only accept arrangements which c v, a l]ended union ’ accusatii 
industry to make itself more were based on firm undertakings. that tb | y make pro fi ts QUt 0 £ t 

employment of cheap labour a 
• fear the strong arm of i 
Transport and General Work- 
' Union. 

Meanwhile, the TGWU. • 
dockers union, has pressed 
the scheme to be introdut 
partly because it believes it v 
alleviate the problems created 
redundancies in the do* 
Caused by containerisation. 
Such schemes already exist 
DIFFICULTIES IN securing evi- mitted to' the working party, s ome of Britain's major po 
dence to substantiate charges of whose report was expected to be including London. 
illegal discounting of air tares submitted to Ministers before the Grimsby. Ipswich, the Medv 

were admitted by Mr. Stanley end of October. ports, Bristol. Southampt 

Clinton Davis, Under-Secretary Mr. Richard Wainwright (L Liverpool and Manchester. T1 
for Trade, in the Commons Colne Valley) asked: "Do you were introduced in 1967 wh 

yesterday. anticipate that this report will they arose out of recommen 

„ include a fair definition of what tions by the National D« 

is and what 3s not fllesa* dis- Labour Board. 

report that the outcome of an counijog?" In the case of these areas. ■ 

investigation being made by a ^ Davis answered: “That effect of the scheme would 

i d -t p ?5 t ^ e h ta \s»Ii 0r ™«L remains to be seen." merely to extend the area 

likely to be little more than a The working party, he added, employers affected by half 
wtumper. had been given a wide remit and mile. 

Mr. Davis said there was still he hoped that they would tackle .Elsewhere, in ports such 

time for evidence to be sub- the problem. Harwich. Dover. Folkstone s 

Portsmouth, where no si 
schemas exist at present, 
half mile "corridor” woi 
apply from the coastal bounds 
In every case however. 1 
scheme never sought to imp 
the “ corridor " automation 
The schemes still have to 
CONTINUED action to improve will he implemented by January recommended by the Natio' 

tanker safety and reduce oil 1, 1979." Hock Labour Board which I 

pollution was promised by Mr. Aftpr thp Minister said a t0 invite objections hef- 
Stanley Clinton Davis, Trade Merchant Shinnim: BiU would imolementlng the rules. 

^ r on S ». in fc SHsSM- A,B?s,s j 

Government would go on trying tfmp only or 50 ' S0 omployerovn 

to implement practical, inter- “which * dralt re P resentatinn atld the Gove 

nationally agreed measures. for the measure, which dealt meil | ^ as reiected pressure 

In the next Parliamentary wth many other safety matters introduce consumer interests 

session, it would bring in its besides 0l1 P° lltttlon - 
Merchant Shipping Bill, which For example, there had been 
would include measures to tackle long-standing abuse of the tab- 

oil pollution. ing of liquor on board ship, he 

MPs would also be told of the claimed, 
results of the Government's Mr _ A^hoi- Blenkinsop (Lab., 
stock-taking of contingency South Shields) urge d the govern- THE PRICE of a gallon of pet 
arrangements for dealing with JJ. ent Dress forward with w ® uld have t0 be increased 
spins. Kern en tiff Jaf etv^Kutations 2 °P to nffset the romnrn loss 

Mr. Ian Gow (C. Eastbourne) in h . dJSridhJ ^the abolishing vehicle excise du 

called for special training K „? Sp Mr - Robert Sheldon. Finant 

requirements for ■ the masters. d att *tude of the t0 the Treasuryi t , 

officers and crews of oil tankers. ^ n _„. Ihe Commons in a written ansv 

and suggested re-routing tankers last ni * ht ' 

further away from the coastline. ' JJJJj-n hit ?as5°5^s He sairt il was estimated t’ 

Mr. Davis said agreement had tra^ ^okesman. had said it was jo 1375.79 the revenue fr 
been reached about training at necessary to “ 3V ® a ®" d . at vehicle excise duty would 
a recent conference. He hoped the Mjne time that the Tones £1,075x0 of which £S40m woi 
this would be ratified by a would not have time to introduce CO me from petrol dri\ 

sufficient number of countries in on ®- VT , . nT , vehicles. 

tbe not too distant future. . Mr Nott commented to Labour if vehicle excise duty v 
Close investigation had been jeers: “ We recognise on this side abolished and the rever 
given to the problem of the very great matters in this recouped by an increase in 
re-routing. "We have reached Bill and we will bring it in as on road fuel, the price of 
agreement with the French soon as possible, subject to gallon of petrol would rise 
Government on the Ushant and major economic and other 20 pence. If vehicle excise di 
Casqnettes position. matters wbirh are bound to take were abolished for petrol drl\ 

“We hope the re-routing and priority for- the in-coming vehicles alone, the incre: 
the reporting-in arrangements Government.” would be 19 pence per gallon 


Minister pledges action 
on oil tanker safety 


Cost of excise 
dutv abolition 


Every decision maker 
should have a copy 
of the Tilcon Group 
Brochure 


mmm 


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with daily involvement in many of the most Important building 
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GROUP ADVERTISING DEPARTMENT 

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Tel : Harrogate (0423) 862841 Telex : S7997 




12 




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EDITED BY ARTHUR BBiWETTAHOTED SCHOETBg 

& INSTRUMENTS 

finding the best 
colour match 

: COMBINATION of precision Selected measurements can be 
jectraphotometry and digital shown Immediately o® "the panel 
imputing tecliniques has been as well as being printed and 
•jplied by IBM's instrument stored for future use. Specific 
.-stems group in the design of data may be transferred via a 
Vo new instruments, the 7841 diskette to a computer for 
■xlile colour analyser and the further analysis. 

>42 coating colour analyser. claims that, these 

The user is faced only with a jnachines can give better control 
unpling head. Keyboard, gas „f. colour quality, speed up colour 
me! display and a printer. After an aiy'sjs and improve produc- 
iacing the sample in the holder t j V ity. Manual techniques in 
ie operator presses the run formulating a colour may not 
iittoo and fibre optic cables ^wayg result in the combination 
trry the colour data to a scan- of dyes which yield the best 
ing spectrophotometer which match at ^ lowest cost 

as only one moving part. Each _ _ . - _ , 

imple is read at 150 reileetaoce TJ 050 J? a £l!2wiS«! ,C 
aims eight times per second. used to match 
Through a scries of questions prober of imsible 1 
id answers the operator can use of. dye® or ., p . lgI °? Bt ? h p 
ie analysers in many' applica- printed list of the resulting 

ons including colour matching, formulae « r 

irtnula correction, dye and pig- result the stock of seldom^ised 
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uction sorting and dye/pigment More from 101 WigmoreStreet, 
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Gauges and calibrates 

HAND-HELD instrument Ing plus or minus 1 degree C. 

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icrmocouple-based measure- calibrating thermocouple-based 
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The unit is available in four under test is coupled to the S555 
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TRANSPORT 

Easier to 
change the 
bodies 




tonne* gvw catcgory.Ths would 
mean that they could cut 
on the number of special 
units many of winch are on stand- 
by to cover vehicle breakdown 
and/or servicing. , . 

A production line hasslwady 
been installed at the Chesterteld 
factory of Abel Systems speciftc- 
ally for the Airlite demountable 
equipment, and more information 


O 4.0 40 


FROM SPECIALIST wsmouni- is a«ilablefrom *g j|f ad 
ihle eauipment manufacturer, at The Priory. High Street 
Abel Systems, comes a new swop Redbourn, Herts AL3 7LZ (058, 
bo|y syrtem specifically 285 2685). ■ 
designed for small vehicles 
including Transits, Sherpa, 

Bedford CF and similar vehicles 
up to 7.5 tonnes gvw. Known as 
Abel Airlite, the system caters 
for payloads of between one and 
four tonnes. 

Low tare weight and low cost 
are said to be prime features of 
the equipment For example, on 
a Ford Transit 190, the net 
additional tare weight of the 
vehicle is increased by only M 


for tomorrow's 
BUILDING, CIVIL 
& INDUSTRIAL 
ENGINEERING 


• ELECTRONICS 

Sharp photo 
from the 
screen 


• MATERIALS 

Study of 

adhesives 

market 


A SEVEN inch precision 


THE ADHESIVES industry to 
CRT the UK has now lopped the 


These operators at GEC Power Engineering, 
Stafford, are lifting one. of the crucibles in a twin, 
hydraulically operated u push-out w furnace made 
by Birlec. Aimed at the jobbing non-ferrous 
foundry, the furnace can melt 90 kg in about 12 
minutes, a vast improvement on the previous 


HANDLING 


oil-fired Installation which took 21 hours to melt 
275 kg. Each crucible is supported on a 
Hydraulically - operated platform to lift it dear of 
the induction coil so that it can be removed fin- 
pouring. The two stations work alternately and 
each is able to induce up to 600 kW into the metal. 


cwt: conversely, uur cow, us u*« monitor, PDM 17BE can now be ^ JAP? Jt? a JlIiLni esftmami 
system is less than half of a con- 3UppUed b y Comm Electronics jjggj* 1 * not^Sateh 

ventional swop body vehicle. Md fe intended for incorporation »««« hS to re St e wee* 

The weight savings are said to j ma medical or scientific equip- that of the cays before tnexwo^ 
come from making removable. a display suitable »M ml be cm 

wherever possible, items that in for high quality photographic “““J^ttrins 
a conventional swop body system recording. ipdustms. there jrc srui 

■ - ’ «.pl«y* ii.rttew non, ami *+ 


i operational Temperature range 
■ —100 degress C to +1750 


high resolution potentiometer. 


Keeps the shirts moving 

A MECHANISED handling than 20 per cent are exported. Econ Super S range, 
system for the continuous move- and in addition to Its own output a highly adaptable 


This control provides a swing ^~ nt O ' f ” pro ducts through "the the distribution centre also pro- dual direction system which can demountaWes.’ 


are fixed to the chassis or body, 

& placed betweec — 0 f h r unTI' "»5 

• As with all the company s normally supplied complete with now at the 6 to 6 jprxmUwtS; 
swop body equipment, the Uft a fitting for the Shackmau overall compared with jppnuri- 
operatespneumatically, but JsemSwpo wmcra. 

with the Airlite system, it as A standard 625 line Interlaced bat exjwetations are considerably 
powered from a garage airline raster ^produced and the higher than this for the const ruo 
or air bottle. For chassis which monitor accepts signals in the turn, bookbinding. pressure* 
have air brakes, the existing form of composite video conform- sensitives and. particularly, the 
reservoir is tapped and used as ing to COR recommendations, t-r do-it-yourself market sectors, 
the power source. The support non-composite video with mixed These are some of the major 
less are also removable and, synchronising pulses on separate conclusions In a comprehensive 

therefore, can be retained at the inputs. report on the UK adhesives 

operating base of the vehicle. Special attention has been paid industry, priced at i?aO, and 
The components of the Abel to picture stability to give con- published by industrial Aide, 

. Airlite swop body system are sistent results when photographs Terminal House, “...ti™ 5 ™™** 
is said to pe yjptuaiiy identical to those used are taken at intervals. Over a 24 Gardens. London SWlw QAU 

’ multi-unu in the ont j re range of Abel hour period the company claims (01-730 5288). 


igrecs C. Thus they may be of 60 degrees jC = w enable the cesses shirts from its outlying be used for overhead suspension. 


wd with nickel 
lckle aluminium 


chromium/ suppression of 
and iron/ elevated cold 


but are scaled that variations in brilliance are The report 
for the reduced payload less than 0.25 per cent, similar market from 


analyses the UK 
three viewpoints. 


, — y-.o — . , . pruuuiuuu uiu ua. luot: lu uuui ^ 

juncuons. The up to the higher level despatch sinoio hoses for holdina in the lations. 




Ic 

H 

p< 

a- 

n 

c> 

o 

ai 

d 

ii 

*0 

h 

at 

u. 

ir 

r 

i« 

h 

n 

•ti 

a 

hi 

Ic 

I! 

lu 

ir 

.TI 


X wni*ahniita on +r\ noMrooino nnrf blULlA 11UU1 *15 UlUlylllU utr ubcu iUi uyciucoq sua^vuaiuui Hniwn 

50 deffees^G _ ^ V.-i ? production units. These arrive in floor mounting or in-floor and t o“‘ m in‘£n i^TThc unladen figures applying to both picture bv adhesive product type (15 

Suitable tor uenr 0 f t h e vehicle. Because oE geometry and position. major classes are identified), by 

More from Eagle Street, end-ose application (14 are 

separately discussed, inducting 
the retail and DIY sector), and 
by industrial company perform- 
ance. 

Also included. are financial and 
product profiles of over 30 com- 
panies operating in the market, 
with turnover and profitability 



,, 11W „ 1S U1 , UUiClh die UlKlUCT U.U dliu SDIilP hldLCUU^ IbUflUi S IvLA iaLWii 0 M ' » 

iliurated to the relevant British P^y of the Instrument under test installation has been sup- i oa ded on to wheeled trellevs the adoption of mechanised tech- warrant/ seneme. 

andards. bat cad he supplied with that of the S555. Pl-ed to the Mpnl rnit. each of which can hold 120 bos«. niques. the system reduces the s ^ttm was deveiopmi m 

- meet DIN ant! other calibra- Fitted with HP7 batteries as The trolle >' s ar ® then engaged element of man handling for- SS3 

on requirements. Standard standard, the Model 8555 pro- division, by ^Gough and Co. with tbe carriers of the overhead merly required, so releasing Gas. Midlands Elec trici^ Board 

;atures include automatic cold vides up to 12 hours continuous conveyor which follows a circuit labour, says the company for wad ■ the London Electiacity - - summaries from the latest nub- 

i notion compensation, resolu- use. More from the company at stoke on Trent. Staffs^ ST1 4AP. of some ^ yards around the more productive activities w&icn B° ar ^- tl J ree , organisation AVAILABLE FROM J. Williains tne * tesl pu 

rS l™ S. C. and an Rayuc Buud. Bruiulrec. eS«. Some 1SO.OOO dozen shirts are warehouse areL is of especial value during have i™ fleets vehicle, with (Energy Services) of Droitvrich reM „ 5 on llle 

'curacy of 0.1 per cent of read- (0376 26266.) handled each year, of which more The conveyor, from the Gough seasonal pressures. specialised bodies under the <5 1S ^ easily read- temperature ; n dustrievin ?5aM?^Wcrt Uer 

and Benclui will be 


Coventry CV1 4GJ (0203 21247), 

Checks on 
solar gain 


THE TENNECO RECORD: 



Return on net assets employed 
rose to1&3% in 1977 


In 1977 Tenneco’s return on net 
assets employed rose to a new high of 
16.3%. This compares with 15.1% in 
1976. Despite an increase in the average 
number of common shares outstanding 
from some 88 million to 93 million during 
the year, the return on average 
shareholders’ equity declined only 
slightly from 15.4% in 1976 to 15.2% 
in 1977. 

Our five-year chart indicates 
increasingly efficient use of resources. 
And again in 1977 we expanded our 
capital expenditures, allocating $714 
million forfaciiities-and improvements. 
About half of this investment was spent 
on the exploration for and development 
of natural gas and oil reserves. 

The Company continued its policy of 
prudent diversification, acquiring Monroe 
Auto Equipment Company and 40% of 
Poclainof France. Our record results, in 
revenues and earnings are attributable in 
large part, we believe, to our continued 
concentration on companies that serve 
people’s basic needs, with special 
emphasis on critical priorities such as 
energy. 

Professionals are referred to 
Tenneco’s award-winning financial 
analysts’ yearbook for further 
information. Tenneco Inc., Dept.X-4, 
Houston, TX 77001. 



TENNECOOIL O TENNESSEE GAS TRANSMISSION O J I CASE O TENNECO AUTOMOTIVE O 
TENNECO CHEMICALS O NEWPORT NEWS SHIPBUILDING O HACKAGING CORE? OF AMERICA D TENNECO WEST O 



rf many and i«?nciiix will ire 

°L published in November.. ladivi- 

s to see the differences in diul pountfy volumes will cost 

£750 and the complete, report, 
including a summary volume, 
will cost £2,500. There is a reduc- 
tion for clients subscribing prior 
to publication, and the opyor- 


systems 

temperature between the 
incoming cold feed water and 
that of the warm: water leaving 
the panel. 

The display consists of a 


simple vertical column of lb tun i tv- to insert special topics 
light emitting diodes; the; bottom lnt the gu^.™ WO rlc. 
lamp indicates zero temperature 
difference and subsequent lamps 
represent five degree intervals, 
to a maximum of 75 deg. C. 

Solid state electronics and the 
display are housed in a neutral 
coloured case measuring 150 x 
80 x 50 mm and the unit operates 
from the mains. 

More from the company at The 
Furlong. Berry Hill Industrial 
Estate. Droitwich. Worcs. WR9 
9AJ (09057 3701). 


TEXTILES 

Improves 
appearance 
of carpets 


Cold store 
in France 

CLOSE BY the site of a castle, 
Chatcauneuf-sur-Loire. one of the 
homes of Louis the Fat (Louis 
VI) and other French, monarch*, 
a 750.000 cu ft cold store is in 
be built with British insulation. 

The contract, worth around 
£#nt, has been awarded by 
cold-store operator, Christian 
Salvesen to W. H. O'Garman 
Manufacturing, Riordan House, 
639 Harrow Road. London 
NW10 5PH (01-969 2455). This 
will be the company's second 
cold store in France. 

The insulation system is based 
on the company's Iso wall insuta- 

„„ . . lion panel, produced at its 

trade has grown f actor y a£ Chandlers Ford, 

considerably over recent .tears, Hampshire. -The panel consists 

but most of tiie ^wcajwcity, of ),jgh density polystyrene bead 
both m Britain and elsewhere. b0ard or gp grade styrofoam 
has been tufting, which is a much extruded polystyrene board sand- 
simp ler process than weaving. It. wicpecl between tough, pre- 
is a system that favours the pro- ^tressed steel skins, 
duction of long runs of plain * Th e panels are n, adc to a 
carpet although various pat- j£20 nun wide module and can 
terned effects can he produced produced to apy length. Light 
either mechanically or by jfS weight and structurally 
printing. . . . sttpng, they are' said to greatly 

One way of introducing a reduce tj^ e amount of steel 
change in the character of the fraihework needed; even panels 
carpet Is to modify the yarns 0 f fcp to 12 metres long need 
used to make the pile and now no \ support, vertically or 
there is a tendency towards using horizon tally, except at each end 
100 per cent wool pile yarns that when used In celling construc- 

r a iTL a* Iff 0 f tlon< Cor ® thicknesses axe from 

fefted treatment A number of 50 mm to 250 mm according to 
different ways of producing this inimiatibn requirements, 
felting can be used. Thev are 
either aqueous or solvent-based. 

A process has been developed 
in Germany by BSwe which is 
solvent-based and which elimi- 
nates almost all the pollution 
problems that a water-based 
treatment can cause. 

The Fermac machine resembles 
a conventional solvent dry clean- 
ing unit and it uses a perchlor- -A TWO-DAY course with lectures 
ethylene solvent as the medium and demonstrations,- organised 
For milling the wool and wool by GP-Eltiott Electronic 
blend yarns which have to be in Systems and aimed at those cow 
hank or skein form. The solvent eemed with the design, perform- 
is recycled within the machine ance and installation of fire and 
and so losses are -minimised and gas detection systems in the 
the problems oT effluent and offshore and refinery industry 
effluent treatment are minimal, will take place at Merton Tech- 
Once a cycle of treatment has area! College, ; Wimbledon on 
been decided upon, the machine November 15 and 16. 

Is programmed to reproduce the Intended- for designers, 
sequence via a 32-track program engineers and managers, the 
card control. and in this way each lectures will be given by 
batch treated is given precisely specialists from' several com- 
the.same treatment - panies apart from GP-Elliott 

This reproducibility Is eon- and also by speakers from 
sidered vital in the carpet trade BASEEFA. 
where even the slightest varia- Fee for the course is £9Q per 
tio n in a plain carpet will be person (Inc VAT> and this 
revealed at a glance. The batches includes course holes, lunches 
that can he processed in the new and light refreshments but 
system range from.' as little as excludes -overnight aeeommoda^ 
60kg up to some 150kg per tion. • > 

loading. More from the company at 61 

An advantage of the process in High Path. Merton, London* 
terms of. carpet pile yarn is that SW19 (61-543 1241). 
it -can be applied before sub- ¥ 
sequent dyeing of the yarns and LeSS nsk setting 
this will pre-treat them in such , b & 

way that improved dyeing tO tne top 
perfornmuce will be assured. The manufacturer of the glass 
i B £ ltlsb Agent for B3we fibre ladders, featured on this 
is Muschamp Knitting Machi- page yesterday, is Stephens and 
nery, Bank House, Valley Road, Carter, which company we 
7 ^i> r 2 ;«^ ottlllE:harn NGS UJ inadvertently referred to as 
COM2 71064). UK agent 


CONFERENCES 

Detection 
of fire 


electrical wire &cable? 


•MO MINIMUM 
ODDER 



• NO MINIMUM 
LENGTH 


Thousands types arid sizes in sto^ 

LONDON 01-561 SUS ABERDEEN(022A)32355fc 
MANCHESTER 06* -672-491 5 

TRANSFER CALLCHABGES GLADIYACCEPTED 
34Ht- EMffCENCY NUMBER 01 637 3567 ExU 09 






_.r- 


"S ; 

V" r 




"Financial' Times“Tuesday July 25 1978 


13 


The Management Page 


The U.S. oil giant bidding to 
swallow Albright and Wilson 


EDITED BY-CHRISTOPHER LORENZ 


IF AND when Albright and. 
Wilson shareholders approve 
the acquisition of their com- 
pany by Tenneco at their meet- 
ing on August 7. Britain's 
second largest chemicals com- 
pany will pass Into the hands 
of one of the most profit- 
conscious conglomerates in the 
ITS., best known in Britain lor 
its participation in North Sea 
oil, and in the U.S. for its skill 
in spotting sick companies, 
buying them up and turning 
them round. 

Not that A and W share- 
holders need to be told this. 
Tcnnecu already has effective 
control of their company 
through a 49.8 per cent holding 
acquired in 1974. 

Based in a cool smoked glass 
skyscraper in Houston, Texas, 
Tenneco has come a long way 
since it started out as the 
Tennessee Gas and Transmis- 
sion Company 34 years ago with 
a Government certificate to 
buiid the first natural gas pipe- 
line linking the gas-rich Texas 
gulf coast with the heavily 
populated areas of the north 
east. Pipelines are still the 
largest single source of revenue 
—just. But they will yield first 
place to the company's 
integrated oil operations in the 
next year or two, and even pos- 
sibly its fast-growing construc- 
tion and farm equipment 
division. 


BY DAVID LASCELLES IN NEW YORK 



One of Tenneco Chemicals' 3] plants. The company is best known in the Uj, for its skill in spotting 

troubled companies and turning them round. 


TENNECO AT A GLANCE— 1977 


Diversified 


For Tenneco has become 
highly diversified with interests 
that stretch well beyond energy 
to the car industry, chemicals, 
shipbuilding, packaging, farm- 
ing and insurance. At the 
la (ext count, its products ranged 
from nuclear warships to 
shower curtains. 

It is a familiar pattern for a 
company that started out with a 
wasting asset — in this case oil 
and gas. But according to Jim 
Ketclsen. the 47-year old Iowan 
who recently added the title of 





<Jm) 

Capita] 


% return 


Revenue 

Income 

outlays 

Assets 

on assets 

Integrated Oil 
Natural Gas 

1,704 

398.5 

3863 

2,115.7 

18.8 

Pipelines 

Construction 

1,835.9 

289.2 

923 

73U.9 

19.1 

Farm Equipment 

1,505-6 

110.9 

78.6 

9783 

113 

Automotive 

6573 

7T.9 

22 7 

414.4 

T7.4 

Chemicals 

479.6 

52 

323 

4343 

12U 

Shipbuilding 

784.9 

50 

33.7 

450.6 

11.1 

TOTAL 

7,440.3 

1.Q46.1 

7 14.4 

6.428-6 

163 


jim Ketelsen — ‘ l think Albright 
witflike Tenneco. It won't be the 
case of the ugly American.’ 


has a share in the Baltimore got into the business of reviving 
Canyon leases now being ex- sickly industrial concerns. Not 
plored. long afterwards, it came across 

“ It's a matter of relative David Brown Tractors, the 
profitability." explained Mr. ailing British farm machinery 
iv.iv I event,* auueu we two- «« lityrailv has fioures at Ketelsen. company, and bought it up in 

Officer 13 to ^hat^of president* 5? fingertips in the shape of a Despite the profits, though. 1972. since when. Tenneco 

officer in that of presuient, * y wrirtwat ch-eum-cal- it is not easy being in the U.S. claims, it has become profitable 

energy-related business will be ««W W ™ energy Mr Ketelsen and expanding. .. 

the core of the company for emu r. complains of growing Govern- The company then sprang a 

W me time yet. Production from VtoMnHW* aoom me an * says the surprise last year by offering 

Tenneco s ml and gasfields will JJJJhim tem" he said " This lack of a U.S. energy policy has to buy a 40 per cent stake in 
go up "about 25 per cent over medium tenn, - jj eld up severa j 0 { the com . Poelain, the giant French 

the next few years." and the *ear we expect to spi “ pany - big programmes. This excavator manufacturer which 

company is confident that oil -^hout half J«r Total ihvest p {m ma £ s * t hard t0 pJan was ^ in deep trouble. 

and gas earnings wall go on nie 'J* .fudget n pipeline use in the long term. Afthough the French Govern- 

rising mo. ?‘E al 1, L to rite Although Tenneco began to ment wanted a "French" solu- 

Mr. Ketelsen is a tall, lean income shouW * . JJK diversify its energy interests tion to the Poelain problem, 

figure with finely chiselled looks for the next hwe years • . back in the 1950s, its first big only Tenneco seemed prepared 

and pale blue eyes, with shirt But thpqgh lenneco , t ®\step into, new pastures came in to take it on, since it believed 

lo match. An accountant by in oil and gas aDroaa it ooas when it bought Kern that by meshing its production 

training. he is generally a third share ot tne JNonn seas County land Company, a and distribution facilities with 
credited with the tishl financial Heathei? nela, ana a 0 as p sprawling concern which in- those of J. I. Case it would 
management that has been one jeet in Trinidad— the company farming and revitalise Poclain's sagging pros- 

of Tuiineeo's -hallmarks of the is focusing its efforts on domes- ve biei e s, its largest asset, pects. A year later Mr. Ketel- 
1970s. His tone is soft and well- tic projects including new areas though, was J.T. Case, a maker sen now claims •‘Poelain 
reasoned, but blunt when neces- like t he Atlantic Coast where ir of farm and construction -already has a big back-up of 

“ machinery 


exhaust pipes bought in 2967 as 
part of the Kern County 
package. ' Again, this was 
followed up with takeovers in 
Europe, including in 1977, 
Harmo Industries of Birming- 
ham, all of which are now being 
organised into a single network 
capable of servicing almost all 
makes of cars, mainly in the 
repairs rather than original 
equipment market. 

Last year also saw the acquisi- 
tion of Monroe, the largest U.S. 
manufacturer of shock absorbers 
based in Michigan and employ- 
ing over 6,000 people. 

: Less successful, Mr. Ketelsen 
admits, was Tenneco's decision 
back in 1968 to buy up Newport 
News Shipyard near Richmond, 
Virginia. At the time it seemed 
a good idea. Tenneco accurately 
foresaw that the government 
would play a growing role as 
purchaser on the U.S. market, 
and Newport built ships for the 
navy. The yard also made 
nuclear powered vessels, which 
Tenneco saw as a useful point 
of entry into a high technology 
field. 

Newport News still makes a 
profit, turning out warships, 
liquid natural gas carriers and 
other vessels. But shipbuilding 
is not exactly a bright spot at 
the moment, and the U.S. govern- 
ment is a tricky customer: tike 
.-other major defence contractors, 
Tenneco has claims for payment 
of millions of dollars lodged 
with the Government. 

"We would probably divest 
ourselves of it if we found a 
customer" said Mr. Ketelsen. 
“ But there aren’t any buyers. 
Even the Government isn't 
interested in buying it.” 

The chemicals division with 
which Albright and Wilson is 
to be grouped is based on petro- 
chemicals. The main products 
are PVC and organic chemicals, 
with smaller interests in foam 
products, paper, chemicals 
and other specialities. How- 
ever. Albright is somewhat 
bigger than Tenneco Chemicals 
(annual sales of $590m against 
8499m). For this and other 
reasons to do with geography 
and product, the British com- 
pany wuU be in a division of its 
own. 


U.S. drive 


dnsufone 

I From only £150 per week 


LETANSAFONE 
ANSWER YOUR PHONE 


19 Upper Brook Street, London, WI'.Y 2HS 

sL 01-629 9232 


which was going orders." As with Albright and 
through a difficult period at the Wilson, Tenneco has an option 
time. to take a majority slake in 

Through a long-term pro- PoeUdn, which it will probably 
gramme of reorganisation and exercise later on. 
capital infusion. Case has now Another successful sally into 
been turned into a profitable the engineering field is auto- 
concern whose revenues are mobile parts, which began with 
expected to reach $2bn this Walker Manufacturing, a lead- 
year. Thus it was that Tenneco mg maker of silencers and 


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Apart from its financial plight 
—which Tenneco thought it 
could cure the company's chief 
interest in Albright and Wilson 
is its strength in inorganic 
chemicals, mainly phosphorus, 
which will greatly broaden 
Tenneco’s chemical base. 
According to George Meason. 
executive vice-president with 
responsibility for chemicals, 
“It’s an important diversifica- 
tion for us. We shall be trying 
to expand Albright and Wilson's 
sales in the U.S. They’ve been 
too timid here up lo now. True, 
it’s a tough market, but it’s too 
big to ignore.” 

What is Tenneco’s formula 
for -putting companies back on 
their feet ? 

According to Mr. Ketelsen, 
.it's a question of choosing the 
right company in the first place. 
“ We have been careful to move 
into areas that we know some- 
thing about, and where we can 
help. For instance, we were 
able to revive David Brown 
Tractors by giving the company 
access to the U.S. tractor 
market through oiir J. L Case 
.distribution network. Harmo is 
also getting through to foreign 
markets through us.” 

But what about management? 

"We are a large company, 
but we try to operate on a 
decentralised basis. We give 
people the freedom to react on 
the spot as they see fit, and we 
don’t put in a lot of Americans. 
Look at David Brown. They 
were losing money: now they’re 
making it, and it's basically the 
same management" 


Aggressive 


Mr. Ketelsen's claim Is borne 
out by Mr. Gamble Baldwin, an 
industry analyst at First Boston, 
the New York investment bank. 
“I think Albright will like 
Tenneco. It won’t tie a case of 
the ugly American. But I also 
think you’ll find Albright 
becoming more aggressive. Ten- 
neco is a highly profit-minded 
company and the management 
is strong." 

Albright joins Tenneco at a 
time when it is predicting an 
annual rise in earnings of over 
10 per cent, on a compounded 
bads, over the next few years, 
largely due to the strength of 
the energy-related business. 

The coming period will also 
see what the company des- 
cribes as a "rounding out” of 
its diversification: filling in the 
gaps and smoothing the joints. 

"We like the broad areas 
we’re in,” said Mr. Ketelsen. 
"It would take a singular 
opportunity to ' draw us into 
something wholly new.” But he 
predicted that the trend of 
foreign expansion .set by the 
Albright and Poelain purchases 
would probably continue, not so 
much out of conscious policy, 
but because Tenneco’s foreign 
exposure ts still very small -for 
a company of Its size (only 15 
per cent of revenue). 


Pitting 

their 

wits 

against 

the 

elements 

THE ROMANTIC image given to 
mining prospectors, fostered by 
two generations of cinema and 
television Elms, is of bearded 
men trudging towards the hori- 
zon, armed with hope, carrying a 
pick and shovel and followed by 
a pack horse. 

The notion is a century old. 
All that still remains is the 
hope, and it is usually held by 
small exploration companies — 
nursing visions of corporate for- 
tunes to be made for them, by 
somebody ese. 

The great strength of these 
companies is that they pave the 
way for their bigger brethren in 
the search for commercial de- 
posits and are prepared to mine 
small orebodies of often very 
specialised minerals which do 
not attract the majors. 

Their weakness, on the other 
hand, is a lack of financial and 
technical resources, which limits 
their activities. They are, to use 
an analogy from another indus- 
try, like the feeder airlines for 
a major aviation network. 

In a survey of 41 majors 
operating in the U.S. it was 
found that 85 per cent of the 
outside submissions made to 
them on potential mining pro- 
perties came from small miners. 
Between 12 and 18 mines a year 
were being brought into produc- 
tion after first being suggested 
by small miners. 

At the Prospectors and 
Developers Convention held in 
Toronto last March, a paper pre- 
sented by Esso Minerals Canada 
calculated that between 1970 and 
1977, eight of the 46 mineral dis- 
coveries made in Canada were 
found by surface prospecting. It 
is precisely this sort of prospect- 
ing that the small mining com- 
panies are best equipped to 
undertake. . 

Once a small company has 
found indications of a deposit on 
the surface it is, broadly, faced 
with two choices. It can press on 
with the exploration or Jt can 
take In a partner. 

To press on will mean expen- 
diture over several years, using 
techniques such as aerial photo- 
graphy, geophysical and geo- 
chemical analysis and a lengthy 



A pair of small miners still hoping to strike it rich 


drilling programme. The cost 
could run to millions— often an 
impossible burden for a com- 
pany with little or no cash flow. 

The alternative is nut unlike 
an investor finding a manufac- 
turer to produce and market his 
new device. The technique 
involves “farm-outs" and 
" options.” 

In the case of farm-outs, the 
small company wilt reach an 
arrangement with a major 
which pays a sum in cash and 
contracts to carry out a pro- 
gramme of exploration and 
development. In return the 
major will earn a percentage of 
the property. Usually there 
will be a clause containing the 
conditions under which the 
major can withdraw if it does 
not find the venture worth pur- 
suing. 

Options lend to be less far- 
reaching. simply giving a major 

PAUL CHEESERIGHT 

ON SMALL MINING 

an opportunity tu take up an 
interest with in a certain period 
of time for an agreed sura. But 
the payments stop if the option 
is permitted to lapse. 

An example of how the links 
between a junior and a major 
can be forged took place in 
Britain last December. Hemer- 
don Mining and Smelting, a 
Bermuda registered company, 
owns the mineral rights to a 
tungsten-tin-china clay property 
outside Plymouth. It reached 
an agreement with Amax, the 
U.S. raining conglomerate, pro- 
viding for the latter to cam a 
half share if it completed a 
work programme and paid un- 
specified sums of money. The 
work programme was split into 
phases, with each one proceed- 
ing subject to success in those 
before it. 

The continued prosperity of 
the small companies depends on 
the regular flow of funds which 
comes from producing opera- 
tions. The first source is the 
joint venture, where the small 
company has managed through 
the years of exploration aud de- 
velopment to keep a hold on a 
substantial portion of the equity. 


Executives of small niinin. 
companies draw the moral tha 
not too many eggs should b> 
placed in one basket. Extrem- 
caution should be used in th 
disposition of funds, bccaus 
there is only a very narrow mai 
gin for error. 

A second source nf fund 
involves the payment of royal 

ties or tribute of some sort h; 

a major working on (he junior' 
land. Fur example, Main plot 
Gold Mining Areas has owned 
since before the turn of th 
century, extensive lands s: 
Australia. Some of Ihu is nm 
being used by Western Mintn 
for nickel operations and Hamj 
ton receives a royally on ever 
pound produced. 

This provides it with a cas 
flow which allows it lo invo 
in areas which the majors lin 
unai tractive because their hig 
overheads demand a hig 
volume of production. 

Thus Hampton is engaged i 
raining coal in the UK, wurkm 
under licence front the Nation; 
Coal Board. This type of open 
tion points to a Hurd source c 
revenue for the small con 
panies: production based u 
smai! deposits, frequently c 
specialised minerals where th 
initial capital outlays ar 
modest compared with ihose fn 
say. a large base metals mine. 

In the U.S.. the Bureau • 
Mines calculated that 4.5 pc 
cent nf total domestic miner; 
production had come froi 
small mining companies. Bi 
that bare figure disguises th 
fact that the small miner 
pre-eminent in certain of th 
commodities. 

Small miners account for Ik 
tola! production nf crud 
asbestos, graphite, kyanitc. ta 
and industrial garnets. Tht 
produce more than 60 per cet 
of the nation's perlite an 
dimension stone and more tha 
half of the barite and feldspa 
as well as 49 per cent of it 
mica and 24 per cent of If 
gypsum. 

And, in this country, Brist- 
Mineral produces nearly 10 pt 
cent of the world's strontiu 
production. 


Union Corporation Group 

U.G. Investments Limited 

(Incorporated in the Republic of South Africa) 

HALF-YEARLY STATEMENT 

The unaudited financial statements for the six months ended 30th June, 1978. and the 
comparative figures for 1977 show: 



Income from Investments 

Net surplus on realisation of investments 


From which must be deducted: 

Directors' fees 

Provision for writing down investments 

Interest paid on unsecured loan 

Other expenditure — net 


Profit before taxation 

Taxation — adjustment in respect of previous year ... 

PROFIT AFTER TAXATION 

Cost of interim dividend 

Shares in issue (000's) -. 

Earnings per share (cents) 

Dividends declared (cents per share) 

NOTES: 

2. The assets of the Company ar 30th June. 1978, were 


Mineral rights and prospecting expenditure ... 

Investments ar book value 

Net current assets and Loan portion of taxation 


Total net assets 


January 

January 

Year 

to June 

to June 

1978 

1977 

1977 

R(000) 

R1000) 

Rl 000) 

4,659 

3.382 

7.190 

320 

14 

317 

4,979 

3396 

7,507 

15 

15 

30 



_ 

150 

17 

10 

16 

139 

122 

68 

171 

147 

264 

4308 

3.249 

7.243 

2 

4 JB08 

3349 

7341 

2,730 

1.950 

- 

19300 

19300 

19.500 

24.7 

16.7 

37.1 

143) 

10.0 

30.0 

as follows: — 



30.6.78 

30.6.77 

3M277 

R(000) 

R(OOO) 

R(.OOO) 

7 

1 

I 

35319 

32.961 

33.915 

2.744 

2.152 

660Cr 

38,064 

35,114 

33256 

114,077 

79.144 

103.477 


2 . 


3. 


Market value of investments (including directors' 
valuation of unlisted investments) 

A final dividend Of 20 cents per share in respect of the year ended 31st December, J977, 
was paid to members registered at the close of business on 24th February, 1978. 

No provision has been made in the above half-yearly figures for the writing down of 
investments as this provision is calculated at the Company's financial year-end and is 
related to market prices ruling at chat dace. 

DECLARATION OF DIVIDEND 

An interim dividend No. 30 of 14.0 cents per share for the half-year ended 30ch June, 1978. 
hu been declared payable to members registered in the books of the Company at the close 
of business on 4th August, 1978. 

The dividend is payable in South African currency. Members with payment addresses in southern 
Africa will be paid from the Registered Office and the warrants will be drawn in South African 
currency. Members with payment addresses elsewhere will be paid from the London Transfer 
Office and warrants will be drawn in United Kingdom currency: the date for determining the 
rate of exchange at which South African currency will be converted into United Kingdom 
currency will be 22nd August. 1978. Such members may, however, elect to be paid in South 
African currency, provided that any such request is received either at the Registered Office 
or London Transfer Office on or' before 4th August, 1978. 

Dividend warrants will be postdd from the Registered Office and London Transfer Office on 
or about I4ch September, 1978. 

The register of members will be closed from 7th to 11th August, 1978, inclusive. 

The dividend is payable subject to conditions which can be inspected at the Registered Office 
or London Transfer Office of the Company. 

per pro. Union Corporation (U.K.) Limited 
London Transfer Office, London Secretaries, 

Granby Registration Services, L. W. Humphries, 

Granby House, Princes House, 

95 Southwark Street, 95 Gresham Street. 

London.. SE I OJA. London. EC2V 7BS. 

24th July. 197B 






14 

tM5ARD 


Financial Times Tuesday July 23 107S 


rotecting the 

alue of money 


< MICHAEL BLANDEN 


> a ERE IS s-trong appeal in the 
a of setting the Bank of 
'’land up as an independent 

I rek on the Government's 
lions in the monetary sphere 
j! as protector of the pound. 

suggestion has been revived 
vently in a paper prepared for 
Association of British Cham- 
ps of Commerce, which argued 
t the Governor should be 

I ide directly responsible for 
lintaining the value of the 
Irency and should be given 
Kstitutional support for his 
41 ion. 

V?’be direct connection between 
■ i constitutional position of the 
P _ '-drill bank and the success 
v * failure of counler-inBation 
' r icies. however, is not easy to 
. nonstrate convincingly. Alore- 
4 -r, it is hard to see how the 
C1 tem operated in other coun- 
li L s with a markedly different 
j ’itical set-up could be expected 
h 'be adaptable to the UK. 

•'<,t is no accident that the two 
tral banks most often quoted 
c examples of entrenched inde- 
i/idence. the Federal Reserve 
V J the Bundesbank, are in 
‘ntries which have a federal 
j stitution. In differing ways 
l “b have an element of the 
0 mration of powers built into 
°-ir structure. 


considerable power to take the 
initiative. It has a good deal of 
independence in the day-to-day 
handling of the various markets 
in which it is involved, gilt-edged, 
short-term money and foreign 
exchange, withjn the general 
parameters agreed under official 
policy. It has succeeded in retain- 
ing substantial freedom of action 
in its methods of conducting the 
supervision of the banking 
system and less formally in other 
areas of the City. 

The Bank has considerable 
importance as a link between the 
City institutions and Whitehall 
and the Government And above 
all it has a powerful voice in 
advising the Treasury and the 
Government on leading policy 
issues. The final decision may 
in principle rest at the other 
end of town; but the Bank is 
certainly able to exercise an 
inSueoce over both the basic 
approach and the way in which 
it should be implemented. 


Mechanism 


1 Unitary 


•'he UK, in contrast, is a uni- 
1- State. The Bank of England 
i nationalised institution and 
: been since 1946. For a long 
; e before then, as the Bank 
l If pointed out in its recent 
lence to the Wilson com- 
l tee. it had regarded its 
ponsibility and duty as 
■reeled to the national interest 
always subject to the ulti- 
! .e authority of government” 
nvernment. note, not Parlia- 
*it. The ultimate responsibility 
decisions on monetary polio’, 
>rest rates and exchange rates 
with the Minister concerned. 
Chancellor of the Exchequer, 
with the government of the 

-he point was emphasised a 
le ago when the select 
miittee on the nationalised 
ustries was looking at the 
tk, with the comment from a 
asury .Minister that “the 
ik advises, but it is the 
■ernment who decides.'’ And 
as been illustrated by the way 
vhich decisions over the level 
ihc Bank’s minimum lending 
• have this year been clearly 
! at the door of the Govern- 
it. in consultation with the 
ik. as a result of the return 
m administered rate after the 
eriraent with a market-related 
nula. 

>t it would be equally wrong 
suggest that the Bank is 
irelv a creature of the Govern- 
it or that it lacks its own 


It is difficult to imagine 
circumstances in which any 
Governor could allow himself to 
be put in the position of con- 
ducting a public argument on a 
basic policy issue with the 
government of the day: he would 
have reached resigning point 
before then. Yet a case can he 
made for a mechanism which 
would enable the Bank to enjoy 
a more open discussion of 
policy-making. Such a move 
might, apart from anything else, 
help to avoid some of the con- 
fusion which has arisen in the 
public mind over who exactly 
has been responsible for parti- 
cular decisions. 

Mr. Gordon. Richardson! the 
present Governor, has already 
taken steps in this direction. Be 
has himself, for example, made 
a convincing appearance before 
the select committee on the 
nationalised industries early this 
year — though admittedly he was 
not pressed very bard on the 
questions which might have 
arisen out of his description of 
the fringe bank crisis. The Bank 
has published the extensive 
material it has submitted. to the 
Wilson committee and has shown 
a growing willingness to make 
public its own contribution to 
debate on essential issues. 

Rather than trying to revolu- 
tionise the British constitution, 
a more fruitful approach would 
be the parallel suggestion put 
forward by the Association and 
recently espoused by Sir 
Geoffrey Howe. This is to open 
up the policy-making process by 
establishing a regular channel 
through which the Governor 
could explain his contribution to 
policy to Parliament and to the 
public, by using the procedure 
of the Partiamentary committee. 


A clear picture of decaying docldand 

r hat it jilvi Their 0 »n unscripted dialogue much older Doulop ^"anT ffl'elhod. “ ^ Hwf.aht abuul 


THE FACILITY for showing national government, bul ; it also one 

limber 

_ _ -h'nniTe. 

. , __ . .- - . convincing and im exposed) ’provides first-hand from peritous pOBitionB ^ air- about the company than they 

portant, though rarely appreci- message, convoncmg *nd w ftf p rh „ nrohlems . And craft, and the me _ 

too printed annual report. 

much suspicion and ignorance p or me< most poignant 

sive pictures— tbeir messages outers on u* f«um«u S wani **~- ;U\rUUUU rr j GS on buttering Likewise in a film from the between tile pan of the experienw -frit 

conveyed by subtle yet relent- could bring about a genuinely cafe owner carries on tten^g ^ wer Services Commission involved. More weds to be tu lht . shareholders. Jf only 
less build-up. layer upon layer, exciting transformation of real the bread as ‘ he tens —Matured Selection: An Intro- known and seen of tht. other y. cinly my minnows ctiuM 

»*•«£> « 50 W ~ there iSZi !“JS "TSSJSSS! 


inr, r AUUiiix xor snowing aauvuai e u.«.m. cus «usu *••--- — h __ wn became a best-seller to airlines important . . tinaiiitnoil* appro; 

rather than telling is clearly a unfolds a graphic and credible nonetheless has eas n^ the With Credibility is, . enl i msiasro same went i 

unique advantage of film and picture of what could happen if edited t ° con ^ i ^^. ^ts Animated graphs, camera angles of the most and said it told them nute 

other media. But equally i* current plans are .realised. The the ametor Mem J itions in liT . that a good « J'f" ataut tho reropony ttai 

KrwfyMKS' fftfrei^s^eni^n ,X«S ™ ^ * 

can be implanted through the London docldand is a decaying it E JT u? Sages- roJdifbe no better way of telling industrial strife there ts too 

sheer juxtaposition of succes- dump— but current schemes and skill ^ * jSmSlfliiS'ewndm Se storv. “ uch suspicion and ignorance 

- picturS-their messages others on the planning board n» SlS Ifc* ' — 


FILM AND VIDEO 

BY JOHN CHITTOCK 


_ . ing to ever say it, the film is a 

There is a rare opportunity ca] , for artjon and an end to 
for some readers to experience procrastination, 
the film which inspired these 

particular words because it is The film achieves this by 
being transmitted on Thames those complex processes which 
Television at 6.00 pm on August make the moving picture such 
3. It is a sponsored film about a unique medium- It enables ^ 

the London docks, made for the viewer to see for himself . „ T _r a 

Leonard and Partners in associ- the visual evidence— not only a j*ays is. because films dont Despite that mourn 1 . . 

ation with Bernard Thorpe and by the quaysides, but from a raa ke themselves— people make title, this is a cogent aaoun aw ----- - g q rould ^ 

Partners. There the commerdal helicopter in which Horace them. Even with the most mun- of a nfw ^ of J n[i ?“ t0 seeQ b y everyone in the room, 

plug ends, because nowhere in Cutler, leader of the GLC, dan e technical subjects, we job applicants ^ are ^ to seen by Wtyonc in ine ream 

the am— titled Dockland Buies gives a greater insight into the nave ways of making you see— reach satisfactory standards Unlike so many vide 
OK ! — is tiie firm hand of spon- area as he provides a running an d never will you see anything after 

soring interests remotely evi- commentary. The pictures (hat the director wishes t 

dent. themselves are visually com- hide. If this was the case 

. . ... selling and revealing, the Dunlop's latest film, Time to she is going to be trained xo is a ponsnea, wcu-prouucea TOnf ,' L ^ Uvna . s _ And the video 

Of course, a firm of c camera angles extending- the stop Again — which is about do and assess how they get on job. Indeed, the programme helped to remind 

engineers and a prope^ a ®“ t . viewer's eye to see things in aircraft braking— the viewer after only the briefest of accolade is that its flexibility nf #>11 
obviously have a very real uraV( . casual observer no means of knowing. All instruction. of camera work and editing is 

miss; maybe even ’ to that emerges is a smooth, well- The film demonstrates well so much like that of a film that 


our complex social machine. tumpd mro a programme j" 

With this in mind, 1 went last s j )0W at y,*. n cxt TljO annual 
week to a shareholders' meet- Electing — maybe, maybe. 1 a 
ing at which a video programme ^ijmjner of light would filter 
about the company was being throug h. Such as the 72-year- 
screened. It was the ACM of oia worker from tte 

GEI International, a Bntish electricity mdsistry l with . his 
engineering group, and for the w{ ( e ^ W ho claims that— through 
occasion a television projector hijf savings invested in shares 
L * J been installed that a _jhey manage to rm away tor 

three holidays per year. 

But of more iaip**rTanre. 
these PtHinlr were keen. 



the how this actually works, with everyone at the meeting con- 


— r .. . „ ■ ■ ■ M .i viewer's eye -to see uuuga ,u aircrwx onuuug — u»« »«■« «“■-- v — j 

obviously have a ^ very re ^ ^ casual observer has no means of knowing. All instruction, 

interest in what happens to wou]d miss; maybe even ' to that emerges is a smooth, well- The film 

dons dockland. But tms turn manipulate the angle in order produced introduction to the how this hwam — - -- - - — 

rames over as objectively as the tQ make a specific po inL. technology of aircraft brakes sequences of real applicants stoutly referred to it os a film, 
best of television documentary , aircrew and main- filmed as they were being tested. Only the scripting and the 

—a guided tour tough tiie The people in ^ e J vie ^* d “ te nance staff can ensure the if anything is lacking in the attempted humour by Glyn 

“S. “ *- “-S’ on ^research ^ and JSSfUT ''™ ,S ° 

& LJSon“by ‘SSS’Sd lo y J SiTcS" ^ner ‘ The film in a re-mnke ot a results which would lend even I asked numerous share- 


them of that. 

Who now is s*>ing to !i'.ak«‘ 
films or video proqramine?. fur 
audiences other than investor- 
— to explain the role nf share- 
holders, industry and vi»ni- 
panies in modem sneiely? In 
297S these subjects remain 
neglected. 


Puza ^ 

tricky Stewards 5 Cup field 


WITH SUNDAY'S prolonged 
rain having considerably eased 
the ground. Goodwood's clerk of 
the course, Ralph Hubbard, anti- 
cipates perfect going for. today's 
opening afternoon of the five-day 
meeting. 

If this proves to be the case, 
the invariably tricky Stewards’ 
Cup, which, to many people’s 
surprise, produced a winning 


RACING 

BY DOMINIC WIGAN 


favourite 12 months ago, will be 
thrown even more open. 

A number of smart sprint 
handicappers have been mooted 
as possible favourites for this 
afternoon's six-furlongs event 
since the weights were publisbed 
and Vaigly Great in particular, 
has come in for heavy support 

The three-year-old. trained by 
Michael Stoute. certainly appears 
to have the right credentials to 
run reallv well off his modest 
mark of 8st 7ib. A clear winner 
from the less forward Formid- 
able when a heavily backed 
favourite at the corresponding 
meeting last year. Vaigly Great 
bas made just two appearances 


thiq season. Third (when again 
the subject of a gamble) in a 
competitive seven-furlong handi- 
cap at Doncaster in the spring, 
the Great Nephew chestnut tben 
occupied the same place behind 
Persepolis in a Newmarket handi- 
cap, in which he returned to 
today’s distance. 

' Although be has not been the 
easiest of horses to train, as a 
result of tendon trouble, Vaigly 
Great will, I feel sure, be turned 
out. ready to run the race of his 
life. 

Three others who strike me 
as. possible win-and-place propo- 
sitions are towards the foot of 
the' handicap; Jenny Splendid, 
Puza. and Overseas Admirer. 

Jenny Splendid, a oarticqlarly 
tough four-year-old handled by 
Johnny Haine well remembered 
for his stylish riding over 
hurdles, showed that she was 
returning to form with a credit- 
able effort in the Brightwalron 
Handicap at Newbury ten days 
ago. Backed from 10-1 to 5-1. 
Jenny Splendid made rapid late 
headway before faltering near 
home to finish third, behind 
Nearly New and Carriagp Way. 

Just 2Ih below Jenny Snlendid. 
who receives 71h from Stoute's 
colt, is Puza. trained by Jeremy 
Hindlev for his wife. Sally. . 

Another tough and genuine 


GOODWOOD 
2.55— Puza*** 

Jenny Splendid, e.w. 


individual. Puza showed that a 
major handicap such 2 s this 
might well soon come his way 
when making light of Sst 111b 
in the five-furlongs Red Deer 
Handicap at a Chester evening 
meeting earlier this month. 
Successful only at five furlongs, 
over which trip he has scored 
three time. Puza could well find 
this afternoon’s six furlongs on 
the stiff side for him. should the 
going ease further — nevertheless, 
he is my choice. 

John Winter told me a lone 
while back that he intended 
saddling Overseas Admirer for 
today's hie race and his hopes 
in the High Top gelding cannot 
have been damoened by the 
four-year-old's efforts in Royal 
A« cot's Wnklnsham and in Don- 
caster's Stockhiil Stakes. At 
Ascot Overseas Admirer failed 
by a head to overhaul Equal 
Opportunity: a few days later 
on Town More he beat Beaufort 
Street a shade more cleverly 
than the threequarters of length 
margin might suggest 

As was the case yesterday, 
industrial problems outside the 
Financial Times makes a list of 
selections impossible. 



t Indicates programmes in 
black and white 

BBC 1 

40 am Open University (Ultra 
h Frequency only). 9.55 
;ic Roundabout. 10.00 Jack- 
ry. JD.J5 Pink Panther. 10-15 
and Sebastian. 1.05 pm 
ied. 1-S0 Bod and the Kite.. 


1.45 News. 2.00 Racing from 
Goodwood (2.15, 2.55. 3.30. 4.00). 
4.18 Regional News for England 
(except London). 4^80 Play 
School. 4.45 We Are the Cham- 
pions. 5.10 On Location. 

5.40 News 

5.55 Nationwide (London and 
South-East only) 

020 Nationwide 
6J55 Hobby Horse 


F.T. CROSSWORD PUZZLE No. 3,727 



IV 

1: 

'e 

r; 

hi 

hf 

" li 

I 

.Vi 

I.** - 

3r 

Si 

•>. 1 

Ir 


ACROSS 4 

French peas with duck served 
to us in Paris could be o 
noxious (9) 6 

Fundamental note prescribed 
by doctor (5) 7 

Plenty for politician taking 
drink outside (5) 8 

Proor-rcader incorrectly made 
nolo right at the end (9) IS 

Spoil drink with friend, but 
only just (10) 14 

Variety of hose or other foot- 
wear i4) 

Haggle about the price of M 
straw and hesitate (7) 

Common head to have at tea- IS 
lime (7) 

Finishes work and goes to W 
bed (7) 

Some French with very small 
tot (7) 

Condiment for a sailor — (4) *3 
. . . and two condiments for 24 
a sweet (10) 

The result of screening Lorna 
Doonc's hero with fish (9) 
Excursion to the east could 
be rubbish (5) 

What about oriental cereal? 

(5) 

Without peor and without 
light (9) 


Love to write melody out of 
doors (4-3) 

Varnish case on account (7) 
Neat receptacle for odd scraps 

(4) ■ 

Nick is not going to church 

(5) 

Complain oyer door m- wood- 
work (9) 

Widen out straight part of 
river (10) 

Irish town's ship's company 
may be needed to get into port 

< 9) . , , 
Ancient and strictly formal 

object I have to follow (9) 
What’s in the chest turns me 
about (7) 

Money put down for sediment 

(7) 

Learner standing on rim of 
ridge (5) 

Hair used in mattreeSes (5) 
Note where one may live (4) 
SOLUTION TO PUZZLE 
No. 3.726 


DOWN 

raise from Salvation 
rice m the afternoon 

a book that's m omen- 

pood condition but 
nuch knowledge (10) 


u~mA 

Wpm 

■-AM 


4Wl£(4l 
o\ 

ipLd 

ojirisjgj/? ui- 
cm a 
LU.I 


isaa 

Q E 

hoc; 

n m 

ISBE 

GHHQEHB 

□ DEB 

^eeeeeg 

B_55_£ E 
EJEE 
E .0 
K, 

0 


L. DM5 MQ1 

dsl 

■cioiMarf 


7^0 The Rockford FUes 
8.10 Who Pays The Ferryman? 

9.00 News 

9.25 Great Britons 
10J5 Play for Today. * The 
Elephants’ Graveyard” by 
Peter McDougaU 
11.15 Play Golf 
1 JAO Weather /Regional News 
All Regions as BBC-1 except at 
the following times: — 

- Wales— 5.55 pm Wales Today. 
6.55 Heddlw. 11.40 News and 
Weather for Wales. 

Scotland — 5.55 pm Reporting 
Scotland. 1L40 News and Weather 
for Scotland. 

Northern Ireland— 4.18 pm 
News. 5.55 Scene Around Six. 
1140 News and Weather for 
Northern Ireland. 

England — 5.55 pm Look East 
(Norwich); Look North (Leeds, 
Manchester, Newcastle; Midlands 
Today (Birmingham): Points 
West (Bristol); South Today 
(Southampton): Spotlight South 
West (Plymouth). 

BBC 2 

6.40 am Open University 
11.00 Play School 

•L55 pm Open University 

7.00 News 

7.05 Dilemmas 
7 JO News 

7.40 Schools Prom. 

8.05 Best of Brass 

8.10 Eight Pairs of Eyes 

9.00 Sing Country 

9.40 Our Mutual Friend 
10.35 A Taste of Ireland 

11.00 News 

11.10 The Show 

12.00 Closedown, reading 

LONDON 

9.30 am A Place in History. 955 
Plain Sailing. 1020 The Under- 
sea Adventures of Captain Nemo. 
1055 Meet the Men from Uncle. 

12.00 Is si Noho. 12.10 Rainbow. 
1250 Home-made for the Home. 

1.00 News plus FT Index. 150 

Help! 150 Young Ramsey. 255 
Racing from Redcar (2.30, 3.00. 
330. 4.00). 450 Breakers. 445 

Extraordinary. 5.15 The Brady 
Bunch. 

S.45 News 


6.00 Thames at 6 f 
655 Crossroads 

7.00 Survival >' 

730 Spearhead / 

830 Life Begins at Forty 

9.00 Charlie an dr Julie 
10.00 News at Teh 

10.30 Decisions:/ British Com- 
munism ! 

1130 Lou Grant 

1235 Close: 'Xantiii Gardner 
reads from 'The Prophet' 
by Kahlil Gibran 
All IBA Regions as London 
except at the following times: — 

ANGLIA 

UL2B am Animated Classic. 1108 Space 
1999. 105 pm Anglia News. 130 Police 
Surgeon. 2J0 hoosepam. 5J5 Horses 
In Out Blood- UB About Anglia. UJO 
Music In Camera. 1ZM witness to Yes- 
terday. UJO am Our Concern. 

ATV 

10-20 am Apaches. 10 JO win Bay- 
Master ot Comedy. 11J5 Advcomres ol 
Parsley. 3-20 pm ATV Newsdesk. JL30 
How. 2J0 Electric Theatre Show. 505 
Gambit. 4.00 ATV Today. 3X35 Police 
Surgeon: Star Witness. 1085 Something 
Different. 

BORDER 

10JB am Certain Women. HOD Classi- 
cal Fairytales. 1105 Animated Classics. 
HOD pm Border News. UO Gambit. 

2.00 HOBsepara. 400 Cartoon. 505 
Those Wonderful TV limes. 4X0 Look! 
around Tuesday. UJO The Odd Couple. 
12X0 Border News. 

CHANNEL 

US pm Channel Lunchtime News. 505 
Those Wonderful TV Times. 4X0 Report 
at Six. 3009 Channel Late News and 
Weather. 10-55 What Ahovt the Workers? 

12. 00 Grelg. 1205 am Visages de France. 

GRAMPIAN 

905 am First Thing. 1800 Cash and 
Company. 11X5 Diary of Civilisations. 
100 pm Grampian News. 505 Those 
Wonderful TV Times. 5X8 Grampian 
Today. 1400 The Electric Theatre Show. 
17X0 Bonn Or. lUo Reflections. 1135 
Grampian Headlines 

GRANADA 

looo am Tuesday Matinee. UJO 
Cartoon. 100 pm This Is Yotzr Right. 
5J0 What's New. 505 Crossroads. 6X8 
Grenada Reports. 6 JO Branded. 11 Jo 
What About the Workers? 12X0 Police 
Surgeon. 

HTV 

1008 am Child Life In Other Lands. 


XOXD Wild. Wild World Of Animals. 
1105 The Mad Dog Gang Meets Rotten 
Fred and Rauguts. 11XS Flower Stares. 
JL2D pm Report West. 105 Report Wales. 
UO C ambit, 2X0 Rouse party. 6X0 
Report West. 4.15 Report Wales. 4J0 
Search and Rescue. 7X0 Challenge of 
the Sexes. UJO The Outsiders. 

HTV Cymru /Wales— As HTV General 
Service except: 100005 pm Penawdan 
Ncwyddion V Dydd. 400-430 Y CJ. V 
Gath A'r Car. 4304X5 Seren Wftj. 
6X0-635 Y Dydd.. 30300X0 Royal Welsh 
Show 1875. 12XOU38 WorM in Action. 

XUO12X0 The Cuckoo Waltz. 

HTV West— Ax HTV General Service 
except: L 20-130 pm Report West- 635- 
430 Report West. 

SCOTTTSH 

10-20 am Morning Mystery Movie. tL25 
News. 130 Gambit. 2X0 The Electric 
nteatre Show. 535 Cartoon. t4X0 
Scotland Today. tXjq what's Your 
Problem? 7X0 Oh No It’s Sehvyn Froggitt 
U35 M'Lords. Ladles and Gentlemen. 
tizss pm Late Call. 

SOUTHERN 

1S3D am Three Guns for Texas. L20 pm 
Southern News. 130 Gambit. 2X0 
Houseparry. 535 Slnfaad Junior. 530 
Crossroads. 5X5 News. 6X8 Day by Day. 
630 Survival. 7X0 Father. Dear Father. 
UJO Southern News-Extra. 2L49 What 
About The Workers. 1238 am Weather, 
Damascus Road. 

TYNE TEES 

925 am The Good Wart. 1020 The 
Purple Plain. 120 pm North East News 
and Look Around. 535 Tell Me Why. 
4X0 Northern Life. 1130 The Adventurer.- 
12X0 Epilogue. 

ULSTER 

1829 am Morning Movie: “ Trade of 
the Cat.” 130 pm Umcbtlmo. UO 
Gambit. 2X0 The Rolf Harris Show. 
438 Ulster News. t535 Friends Of Man. 
4X0 Ulster News. 6X5 Crossroads. 6Jo 
Reports. 4X5 Thidng Shape. 1L3B 
Bedtime. 

WESTWARD 

1020 am Crooks and Coronets. 1237 
pm Gus Hoocybun’s Birthdays. 12s 
Westward News. 535 Those Wonderful 
TV Times. 6X0 Westward Diary. 1028 
Westward Late News. 1130 What About 
The Workers. 13-00 Greig. 1235 am 
Faith For Life. 

YORKSHIRE 

'HL2D am Power With oar Glory, non 
Star Maidens. 1135 England Their 
England. 120 pm Calendar News. 130 
Young Ramsay. 535 Those Wonderful 
TV Tfmes. 6J30 Calendar. 12.38 At The 
Embankment. 


ENTERTAINMENT GUIDE as 


CC— Thoe theatres accept certain credit 
cards by telephone or at the box office. 


OPERA & BALLET 

COLISEUM. Credit cards 01-3-tO 5258. 

Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA 
1978-79 season opens Fri. at 7 with 
The Magic Flute, also Auu. i. 3 and 5 
at 7.30: Sat. 7.30 La Boheme. also Aim- 
2 and 3. 104 balcony MM} available 

from 10.00 On dav of oerf. IMPORTANT 
NOTICE: Production of CARMEN Post- 
poned due to contractual diillcuUies and 
replaced b* new production of Mono it I is 
THE CONSUL first nlaht August .12. 
There Will be no perforrewnec on Aoq. 
4. For further details ring 01 .240-5250. 


COVENT GARDEN. CC. 240 1066. 

iGanlcncharae crcdt cards. 836 69Q3J. 

THE ROYAL BALLET 
Tonight at 7.30 The Steeping ■eautv- 
Tomor. and Frl. 7.30 Anastasia. Sat. 2.00 
& 7.30 Four Schumann Pieces. The Fire- 
bird. The Concert. 

THE ROYAL OPERA 
Thurs. 7.00 Norma (aumbry) replaces 
Caaolte. Lavirgen replaces CratgV Scats 
prices this pert, reduced to schedule SI 
rebates avail, after pert. 6S Amo hi' scats 
avail, for all perts. from 10 am an dav 
of nerf. 


THEATRES 

FORTUNE. 835 2239. Evi 8.00. Thun. S. 
Sat. 5.00 and S 00. __ 

Muriai Paviow as MISS MAR RLE in 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-33S 
Ergs. HX. Met. Vied. 3-0. Sat 5 30- 8—.. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
In HAROLD PINTER'S 

THE HOMECOMING 

- BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION. D. Tel. 
"AN INEXHAUSTIBLY RICH WORK. 
Gdq. — mnr rn Kt naieCEO." Times. 


GLOBE THEATRE. 01-437 1S92. 

.... n. 8.40. 


'Eves. 8.1 S. Wed 3.0. Sat. 6-0 
PAUL 


EDDINGTON. JULIA McKENSIE. 
BENJAMIN VVHITRQW In 
ALAN AYCKBOURN'S Now Comedy 
TEN TIMES TABLE 

“This most be the happiest ttughter- 
maker In London. 0. Trt. ' An irrcjiii- 
«biv enjoyable evening. ■ Sunday T-mw. 


GLYNDEBOURNE FESTIVAL OPERA Nntll 
August 7 with the London Philharmonic 
Orchestra. Tonight & Sat at 5.30. Tha 
Rake's Progress. Tumor.. Frl. & Sun. 
at 530. Cost fan tuttc. Thurs. & Mon., 
next at 6.15 La Boheme. Possible returns 
only. Bov Office Glyn deb ourno Lewes. E. 
Sussex <0273 812411] N.B. The curtlan 
for Cos I will rise at S.30 sharp. There 
IS no possibility Of admittance for late 
coiners 


ROYAL FESTIVAL HALL. 928 3t9t. 
Until Aug. 3. Eves. 730. Sun. 3 and 7.30 
(no ©erf. Sat.). The sensational 
BATSHEVA DANCE CO. with 
GALINA AND VALERY PANOV 
dancing at every performance. 


26. 


Eves. 7.30. Mats. Sa 
MARCEL MARCEAU 
with PIERRE VERRY 


THEATRES 


IRENE IRENE IRENE 
THE BEST MUSICAL 
of 1976 1977 and 1978! 

IRENE IRENE IRENE 
‘LONDON'S BEST NIGHT OUT.’ 1 
Sunday People. 


Thurs. and Sat. 4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER! 


RADIO 1 

($) Stereophonic broadcast 
tMedlnm Wave only 

5.00 am As Radio 2. IM Dave Lee 
Travis. 9.00 Simon Bates. 11X0 Ed 
Stewart. UJO pm Pfewshcat. HAS Paul 
Burnett. 2X8 Tony Blackburn. 4JL Kid 
Jensen Including .528 Newsheat. 7.00 
Featured Interview. 7 Jo Shorn Desk 
> loins Radio 2». 10X2 John Peel IS). 
1700-2.0 2 am As Radio 3. 

VHP Radios 1 and 2—5X0 am With 
Radio 3. Including 125 pm Good Listening. 
UXD pm With Radio J. 32X52X2 am 
With Radio 2.' 

RADIO 2 lJOOm and VHF 

5X0 am News. 5X2 Richard Vaughan 
with The Early Show (S) Including 6.L5 
Pause for Thought. 722 Tarry Wogun 'Si 
including SX7 Racing Bulletin- S.45 Pause 
for Thought. 10X2 Jimmy Young f S».- 
12J5 pm Waggoners' Walk, urn pg !e 
Murray's Open Bouse (Si including L45 
Sports Desk. 2J3 Da rid Hami lton IS) 
including 2.43 Sports Dean— Racing rrom 
Goodwood: 2JB. 3 JO. 3.43 Snorts Desk. 
oJO Waggoners' Walk. 4X5 Sports Desk. 
4J0 John Dunn CSi Including 5.45 Sports 
Desk. SJG Sports Desk. 7X2 -Foft 7S 
>5), 7 JO Sporu' Desk. 7 JO On The Third 
Bear (Si. 1X2 Gilbert and Sullivan (Si. 
9X2 Among Your Souvenirs (Si. 9X5 
Sports Desk. 10X2 Three In A Row. 
injp The StcpUe Saga. UX2 Brian 
Matthew introduces Round Midnight 
including 12.M News. 2X02X2 Sew. 

RADIO 3 4Mm. Stereo & VHF 

JSJS am Weather. 7.00 News. 7X5 
Overture. SJB News. 8X5 Morning Con- 
cert (Si. 9X0 News. 9X5 This Week's 
Composer: Uortey (Si. 9J5 Mozart and 


Haydn fS). 10-25 in Short. 10X5 Second 
Broadcast IS). 11X0 Plalnsong and the 
Rise of European Music (Si. l?.an pm 
BBC Welsh Symphony Orchestra, Pan l: 
Wagner, Liszt fS). 1X0 News. 1X5 The 
Arte Worldwide, US BBC Welsh 
Symphony Orchestra, Pan 2: Bruckner 
(Si. 230 World WlIhlR-by. Gordon Crosse 
(Sf. 3X0 Symphonies rrom the North fSL 
Affl Rameau (S). 535 Jam Today >S>. 
5X5 Homeward Bound. 16X5 News f* iq 
H omeward Bound. tfJO UhUnes: Work 
and Training. 730 The Art of Andre 
Navarra i&t. 8X0 Politics and- Lht- 
Itallan ImnllecTuaL 8J0 Prams 1 5. Verdi: 
Macbeth, Acts -l and 2 <S). 9X0 Watch 
Out For The Termites. ’ 10JD Proms 78. 
Verdi: Macbeth Acts 3 and 4 (Si. 1135- 
UX5 Tonight's Schubert Song (Si. U.® 
News. 

RmOo 3 VHF oaly— 6XO-7XQ am ud 
5.e-7aX pm Open University. 

RADIO 4 

434m, 330m, 235m and VHF 
ttm News. 6.U Firming Today. 
6JB Today including 7.00 and-8.H0 News. 
7X0 and 8.30 Headlines. 3-35 Yeatcrday 
ln Parliament, 9.90 News. 9X5 Tuesday 
CalL -10X0 News, 10X5 Sing a Song 
of . . . «sj. 10 jo Dally Service. U45 
Morning Story- 11X0 News. 11X3 Thirty- 
Minute Theatre 1S1. n as Otlgnu, 
1Z00 pm News. UX2 You and Yours. 
12X8 Desen Island Discs; 122 Weather 
1X0 Thu World at One. UO The 
Archers. 1X5 Woman's Hour. 2JS Lisiun 
With Mother. 3X0 News. 3J0 questions 
to the Prime MlnWrr. 3JB A La Carte. 
4X0 News. 4X5 Gard>.-nere' Question Time. 
U5 Story Time. 5X0 PM Repons. 5X0 
Serendipite. 6X0 News. 638 Many a 
Slip. .7X8 News. 7X5 The Archers. 7X0 


Tune for Verne. 7J0 Wilfred Pickles. 
8J5 The Road to Enlightenment 0.30 
A Most Peculiar Island. 9 JO Kateido- 
scope. 9X9 Wealhcr. 10X9 The World 
Tonight. 1030 The News Quiz i'5i. 11X0 
a Book or Bedtime. UJ5 The Financial 
World TonighL UJO Today In Parlia- 
ment. 12X0 News. 12X0 Inshore Fore- 
cast. 

BBC Radio London 

. 206m and MJ VHF 

.5.00 am As Radio 3. 633 Rush Hour. 
9X0 Londoo Live. 12X3- pm Call in. includ- 
ing l.Oo London News Desk. 2JU 308 
Showcase. SX3 Home Run. 7X0 But 
Seriously. Though. 730 Black Londoners 
830 Ail That Jazz. 10.03 Late Night 
London. 12.00 as Radio z. 12X5 Question 
Time. 1X5— Close: AS Radio 3. 

London Broadcasting 

261 m and 97.3 VHF 
5X0 am Morning Music. 6.00 AM wiih 
Bob Holness and Douglas Cameron. lll.U 
Brian Hayes Show. 1X0 pm LEG Renans 
3X8 George Gale's 3 O'clock Can. dXO 
LBC. Renans. EXO After Eight with tan 
Gilchrist. 9X0 Nightllw u-ith Keith 
Chalkier. 1X0 am Nlghi Extra with Allan 
Klim. 

Capital Radio 

t 194m and 95.8 VHF 

6.00 am Graham Dene's Breakfast Show 
<S>. 9X0 Tony Myall <St. 12X0 Dav- 
Cush »Si. Roger Scott iS». 7.80 

London Today <S<. 733 Adrian Love's 

Onen Lino tSi. 9X8 Meky HorncW Your 
Mother Wouldn’t Like it (Si. 11.00 Kike 
Allen's Late Show 1S1. 2X0 am Duncan 
Johnson's Night Flight iS>. 


PEARE COMPANY In repertoire, 
pert, tonight. Tomor. Thurs. 7.30. Red. 
price previews premiere Steve Gooch's 
THE WOMEN-PIRATES ANN BONNEY 
AND MARY READ. With : Strindberg's 
THE DANCE OF DEATH inept pert. 3 
Aug.*. RSC also at THE WAREHOUSE 
/see under W i and at the Piccadilly 

33V?t£ O?? PARADE^ ^ Nkh0,, ‘ 


ALMOST FREE. 4BS 6224. Lunchtimes 
1 by Bob Wilson. Tues-SZL 

1.1 5 pm. Suns. 3.0 and 5 0 pm. No 
shows on Monday. 


ALMOST FREE. 4B5 6224. Evenings Kurt 
Vonnegnlt s -player Plano" by James 
Saundiwi Tins -Sar. 0.00 pm. No shows 
Mondays 


AMBASSADORS. 01-836 IT 71. 

Nightly at a.oo. Matinees Toes. 2.45. 

Saturdays at S and 8. 
PATRICK CARGILL and TONY ANHOLT 
_ „ in SLEUTH 

The World Famous Thriller 
, by ANTHONY SHAFFER 
See'ng the ptay again Is in fact an 
tetej joy ^ Punch. Seat prices 
Seaf °£73 0“'°° D,nner 8nfl Top-prlcc 


AFOLLO 01-437 2663. Evenings a.ao. 
Mats. Thurs. 3.00 Sat. 5.00 and 8.00. 

. DONALD SINDEN 
■‘Actor of the year." Evening Standard. 
'■IS SUPERB-” N.o.W. 

SHUT YOUR EYES AND 
..JTHINK OF ENGLAND 
Wickedly funny." Times 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
BU „ . DIRTY LINEN 

-Hilarious see it.” Sunday Times. 

Monday to Thursday H,3o. Friday and 
Saturdays at 7.00 and 9.15. 


a^To^ia theatre. Charing Cross Road. 
0, ^ 7 5 4 * 6291 . Mon. -Thurs. 8 pm Frl. 

"ailabteli 6,00 and 8 45 ‘ too < t 

ELVIS 

infectious, appealing, loot stomping and 
heart-thumping." Observer. Seats £2,00- 
£6X0. Half-hour before Shgvy best avail- 
able seats £3 00. Mon-Thurs. and Fri. 
G pm pert. only. 

■■EFT MUSICAL OF THE YEAR 
EVENING STANDARD AWARD. 


CAMBRIDGE. S36 E0S6. Mon. to Thurs. 
8X0. Friday Saturdays 5.45 and 830. 
IP 1 TOMBS 

Exciting Black African Musical. 

" Packed with variety." Dlv. Mirror. 
Seat Drices L2.00-E5.00. 

THIRD GREAT YEAR 
Dinner and i op- price seat £8.75 Inc. 


CHI CHESTED. . 0243 B1312. 

Tonight. July 26, 28 and 29 at 7.00. 
Julv 27 at 2X0 LOOK AFTER LULU. 

M« ju,y 29 al 20 °- TOE 


«MEDY 01-930 2578. 

Red. Price Preys. Aug. 1 and 2 at 8.00. 
Opens Aug. 3 at 7.00. subs. Mon.-Frl. 
8.00. Sal S 00 and S.30 Mar Wed. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD In 
rue DARK HaftS 6 
with STACY OORNING and 
PETER WOODWARD 
A cracking New Play by Ro>«narv Anne 
Sisson. 


CRITERION. 930 3216, CC. 835 1071-3. 
Eras- a Satf. S.30. 8.30 Shuts 3X0. 
NOW IN ITS SECOND TEAR. 
LESLIE PHILLIPS 
in 51* OP ONE 

A HALF 4 DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR. 

~ VERY TUNNY." Sun. Tel. 


OBURT tANE. 01.838 8108. Mon. to 
SaL 8X0. Matinee Wed. and Sat 3.00. 
A CHORUS LINE 

■ A rare dcwiraring. loyous. astonish .ng 
stunner S. Tunes. 3rd GREAT YEAR, 


FUCHESS. SSS 8243 Mon. to Th«rs. 
Evenings 8.00 Fri Sat. 6.15 and 9 00 
ohi Calcutta i 

■■ The nudity is stunning.'- Dally Tel- 
9rn Sensational Year. 


GREENWICH THEATRE. BSB 77SS. 
Evenings 7.30. Mat. Sat. 2.30. ' Stanley 
Houghionls masterpiece." Times. MIN OLE 
WAKES “A real find." Gdn. IH1 Week. 


HAYMARKET. 930 9832. t«g*. 8.00. 

Wedntfdav 2 30. aaturoay 4.30 and 8.00. 
PAUL SCOF:ELC 
HARRY ANDREWS 
ELEANOR rREVOR 

BRON PEACOCK 

and IRENE HANDL n 
A FAMILY 

A new may by R3NALD HARWOOD 
Di reeled n> : Ai-tK wRtDt 
“An admirable n'av honest, well ;on- 
cicvtd. properly worked out. irrrniv and 
nnliiglv written — n:niv satisN'lnff—Paul 
Scofield »t his best." B. Levin. S. Tunes. 


THEATRES 

REGENT. CC. lOild. C<rc. Tube > 0l-b»7 
9862-3. Evgt. B.30 on. THU 3 SAT. 
7 A 9.00. Prevs. rrom 3rd Aug 80s 

Qftrp ooCD. 

PURE 40 S HOLLYWOOD - 
THE ' GREAT AMERICAN 
BACKSTAGE MUSICAL 
AN EPIC FOR SIX 
CREDIT CARD B KG5. Qt-637 

ROYAL COURT. 730 174^. Air Co«d. 
Prevs. frerri Tamar. Jf Opr us -*ug. 

2nd at 7 pm War'd prem-cr of 
ECUPSS by Leigh JacMu". 

ROYALTY. Credit cards. 01-405 8004. 
Monday- Thursday ««•<*» a,30 Fr.Mjv 
5.30 and S-1S. Saturenyv 3 03 and S 34 

CmoM rntitis vore billv danills ^ 

BURBLING DROWN SUGAR 

Best Musnal sn 197 ' 

Bookings accepted. Mtlar tr.'.lit tards. 
Special reduced ram* bar ma:i«ecs »'or 
lim.ted ucriod anly t 

WHOSE LUC IS IT ANYWAY 7 
With JANE A5HC-' _ 

, -A MOMENTOUS PLAV. I UKOE YOU 
( YOU TO SEE IT." Guardlin. 
j Eva at B .0 Fr! and Sat S 45 and a 4S^ 

'.SHAFTESBURY. CC 01-936 6506. 
| Sflaltesuury Ave.^^inh^HcilDQrii end/. 

GOD&PELL „ , , 

"Bursting With cnloymeni." D 7rt. 
Pnecs £1 to £5 Best scats £2.50 •■•hau'- 
bciore show at Box Mon •Tnnr. 

B.15. Frl. and Sat. S.30 j«h1 8'0 


HER MAJESTY’S. CC. Cl -930 6606. 
Preview Wed. B.D. Opens Thurs. .7.0. 
Sub. a.O. Mats. Wed.. Sat. 3.00. 
JAMES EARL JONES as 
PAUL KOBESON 

A New Play ov Poll in Hayes C-ean. 


STRAND. 0>-53G 26C0. E.en.ngs H PO. 
Mat. Thurs. 3.00 Vi!. 5.30 and ••38- 
NO MX PLEASE-— 

WE'RE BRITISH 

THE WORLDS GREATEST 
LAUGHTER MAKC.I 
GOOD SEATS £4 .00- LI DO 


DUKE OF YORK'S. 01-836 5122. 

Evening* 8 00. Mat. Wed.. SaL 3.00. 
Limited Sea&an. Mun end August 26 
JOHN GIELGUD 
in Julia Mltehell'S 

production 
Brilliantly witty ... no one srouio 

HtiH it. ' Harold Hobson (Dranwl. Insre— 
Credit - card reservations. Dinner and 
Tup pnee seats £7.00. 


KING'S ROAD THEATRE. 352 ’488. 

Mon. to Thur. 9.0. Fri.. SaL T SO. 9.30- 

LONDON^PALLAOIUM^CC^C 1-437 

Mon.-Tues. Thurs. and Frl. it 8. 

Wed. -and sat. at 6.1 C. and 8.50. 

THE TWO RONNIES 

In a Spectacular Comedy R^vue. 

Book now on hat line 01 -437 2055. 

LYRIC THEATRE. 01-437 3696. Evs. 8.0. 
Mat. Thur. 3.0. Sac 5.0 and 840. 
FILIIMENA ■ 

with Elizabeth Archer and Trevor Griffiths 
by Eduardo de HliBbo 

Directed bv FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH." tv. News 
"AN EVENT TO TREJLSURE." D. Mnrror, 
"MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Times. 

MAY FAIR. 629 3036. Evs. 8. Sat. 5.30 

and 8-30. Wed. Mat. at 3-D. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 

under milk wood 

MERMAID. 248 7656. Restaurant 248 

2835. Evenings 7.30 and 9.15. 
EVERY GOOD BOY 

DESERVES FAVOUR 

A olay lor actors and orchestra by TOM 
STOPPARD and ANDRE PREVIN. Seats 
£4. £3 and £2. "NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY." S. T-mes. 

MERMAID. 01-248 76S6. iReat. 248 
2835). LUNCHTIMES This week n.OS 
pm-1.5S pm). MY SHAKESPEARE 
Timothy West and Prunella Scales 

3.30 Sir Bernard Miles Illustrated 
Lecture ■■ Elizabethan London and - its 
Theatres." Price 50 p for each event. 

NATIONAL THEATRE. 928 22S2. 

OLIVIER looen st age 1. Ton't. 7.30 Last 
pen. of THE country WIFE by wil- 
liam Wycherley. Tomor. 7.30 Macbeth. 
LYTTELTON (proscenium stage) : Ton't. & 
Tomor. 7-45 Plenty a new play by Davfd 
Hare. 

COTTE5LOE (small auditorium). Ton't & 
Tomor. 8 American Buffalo by David 
Mamet. 

Many excellent cheap seats all three 
theatres day of pert, car park. Restaurant 
92B 2033. Crdil Crd bkgs. 928 3052. 
TOURS OF THE BUILDING dally (Ind. 
backstage) £1.25 Inf. 633 0880. 

OLD VIC. 928 7616, 

PROSPECT AT THE OLD VIC. Jime- 
Scpl. season. 

TWELTH NIGHT 

"an outstanding revival" The Times. 

Today. Wed.. Thurs. 7.30. 

Eileen Atkins. Brenda Bruce. Michael 
Denison, Derek Jacob! In 

THE LADY* NOT FOR BURNING 
"Fresh and buoyant" DalW Telegraph. 
Fn. 7.30. Sat. 2.30 and 7X0, 

OPEN AIR. Regent's Park. Tot. 486 2431 

A MIDSUMMER NIGHTS DREAM. 
Tonight « Thur. 7 -AS. Wed- A Sat. 2.30 

A 7.45 wltb RllLA LENSKA. IAN 
TALBOT. ELIZABETH E5TENSEN. DAVID 
WESTON. Shaw's MAM OF DESTINY Or 
DARK LADY OP THE SONNETS. Mat. 
Thur. 2.30. Fri. 8X0. Peter Whitbread 
te j EXH^ BURBAGE, Lunchtime Today & 

PALACE. CC. 07-437 6634. 

Mon. -Thurs- 8.0. Frl. and SaL 6 and 8.40 
JESU5 CHRIST SUPERSTAR 
by Tim Rice and Andrew Lloyd-Webber. 

PHOENIX. 01JU6 2294. Evenings 8.15. 
Friday and Saturday 6.00 and d,4Q. 

" TIM BROOKE TAYLOR. GRAEME 
GARDEN make ns laugh." D. Mall, In 
_ THE UNVARNISHED TRUTH 

.T*!* .HI* comedy by ROYCE RYTON. 
"LAUGH WHY 1 THOUGHT 1 WOULD 
HAVE DIED. •• Sunday Times. "SHEER 
DELIGHT." Ev. Stand. "GLORIOUS 
CONTINUOUS LAUGHTER." Time* 

ncCAMLLV. 437 «S06. Credit cord bkgs. 

_ ^ 836 1971 -3 8.30 am.>8.30 o.m. 

Evfts. 7.30. Sat. 4 JO 4 B Wed. mat. 3. 
LAST TWO WEEKS 

Rover Shakes oearc Company In 

THE OUTRAGEOUS ADULT COMEDY 
by Peter Nichols • 

PRIVATES ON PARADE 

BEST COMEDY OF THE YEAR 

Ev. Std. Award and SWET Award. 

EDWARD. CC tiormerty Casino). 
01-437 8877. Performances Thu Wrek. 
Ergs. 8.0. Mat. Thur. 3.0. Sat. S.O. 8.40 
_ NOTE CHANGE OF SAT PERFS. 

From AUGUST 5 Sats. 3X0 and «.40. 
and tram SEPT. £ v Sat»- 3,09 and 8X0- 

hy Tim Rloe and Andrew Lloyd Webber. 


fells 

OUBFN-S. CC.., 01.734 1 1PG Preri 

tram Aumiat 16. DAM| Aijtx'.t 23 
ROY DOTH ICE IAMFS VIU IERS 
and RlCHAan VERNON 

with 

GEORGE CHAK IRIS as ORACULA 

THE PASSION* OF XRACULA. 


ST. MARTIN'S. CC. 536 1443 tW 8,00. 
Matinees Tul-s 2.JE. Satura.i-y 5 .i"d 8. 

3GATHA d 

THE MOU 
i LONGL-. _ 

26th YEAR. 


AGATHA CHRISTIE S 
THE MOU5CTRA.' 
WORLD'S LONGEST-EVER RUN 


TALK OF THE TOWN. CC. 734 SOPI- 
8.00. 'Dining Dancing iBam open 7.1s». 
9.30 Super Reyup 
RAZZLE DAZZLE 
and at 11 p>** „ 

LOS REALES DEL PARAGUAY 


THEATRE UPSTAIRS. 730 2534. 

IRISH EYeTaND ENGLISH TEAKS 
by Nigel Ba'aw.n 


VAUDEVILLE. 836 9988 CC. Evs. 3.00. 
Mat. Tucs. 2.45 s.u. 5 and a. 

Dinah SHERIDAN. Dulcic GRAY 
A MURDER IS ANNOUNCED 
The newett whodunit by Agatha Cr.nitle 
Rg-enter AQatha with another who- 
dunnit tut. Agatha Christie is iteMnnq tr^ 
West End vet again wltn another or her 
fiendishly Ingenious murdyr inrsierirt. 

F<HJv Barker. Evening Herrs 
AIR CONDITIONED THEATRE. 


VICTORIA PALACE. 

Book now. 828 4735-6. 834 1317. 

STRATFORD jOHNS 
SHEILA HANCOCK 

ANNIE „ „ 

Evenings 7.30. Macs Wed. and Sat. 2 4S. 


WAREHOUSE- Donmar Theatre. Covcnt 
Garden. 836 6308. RCyal Shakcspoiro 
Company. Tonight and Tomor. 8 00 new 
Droducclon Pete Atkin's A & R. All 
seats-. El .80. Adv. bkos. Atetwvch. 
i Student standby El. 


WHITEHALL. 01-930 6692-7765. 

Evgs. 3 30. Frl and Sal 6.45 and 9 00. 
Pant Raymond presents the Sensational 
Sox Revue ol tto Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC. 01-417 6312. 
Twice Nightly 8.00 .ind 10X0. 

_ Sundays 5.00 and 3.00 
PAUL RAYMOND presents 
RIP OFF 

The EROTIC EXPERIENCE OF THE 
, MODERN ERA 

Takes ;o unprecedented limits *»hj! is 
permissible on our staoe," Ev. Nl-ws. 
3rd GREAT YEAR. 


At 7 p.ih.. 9 B.m.. Tl' p.m. Opens Suns. 
PAU L RA YMOND presents 

THE FESTIVAL OF EROTICA 

Fiilfy Jlr-candltlom-r 
21 SENSATIONAL. YEAR 


WYNDHAM'S. 01-836 3026. Credit Card 
Bkgs. 836 1071-3 from 8.30 am. Mon.. 
Ttiur. 8-00. Frl. and sat- S.15 and 3.30. 
"ENORMOUSLY RICH 
VERY FUNNY." Evening News. 
Mary O'Malley's smaUi-nit comcdv 
ONCE A CATHOLIC 
"Supreme comedy on sex and religion." 
• * Daily Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC. 928 63b3. 

Ben Jonson'k BARTHOLOMEW FAIR. 
Evgs. 7.45. "A rlcroarlhg production." 
S. Times. 


ONEMAS 

ABC 1 & 2 SHAFTESBURY AVE. 336 986-1 
Sep. PertS. ALL SEATS BKBLE. 

1- 2001 : A SPACE OOY9SEY <U> 70 nim 
81m Wk. and Sun. 2.2S. 7.55. 

2. SATURDAY NIGHT FEVER IX'- 
Wk. A Sun. 2X0. 5.15. 8.15 Hast 2 davsl 


CAMDEN PLAZA iopp. Camden Town 
Tube. wB5 2443. Tavtanl's ALLON- 
SANFAN IAA). (By the director ol 
PADRE PADRONE.I 2.50. 4 .45. B.50. 
9.00 Tt .IS. 


Tottenham Court Rd. Tuber 535 0310. 
U and. A progs. Children h-alf-prlc". 

1. Wall Disney's HERBIE GOES fO 
MONTE CARLO 1U1. Press. 1.30. 3. JO. 
S.55. B.C5. 

2. Doug McClure WARLORDS OF 
ATLANTIS lAj. Progs. 1.10. 3.30. S OIL 
8 . 20 . 

3. Last 2 days* Bruce Lee GAME OF 
DEATH «x>. Proos. 2.00. 4.1b. 6.10. 

4. ' Last 2 davs! LEBANON . . . WHY? 

'At. Arabic □•alonue. Englisii sub-tiilo'» 
Progs. 1.05. 2.50. 5.30 8. 10. 


ifullv Alr-Conddioncd.l DERSU UZALA 
i'Ui in 70 mm (Ennlith sub-iirteki A 

him by akira Kurosawa. ■■ maSIfr- 
PIECE." Times. " MA5TERWORK." Ob- 
server. •’ MASTERPIECE." Ev News. 
Film at 2.0. 5.4 S and 8.20. 


Richard Burton. Roger Moore. Richard 
Harris. Hardy Krua»r in THE WILD 
G2E5E iAA>. Scb. progs Whs. 1.00. 
4.30. R.10 Late mews Weds . Thurs . 
Fris. and San. 1 1 .45 wn Scan m.iy be 
book ed In ad vance lor 8. 10 p rog 

IDEOAL Lemtor Sauare igao 6liit 
REVENGE OF THE PINK PANTHER l4». 
Sea progs. Dly. Deers open, morimig 
show 11 00 am iNot Sun.*. 1st prog 
145. 2nd prog. 4.30, Esc proa. 7.4 J. 
Late night show Man.. Sat., doors upon 

.11 IS om. All scats bkbte. extent <nore- 

i ,, o ssew .nir* Men lair night show at 

the Bovomto orjiv^post 

IKON, Haymarkcr. f «>30 ‘ 2733 277 1 i 
Jane Fonda, Vah-i.i Redo rave ,n a Fred 
Zltinomann him JULIA 1A1 Sea urohs. 
Dlv. 2.30 fnot Sun.i. 5.45. 3X5. Fcalurn 
Dlv. 2 45 rnor Sun 1. C 00. 9 CO. AH 

scats bank able at theatre. _ _ 

IDE ON, Marble Arch. W.2. <723 20T12.I 

COLSE ENCOUNTERS OF THE THIRD 

KIND 1A1. Scb. ureas. Dly. Doo>* open 
t OS. 4 1% 7.*5. Late show Frl. and Sat. 
Doors oarn 1 1,15 nm.^AII ai'Jls^bkble. 

PRINCE CHARLIS Leic'.'"So ” 437 818 1'. 
Mel Brooks 
HIGH ANXIETY (Al 
Sen peris, dlv. Hire. Sun.* 2 45. 6.H, 
■9.00. Late shew Frl. nod SaL 11.4 b. 
Scats boexabie. Licensed Bar. 








HfiBf 


\ 5 * :. „ , 

* i £-:■ iU 

fc v : a i 




Financial Times Tuesday July 25 1978 



Katherine Pring and Leo Goelce 


lynde bourne 


The Rake’s Progress 

by ARTHUR JACOBS 


London 1 900 at the Heinz Gallery 


by DR. ROY STRONG 


I always wish that the Heinz 
Gallery at the RIBA was three or 
four times the size. Time and 
again this exquisitely designed 
little gallery just off Portman 
Square has surprised and 
delighted us, whether with the 
“ discovery ” of Thomas Robins's 
views of rococo gardens or with 
a serious evaluation of the 
cemeteries evoked by the First 
World War. Gavin Stamp’s 
London 1900 is a worthy suc- 
cessor, stirring the mind not only 
to new thoughts, but also to a 
fresh perception and understand- 
ing of the architecture of the 
metropolis which went up during 
those two decades before 
Edwardian civilisation vanished 
on the fields of Flanders. 

. How surprisingly recent it all 
is. Some of our grandest and 
most cherished landmarks were 
in fart built within human 
memory: the Victoria Memorial, 
Admiralty Arch, the Middlesex 
Guildhall, Westminster Cathedral, 
the GLC Building. They are so 
disparate in style ;hat jt almost 
comes as something of a shock 
to realise that they all went up 
within the same 20 year period. 
And this is where the exhibition 
makes its most telling point that 
a purely stylistic approach to 
these buildings is perhaps 
fallacious. 

Instead the exhibition rightly 
takes a path which can best be 


The last opera to be added to 
s year's repertory at Glynde- 
urne is vigorously and delight- 
2y performed. Elegance and 
■N — qualities both of Stravin- 
•'s score and of the libretto by 
H. Auden and Chester Kall- 
□ — shine out A second visit 
y first was when this produc- 
n was originally given three 
jrs ago) confirms the aptness 
David Hockney's stage designs, 
:h their black-and-white compo- 
rt t suggesting a line engraving. 

rhe cast is now almost, though 
t quite, perfection. J cannot 
;ist the pleasure of recalling 
it in 1975 (on seeing him in 
■w York as Mozart's Figaro) 1 
ilerl Samuel Ramey as "a 
lural for Glyndebuurne.” Here, 
Nick Shadow, his powerful but 
I irately shaded baritone is 
nod to a stage portrayal that 
plures the satamc humour of 


the part. In matching his move- 
ments exactly to the music, he is 
as good as a dancer and better 
than some. • 

Leo Goeke. another American, 
has been Glyndebourne’s choice 
for the title-role throughout this 
production. His performance as 
the weak-willed but charming 
Tom Rakewell Is now the best I 
have ever seen since Alexander 
Young's in eartier days. A new- 
comer (his year, Katherine Pring, 
gets the full measure of comedy 
and pathos from the grotesque 
part of the bearded lady, Babu 
(he Turk. She adds a convinc- 
ingly funny “Turkish" accent, 
which interferes neither with 
musical quality nor with clarity 
of the words. ' 

Felicity LoU, despite her vocal 
skill and her good looks, is not 
quite an Anne on the olhers' 
level. The character is rather 
palely drawn and the singing on 


categorised as iconographies!. 
This, in its way, unites what at 
fint glance seems to be an 
impossible melange of conflict- 
ing styles, a Babe] of Gothic. 
Byzantine. Greek or Imperial 
Roman. Somehow, however, all 
share in the lush optimism and 
paternal dedication of the 
imperial idea as it reached its 
apogee in the years after the 
proclamation of Queen Victoria 
as Empress of India in 1877. 
London then was still basically 
made up of the City with its old 
narrow medieval street patterns. 
Further west there were the neat 
Georgian squares of the 18 th 
century and further west still the 
bold elegance of Mash's Regency 
planning. The Victorian period 
on the whole had no central 
scheme for London and it 
developed piecemeal, its architec- 
ture responding and expressing 
its vast commercial expansion. 
Only during the 20 years preced- 
ing 1914 was there a return to a 
deliberate effort to plan on the 
grand scale. Visually London had 
nothing to compare with Paris. 
Berlin or Munich with their 
gigantic public buildings and 
grand avenues and approaches. 
London, in contrast, was an even 
larger city with 6.5m inhabitants 
by 1901. the focal point of world 
trade and the governmental seat 
of a global empire. Its pride of 
place demanded matching archi- 


tectural panoply but. alas, there 
could never be a Baron Hauss- 
mann here to hack a way as he 
did through the maze of Murger's 
Paris to create the boulevards of 
the Second Empire. The imperial 
vision was there but. in typical 
British fashion, its fulfilment 
remained piecemeal. 

What was its achievement? 
The creation above all of spec- 
tacle and drama in- the form of 
processional ways, in new monu- 
mental public buildings, and in 
replanning to enhance the exist- 
ing urban heritage. The LCC 
was then of recent formation 
and. although its architects were 
keenly socialist, it was they who 
were responsible for some of the 
great coups de th&xtre. There 
was *h* Aldwych. that mighty 
sweep at the foot of Holbora 
with its brilliant isolation of the 
two Wren churches of St. Mary 
le Strand and St Clement Danes 
which close the vista from the 
Strand and herald the advent of 
the City. There is the aggressive 
imperial classic of the LCC 
building of 1908 which, with its 
reflection into the waters of the 
Thames, seems more in the 
spirit of Mussolini's Italy than 
Edward/an socialism. Above all 
there is the palace complex with 
Aston Webb's facade and 
balcony, the Victoria Memorial 
— focus of a piazza over which 
the giant golden figure of Fame 


presides, embracing every great 
cavalcade- as it sweeps back to 
the palace. 

This sense of drama is marvel- 
lous to contemplate. What would 
the Silver Jubilee have been 
like last vear without Ibis 
wonderful decor. How tragic but 
inevitable that this spirit of 
grandeur, optimism and pride 
has been missing from every- 
thing since 1945. London is now 
a mighty sprawl with no motivat- 
ing idea and it is ideas which 
stimulate and give life and 
vigour to styles in the arts. No 
more can an architect celebrate 
monarchal or imperial grandeur 
or even the comforts of aristo- 
cratic and middle-class life. In 
almost every instance we have 
lived through an age of mean- 
ness of invention, cheapness of 
materials and poverty of ideas. 
Tradition has become a dirty 
word. Whatever could we pro- 
duce for a comparable exhibition 
on London I960 covering the two 
decades on either side? Public 
building is an expression of the 
ideals and aspirations of a 
society so that we have got what 
we deserve. 

This exhibition teaches us to 
lift our eyes upwards and dis- 
count the Vows of updated shop- 
fronts. Up we go to look at the 
work of often quite minor 
architect such as W. S. Wortlcy 
whose Sicilian Avenue. South- 


ampton Row, a curious mixture 
of renaissance French and 
botched neo- classical, still Forms 
a delightful urban group. Up to 
look at Norman Shaw's Piccadilly 
hotel with its massive free stand- 
ing colonnade. Up, above 
“ Males ” and heaven alone 
knows what else, to stare at 
Belcher and .lo ass's Mappin 
House, Oxford Street, an archi- 
tectural marriage of steel-fram- 
ing and Pemelikon marble. 

The exhibition makes us 
appreciate what we take fnr 
granted and that is always a 
good thing, to learn to really 
look at the great monuments 
that we pass everyday. It 
challenges us not to be di* 
missive of these buildings and 
their revivalist styles. Thar we 
are so is a reflection of our cult 
of the modernist movement 
which has distorted the hisior.i 
of the arts in rhis country for 
the past 40 years. Revivalism 
was not mere bastardisation or 
pastiche, it was often a conscious 
celebration of the rediscovery o( 
the British architectural heritage 
of the ace of Wren and Adam 
one which needed to be re 
inforccd by new tributes wilt 
the tradition. The challenge tha 1 
all this presents to contemporary 
architects is compelling. Let u* 
hope that they wilt not on!; 
look and learn but act. 


■j\. '.O- V 

. t-* I'/ •• ■ ' 


Sunday night was uneven, the 
high C at the end of the first 
act popping out instead of grow- 
ing from the preceding phrases. 
John Michael Flanagan gave 
good support as her father. 
Nuala Willis had a fair try as 
the brothel-keeper, and John 
Fryatt once again contributed 
his well-seasoned land, in 
another sense. well-spiced j* 
auctioneer. 

All this was organised into a 
musical unity by Bernard 
Haitink's conducting and staged 
with sharp comic skill by John 
Cox. The arrival of Baba at 
Tom's lodging, to rhe ecstasy of 
the servants within as well as 
of the waiting crowd, is a high 
point. During the epilogue — 
addressed directly to the audi- 
ence — Baba sbould appear 
without her beard. Why Mr. Cox 
ignores this instruction I did 
not know' in 1975, and would 
still tike to know. 



-* • 

All change in Budapest 


Buckingham Palace facade: Aston Webb, 1913 


FRANK LIPSIUS 


Wigmore Hall 


In the closing days of the 
eatre season, a well-kept secret 
js announced in a televised 
moony: the National Theatre 
Hungary would have new 
adersbip and a new staff after 
t years of End re Marion’s con- 
•i>i. lie had been head of the 
it* i lical re Tor seven years, its 
uef director fur 17 years before 
iat. and on its staff for a total 
•' 30 year?. 

In the attempt to make a 
ituuih Ir.insillon. Marion was 
.-q Hired lo preside over a tele- 
ised announcement, together 
tth his successors and Govern- 
i«* nl officials. H was considered 
humiliating exercise, for which 
ic television company later 
pnlogised. 

The need Tor a change in the 
tea ire. however, had long been 
ccognised. The National 
'hca t re. at one lime even 
romised a new home, never got 
i. and instead had to make do 
.■Hh n tired repertory in an 
gins theatre out of the way in 
residential area of central 
Budapest. Apparently, a search 
mri long been underway for a 
if\v leader bul there were few 
.ifci-rs: the National is obliged 
i> put on classic Hungarian 
%i.rkv Thev tend to date from 
he middle ' of tho nineteenth 
rentury. when nationalism was 
i.iX't-iJied with happy peasants 
dnains and dancing in national 
.-nri nine. 

To accomplish its aim. the 
theatre took the unusual step of 
appointing a head from outside 
the pool of excellent Budapest 
directors — and outside the active 
theatre world altogether. They 
chose Peter Nagy, a professor of 
literature who emphasised the 
need Tor change by saying on 
n-lmisinn that he had no 1 
rereullv boon In the National at 
all. In addition, two young 
direr furs. Gabor Szekely and 
i 'labor Zsumbeki were brought 
tu tlu* National from provincial 
theatres where they had made 
names for themselves. Each 
brings with him actors from his 
own company, a move that in- 
flates the >ize of the National 
company and. some anticipate, 
lays the seeds of future prob- 
lems. 

The plays announced for next 
season give evidence of the haste 


of the decision, for 'Zsambeki 
will put on a successful produc- 
tion of his frbm a' Tew years 
back, Arnold* Wesker's The 
Kitchen. In addition, there Will 
be Julius Cticsnr. Gorky’s The 
Lotrer Depths , and Kafka's The 
Trial in .'Weiss’s adaptation,- 
among a -repertoire that needs 
some filling out. Another young 
director .from the provinces has 
taken oyer :« theatre complex in 
the Buda Castle. This follows a 
long period when provincial 
directors made periodic visits to 
Budapest — one of them earlier 
this ye:ir caused riots in attempts 
lu gel tickets. It was a new pro- 
duction of a musical from the 
early 1950s, The Suite Depart- 
ment Store, which without a 
word being changed, mocked the 
excesses that ihe original play 
thought it was so firmly expound- 
ing. Now the provincial directors 
bave come to Budapest to Stay- 
Even with the theatres closed, 
the crowded streets of Budapest 
offer a large variety of films, the 
most popular of which advertise 
familiar names like Belmondo 
and Bronson. It is a native joke 
with unfamiliar self-deprecation 
that cashiers warn customers 
when n Hungarian movie is on, 
lest (here be a flood of com- 
plaints (while tickets for one 
cinema 1 went to cost Sp a piece). 

But interesting Hungarian films 
are easv to find and easy to get 
into. The one exception I found 
was a documentary made by 
Doniokos Moldovan about a seer 
who is visited by the dead m a 
northern Hungarian village. Play- 
ing onlv in the afternoon m one 
Budapest movie housc^ it was 
constantly sold out and had 
attracted something of a cult fol- 
lowing. , 

The film is but one of a large 
number of documen lanes or 
senii-documentarics wtaidi use 
non-professional actors in only 
partially scripted Sims The 
technique has been used for a 
variety of subjects, evoking 
scenes of humour, pathos ond 
protest as well as the standard 
fare of documentary exposition. 

ph ntograph V- d ' reeled by PaJ 
Zolnav. has two young photo- 
graphers travel the Hungarian 
countryside looking for likely, 
subjects. They offer their work 
to peasants who are more happy 


to discuss their lives with the 
interested young men than they 
are to accept the photographs 
without being touched up to 
make them look better. The 
peasants’ stories are true, includ- 
ing the one of the old woman 
whose husband killed their 
daughter. The film ends far 
from the countryside in an 
aerial view of Parliament in 
Budapest emphasising the 
/distance between their concerns 
and its solutions. 

In quite a different mood, 
Istvan Darday made Holiday in 
Britain, the story of the search 
for a young musician in the 
Hungarian provinces. He will 
be part of a band going to 
Britain for a month, and the 
desirability of the prize elicits 
scores of applicants, playing 
anything from home-made 
whistles to tubas. The winning 
applicant must also of course 
exhibit the proper social graces 
of good conduct and participa- 
tion in Young Pioneer activities; 
youth leaders participate in the 
search, which eventually turns 
up a young guitar player iu a 
village rock group. 

He has all the requisite quali- 
fications, but his peasant parents 
arc not sure they want him to 
go. The film spends a good bit 
of time exploring their fears and 
prejudices, the influence of their 
neighbours and the attempt of 
officials to make them see the 
advantages to the boy of the 
opportunity. They fail, and the 
boy is forced to stay at home, 
while another little girl is 
quickly recruited to join the 
band playing its own send-off at 
the airport. The misguided 
effort to do something for the 
boy’s own good combined with 
the original, artificial criteria for 
.selecting him make a -serious 
political point through humour 
— and amateur acting. 

A blunter and more contro- 
versial political point is made in 
the documentary about the life 
of the Hungarian decathalon 
Olympic champion. Andras 
Balczo. A hero to moat Hun- 
garians, Balczo made The 
Portrait o/ a Champion with 
director Ferenc Kosa. who grew 
up in the same village as the 
athlete. 


Shirley-Quirk 


Arts news in brief 


by RONALD CRICHTON 


John Shirley-Quirk's recital on 
Sunday with Martin Isepp in the 
Wigmore Summer Festival bad, 
as the singer himself pointed out 
a Quixotic framework. He began 
with Britten's realisation or Pur- 
cell’s “Let the dreadful engines 
of eternal will” written for 
DTJrfcy’s Comical History oj Don 
Quixote. He ended with two 
groups of. verses by Paul Morand 
for the Pabst Don Quixote film 
with Shalyapin and George 
Robey. 

Is it Quixotic to find a link 
between Schumann and Butter- 
worth who provided the meat in 

the programme? Not entirely. 
Butterworth, killed young and 
full of promise, was an English 
representative of the line of 
romantic song-writers deriving 
largely from Schumann. Cer- 
tainly there is a link between 
their respective poets. Heine and 
Housman. both lyrical, concise 
intense, marvellous at placing 


words, both with flashes of 
searing irony. 

The Purcell, virtually a solo 
cantata with, contrasting moods, 
was fetchingiy done, la Schu- 
mann one noticed stretches of 
excellent singing slightly marred 
by loud sustained notes that went 
thick, furry and rather hard— the 
voice is so malleable, so effective 
in this hall on what one might 
call musical conversation level 
that there seems lo be no need 
to press. This didn't prevent 
much pleasure from the lapidary 
“ Lieb’ Liebchen ** and “ Anfangs 
wollt’ ich fast Verzagen ” as well 
as the more extended “Schone 
Weige.” 

The Butterworth group from 
A Shropshire Lad made one. not 
for the first time, regret his dis- 
appearance. The songs are un- 
equal, with patches of anony- 
mous pastoral. But there are 
longer patches — the central sec- 
tion of “ Bredon Hill," “ O fair 


enough ” and ’•'With met my 
heart is laden "—where aD 
obstinate determination to be 
bis uncomfortable self pokes 
through. Without losing the 
essence of the poems Butter- 
worth firmly pushes his horizon 
beyond Shropshire. 

Just for once, it was worth 
hearing Ibert's as well as Ravel’s 
Don Quichotte songs— there was 
a muddle: both composers were 
invited to write for the film. 
Ravel withdrew but published 
three songs separately. But this 
is a once-off idea: Ibert’s are 
better than most songs for films 
but only the last of the four has 
any life now. Ravel’s, using the 
same Spanish idiom with incom- 
parably more point, seemed to 
grow better and better. Mr. 
Shirley-Quirk, whose French is 
fluent, did tbem admirably, par- 
ticularly the moving “ Chanson 
cpique " which is the finest of 
the three. 


London Festival Ballet will re- 
turn direct from its seasons in 
New York and Washington to 
open at the Royal Festival Hall 
in London on August 21. In a 
season sponsored by Imperial 
Tobacco the company will pre- 
sent a programme of popular 
works. 

From August 21-Sept ember 2 
it will present Beryl Grey's pro- 
duction of Sirun Labe with a 
chance to see several different 
casts during the two weeks. 
Patricia Ruanne. Elisabetta Tcra- 
busL Eva Evdokimova. Jllanoia 
Asensio. Liliana Belfiore. and 
Carole Hill are the Odette/ 
Odiles. partnered by Peter 
Schaufuss. Patrice Bart, Attilio 
Labis, Jonathan Kelly and 
Nicholas Johnson respectively as 
Siegfried. 

On Monday September 4 for a 
week there will be a mixed bill 
comprising Glen Tetley's Green- 


ing together with the thre- 
divertissements, Flower Fcstira 
at Genzano. Three Precludes, am 
the Tchaikovsky Pas de Deux 
The programme will end wit! 
Balanchine's Bourrce Fantasqut 


Lazzln J. Bonis, president o 
the Opera Company of Bostoi 
has announced that Thomsot 
Sinillie. at present director o 
public relations for Scottis! 
Opera arid artistic director o 
Wexford Festival, will becom 
manager of the Opera Compan. 
of Boston with effect from Augus 
15 next. 

Mr. Smillie has been involve- 
with Scottish Opera since th 
beginnings of the company i. 
1962 and has worked fuli-tim 
with Scottish Opera since lWf 
Since 1973 he has been artisti 
director of the Wexford F estiva 


Open Air, Regent’s Park 


Exit Burbage by michael coveney 


The sun shone brightly yester- 
day lunchtime on Peter 
Whitbread’s easy - going 

anecdotage about Shakespeare's 
chief player and his association 
with the Chamberlain’s Men and. 
when James succeeded to the 
throne, the King’s Men. Mr. 
Whitbread uses the collaboration 
of player and playwright to reel 
off. in reasonably sound shape, 
several of the famous speeches 
that Burbage first uttered. We 
have bits of Oberon, Mercutio, 
Richard III, Falstaff Cm Merry 
Wires) and. of course, Hamlet. 
But uttering them we have only 
Mr. Whitbread, a solid and 
reliable actor. Not a hint of the 
extraordinary 1 realistic acting 


that Hamlet demanded from the 
travelling players. 

A contrast is drawn between 
the bombast of Ned Alleyn in 
Tombxcrlaine over at the rival 
Rose Theatre and Burbage’s 
supposedly more liquid interpre- 
tation of Richard Crookback. 
But, given the straightforward 
quality of Mr. Whitbread's per- 
sonality, his success is the 
greater with Marlowe, and- his 
ironic point about the rival com- 
panies entirely lost 

The speeches are linked by 
some excrutiating mock-Eliza- 
bethan parlando and direct 
quotation from the contemporary 
commentaries of Stubbs. Mann- 
ingham and Flecknoe. It is all 


neatly and competently done, 
without ever once casting a truly 
revelatory light on either 
protagonist. The occasional 
glancing detail is welcome, such 
as the news that Shakespeare 
left Burbage 28s fid in his will in 
buy a ring of gold for old time's 
sake, and the familiar story of 
bow they used tbe wooden planks 
of tbe Shoreditch house to 
assemble the Globe in 1598.. 

Apart from that Mr. Whit- 
bread reveals himself to be a 
clever quick-change artist, sum- 
moning with a few blobs of 
make-up and the application of 
padded costume and wig tbe 
ludicrously affronted vision of 
Falstaff on recovering from his 
escapade in the laundry basket. 


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re 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Tuesday July 25 1978 


Business in 

I ; 

Parliament 


i llVEN ITS limited terms of 
‘sference, the CBI’s working 
j'arty on parliamentary candi- 
dates from trade and industry 
jas produced a notably compre- 
^ ,ensive report The terms of 
. inference were, briefly, these: 
',Jto consider what guidance, if 
^ny. the CBI should give to 
Member companies on the ques- 
' on of release of employees to 
liable them to become Mem- 
;' l ' ( ers of tlie House of Commons." 

nd the background to the re- 
port was an “increasing disquiet 
! ttnong businessmen about the 
_ ‘-arcity of first-hand experience 
‘ F their problems existing 
,”mong Ministers and back-bench 
i J Ps ” 

J deterrents 

0 '* In other words, there are 
( . ‘at enough current or former 
_ ^presents lives of trade and in- 
dustry in the House, especially 
i compared to those from other 
r7 ccupations or professions, 
; ihether journalism, the law, 
'diversity teaching of whatever. 
1 -here is also an unspoken 
'■^sumption that the number of 
Vpi from the other side of in- 
'jstry — though that term is not 
* «ed — may be out of balance. 
; here were, for example, 128 
ade union-sponsored Members 
'. ji-one fifth of the total — in the 
Parliament elected in October 

r, )74. 

r -[The trouble is. however, that 
c ’ is possible to accept the 
Vialysis of lack of balance with- 
accepting the narrow terms 
t ; the CBI's reporL For there 
* jpears to -be no particular 
.| -idence that representatives of 
4 ade and industry are deterred 
,.om seeking to enter Parlia- 
ment by the attitude of their 
■ v nployers. On the contrary’, a 
;intber of companies have gone 
J it of their way to show some 
dulgence towards those of 
' eir employees with political 
[( ■ pi rations. It follows from that 
at the -main deterrents to 
II ose from trade and industry 
e to might wish to become MPs 
a ,ust lie elsewhere. 

:*i The report is right to point 
t* it that one of these deterrents 
«'• the low level of MPs’ pay. 
a: Ve* would like to place on re- 
<1 rd." it says, “our unanimous 
t* ew that the level of remuner- 
c ion is unlikely Jo attract many 
2 the potential candidates who 
uld make a valuable contribu- 


r. 


tion to Parliament" But the 
deterrent clearly goes beyond 
that: it is not only the lack of 
pay that matters, it is also the 
lack of facilities. Under the pre- 
sent Parliamentary system there 
is every likelihood that some- 
one from industry entering Par- 
liament will after a compara- 
tively short period be less well 
informed than they were out 
side. 

There are also subsidiary 
questions such as tbat many 
people in trade and industry 
may not be ready to accept the 
rigidities of the present party 
system. Very often, in fact, 
industry nowadays inclines 
neither to the Tory nor to the 
Labour Party. Instead it wants 
a system of government that 
appreciates the need for con 
tinuity. and it is very difficult 
to see how that can come out of 
adversary politics, especially as 
practised in the House of 
Commons. On top of that, 
there is the whole question of 
power and influence. It is not 
immediately clear that either 
of those attributes are to be 
found more on the back benches 
of the House, or even among 
junior Ministers, than say on 
the board of a big company, the 
TUC or the CBI. Indeed the 
growth of the CBI itself is one 
example of the way power has 
shifted. 

Obstacle 

There is the further point 
that the absence of experience 
of industry is apparent not only 
in Westminster, but also in 
Whitehall. No doubt because of 
its limited terms of reference, 
the report mentions this only in 
passing. But it is surely part of 
the same problem: there is not 
enough interchange between 
government Parliament the 
civil service and industry. Some 
of the explanation for that pro- 
bably lies in our social and edu- 
cational systems. Not much can 
be done about that merely by 
encouraging employers to make 
it marginally easier for some 
of their staff to - stand for the 
House of Commons. There is no 
reason to believe that such tin- 
kering. however desirable in it- 
self, would contribute much to 
the reform of the House. And it 
is the House of Commons, alas, 
which has become the major 
obstacle to constitutional and 
political change. 


Hie new Lome 
Convention 


s, 

•r 


' IS already clear that 
gotiations to renew the Lome 
invention between the nine 
£C countries and 54 deveiop- 
2 nations are going to be long 
d difficult. Yesterday’s 
augural session of the talks 
Brussels was a formal affair, 
nited to general opening 
>tements. Brass tacks negotia- 
nts are not due to start until 
autumn. But the two sides’ 
itial statements have co ti- 
med major differences in 
proarh that are bound to 
ike the more detailed sessions 
duous and potentially divisive. 

vmbolic 

The Nine are approaching the 
ks on the assupnuinn that the 
w convention (Lome II) 
ou Id broadly speaking be an 
proved version of the current 
ealy (Lome I) signed in the 
■golese capital in February 
75. For the Community’s 
veloping partners. the 
gotiations are a chance to 
;ure a radically improved 
lationship with the EEC, 
ing far beyond the provisions 
Lome I. If indeed, as is 
.eiy. the new agreement is 
:ned somewhere in the Carib- 
an. it will not even be known 
y longer as the Lame Conven- 
n — a matter of major 
rnbolie importance to the 
veloping countries. 

The developing countries’ 
:itudc is a little galling to 
.* Community, which has 
nstimtly proclaimed the sic- 
i can re of Lnliie I as a break- 
rough in relations between 
lustrialised and develuping 
tinns and an example that 
uld bo followed in the wider 
irth-Stfuth dialogue. It is 
ile true that the convention 
empts a much more cotnpre. 
nsive solution to the pmb- 
ns of developing countries 
an any that has been tried 
.{•where. Some nf its provi- 
>ns, most notably the Stabex 
leme to offset falls in income 
im raw materials exports. 
;»ak totally new ground. 

None of this, however, has 
.n-pnlerf the Convention from 
•iiing in for a barrage of- 
licism. both from Western 
velopment experts and from 
• developing countries them- 
ves. which has intensified as 
■ time for its renewal has 
proachcd. Lome I has been 


described as a neo-colonialist 
arrangement designed to keep 
the Community’s hands on raw 
material supplies, and markets 
for its exports, without allow- 
ing the developing countries to 
build up industries that would 
compete with those in Europe. 
The African. Caribbean and 
Pacific memhers of the Conven- 
tion ithe ACP) complain that 
they do not have enough say 
in the way aid is allocated, and 
even the much - trumpeted 
Stabex arrangement has been 
attacked as inadequate. 

These criticisms were re- 
flected in the demands put by 
the ACP countries yesterday. 
Their requests include a major 
extension of Stabex. the same 
access to Community markets as 
that enjoyed by full EEC mem- 
bers, special aid for industrial 
development and joint manage- 
ment of the Convention's finan- 
cial resources. At the same time, 
they rejected outright two new 
ideas that have emanated from 
the Community — an Anglo- 
Dutch suggestion that human 
rights provisions be incorpora- 
ted in the new agreement and a 
proposal that the ACP countries 
grant special safeguards to in- 
vestments by EEC companies. 

Uncertainties 

It looks unlikely that the UK 
and the Netherlands will get 
very far with their human 
rights proposal, which the ACP 
countries regard as compromis- 
ing their sovereign rights, if 
only because the Nine are not 
themselves agreed on it. A 
reference to the United Nations 
Charter in the preamble to the 
□ew Convention may be all that 
ultimately emerges. All of the 
Nine, however, will be pressing 
hard for investment guarantees, 
particularly for the extraction 
of minerals, which has been 
severely handicapped in recent 
years by political uncertainties. 

The opportunity will be there 
in the coming months for the 
Community to demonstrate that 
it remains in the forefront of 
efforts to promote world devel- 
opment. For both economic and 
political reason*, the Nine need 
friends in the developing 
world. One does not have to 
accept all the points made by 
the ACP countries to see that 
the current Lome arrangements 
are capable of improvement, f 


The dilemma of Saudi 
Arabia’s dependence 
on immigrant labour 


Financial Times Tnesday My 25 WTS^ 


'-;.:;,Vr3S £i 

*'■; KT* 


BY OUR FOREIGN STAFF 

L AST MONTH a visi- all Saudis and foreigners must Saudis have always been con- 
tor to Jeddah’s $30m carry papers so that spot checks earned about the large number 
new prefabricated air can be carried out. of Yemenis in the Kingdom, 

terminal had to v pick his The Interior Ministry has un- since they are often politically 
way through hundreds of veiled its plans for a compre- sophisticated urban dweUers. 
shabbily dressed Afghans bensive search operation. Their fears have naturally been 
camping disconsolately among Local Governors In the Hajj increased by the recent further 
the scorched trees and con- areas together with Interior shift towards the Soviet Union, 
s true tion debris. Day labourers Ministry personal will cast a cor- in South Yemen following the 
mostly, without papers or doti sanitoire around' these shooting of the South lemeni 
permits, indeed the lowliest areas; checkpoints will be set president Salem Rubai All at the 
human element behind Saudi up in bazaars and on the high- * as * mont ^- Palestinians 

Arabia's much vaunted con- ways, while all Ministries and also regarded with caution, 
s Unction boom, they dozed all government departments will Saudis are uneasily aware that 
day in the makeshift shelter of be made responsible for carfy- foreign workers probably out- 
blankets and tin trunks. ing out pass inspections, the number the Saudi workforce. 

Returning early this month Health Ministry at hospitals, the which certainly does not exceed 
he would have found the make- Commerce Ministry in shops and 1.5m. and is probably less. In 
shift camp dismantled and the hotels and so on. Severe penal- the last few months it has 
tent dwellers spirited away to ties are prescribed for those clearly emerged that the estab- 
join thousands of other illegal who employ, shelter or trans- lishment feels that foreign 
immigrants from every nation port illegal aliens. labour, male and female, is 

in the Moslem world in the half- placing an unnecessary strain on 

completed Hajj (pilgrimage) A mKitiAiic the social and moral fabric of 

terminal. In this vast and de- .c\ULIU 11HJ1I» the state and, inevitably, in 
cayed building they sprawl _ the heart of Islam, on Islam 

abjectly in national groups, wait- PUUIS itself. Diplomats arsue that 

iDg out of sight for the aircraft “ though the establishment may 

that will take them home. Without a large foreign n ot yet know in what direction 

Saudi Arabia, the material labour force, a Saudi popula- it wants Saudi society to 
and spiritual beacon of Moslem tion, which is certainly no develop, it bas at least made up 
poor the world over, has de- greater than 4m, cannot achieve its mind about what it does not 
cided it no longer has a place its ambitious plans to create an want: ragged Afghans thronging 
for them. A two-month amnesty industrial state not wholly de- the streets. African prostitutes 
for illegal residents to rectify pendent on oil revenue. In the in the Bab Sherif district of 
their status expired on June 30. second five year development Jeddah. Moslems drunk in 
AH foreigners without Saudi plan, launched in 1975, it was public on liquor originating in 
sponsors must now leave the calculated that additional western compounds and a 
country or face deportation. foreign manpower of nearly half general upsurge in crime. 

The upheaval is causing a million would be needed to Saudis in Jeddah self- 
serious disruption for many supplement a total of some righteously point out that they 
companies, part of whose 300.000 existing foreign wor- now lock their cars, 
labour force has melted away— kere. The first indication of the 

often against the deadline for No account was taken of wor- {^3^-3 stricter attitude to its 
important construction con- kers from the two Yemens, con- forei ™ manpower came in Jan- 
tracts. While labourers are servaovely estimated at around witb an announcement by 

those most seriously affected, 1m. These, however, enjoy a interior Ministry that only 


executives and skilled labourers special status, since North hi hly expatriates wonld 

from European countries (there Yemen is the only country to b e permitted to bring their fami- 

are about 15,000 Britons work- receive direct economic support lies H with mem t0 Kingdom, 

ing officially in Saudi Arabia) on a permanent basis and most In March the pu bl j c security 

are also affected, since many of of the approximately 300,000 (po ij ce ) was rounding up 

them have come in with visitors’ workers from South Yemen fQreiori women without resi- 
visas and have stayed on, never travel on North Yemeni pass- denc | ^^3 m Bab Sher if. On 
obtaining residents’ permits. ports. North Yemenis alone Aprjl 17> ^ Ministry issued 
The vast majority of the remitted well over $lbn last another statement announcing 
Kingdom’s Moslem labour force year. r the two-month amnesty. Illegal 

are pilgrims or hajjis, for whom Figures for the number of a]jens were t0 applv to so^ai 

the opportunity to work in other foreign workers in the yisa offices ^ 13 sg Udi t * owns 

Saudi Arabia weighs at least as country vary widely. Egypt where ^ ^ couId produce a 

heavily in planning the journey provides the • largest group. Saudi gp^o,.. ^ ey wou]d be 

as the rites in Mecca and the believed to number upwards ar , nfet i TBS i denPe 
Plain of Arafat. The Hajj com- of 110,000, which sends 0 
pleted, they are rapidly home a sizeable chunk of 
absorbed into the . national tbe $1.6bn in foreign remit- 
groups scattered around Jeddah tances that Cairo is expecting 
and, to a lesser extent, other this year. This is followed by 
Saudi cities. Others come on Pakistanis and Indians (put at 
the “Umrab" visa to perform 50.000 and 30.000), Somalis, 
the pilgrimage out of season. Sudanese, Afghans, Eritreans 
Some of the Indians and Pakis- and all manner of west arid cen- 

tanisjnay get clerking jobs, but tral Africans. 1 - — . ------- 

the majority join the pool of There are many reasons for brother of Crown Prince Fabd, 
casual labour readily exploited the clampdown, which is the made a public statement The 
by margin-shaving contractors, latest and most serious of many Kingdom faced a serious labour 
Hence, they have no sponsors, checks that have been carried shortage, he said, but the re- 
Saudi Arabia's success in out in recent years to remind QUirements of internal security 
regulating its labour market foreigners enjoying the Saudi must come first Any Saudi 
will therefore depend very economic boom that they are in found harbouring unsponsored 
largely on success in supervising the country od their hosts’ foreigners faced jail and a fine 
the Pilgrimage. Pilgrim guides terms. There is an underlying of £1,500 per worker, 
have been made personally fear that at least some of the The attitude of employers 
responsible for the delivery of foreign workers form a potential changed. In Jeddah, an almost 
their charges back to the point fifth column /for political sub- daily Ministry reminder to- 
of entry. To aid these venerable version or simply the spread of getber with ostentatious street 
figures, pilgrim passports will political ideas alien to the Saudi manoeuvres by the green-clad 
be impounded on entry and now monarchical system. Public Security persuaded most 


Internal 

security 

After a rash of threatening 
notices, the Minister himself. 
Prince Naif, the younger 


expatriate managers to send in 
their companies' unsponsored 
employees. Most returned with 
a permit, though their families 
were often not so lucky. A 
deputy minister said recently 
that more than 100,000 had suc- 
cessfully made themselves legal. 

Companies, some of whose 
workers have had to leave the 
country, are having difficulty 
registering them to come back, 
and this is slowing down work 
on some construction contracts, 
which do not of course provide 
for such eventualities. So far 
it is difficult to assess the scale 
of the problem, though it is 
probable that the law is 
enforced with less leniency the 
further one goes from the main 
centres of Jeddah. Riyadh and 
Dammam. 

In such crucial areas as voca- 
tional training, the Saudi dis- 
taste for manual labour has 
led to extremely low enrolment 
Some Government officials have 
expressed doubt that Saudi 
nationals will ever fill the 30,000 
jobs in heavy industry projec- 
ted in the present planning 
phase. 

Even in such traditionally 
attractive areas as the armed 
forces. Saudi Arabia is facing 
serious manning problems. A 
fleet of 19 warships is on order 
in the U.S.. but last year ac- 
cording to U.S. sources, the 
Ministry of Defence found itself 
unable to fill even half the 
quota of 200 Saudi places 
requested from the Great Lakes 
naval training college. Doubts 
are also being aired whether the 
air force will have the man- 
power to provide ground sup- 
port staff for F-15 jet fighter- 
programme, to be based in 
Dhahran. 

Of course, half of the 
potential Saudi workforce 
makes no effective contribution: 
only 1 per cent of women are 
working, according to recent 
non-Saudi estimates. Naturally 
enough, expatriate wives and 
daughters find themselves filling 
the gap. Foreign wives of 
Arab employees, for example, 
provide vital bilingual secre- 
tarial skills. But on May 9, 
Prince Naif sent a memorandum 
to his colleague at the Labour 
Ministry, ordering him to make 
inspections of companies which 
he had reason to believe “are 
employing females in positions 
not in keeping with their 
modesty and where they are 
permitted to mix socially in a 
manner repugnant to our 
religious and social traditions" 
Foreign women, who are not 
granted work permits except at 
the main oil company Aramco 
and in medicine, education and 
women's welfare, where Saudi 
women may also work, were to 
be deported and their employers 
prosecuted. Although many 
large companies like Lockheed 
and Citibank immediately gave 
their women employees leave. 



IViry Xlr* 

Immigrant Moslem workers pouring concrete at a construction 

site. 


the storm blew over rapidly and 
in Jeddah, at least, there 
appears to have been only one 
inspection raid. 

The Saudi Government has 
found that une of the most 
satisfactory solutions to the 
problem of how 10 import 
labour without causing social 
disruption is t>i rely on certain 
types -of foreign labour such as 
South Koreans. Filipinos and 
Thais. Not ouly are such 
workers extremely diligent, with 
astonishingly high rates of 
productivity and, among the 
Koreans, military-* yle disci- 
pline, but they show little 
inclination to mix with other 
people and prefer to stay in 
(heir camps, which are often at 
isolated spots deep in the 
country. This preference for 
Far Eastern labour has been 
reflected in the awarding of 
major contracts. 

Westerners, a privileged 
group, already pay for Saudi 
acquiescence in their customs 
in the high walls that separate 
all but a fraction of them from 


Saudi life, and the recent ruth- 
less altitude taken toward some 
Britons caught making and sel- 
ling alcohol shows that they too 
arc at present being regarded 
less tolerantly. 

Greater government control 
control over foreign labour is 
expected to follow an announce- 
ment last month that the 
Kingdom will be opening 
recruitment offices abroad. 
Hitherto Saudi recruitment 
drives have been aimed at single 
projects, as for example Plan- 
ning Minister Sheikh Hisham 
Nazer’s visit to Seoul an April to 
discuss Korean manpower for 
the construction of the indus- 
trial complex at Jubail. 

The success of -these measures 
will depend very largely on the 
cooperation of the private sector 
and on successful supervision of 
the Pilgrimage. Few observers 
are sanguine about either, but 
even if only partially successful, 
the great days of the Saudi 
labour free-for-all seem to have 
pissed. 


MEN AND MAHERS 


What Churchill 
told an artist 

The most intriguing group of 
manuscripts being auctioned 
today by Sothehy’s is 24 letters 
by someone still very much 
alive — the artist Graham Suther- 
land. It is unusual, but not 
unknown, to offer for sale the 
manuscripts of extant celeb rites. 
The copyright still resides in the 
writer, although Sotheby's tell 
me that they have not been in 
touch with Sutherland himself 
to gauge his feelings. 

The estimate of wbat the 
letters will fetch ranges from 
£2.000 to £3,000. Described as 
“ tbe property of a gentleman.’’ 
they were written to Lord 
Bea verb rook and their main 
interest lies in comments on the 
ill-fated portrait of Winston 
Churchill. Sutherland tells of 
his struggles to capture the 
great man’s essential nature. He 
also refers to Churchill’s 
repeated remarks while sitting 
that his colleagues in the 
government “wanted him out" 
Then Churchill would say: “But 
fm like a rock." 



Eastern promise 

In Peking, talks have begun 
about a friendship treaty 
between China and Japan. With 
the Gang of Four out of action, 
the Chinese leadership is even 
thinking of raising private loans 
in Tokyo. These are more straws 
in the wind that are sending 
old Chinese bonds sky-high in 
London. For years, there 
seemed not the faintest hope 
that loans made at the turn of 
the century would ever be 
repaid: even now, only optimists 
think they really will But the 
interest of collectors is com- 
bining with the attention of 
speculators. Some smaller 
issues have doubled and tripled 
in value lately, to stand at 45 
per cent of face value. 

•• There is tremendous 
interest, 1 ’ says Robin Hendy, a 


“And now, a prayer to the 
Almighty on behalf of his 
namesake." 

stockbroker who acts as consult- 
ant on bonds to Stanley Gibbons. 
“Tbe day is past when such 
pieces of paper could only be 
thrown on the fire.” Banks on 
the Continent are actively buy- 
ing ** busted bonds " from China 
and elsewhere as museum 
pieces, while the Council of th- 
Corporation of Foreign Bond- 
holders puts out an annual 
report on the more matter-of- 
fact aspect of redemption 
chances. 

One of Britain’s keenest 
collectors of old bonds is Com- 
mander Donald Ross, who lives 
in the City and is clerk to a 
livery company. He thinks 
Chinese bonds worth having for 
their exotic appearance and 
historical interest alone, but 
also points to the possibility 
that the U.S. and China will 
exchange frozen assets. 

Someone else who watches 
such hints of change hopefully 
is Alan Morrlss, an airline 
pilot living in Nutley, Sussex. 
His family owned the North 
China Daily News in Shanghai 
until the revolution. Impressive 
pieces of paper list the property 
the family once owned and rents 


that were collected after the 
-paper was shut. Morriss com- 
plains that the Foreign and 
Commonwealth Office trails well 
behind the State Department in 
chasing such matters, but thinks 
ail will come right in the en3. 
“Honour is important to the 
Chinese.’’ he says. 


BL’s landlords 

As Michael Edwardes nego- 
tiates ' details of the lease for 
a new BL headquarters in Ham- 
mersmith, the Kuwaiti Invest- 
ment Office can take pleasure at 
the idea of having another 
British symbol as a tenant St 
Martin’s House, which BL will 
rent for £700.000 a year, is 
owned by the property company 
of that name; it also owns 
Tintagel House, the home of 
Scotland Yard. The Kuwaitis 
bought the St. Martin’s company 
in 1974: their prestige block in 
Hammersmith now has two 
floors occupied by a Japanese 
shipping company, from which 
BL will recoup nearly £130.000 
a year. After filling seven 
floors with his 300 head office 
staff. Edwardes will be looking 
for tenants for the remaining 
two. 


on to the garden path unless 
those conducting them can 
match them in intelligence, wit 
and resourceful ness." Bhutto 
wrote firmly in the margin, 
“Forget the foreign correspon- 
dents. We will NOT invite 
them.” 

This does not in my view, 
prove tbat Bhutto was guilty at 
that moment of anything, ex- 
cept being frank about how most 
people in authority feel towards 
the press. 


Girl guidance 

Feminine intuition among the 
House of Commons secretaries 
must be a fair pointer to tbe 
immediacy of a General Elec- 
tion. In the latest issue of the 
House Magazine, the parliamen- 
tary news sheet, is a message 
from Caroline Cawston, chair- 
man of the Secretaries’ and 
Assistants' Council. It reads: 
“ Dissolution arrangements — if 
anyone has any queries about 
what happens here on the 
announcement of an election, 
please contact the member of 
the SAAC executive starred on 
the list below. . . . We are at 
present in touch with the 
Serjeant at Arms office to dis- 
cuss these arrangements." 


Press gang 

An intriguing window on bow 
at least some politicians and 
civil servants view journalists 
is provided by— of all things— 
Pakistan’s newly issued White 
Paper on the alleged wrong- 
doings of its fallen prime minis- 
ter, Zulfiqar Bhutto. 

In May, 1976 special secretary 
Rao Khan sent a long memoran- 
dum to Bhutto on how to run 
the elections. It ended, “A team 
of reliable. Intelligent and re- 
sourceful Information Officers 
will have to be selected who 
will conduct foreign correspon- 
dents and TV teams. Foreign 
correspondents can prove to be 
very slippery customers, it 
would not be easy to lead them 


Strong brew 

We wonder if Brooke Bond 
Liebig is fully aware of the 
reasons why its latest Australian 
acquisition. Bushel] Invest- 
ments, keeps its market leader- 
ship Down Under. Its famous 
tea, also called Bushells, not 
only makes the unique “billy 
tea," more a stew than a 
liquid, which has preservative 
qualities well known to drovers 
and bush whackers. 

It also has several other 
uses. Australian DIY mechanics 
are said to use it for stripping 
rust from car engines, their 
wives use it To dye stockings, 
and the best maidenhair ferns 
will grow on nothing else. 


Observer 


Sergeant J*n*k*n 
was hit on the head 



After 3 years in the last war, after keeping the peace in Kenya, after se, 
through ihe evacuation of Aden, Sergeant J*n*k*n was hit on the head. \ 
a Mono. 

He lost his reason. 

He lias been with us ever since he was invalided Ironic. Sometime 
hospital, snmenines in our Convalejeent Home— wherever he is, we j 
alter him. \Vc provide work in a sheltered industry, so that }tq can 
Without t-harity. One day. he’ll probably enter our Veterans' Horae fora 
still thinking that the next man in die street is about to attack hint. 
Even- year brings in more and more deserv/ng cases like Sergeant J#n*i 
And every year our costs go up. 

ti we are to survive tn *78 we must have more funds. We’re d< 
everything we can, but in the end it depends upon what you 
ora to give. 

“They've given more than they could — 
please give as much as you can”. 


mermL warns soaery 

3/ Thurloc Street, London SW7 2LL 01-584 8688. 






17 


J 




FTnmrcffi Tones Tuesday July 25 1975 




SOCIETY TODAY 


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thriving of private health care 




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£ • ^ - 1 


THIS LABOUR Government, 
which has stimulated the crea- 
tion of more private schools 
than any modem Tory would 
dare to dream of, may also be 
remembered as the Government 
that brought about the existence 
oT a thriving, growing, private 
sector in health care. 

Add the quiet, burial of the 
Community Land Act and one 
could have the beginnings of a 
most interesting case of "it is no 
longer a joke, this really, is 
the most conservative govern- 
ment we could get.” But of 
course it is a joke, and a sour 
one at that, because Labour's 
private schools and private 
medicine are the unintended 
results of not thinking its 
policies through with the neces- 
sary care. 

Host- people will remember 
the case of the schools. Labour 
withdrew government support 
from those formerly classified 
as “direct grant" schools, 
because they could not be fitted 
into the comprehensive mould, 
and the result was that more 
than two-thirds of them — that 
is well over .100. schools — 
turned themselves into indepen- 
dents. My colleague Michael 
Dixen says this is the largest 
number of fee-paying schools 
created in one go since the 
Reformation. 

In this particular instance 
Labour’s mistake was to act too 
hastily. Fee-paying -education 
could be undermined by any 
government that decided to 
ensure that state education was 
so attractive and produced such 
good results that no parent in 
his right mind would waste 
money on a private school. This 
would be the only way to do 
it in a society that would not 
tolerate the outright and sud-' 
den abolition of private schools. 

The. withdrawal of support 


from, the direct grant schools, 
on the other hand, simply 
allowed the Labour Government 
to claim that it had done some- 
thing . about' educational 
privilege. That was true only to 
the extent that it had increased 
it . * . 

A new report on private 
health care published yesterday 
by the Policy Studies Institute 5 
indicates that. the same thing 
may be happening in health. 
The report has been prepared 
by Mr. Michael -Lee, of Lee 
Donaldson Associates, a man 
who over several years has 
become recognised as an auth- 
ority on the state of private 
health insurance.. - 


Turmoil 


“ From the trends since 
1974," says Mr. Lee, “it is . . . 
now reasonable tiTforeeast the 
emergence of ' an independent 
private - health service.” He 
spells this out: “It may well be 
that the turmoil of the past few 
years over private practice in 
NHS hospitals, the use of com- 
mon waiting lists,- and the 
vulnerability of- private care, if 
retained in NHS institutions, 
to further similar disputes, now 
favours the acceptance of a 
separate independent health 
service by patients who may 
wish to opt out pf the NHS." 

He provides the figures to tell 
the story. Before ".May 1977, 
when the phasing^ut of pay 
beds from NHS- hospitals 
began in earnest. 4*444 private 
beds were permitted; A thou- 
sand of these “authorisations" 
for pay beds were withdrawn 
that month, leaving 3,444 to 
be withdrawn according to a 
programme to be .produced by 
the new Health Services Board. 
By January of this year it had 
liquidated 356 of- the remain- 
ing beds. 


In the private sector, mean- 
while, the number of beds in 
registered nursing homes rose 
by_ 2,500 between 1974 and 
1976. Most of these are small, 
caring mainly for the elderly. 
But the growth elsewhere- has 
been almost directly comple- 
mentary to the run-down in the 
NHS- 

For example, the Nuffield 
Nursing Homes Trust — set up 
as a precaution by BUPA in 
1957 — had some 15 nursing 
homes, offering 473 beds, by 
the end of 1969. By 1976 the 
corresponding- figures were 26 
nursing homes and 831 beds. 
Reducing the average length of 
stay of patients enabled the 
Trust sharply to increase the 
number treated from some 

16.000 in 1970 to more than 

35.000 in 1976. 

In addition to Mr. Lee’s 
information, there is the growth 
in private hospitals for the 
treatment of wealthy overseas 
patients. 

Xn short, the same thing that 
has happened in education 
seems to be happening in 
health. An attack on privilege 
may be leading to an expansion 
of privilege. Yet the analogy 
should not be taken too far. 
Labour’s failure on schools is 
due to wilful ignorance of the 
demand for better quality 
education by every kind of 
parent The health story is 
rather more complicated. The 
NHS provides a basic standard 
of care that is usually perfectly 
sufficient Any improvement 
designed to drive out the 2 per 
cent that constitutes private 
practice in hospitals and nurs- 
ing homes might be far too 
expensive to be worthwhile. 

This can be seen in Mr. Lee’s 
tables showing how individual 
subscribers to health insurance 
schemes like BUPA have begun 


to drift away, while company 
subscribers, taking insurance on 
behalf of employees, have 
increased. Since 1972 the 
number of “group scheme” 
(company; subscribers has 
grown by 200,000 to 800,000, 
while the number of indivi- 
duals paying health insurance 
has fallen by 71,000 to just over 
250,000. 

Thus the primary function 
of private health care for 
native Britons is made clear. 
Zt is to enable one-off treat- 
ments to be carried out at a 
time suitable to the needs of 
a particular job. The NHS 
does not do this: 'it looks at 
the degree of illness, and the 
needs of the family and the 
home. Employment-related, 
timing (“queue-jumping” to. 
some) can only be provided 
through the private schemes. 


Waiting 


As Mr. Lee puts it: “The 
private patient pays to avoid 
waiting: the NHS patient waits 
to' avoid paying." Of course 
nearly all private patients use 
the NHS for most of their medi- 
cal needs. They only " go 
private ” when one treatment 
is needed at a time that suits 
their employer and themselves. 
This is the essence of the 2 
per cent of total spending on 
health care that constitutes the 
private sector. The Government 
could try to abolish it (it is any- 
way trying to ration if by admin: 
istrative means), but if it shrank 
from tbat and tried to make it 
wither away it would have to 
pay far too much in tax money 
to build up the NHS to a state 
where it could compete. 

* * ★ 

A RARE combination of State 
and private enterprise starts 


ninlfvmiA nrifW agreement, neither of which con- mentators are trying to correct. 

UlalUSIlc WIIR tributes to a reduction in the For years now gilt investors have 

T ° bilateral physical trade gap. been robbed blind by the pursuit 

■I 211)3.11 In his keynote article in the of inflationary policies. The 

£ rZ - supplement.' Charles Smith surprising thing is that they 

From the Oinirman, thinks that if all goes well there didn’t go on strike sooner. 

Japan Trade Adytsorj/ Group, , nay we |j be a rise in the ratio What would do much to 

British Overseas Trade Board. 0 j manufactured goods in restore confidence in the gilt 

Sir,— Since the Japan Infor- j apan ' S total imports to 30 per market would be the announce- 
mation Centre in London has cent j n early 19S0s from the ment that henceforth Chan- 
begun a “Dialogue with Japan” present levels of between 20 and cellors of the Exchequer and 
(your Japan supplement of July 35 n er cent. " senior Treasury officials would 

17) I know my friend Mr. Tha t j s the nub. That per- be required to Invest their per- 
Masaya Miyoshi of the heidanren cen tage rise means employment sonal savings in undated British 
will not mind if I take issue with for our people; will it he enough Government stocks— and further- 
his statement in the advertise- an( j ran WP wa jt that long ? I more, that Civil Service pensions 
ment on page 13 that most sav tfl our Japanese friends: We would no longer be index-linked. 

Dvitich avniirlari: rln nn! tntp ihn : ,1 . nkla tn izoll- urA Duhim, My n._i, mmfM tn 


Letters to the Editor 


, one ! Oh by the way. we didn’t 
\have quarterdecks in the Royal 
'Air Force, where I served to help 
preserve a world in which it 
would be safe for young men to 
write brokers’ circulars. 

Eric Chalmers, 

E. B. Savory Milln and Co. 

20, Moorgote. E C-2 


“But how do you think Japanese floioprinf Housed ', one! Oh by the way. we didn’t 

traders won their successes in Honeupot Lane. JVW9. \have quarterdecks In the Royal 

the British market? Certainly not * — / — 'Air Force, where I served to help 

by flying to Claridges for a - 7 . » preserve a world in which it 

couple of weeks and speaking V 1GWS 11*0111 would be safe for young men to 

Japanese.’* ..j write brokers’ circulars. 

This is. altogether too glib and fhp fjfv Eric Chalmers, 

cannot be allowed to pass for it V'v E. B. Savory MiUn and Co. 

perpetuares the canard that if From Mr. E Chalmers 20, Moorgote. E.C2. 

wo as exporters have failed in the Sir. — 1 only wish I did qualify 

market, it is largely our own to be a member of what Anthony TnfallpotllSIl 

fault. HarrU describes (July 21) as . a lllLcUclLlidl 

A recitation or British public handful or young men who write 
and private sector attempts to brokers’ circulars —but the sad O alULT U pit, Y 

penetrate the Japanese market in fact is - that niy half-century Fr(m Dr A n m frev r 
recent years would be long, so I looms very near. , - . Sir.— The fact that' Anthony 

resi on the statement that prob- Mr Harris J «°®£ ia g Harris can write (July 21) that 

ably no export market basis that Oovera- Government financial ‘ policy is 

received more concentrated creaslngly wifi at th e mercy of a handful of 

attention by UK industry and demwracy, young men who write brokers’ 

government than has the why not. This is a aemocr y, jl) is. to my 

Japanese. Most of our heavies a "* right at mind, more an indication of the 

and scores of smaller firms have mists have just as much ngnt as ^rrent state of intellectual 

sustained long term marketing anyone else 1o express views an bankru t of postwar 


Intellectual 


and the local work of their p a3 ; e Jr {“f™* circular writing the intellects of the young men 
Japanese representatives but not as a result ^ofoiir circ ar k these brokers’ 

always with a success that activity ‘ circulars, 

matches the effort. This is a far wj ** "jL eone l J stilf wonder- (Dr.) Anthony W. Henfrey. 

cry from the dismissive in.ph-. Weti. if some lhen s ^ l (or s ^ e , 56 , Norlhdoum Street, NI. 

cation of Miyoshi San. Hi* Virus on th c uptake. I 

f believe we must look else- [* y “ Newsflash for Mr. Harris TVTrtf flip 

where for an improvement in .. rulers of this country are IN Ol lllc S 

t ?r“ re E~ Si fault 

SEEML cX' 5 S of"’our < fra* ^ S . Scon 

iration mav be found among the Financial institutions in the sir, — I do not know why 
following ‘factors: — A national City have an equal rijjht to people think that thft EEC is 
economic strategy based on their mind. For too loot I responsible for the present 
export growth. A high level of have sal silent, sad wmiesses ^ ate of r economy and not 
energy and raw material infcuirts over the post-wyir e ® our own fault It is not the 

but a deliberately low level of economic B ^ a "**ST?SL 0 |S EEC which suppresses indus- 
imports of manufactures. A couniry Too niuch has been ^ aclivity , in the UK with 

strategy at times bucked by heard fr01 " KPJiii-n Mono- excessive corporate and pee 
administrative guidance. The bimwvc neo-Keynesian . 0 £ gona , taxat ion on income. Corn- 
virtual saturation of the mists, offering paintess. P pu ar munity members who try can 
domestic market through > ^uuons that di in l wi wot dQ we „ within it _ 
tightly knit, ■ big-industry con- euoti^h hJ** bee ^ There is much room for 

trolled distribution system. A found money » newsflash- improvement in the policy on 


driver of these vehicles I am 
appalled at the apparent ignoT- 
ance of a large number of car 
drivers who sit in the second 
lane of a three-lane motorway at 
speeds well below the 60 mph 
HGV motorway limit, hindering 
all HGV traffic unless they are 
prepaper to break the law by 
overtaking in the third lane. 
Harvey Smith, 

Henson Hoad, 

Yarn Road Industrial Estate, 
Darlington. 

Intention of a 
scrip issue 

From Mr. S. Luptn 

Sir* — Further td my attendance 
at a recent AGM, may I nse your 
columns to air my views regard- 
ing scrip issues. I feel sure many 
of your readers will be inter- 
ested. 

Unless countless chairmen 
over the years have spouted non- 
sense, surely the Intention of a 
scrip issue is to benefit the share- 
holders by distributing yet re- 
taining the accumulated reserves 
of the company arising from 
share premiums, retained profits 
or written-up values of proper- 
ties all of which are part of 
the equity and belong to the 
shareholder anyway. 

A scrip issue is not the largesse 
of a wealthy chairman, it is a 
recognition that a company be- 
longs to its shareholders on 
whom the Board may have occa- 
sion to call for further cash at 
which time careful consideration 
is given to ensure that the terms 
are favourable. 

While a scrip isue naturally 
provides for an adjustment In 
the share price, my observation 
over the years allows Tor the 
view that prior to and after the 
event the share price movement 
is such that in finality the share- 
holder benefits by the Increased 
value of his holding which is tlie 
point of the exercise. 

Finally, the point of price 
feasibility, well, not every scrip 
issue has to be a one for -one 
but the principle does much to 
enhance the esteem of a com- 
pany among investors. 

S„ Lupin. 

99. Randolph Avenue, 

Maida Vale. W9. 


today when “Notability" is due 
to deliver Its first cars to 
disabled drivers. A charity 
chaired by Lord Goodman, its 
emergence was encouraged by 
the Secretary of State for Social 
Services, Mr. David Ennals, 
whose department has been 
working closely with the new 
group. 

It deserves watching, and not 
only because its list of patrons 
starts wit h Hr. Callaghan and 
Mrs. Thatcher, and the 
governors and other members 
constitute a fair cross-section 
of the business elite, plus Mr. 
Len Murray, general secretary 
of the TUC. It is also because 
“Motability” is a laboratory 
example of the hard-nosed 
approach to social assistance. It 
is carefully constructed to 
balance organisations represent- 
ing the disabled, as well 
as bankers, profesrionals add 
leading figures in commerce and 
industry. It is prudently 
financed and not afraid of means 
tests. The beneficiaries are 
expected to pay something 
towards the cost of running the 
cars they receive. 

The new £10 a week mobility 
allowance on which it is based 
is taxable, so it is to b^ 
regretted that Mr. Ennals claims 
that the gross amount of 
£65m a year going to 80,000 
beneficiaries is money which 
the Government “is putting into 
the hands of disabled people to 
spend as they wish." 

It is true that with the £10 
the recipients will now have the 
option of taking a three or four 
year lease on a car of their 
choice as arranged by 
Motability. If the car is more 
expensive than a Min i they will 
have to top up with an advance 
cash payment from their own 
resources f£355 for an Escort 
Popular; £694 for a Sunbeam 


GENERAL 

EEC Foreign Ministers meet, 
Brussels. 

EEC Agriculture Ministers end 
two-day meeting, Brussels. 

Half-day strike against Govern- 
ment's 10 per cent pay offer by 
industrial civil servants in Lon- 
don, including car drivers and staff 
at Buckingham Palace, House of 
Commons, Whitehall ministries 
and the British Museum. 

National Coal Board annual 
report 

Mr. Harold Lever. Chancellor, 
Duchy or Lancaster, presents 
prizes to winning team in 
National Management Game, 
sponsored by the Financial Times, 
IGL and Institute of Chartered 
Accountants in England and 
Wales, in association with the CJSI 


Source Mr Mated Lie's Pipit < Ptieau & Nmwul H— ith Si 


PRIVATE HEALTH SERVICES 
Estimated expenditore within.. 


Independent 

Hospitals 


HHS Hospitals 


1972 197 


Private health as a proportion of WHS expenditure (■ ) 


1.3 LS automatic) and if the 
car needs special adaptation 
they must pay for that loo. Then 
there is £65 a year for insur- 
ance. 

Those who like the sound of 
the self-help involved had better 
suspend judgment until the 
scheme proves itself. The 
scheme is a response to the 
winding-down of the Govern- 
ment's programme for providing 
the familiar invalid trikes at a 
cost especially attuned 10 the 
needs oE the patient. Therein 
lies the first potential weakness. 
Under the previous scheme, the 
very worst-off could have trikes, 
although those vehicles did not 
provide for passengers. The 
Motability scheme requires par- 
ticipants to pledge the new 
£10' a week mobility allowance 
(which will be indexed) to a 
special finance company. This 
may not take care of the very 
worst-off. Motability Finance 


Limited was set up by the 
London and Scottish Ck-aring 
Banks. The rate of interest 
charged will be kepi low 
because corporation tax relief 
on their leasing business will he 
passed on by the banks. 

There is a plan to provide 
special help for the neediest 
cases. These are apparently to 
he subjected to a test of both 
their disability and their finan- 
cial means. The “hard-nosed” 
school would say that that is 
right: others that ihe very 
poorest or most disabled may be 
left out. 

The peuple behind Mutability 
do seem to be aware of this 
danger. Up to a point their 
scheme appears soundly 
financed. After (hat. when a 
not so well-off disabled person 
needs a car with, say, automatic 
gear change or all-hand control 
the only possible answers are 


Today’s Events 


and Institute of Directors, 
Skinners' Hall, EC4. 

Elim Pentecostal Church inter- 
national missions board considers 
future of its Rhodesian mission. 

Royal Welsh Show opens. 
Llanelwedd, Builtb Wells (until 
July 27). 

PARUAMEXTR? BUSINESS 
House of Commons; Debate on 
the economy, including the White 
Paper on inflation. 

House of Lords: Homes Insula- 
tion Bill, report stage and third 
reading. Inner Urban Areas Bill, 
consideration of Commons reasons 
for disagreeing with Lords amend- 
ments. Parliamentary Pensions 
Bill, report stage and third read- 
ing. Civil Liability (Contribution) 


Bill, remaining stages. Road 
Traffic (Seal Beits) (Northern Ire- 
land) Order. Debate on export of 
live farm animals for slaugther. 
OFFICIAL STATISTICS 
Bricks and cement production 
(June). 

COMPANY RESULTS 
Final dividends: Amalca mated 
Distilled Products: Davy Inter- 
national: Ingram (Harold); 

Wheeler’s Restaurants. interim 
dividends: Glasgow Stockholders 
Trust: Grindlays Holdings: 

Howard Machinery; National 
Westminster Bank: Rolaflex 
(Great Britain); Taylor Woodrow. 
COMPANY MEETINGS 
Bridgend Processes. 77, London 


(at government grams ur <b) 
private charity. 

It looks very much as if the 
Government believe.- that it has 
done all it can nmv that the 
Finance Bill has been amended 
in exempt people receiving 
the mobility allowance from 
vehicle excise duty. Motability 
will thus be asking for dona- 
tions, and it is presumably 
ready to lake its place among 
the other charities. A year or 
so from now it should he 
possible to tell whether such a 
scheme really can work ur 
whether it is cither too hard- 
nosed nr too hampered by 
DHSS support. If it does work 
well the pattern it yets could 
be a useful one for other parts 
of the social security system. 

Joe Rogaly 

* Private and National Health 
Services. Michael Lee. PS I 
J 2 Upper Bclqravc Street, 
SWl SBB. £2.20 


Wall. EC. 10.30. Glohe investment 
Trust. Electra House. Victoria 
Embankment. 11.30. Hargreaves, 
Wethcrby. Wesi Yorkshire. 12. 
London Sumatra Plantations. 100, 
Old Broad Street. EC. 3. Northern 
Goldsmiths. Newcastle upon Time, 
11.43. Ske tcii ley. Hinckley, 
Leicestershire. ,1. Sturla. Dor- 
chester Hotel. \V. 12. Sterling 
Industries. 2-4. Sl Mary Axe, 
EC. 12. Transparent Paper. Cafe 
Royal. W, 12.30. 

SPORT 

Cricket: Yorkshire v. New 
Zealand. Headinglcy; England v. 
Wesi Indies (under 13). Scar- 
borough. Golf: English amateur 
championship. Royal Birkdale; 
PGA club professionals’ tourna- 
menL Pannal. Tennis: Inter- 
county tonrnaraem. Eastbourne. 


i 

'Hmphh, at £2 a square foot 
I bet it’s the Nissen Hut!’ 


trolled distribution system. A f ound ■ improvement in the policy on 

policy of self-sufficiency in sub- City. I haw anoth ■ agriculture, but it Is Europe’s 

contracting. The great reliance for Mr. Hams—from * e m0 rai duty to feed itself and 

of importers for credit on the hope it is goffi^ to w j, 0 produce the food 

big ten trading companies-- It is to be regren a ar espect a European standard of 

themselves part of the industrial we say sometimes p ■ ■ living. There are many hungry 

conglomerates. The swift and r„ n ds from People in the world whose need 

instinctive refiex of big industry investors to ^ for any cheap food that may be 

to close in on a foreign firm the Government ii is.mnx ava u ab i e is greater than ours, 

making substantial inroads. In suggested, that in ooraEs^ie p eop j e have short memories 
consumer marketing the problem are. like the trade unto s, ^ ttey have f 0r g 0t ten what a 
of breaking the vicious spiral of gains our mus ie- wo. *£_,u saster0U5 e ff ec t European dis- 
high mark-ups and low volume. Harris, ibe reaJ • ““tiy had on two occasions in 

The pressure on foreign investors buyer strikes w bad ^ economic notary , 

to go for joint ventures and on and monetary A. H. Scott 

exporters to agree to licence that is wbat *e com 702 i B eeches Road. 


Proper pay 
for MPs 


r r !!?,S^L n G^ e S act0 cf'uK' it op t-xporicrs he win Overtaking on 
T ^oZ“‘ E " 9in,xr * motorways 

' sir.— I sec ‘"I 11 J 5 !' he H Slit ttere llt are’ still British* uanoS From toeM waging Director 

SS oMtMscrsand ' v .,a£ m «» «> £. with Interest 

who continually t«l| b ”k 1S ^ birhpr technology than A. Sutton's letter (July 

Industry how to cunduct U» ,r *Jibr ee h sn ei . guSDD » the 20) on headlamp flashing on the 

business. JJJSt alSa f or which is usually motorway, and agree that it is 

It seems however, that Mr. “jstalgia “ r .. —gy prices at unfortunate tbat Members of 
Horsnail needs some lessons in based on the s ^ parliament are reduced to the 

elementary industrial economics, jjj”® * manufacturing cost kind of rubbish aired by Mr. W. 
Surely he docs not believe that {J®™}® f pearly 1970’S Johnson, MP. Major Sutton has, 
companies of the world stature fa r pJ? size and increased however, omitted the most 

of Ford. Massuy-Fergiwon. Inter- o „ of the current important point The outride 

national Harvester and David noise iano P i ors . did lane on any motorway, whether 

Brown spend million* 2nr hrine the costly legislation two or three lanes, is restricted 

developing and producing true- not f ‘ uCed safety cabs . It for overtaking manoeuvres only.- 
tors of a design and size which combination of user No one has the right to sit m the 

careful market research has * sa fen-conscious Gov- outside lane at any speed except 

ascertained the farmers do not aenu- , ^ rcJative toIer _ for the express purpose of over- 
want ? „ Jnreof ihe farmers’ lobby which taking vehicles on the immediate 

Of course we can all commit ije legislation to pass on nearride. . 

errors of judgment so providing ^ Jo ^ j ff e (Jook- _ It should also be noted that 

slicks with winch advisers {Jr ijj „ fwin. heav y * oods vehicles are 

possessed or sterling hindsight F. Dcim a. restricted from the third lane of 

can beat us into the grmrni bin * TtVJ. *ny motorway. As a frequent 

if Mr. Horenail inspects the list London, s.iv. 


102, Beeches Road. 
Chelmsford, Essex. 


interest 


From Mr. J. Rutherford. 

Sir,— July 20 was just not a 
good day for MPs on your letters 
page. Mr. Clear rebukes Nicholas 
Fairbairn for his comments 
about unpolished shoes, Major 
Sutton puts Walter Johnson in 
his place about flashing car 
lights on motorways and Stephen 
Eyres’s reply to criticism of his 
previous letter was, frankly, 
rather petty- 

I cannot, however, agree with 
Major Sutton's comment about 
MPs 1 “ already substantial 
salaries.” One gets what one pays 
for; any businessman will tell 
you that -if you pay peanuts you 
get monkeys. Until our MPs are 
paid a reasonable rate- for the 
job. £20j000 or more, we needn’t 
wonder at their quality. Is an 
MP less important than a judge 
or senior executive? 

John Rutherford, 

14 Great Stuart Street, 
Bdxnbwrgh. 

Perceived 

decibels 

From Mr. K. Blumenthal 

Sir, — I was intrigued to read 
(July 20) that the Department 
ol Employment had approved. a 
productivity deal for the chorus 
of the English National Opera. 
No doubt .this would be based 
On the number of notes sung 
per minute or hour. 

K. A. Blumenthal. 

Green files. Elmsway, 

Ashford, Middlesex. 



You'd be surprised what you can get for 
£2 a square foot And we don't mean on an 
island in die North Sea. 

So instead of listening to the 
pessimists, why not consult the experts? The 
Location of Offices Bureau provides a 
complete advisory service which gives you all 
the facts on office location in the-UK The 
service is free and unbiased 

We provide fact sheets on over 160 
cities and towns. Bents can. be from nil (for 
1 -7 years) upwards. We can also tell you 
about staff availability the latest 
communications and all the various 
Government incentives, which could mean 
substantial savings for each job you move. 

The only thing we don't do is make up 
your mind. Because when you're armed with 


tlie best information, you're bound to make 
the right decision. 

Wherever you are, get the facts straight 
from LOB. 

The Location of Offices Bureau, 

27 Chancery Lane, London WC2A INS. 

Tel: 01-405 2921. Telex: 21333. 



Set up by Parliament to promote 
better distribution of office employment 
throughout the UK 


„ +* ^ ^ w- 






18 


COM PANY NEWS + COMMENT 


AAH reaches £6.3m and still improving 


DIVIDENDS ANNOUNCED 

Date Corns Total 


FINAL QUARTER pre-tax profits 
of AAH rose from. £!.QSm to 
£2Jl4m taking the total Tor the 
year ended March 31, 1978 up 
, rrom £5.4fim to £6.3 m. 

Despite the increase in the 
NCR's share in British Fuel'b pro- 
fit from 45 per cent to just under 
.30 per cent, the group profit 
• attributable to ordinary holders 
rose from fT.JMm to £2.04m and 
earnings per 25p share are up 
front 13. ^5p to 14.02p. At the 
nine month stage maintained 
earnings were projected. 

As forecast the dividend is being 
raised by the maximum permitted 
— from the equivalent or 5.5p to 
li.l42!>3p. with a final of 3.392!)5p. 

As regards the current year, 
Mr. XC. M, Pybus. chairman. Says 
that it has started in a satis- 
factory way with managements 
accounts showing overall profits 
ahead of those of the correspond- 
ing period of the previous year. 

Com men ling on the results ihe 
chairman reports that on the 
solid fuel side margins were 
squeezed. Milder weather in 
.fanu.-iry and in March affected 
sales and bad weather in 
February. while stimulating 
demand, hampered deliveries. 

A year ago domestic coal 
supplies had been insufficient to 
match sales and permit the build 
up oT adequate reserve slocks. 
Mr. Pybus says that the position 
i< more difficult this year and 
failure to reach stock target in 
the remaining summer months 
could restrict trading in the 


nns 


Lest discusses the possible implications on BP's earnings 
in the event of an increase in PUT. Lex also takes a look at 
the gilt market, follow jog he exhausion of the long tap, and 
the Treasury^ explanatory statement on the proposed amend- 
ments to dividend controls. Elsewhere AAH was hit by 
unfarvo ura hie weather conditions in the winter and solid fuel 
profits were slightly lower while industrial disputes hit Ward 
and Goidstooe to the tune of about £lm pre-tax. Under its 
new management Change Wares appears to be making a quick 
recovery but Ncepscnd incurred a substantial slide in profits 
in the second ha IF leaving the overall balance little changed. 
Graig Shipping has incurred losses for the third year running 
and the dividend has been cut. 


winter season and 

hit 

gross 

margins. 

19T7-TS. 

1976-77 


fulHI 

mini 

ilmup nimnwr 

"W lii.l 

; io.tim 

Soli'1 turi 

HS..U8 

1 .111.654 

i'il 

:7.S03 


Riukk-r* suprht's 

■”..vn 


r , lijniiaoi'ii;i. al <uppllu.s 

-'ll 

1.1.420 

KnciniTrim; 

r.iis 

5.3IIU 

A^r.culiural Kupiilk-s ... 

4.124 

3.379 

Road haulaco 

s.&s: 

7.4:16 

M iM ■:llaii--ons 

: aw 

7.954 

Trading nrnm 

rmr 

6.13 

suiii) ruui 

I.liVI 

2.W» 

nil . 

520 

240 

Builders 1 supplies 

S.13 

959 

F1i.irniJi.->'iiiii-.il -npnlns 

1 .'iHi 

1.000 

Riiainocrms 

1.012 

074 

Aertculiiir.il supplies 

lit 

HI 

Knad h.'uIngL- . . .. 

4>r: 

.7UQ 



inn 

IIP 

\*.l ini'Ti-sl payable 

7:16 

S72 

Profit before tax 

6.301 

5.U1 

T.i.vaiJon 

ague 

2.S3* 

\ t -i nroRi 

5. IHI 

2.1727 

Aurihut-tblL- NCB. etc. ... 

1.0O3 

7>5 

Aiiribuiabli- hnldi-rs 

z.a-M 

1.S42 

t'r. i-. r. iii ■ divui -ii.li 


l.l 

.Minhutabl'- ordinary 

i.9i;i 

1.767 

tiit>.rini itiwdi*nd 

Pvi 

7JH 

Kinal 

474 

419 

K'-lam-.U 

1.1 112 

99K 


Although solid fuel’s profit 
contribution as a percentage of 
the group total again fell this 
division maintained its position 
in money terms. The chairman 
is confident of a significant 
contribution from this source for 
many years to come. 

Fuel oil maintained its progress 
in the final quarter despite a 
tanker drivers’ overtime ban. and 
it is anticipated that this division 
will continue to increase its 
contribution to profits. 

In pharmaceutical supplies 
pressure on margins intensified 
in the final quarter and inflation 
<lnck profits diminished as the 
rate of inflation declined. While 


competition by price cutting 
intensifies the chairman is 
confident that the division is in 
a position to retain its market 
share. Profits are being 
maintained in the current year. 

On the road haulage side the 
fleet of vehicles has been cut-back 
and it is felt that the reorganisa- 
tion carried out over Ihe last 18 
months has provided a sound 
base for future growth. 

Very rough trading conditions 
were encountered by all the 
companies operating in the agri- 
cultural supplies field. Reductions 
in expenditure squeezed margins 
and in addition management 
problems were experienced in 
one of the overseas companies. 
Remedial action was taken and 
the hencfUs are showing through 
in current trading. Overall the 
chairman is looking for a much 
better contribution from this 
division in the current year. 

9 comment 

The heavy snow in February pre- 
vented AAH from delivering 
household solid fuel and, coupled 
with relatively mfld weather in 
January and March, it meant that 
profits here were slightly lower 
over the year. But the pharma- 
ceutical division, acquired in 1976, 
turned in a good result in the face 
of greater competition. The 
engineering division profits 
jumped by 50 per cent against the 
previous depressed level but else- 
where profits were lower. Trading 
in the current year has been satis- 
factory although the company is 
having difficulty getting adequate 
supplies of solid fuel. The 
problem is that higher prices in 
the industrial sector for coke and 
coal means that producers are 
crushing a greater percentage of 
ore to get the benefit of higher 
price.-. Solid fuel, while a declin- 
ing force to overall group profits 
is still the major contributor and 
difficulty getting supplies could 
could affect the current year 
figures. The share price rose 4p 

10 I07p yesterday giving a p/e of 
7.4 and a yield of 9 per cent 

ARMSTRONG EQUIP. 

Armstrong Equipment has now 
completed the acquisition or HiU- 
cresf Engineering in exchange for 
20S.974 ordinary shares, taken at 
65p each and £204.167 cash. 


Change 
Wares to 
top £0.45m 

REPORTING TAXABLE profits of 
£280.01)0 for the Grst six months 
of 1978. .Mr. G. Rose, the chairman 
of Change Wares says that with 
the improved trading being 
achieved throughout the group, 
it should comfortably exceed the 
annual forecast of £450,000 made 
in December. 1977. 

The company has recently 
changed its year-end to December 
31. For the previous six months 
accounting period, it announced a 
£9S.0HO loss and no dividend was 
paid. 

Mr. Rose comments that the 
wire working and shop fitting 
divisions have benefited from the 
introduction of certain new 
products, the reduction of 
overheads and a general improve- 
ment in orders. 

Stock well is also ahead of 
budget which is gratifying, says 
the chairman, considering that 
this has been achieved in a 
depressed market and by 
providing a varied product range, 
reliable service and having readily 
available stocks of steel, it has 
increased its market share. 

He says he is confident that the 
group's improved trading will 
continue and that the year-end 
results wilt give positive proof of 
successful restructuring of the 
company. 

External sales for the half-year 
amounted to £7.?3m and no 
provision is made for tax as the 
directors anticipate that no 
liability will arise on the profits 
earned this year due to past 
trading losses and stock relief. 

Stated earnings were 1.53p per 
lOp share and an interim 
dividend of 0.2p net is to be paid 
to ordinary holders and also to 
participating preferred holders in 
accordance with their rights. 
Dividends absorb £82,000 leaving 
a retained profit of £198,000. 

• comment 

Change Wares' has been hinting 
at a much better outcome this 
year than the earlier forecast of 


£450.000 made at the time of the 
Stockwell acquisition, and these 
figures appear to be pointing the 
way to over £600,000. This is 
certainly an impressive turnround 
after the losses of the past couple 
of years. And the interim profit 
figure is after a £30,000 or £10,000 
exceptional cost of dosing a large 
warehouse and a factory in 
Putnfey. Change Wares is the 
first example of where Mr. 
Geoffrey Rose, along with 
American partners, has moved 
into an ailing company and 
injected eash. He bas repeated 
the exercise twice fairly recently. 
Undoubtedly Change Wares is 
making a rapid recovery and the 
balance sheet is looking healthier 
with gearing down to around 50 
per cent of shareholders' funds. 
The market will be watching the 
company’s progress, but the 
shares are already discounting 
some growth. At 21Jp the pros- 
pective fully diluted p/e, based 
on £600,000 and a full tax charge, 
is 11. or 5i assuming no tax is 
payable. The yield Is 2.S per 
cent, though the convertible pre- 
ference at 20p are a much better 
bet yielding nearly 12J per cent 
and convertible on a one-for-one 
basis. 

Scottish 
American 
revenue rise 

First half 1978 gross income of 
Scottish American Investment 
Company rose from £L7m to 
£l.99m and net revenue emerged 
higher at £0.59m against £0.57m 
last time. Net revenue for the 
whole of 1977 was £L46m. 

As already announced the 
interim dividend is increased from 
0.8p to 0.9p net per 5Qp share 
and directors hope to at least 
maintain the final payment at 
1.7p. 

Not assets at June 30 are shown 
at £S2.65m (£53. 53 m) and £59. 51m 
as at December 31, 1977; net asset 
value per share is given as 112.lp 
(95Bp) and 106.5p. which includes 
full dollar premium of lOp 
(9.1p) and 3.2p. 

Porvair rises 
to £230,000 
halfway 

Including a £97.000 surplus 
realised on the sale of an item 
of equipment no longer required 
by the company, pre-tax profits 
of Porvair continued their 
recovery of recent years and rose 
from £69.000 to £230,000 for the 
six months to June 30, 1978. 
Turnover for the period fell from 
£3 -26m to £2.91m. 

In the last full year the 
company turned round from a 
loss of £776,534 to a profit of 
£292.000. 


AAH 
Carnot 1 

Change Wares lnt. 

Free State Development 

Graig Shipping 

H. J. Hainz int. 

Jamesons Chocolates .int. 

Ladies Pride int. 

Leda Investment inL 

Neepsend 

Siebe Gorman 

Temple Bar Inv. Tst. inL 

Tyneside Inv. TsL 

li.C. Investments int 

Ward and Goldstone 3.67 


Current 

of sponding 

for 

payment 

payment 

a iv. 

year 


359 

Oct. 9 

3* 

6.14 


1.5S 

Aug. SI 

I 


.lnt. 

02 

Sept 30 

— 

— *• 

aeot 

S*i 

SepL 16 

7 

12 


4 

Sept. 16 

11.49 

S 

■int. 

3.96 

July 31 

— 

— 

.int. 

0.87 

— ■ 

0.S5 

— 

.int. 

0.95 

OcL 2 

0.63* 

— “ 

.int 

1.14 

Aug- 31 

0.99 

— 


22 

Oct. 20 

2.09 

3.22 


3.43 

— 

3.07 

5.M 

inL 


OcL 31 

3.03* 

— 


lj§ 

SepL 30 

l 

— 

.int 

14j 

SepL 15 

10 

— 


3.67 

. — 

3.28* 

4.54 


Total 
last 
year 

5.5 a 
3J5 

Silt 
11 

16.49 A 


Financial Times Tuesday July 25 197S' 

Graig loss £1.5m 
—dividend halved 


1U.W .X LOSS of ci^shipping for hS^ ''*ieh 

» SlSAo&S ■«* * m finan- 

l5f* the dividend « being halved. cut trouble iivpit. 

2.77 The pre-tax deficit at £1.490.594 
2.93 is more than double the £642.6. »9 
joss reported for 1976-77 and m as 

4-75* slruck after heavier depreciation 

3.Sa of £936,733 against I7RU0S. Of 
— 30 loss £717,000 accrued in tnc 


— ,-UB 


4-06* second half. 


Dividends shown pence per share net except where otherwise stated The Onal dividend is ■*»{;« v f“* 
• Equivalent after allowing for scrip issue. tOn capital from 1I.49P io 4p net ie.i n- 
increased by rights and/or acquisition issues. ? For 6 months period, the total down from 6. P 
§ Toreduce disparity with final. 5 South African cents throughout. S p. The directors hod 
3 — > reducing the cmidena a .unr ■ir.u 


10% rise 
for Siebe 
Gorman 


encountered J" restoring ihe iuy ^ U|rf||m in llto lIrst halft profiI , 
ment in future. 


standstill in Hie 


Second half slump at 

* mem m Iulurt . . f or the year ended April 1. ML*. 

Ward & Goldstone ss.' 10 wr ~ ” '* 

TT fllu vV VJ VlUOlVUV m vessel at the date Turnover expanded 1/ per ernt 

. oF sa i e w ,u 'be 13.6m— estimated to 142.54m. The group designs 
A £1AI second-half downturn expect to see at least a restoration - cced! . w ni amount to and manufactures advanced teeb- 
from £3. 12m to £2.1m caused of previous earnings. L’ S 84.4m aiul provision for the nulogv tin* fighting and tindcr- 

raainly by an industrial dispute Earnings per 25p share are | oSS on the sale has water products, industrial safety 


survival equipment, and 


left pre-tax profits of Ward and shown as il-Sp (M.I"Pi a . nd . l f?* becn**niadc in the accounts civ- and ..... 

Goldstone. for the full March 31, dividend is effectively raised . charge after related tax leisure and protective wear. 

ehind .t £3.S4m 4.537SP MWlpl «•«• a 6»=> ot ~ sulrt rarn ln c . Hr,- up < 


1978 year, behind ax ±a.«m “ ~~ " of £620.902. , . stated earning are up from 

against a peak £4.l4m last ume. 3.6718p net r manufac- This loss has been transferred , 52p ro per 25p .share. The 

Turnover for the year was , 'If f n Juatcd wires and cables, to capital reserve where final dividend is 3.429p for a net 

ahead from £36 -96m to £60m and 2T 'Haft*™*!* " plastics 'SZS'JUJSZ ML* CT “ pared w ‘ lh 


exports showed an 
£12. 44m {£11. 05m). 


advance to 


and electrical 
accessories. 


19T7-TS 


1976-7 

E 


Turnover 59^95^29 56.95^0 The 


Trading profit 

Add surplosr 

From inv. grants 
Interest received ... 
invest meets inc. ... 

Depredation 

Bank interest 

Hire of machinery 

Auditors roman. 

Front before tax — 

Taxation 

Mer profit 

Dividends — — 

Hetained 

Brooghi forward 


nineties on snics « total i 

plastics v - ous year5 have been credited. 1°^ 

After a transfer of £73^,1 l*S ^ 
from deferred lax (£242,989) and 
an extraordinary credit of £36.173 ^,,1 
three-month work-to-rule mil), the net loss comes through Trudiiu nnKU 
cost Ward and Gold- at £719.233 against X3D9..C0. Amwuln 


comment 


Profit before in 
Taxoiuui 
Nv» ivnbt 

hit 


W77V 

■ ilH» 
42.JSS 

4. MV 
"19 

, IJSK! 

BJ 


MPT* 7? 
I0«u 

se m: 

U04* 
40A 
4,055 
i h i: 
“1.1 1 
na 


3.596516 5.947^26 nmhaklif 

k!t 51 stone around £lm in profits and 

sex? 3 “_ 3 ^ the figure for the year dropped bj 0 COmmCHt 

.JS » -ft"* tK For the third JT.tr runtmt tirtitt ^ 

p p EMrCf hK^'S . comment 

SIS m^ rIe out he of roP <?nLshcd rt "rabS the share^yWdV The Siebe Gormans first half proiiu 

in«jm s.i+t.663 Vjthouah the dispute Is over, it company’s immediate cash flow rise of a quarter has been fo«- 
160.673 617.971 Jii , a L-e some time before problems appear to have been lowed by -a static second half 

1.097,2X1 1.526.892 , 1,11 ' ■- — • — -* -■ — - r ■» — >«* *-•- - r J — •- ■—- « 

9.619.773 S .093.0? I 


.-omnanv can regain its solved by the sale of the MV mainly because of difficult trad- 
— 10 7I7 0M s.GW.rn balance. Also, it will not be able Craigaur (built 1973) at a lo*«,_but in^ condilions_h^ South Africa 


«o- *cnp"ixsue” 10 M44» “o‘?ook' overseas for an'y support the company still has to decide arid a downturn by the Stocpk- 

Forward’ . ?. 772. 651 9.6U.773 as Nigeria, the main export what to do about the two new grade leisurewear subsidiary, 

parent s.«2.536 S.365.7S7 mar k e . has cut back on imports, bulk carriers it 


ordered from which has suffered from the wet 



in excess ” of the same period duction gets back to normal. The done so. There seem to be some mainly to a strong cxporLs per- 

last vear the directors report, shares, at S4p. are on a p e of 6.9 technical problems. The two ships formunce — sales up 38 per cent 

Subject to no further untoward while the yield is S.5 per cent arc being built at a fixed price of to £6.2 m. The major division 

experiences they would hope and covered nearly three times. Y3bn apiece but since the order (protective and safety clothing) 

was placed the yen has appreciated did well following rationalisation 

by around a third so some pro- in Denmark and Australia and 

vision needs to be made for profits jumped by more than a 

exchange losses. At the moment fifth to £2.2m. Meanwhile, the 

Graig is steering clear of asking current year will see the benefit 

the UK authorities for help— it of a number of big orders— 30 

does not want to have to accept fire appliances and six turntable 

the sort of terms that Reardon ladders together worth £Jm and 

Smith announced last week. ( Apart breathing apparatus worth £0.3 ni. 

THE ORDER hook at Racal Elec- £6.79m after deducting _J”nk f rom as , re emg to pay only a token Exports should continue tn forge 

tronics is at a record level and overdrafts and loans of £ 1 1.775m. dividend Reardon also undertook ahead and the company looks 
Mr E T Harrison, the chairman. Meeting. Charing Cross Dote*, to sell ds brand new “Orient City” iu be on target for over 1 5m 


Racal on course for 
further progress 


is forecasting a further profit W.C., August 15 at 11.45 a m, 
increase For the current' year. 

that the Data Com- 


ft 

•ji 


s 


Change of address 



CONTINENTAL ILLINOIS 
CORPORATION 

The London units of Continental Illinois 
Corporation, and of its subsidiary, the Continental 
Illinois National Bank and Trust Company of Chicago, 
wish to advise that as of 25th July 1978, 
we will be operating at new premises in: 

Continental Bank House 
162 Queen Victoria Street 
London, EC4V4BS 

Our telephone and telex numbers are: 

Continental Illinois National Bank and 
Trust Company of Chicago 


Main Telephone: 

FX Dealers' Telephone: 


01-236 7444 
01-2366434 


Main Telex: 

FX Dealers 7 Telex: 


883620 

884431 


Continental Illinois Limited 


Main Telephone: 01-236 5292 

FX Dealers' Telephone: 0 1-236 6691 

Bond Dealers’ Telephone: 01-236 6676 


Main Telex: 

FX Dealers’ Telex: 
Bond Dealers' Telex: 


887010 

883646 

S84661 


Continental Illinois International 
Investment Corporation 


Telephone: 


01-236 7444 


Telex: 


883620 


He says that the Data com- vr c-nvinne 

municatjons division is becoming IN 0 W S3.V1D2S 

an increasingly important part_of 
the group's business and in 1978- 
1979 this group Ls expected lo 
achieve sales of over £73m. 

During the 2977-7S the group 
acquired four companies: Heller- 
man Cassettes (audio tape 
cassettes); Fairey Electronics So] Ufc Assurance , the unit 

life subsidiary of Sun Life 
ment), Dana Laboratories (digital has launched a new 

fSS?“riS2 plsm— the Capital 
and \adic Corporation (low lrw . ftmp tPins Tem Savings 
speed modems). 

The chairman says that the pur- 


at a hefty loss. At least the this year. With the shares :u 
Japanese authorities have an 2SU|i the p/o is C.3 while the yield 
incentive to help the company is 4.S per .cent. 


plan from 
Solar Life 


and Income (Plus Ten) Savings 
Plan. 

chase a year ago of Milgo enabled o€ It ia S£En2wit f and * hJs^seieral 

SltWn^tfiTus" laSTffi option S “ble an at t& e^d 6 ” 

S^ed data communications jj 

eYctpme Thi» nurchasp of V&dic ^ W 3 ^ *frfi6 iunrp surn, or 

will in turn enable the group to Jj r *** 

PTtenri its artivitv for the first lo be P a,d - or can COHtmue to 
time into the high volume market Same 

for low-speed modem equipment level or al a nominal rale, 
where there is a growing export The investor has a choice of 
potential. six funds in which to invest with 

Vadic’s exports out of the U.S. switching facilities between them 
are running at about 8 per cent — equity, property, fixed mlerest, 
of total deliveries— Racal's world- cash, international and a managed 
wide marketing and sales organi- fund, a mix of the other funds, 
satin n is expected to improve this minimum premium is £2ou a 
performance substantially. Milgo year (£25 a month) and the plan 
and Vadic will together enable the is available _to investors between 
group to meet worldwide market as® 5 IS and /0. 
requirements for modems at all 
speeds and will enhance still 
further the group's capability in 
the field of data communications 
systems. 

As a result of acquisitions made 
during the year the cost of good- 
will went up by some n.om to 
£21.9m. In 1976-77 a sum of £10m 



Winding-up 
orders 

ui.um. in IV to - 1 1 a sum oi *ivm ^? erS lin ^°r m nante* wpre 

was written off this large intan- Winding up of . ® "J® 

gible asset and it is considered made by Mr. Justice Oliver in the 
prudent to write off a further f^sh Court They were. 

G5m in 1977-78. The net cost Leather Chairs (London), 
appearing in the accounts is Donohoe and Williams, Quaraz 
therefore reduced to £6^lm. Music, W. O. Saunders (Haulage), 
in the year ended March 31. Status Developments. Rockcrown. 
1978 group pre-tax profit Wizard Records, Westyield Homes, 
expanded by 32 per cent to Rayleigh Heating Components. 
£49.83 m, on a turnover 30 per cent Russell Square Properties, 
up at £183.34m . Milgo s sales Southern Office and General 
advanced from £22m to £34m and cleaning Company, South-Western 
profits were * nonrd. Mr. ceiling Supplies,' Sullivan and 
Harrison is confident that M! Lo s Macdonald (Roofing). Aquarius 
results for the current year will Clubi Arrowclose, Dower and 
show further improvement. Sadler (Builders and Decorators), 
Sales by overseas companies The Fairlight Company Photo- 
amounted to £l44m or 77 per cent graphers. Firmnash, Geo. Herron 
of the group total. Exports from and Company, E. Ging and Son 
the UK moved up from £74 m to iContractors), Roy Cotlinghara, 
£95m representing 69 per cent of Leonardo Fashions, 
total sales of all UN companies. . 

A geographical analysis of group Topglen. GlUy s (Management), 
trading activities shows (in per Joday (Outdoor), Thamesdale 
cent) Africa 23: America 21: Asia (Building Contractors). Fayrow-, 
18: Australasia 2: Europe 36. Armand Catering (Sussex), Mere- 

The chairman reports that the " of * 
group is continuing with the full Jl° rn,an and R - A - 0n y^H 

production of the British Army i Lar Peui. 

Clansman range of tactical radio 
equipments. Total value of 
orders received is now over 
£100m of which some two-thirds 
have been for export to 17 
countries. The group expects to 
continue to receive substantial 
orders for this range for many 

years to come. 

In the field of strategic 
communications the group has 
considerably extended its range 
of computer controlled systems 
for use in radio surveillance and 
remote controlled applications. 

The group has also undertaken 
the development of complete 
control • systems for complex 
communications networks. In 
addition new HF transmitters for 
both the high-performance and 
low-cost product ranges, have 
been introduced. 

A current cost statement shows 
an adjusted pre-tax profit for 
1977-78 of £45.58m after cost or 
soles adjustment £3m, additional 
depreciation £1.53m, and geariag 
adjustment £0,%m. 

Net cash at the year-end is 
shown to be up from £3 -Sam to 


Rowlinson 


Mr. P. J. Rowlinson, Chairman, reports on the year ended 
3lst March 1978. 

* Group profit £996.S35. 

Hr Dividend raised from 2-Gij5p to 2.425p per share. 

Tbree-for-one bonus issue increases paid-up crpita! to 
£1.248.983. 

it , Group becoming more property orientated with building 
of further factories and offices for investment. 

ir More developments in hand than at any previous lime. 

ic One of the leaders in the Greater Manchester area for 
Industrial Development. . 

Accounts available from the Secretnni 

ROWLINSON CONSTRUCTIONS GROUP LTD 

London House, London Rd. South, Poynton. Cheshire SKI2 IYP. 


V 

THE SAITAMABANK,LTD. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date 26tb. January 1981 

In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the 
six-month interest period from 25th July 1978 to 
25th January 1979 the Certificates will carry an 
Interest Rate of 9 {%% per annum. 

Agent Bank 

Hill Samuel & Co. Limited, 

London 


ART GALLERIES 


THE MARKET PLACE GALLERY, Colyton. 
Doron. Telephone (D297I 5284 1. 

Until 28th August. West Country Land- 
*e*pes jnd Scosopes — Oil Feinting, by 
Trfcum Hlllier. R -A., and WaUn colours 
bf Charles n night. R.W.S.. and 19 other 
artists — marry works under E50. Gallery 
ooon 11 lo 1 and 2.30 to 5. Closed 
Sundays all day and Wednesday after- 
noons. 


TKt PARKER GALLERY. 2. Albemarle 
Street. Piccadilly. W.l. exhibition of Old 
marine, RiMiary and sporting and topo- 
graphical, prints and paintings and ships 


Bullough Limited 



Interim Statement Sales +30% 

Pre-tax profit + 50% 

“The outlook for the second half is 
good with profit expected to be similar 
to that achieved in the first half." 

Bryan P. Jenks, Chairman 


Unaudited results for the half year ended 30th April 


1976 

1977 

1978 

Sales (£m) 

10.14 

14.19 

18.50 

Pre-tax profit (£m) 

0.83 

1.45 

2.17 

Interim dividend 

10.71% 

13.22% 

15.00% 


Engineering products. 

Electrical machines. Shop shelving 
and Office furniture. 


Bullough Limited 
85 East Street 
Epsom, Surrey 
Epsom 27501 








V 





n hi 


,v \ i 


Financial Times Tuesday July 25 1978 


Uh.i, , \\ 


■•t u j , 

■“ hi 


swUnsw 


Neepsend held back by 
steel and foundry side 


IN SPITE or good progress made 
by the tools and engineering com- 
panies or Neepsend during the 
year to March 81. 3978, group 
profits were held back by the con- 
tinuing depression in steel and 
foundry activities. 

Sales during the 12 months 
advanced from £18^>ra to £22m, 
while pre-tax profits virtually 
stood still at JEl.Oam, against 

£1.06m. 

At the interim stage when 
profits improved from £349.000 
to £655,000 Mr Stanley Speight, 
chairman, said . that indications 
pointed to a satisfactory profit 
being achieved for the full year. 

He now says that problems re- 
ferred to at midway, due to the 
■world recession in steel and con- 
tinued dumping in the UK market, 
marred what would otherwi.se 
have been much improved 
figures. 

1B77-TS 1378-77 

fOOD vOflO 

Sales 21.757 18.315 

Pome - 18.978 15.8! 5 

Export 2.781 2.695 

firoup iradtnc profit 1,324 1.186 

Share or associates - 200 237 

Invt'sunont income 28 43 

Bank Interest 503 429 

ProUt before tax 2JW9 U3S7 

Tax KB 318 

Net profit - 5M 311 

Extraordinary crediist 1 9 

Available 521 550 

DJrJdends 4* 3SS 

Heimned : .... 83 152 

* Net profits on rexlifiaiion of invesi- 
mcm« and nrouertics. 

Vigorous steps are being taken 
which are expected to lead to 
better results from the steel side 
during the current year. Else- 
where, the year has started well. 

The final dividend per 25p share 
is 2-30315 net for a 3.224p 
(2.93l25p) total. 

In view of new accountancy 
standards a valuation of the 
group’s properties is being carried 


BOARD MEETINGS 

The foUmrJng companies Have notified 
dates of Board uccUurb to tbu- stock 
Exchange. Such meetings are usuaUy 
held for lim nitfpwes of considering 
dividends. Official indications ate noi 
available whether divklends concerned are 
Interims or finals and U> c lab-dlviaioos 
aii mm below are based ma i nly on last 
year's time ta trio. 

TODAY 

Interims— Glasgow Stockholders Trust. 
Grindlays. National Wesmunsier 8aux. 
Rotafiex (Great Britain) i Taylor Woodrow. 
Vantage Securities. 

Finals—— Amalgamated Distilled Products. 
Davy International, Coo*or Tin aunts, 
Rowan) Tenens Services, Harold Ingrain. 
Macartbys Phaimacenticals, Wheeler’s 
Resuorants. 

FUTURE DATES 

Interims— 

A aalo- African Finance July 2s 

Britannic Assurance Auk. is 

Lex Service • Ahr. 17 

'Manebesua- Ship Canal — - ■ aub. m 

Helyon PBWS July 28 

Finals — 

Brown «N.» Investments — July 28 

Phoenix Timber Am:. 4 

Sosomona — July 28 


out and the resultant surplus will 
be included in the published 
balance sheet 

• comment 

A 45 per cent slide in the second 
six months left pre-tax profits 
at Neepsend virtually unchanged 
for the year and well below most 
City estimates. The company is 
currently undergoing a painful 
shift of emphasis. away from steel 
and foundry activities towards its 
much more successful tools and 
engineering wside. This no 
accounts for about . two-thirds of 
profits, against less than half pre- 
viously, but the strain is apparent 
in the figures. Roughly half the 
group's steel products are 


employed internally and the goal 
is now to increase this proportion, 
phasing out steels not required 
for tooi manufacture. Neepsend, 
like many of its competitors, is 
working only to about 70 per cent 
capacity and dearly sees little 
future in the steel market Mean- 
while the company is recommend- 
ing the maximum permitted divi- 
dend^ brave move given the 
marginal cover but at least a sign 
of the group's own confidence. 
Future growth will undoubtedly 
depend on tools; and while these 
are now buoyant the way ahead 
looks far from easy. At 45p the 
shares stand on a speculative p/e 
of 115 supported by a yield of 
UA per cent. 

Jamesons 
first half 


setback 


DESPITE AN increase in turn- 
over, profits of Jamesons 
Chocolates for the first half of 
1978 bave fallen from £267,629 to 
£159,177. 

Turnover came to £3J.6m, 
against £2 5 7m. After tax £82,772 
(£139,167) net profit was down 
from £128,462 to £76,405, with 
stated earnings falling from 4.94p 
to 2.94p per lOp share. 

The interim dividend is 0.875p 
(0.84Bp) net— total for 1977 was 
3.255p paid from pre-tax profits of 
£634^75. 

Jamesons is controlled by Mr. 
Henry and Mr. Bernard WhrtefieJd 
and trustees of their family 
settlements. 


Johnson Matthey Bankers growth 


For the March 31. 1978, year 
Johnson Matthey Bankers, the 
banking and bullion dealing sub- 
sidiary of the Johnson Matthey 
Group. recorded a pre-tax profit 
up from £2.04m to £2.1m. The 
after-tax figure advanced from 
£0.99 m to n.Otira. 

Towards year-end the sub- 
scribed capital was increased to 
£6m by the issue to the parent 
company of lm ordinary shares 
of £1 by way of a scrip. 

lu his annual statement Mr. 
P. D. F: Varrali, bank chairman, 
says taking a balanced view of 
the entire year, bullion-banking 
activity In world markets re- 
mained at a good level and the 
bank was able to maintain a high 
standard of performance in turn- 
over and profitability. 

A major part of the bank's 
profit was obtained from trading 
and dealing in gold, silver, 
platinum and foreign exchange, 
aiid through the .subsidiary com- 
pany, Johnson Matthey Com- 
modities. in base metals. 

The remaining and substantial 
balance of profit stemmed from 
general financial and banking 
operations, within which the bank 
concentrated on sterling and cur- 
rency arbitrage and the financing 


of short-term loans. 

As a member of the London 
Gold Market and* one of the 
world's leading traders. Johnson 
Matthey Bankers was admirably 
placed to seize any opportunities 
that occurred. 

The international monetary 
fund held 11 auctions in the year, 
selling nearly 180 metric tons of 
gold and, acting on behalf of 
customers world -wide, the bank 
bought over 22 metric tons, more 
than 12.4 per cent. ’ 

Earnings from foreign ex- 
change dealing were maintained 
at a good level and the bank 
widened its scope in certain of 
the major European currencies. 
In sterling dealing, earnings on 
beneficially -owned funds were not 
helped by the unusually low levels 
of sterling interest rates. 

General banking operations 
made a record contribution to 
earnings and the bank concentra- 
ted on the financing of the over- 
seas trade of exporters, importers 

TRUSTS $ LOANS 

Winterbotiora Trust has 
borrowed S1.4m and Scottish Mort- 
gage and Trust has borrowed 
$9m.- . repayable ire ' 5 annual 


instalments commencing in 197B 
from an American bank for - in- 
vestment in dollar bonds issued 
by certain EEC institutions in 
terms of supplement 35 to E.C.7 
of January 1, 1978. 


Pentland 
ahead at 
halfway 


Revenue of Pentland Invest- 
ment Trust emerged higher at 
£393.637 for the first half of 1973. 
against £369,268. Result was 
struck after overseas tax £2L472 
compared with £13,969, corpora- 
tion tax of £43,499 (£68^76) and 
imputed tax £171.887 (£152,937) 
on franked investment income. 

Stated first-half earnings per 
25p share are 2.15p <2.01p) and. 
as already announced, the interim 
is lifted from 0B75p to l-5p net. 
to reduce disparity— last year's 
final was 3.175p and net revenue 
for the whole of 1977 was £753,000. 

Net asset value per share at 
June 30 is given as 162p (149p). 


Progress 
at Ladies 
Pride 


PRE-TAX PROFIT of Ladles Pride 
Outerwear -rose from £411.210 to 
£451,197 for the half year to 
May 31, 1978. And it was struck 
after currency exchange losses of 
£9,000 for the period against gains 
of £49,000 last time. 

The directors reported record 
profits of £L02m for the Novem- 
ber 30, 1977, year and said then 
that they viewed the future with 
confidence. 

Sales for the half year advanced 
from £2. 77m to £3-1 5m and profits 
were subject to tax of £235,580 
(£214,500). Net profit came out 

ahead at £215,617 (£196,710) with 
earnings per 20p~ share showing 
a rise from 3.53p to 3£7p. 

Tfie steady growth in sales has 
continued into the autumn season, 
the directors say, and all 
factories are working to capacity. 

■ The interim dividend rs effec- 
tively increased by 50 per cent 
to 0.95p (0.6333p) net and it is 
the directors' intention to main- 
tain this increase in the final 
payment. However, should legis- 
lation prohibit this, then an appro- 
priate adjustment will be made 
in the final — last year's final was 
an equivalent l-3p. 

Half-year 
1977-78 1976-77 

E I 

Sales 3.Mfc97-f =.772,731 

Exchange losses ...... 0.800 49.000 

Pre-tax profit 451.197 flUW 

Tax =35.530 in. 500 

Net profit 213,617 190.710 

‘Pru’ Pensions 
now manages 
over £300m 

Total funds under management 
of Prudential Pensions, a member 
of the Prudential . Assurance 
Group, have passed tbe £300m 
mark la just seven years since 
the formation of the company In 
April 1971. 

PPL offers Investment manage- 
ment services to pension funds 
on a unitised basis, through three 
funds — equity, property and fixed- 
Interest. The pension funds can 
invest the whole of their assets 
with the company or only part 
of their funds. Many schemes! 
use the properly fund only, seek-j 
ing equity and fixed-interest i 
Investment elsewhere. 

By mid-June, the equity fund 
had reached £ll4m, the fixed- 
interest fund £7 8m and the 
property fund £122 m. Over 120 
pension schemes use the services 
of PPL either wholly or partially. 

The company has now produced ■ 
an audio-visual presentation of 
its services for use of pension 
consultants, insurance brokers 
and other intermediaries. This 
sets out the general principles 
of pension fund investment 
management, the way PPL 
achieve this through its three 
funds, the importance of getting 
the mix of funds right and the 
research resources backing PPL 
from its parent company's 
Investment department. 



The year ending 1st April 1978 
started at a depressed leveL 
However the Company was able 
to show some improvement at 
the interim stage and the second 
half of the year showed such 
considerable improvements that 
we are able to. report record 
profits once again for the full 
year- 

The profits before tax of 
£4,874,079 have shown an out- 
standing increase of 32%. Group 
profits after tax have amounted 
to £2,167,234 and it is proposed 
to pay a final dividend of 5.812p 
per share, bringing the total 
dividend of the year to S.712p 
per share (compared to 7-892p 
for the previous year). 


RESULTS FOR THE YEAR 
TO 1st APRIL 1978 



ALLIED CARPET STORES LTD 

L'ndoobtably Britain's finest and largest carpet 
retail outlets with 39 stares and superstores m 
•Rnflanrf and Wales. All Allied Stores are 
designed to offer the customer the widest 
possible choice of carpets at price rangos to suit 
everybody. After sales services are also an 
important factor and Allied offer an extremely 
proficient range of services (ram expert advice 
right through to guaranteed fitting. 



Turnover (net of VAT) 

Profit before transfer 
to unrealised gross 
profit reserve 

Transfer to unrealised 
gross profit reserve 

Net profit before 
taxation. 

Taxation 


Extraordinary items 


Earnings per share 


1978 1977 

£000 £000 
65,694 52,718 


5,156 4,504 

282 808 

4,874 3,696 
2,707 2,054 
2,167 1,642 

- 6 

2467 1,648 
25.5 p 20.9p 


WILLIAMS FURNITURE LTD 

Probably the most proficient of High Street 
retailers, with 75 stores throughout l ho r nun try. 
Not only arc they the only furniture trading 
company to carry large stocks in their own ware-. 
Injures but byJcntwing what the customer wants, 
they are able to offer a tremendous choice and a 
highly efficient after-salis service. Williams bulk- 
buying power enables their customers to obtain 
excellent value lor money. 



UKAY FURNISHING CENTRES LTD 
A non' concept in retail trading started in the 
autumn of 1975 with the opening of the first 
L’kay centre in Cardiff. All Ukay's centres are 
situated away from town-centres enabling larger 
showrooms at lower unit costs to be planned, like 
the 100000 sq. ft. Avonmouth centre. By virtue of 
larger areas, greater selection and lower rental 
ensts and overheads, maximum discounts arc 
obtained and passed on to the customer 


EXPANSION 

The expansion programme is 
proceeding, extremely well. Not only 
-will we be consolidating in those areas 
where we are presently strong, but we 
will also be increasing our penetration 
in Lancashire and Yorkshire and also 
on the South Coast where our new 
store in Brighton has made such an 
impressive start since opening in 
January. 

During the current financial 
year, the three operating companies 
will open a further sixteen new stores. 
Several others are at an advanced 
stage of negotiation. The full benefit 
of increased turnover from this 
expansion will arise in the year 1979/SO 
when total group sales are expected, 
to exceed £100 m, 

OUTLOOK 

There is still a considerable growth 
potential for all trading companies 
within the group, and I have more 
confidence than ever in our successful 
retailing concepts. 

Turnover for the current year is 
so far showing a marked improvement 
over that of the corresponding period 
last year and provided consumer 
demand continues, a substantial 
increase in profits are expected for the 
full year. 

MR. H. PLOTNEK 
(CHAIRMAN) 

Copies of the Report and Accounts 
from: 

The Company Secretary, 

Allied Retailers Limited, 

Allied House, Lombard Street, 
West Bromwich, 

West Midlands B7Q SRL. 


ALLIED RETAILERS LTD 




1 j [ 1 

1 If | ! 


III 

| | 111 1 j 

□ 



BBTOUHS FNESTCAHPETSTORfcS 


FURNITURE 


uam! 


FURNISHING CENTRES LTD 


ft 




During 1977-78 the Post Office was successful 

• A pledge of no price-increases until January 1979 at least 

• Telephone charges have not increased since October 1975, 
mam postal prices last went up in June 1977, by 8 per cent, 

■while other retail prices continued to rise sharply. 

• Britain became die first country' in the. world to offer 

telephone subscribers International Direct Dialling to 50 
countries, simply by lifting die receiver and dialling a' dozen. ^ 

or so digits.There were 7 6 countries available to customers iM 

through direct dialling by the end of the year. 

• The 850th electronic exchange came into sendee, and a 
huge exchange modernisation programme was announced. 

• An advanced method of sending telephone calls, using an. 
optical fibre link came into public sendee, with calls being 
aimed on pulses of light along glass strands no thicker 
than a human hair 

• The Post Office announced diat its public Prestel viewdata 
sendee which links the telephone and television with a 
computer full of facts will begin during 1979-and £23m, 
has been set aside for the development of this service. 


in all its businessesThese were some of the highlights: 




• The number of telephones in service passed 23m and a 
record 17,450m calls were made. 

9 Contracts worth nearly £3Qm were placed for equipment 
to form part of the Telephone system of the future;- 
codenamed System X. 

• The parcel service was restored to health and new life 
injected into the telegram service. 

• New postal sendees included a supersonic transatlantic 
mail service to the United States by Concorde and County 
Parcels, a bargain price service tor short-distance parcel 
deliveries. 

© Britain's 143rd postbus began, work, and die postbus sendee 
won a major.tourisra award. 

• The country's' 'twentieth mechanised mail sorting office 
was opened i n Liverpool. 

• Giro announced deposit accounts, budget accounts and 
bridging loans as part of its expansion programme. 

© A two-year industrial democracy experiment started. 


Post Office meets profit targets 

Extracts from the Statement of Sir William Barlow, Post Office Chairman, taken from the Annual Report and Accounts 1977-78 


Financial results better . ^ M 

' The Post Office made a pmtir ot£j6f w million, 
which is £76-4 million more than inI976-77.The 
contributions ro rhis result were Tel ecommimic.ii- 
iionsl'325-5 million, Posts £40-4 million. Giro and 
Remittance Services £0-7 million (Giro £2-8 
million! jnd Data Processing Service £1*1 million. 
These pro! its arc within die mw of rhv Trice Code 
and an; consistent with agreed profit targets. 

We are proud to make a profit in all imr 
Businesses and inrend to pc* on doing so. In the 
:pnsr the Post Office Lis been criticised lor being 
profitable. This is unreasonable, .since it win our 
customer.’ best interests that the Tost Office 
should be commercially motivated.,! nd that we 
«.} i, «jJd make profits ro pay for growth and inv 
pro cement in our services, and repay loans. 

In this second year of good financial results, the 
vourinuing reduction in the rare of' inflation and the 
Xi, .vertimuit's coimccpiniiation policy have both 
‘played their pare. Ac the wine time, both Posts. imd 
Td ecommunicarions iiuve inoxased business, 

■panlv because of mow vigorous markeringand a 
determination to sell Post Office smic«.Tlie - 
major benefit to the customer is, in the case of 
rdccommiinications, that prices have not increased 
since October 1975 (widuediictfons in some 
chkitgo) while on the posr.il side there has been 
only one incrwise-the smallest possible of Ap-ui 
basic inland letter rates in the some period 

The Tost Office aims roprovideits services at ^ 
-minimum prices consistent with the attainment of 
-Oovemmeiu financial and to lush .standards 
ol service acceptable™ rfw generality of Us cus- 
tomers. Expansion, good service and strong 
- marketing provide a firm base ior keeping pnees 
down and securing customer confidence. 1 hey 


represent the keys to commercial success for the 
Post Office, as in every other organisation. 

Vital investment programme 

The Post Office continues to have one ot the 
largest capital investment programmes ot any 
organisation in the UK.In 1977-78 we invested 
£$7 0 mifliorValnxwraJl of this bdngspenr in Briraire 
T!k l Q 77-78profics of £367’7 infiHon will go 
Towards the capital investment programme which 
-will be even laiger in the year ahead. In this way, all 
our profits as well as depreciation are ploughed 
back to the benefit of our customers in more 
modem postal and tel ^communications services. 
On the rdea*mrnuniCdtions side in particular, die 
importance of the investment programme is vital 
jn view of the increasing range of new stxv&xa and 
new equipmenLlt is vital also for an important UK ' 
manufacturing sector and much therefore depends 
on a healthy, profitable tciecommuxucadons 
business. 

Major investment continues to be made in 
dev doping die next generation electronic, switching 
systems calleiSysrem X. This programme is of 
major importance, not only to the foture ofPost 
Office triccoramunicntions but also to the export 
prospects of diemajorUK tdecomm unicanons 
rnanufacturing firms. 

Although much smaller in investment terms, 
the Post Office is to spend £23 million. to develop 
• Prestel, the world’s first viewdata service, which 
prorides a new compurerhased infonnarion service 
linking the telephone and television. This is yet 
another technological first for the British Post 
O ffice and it has attracted world-wide attention. 

] n February 19?S we announced our plans for a . 
public service to be launched in the UK in 1579. 


FINANCIAL RESULTS 


J 977-78 1976-77 


Increased 

(decrease) 


THE POST OfflCE-TOTAU 

income 4,183-2 3,806-0 

expenditure. 3,815‘5 3,413-7 

provision for elimination of profit above 

the Price Code reference level — 101-0 

. profit . 367-7 291-3 

TELECOMMUNICATIONS 

income 2,917-1 ■ 2,658-0 

expenditure 2,591-6 2,292-6 

provision for elimination of profit above 

the Price Code reference level — 1 01-0 

profit 325-5 264-4 

POSTS — 

income 1,325-1 1,200-0 

expenditure 1,284-7 1,175-7 

profit 4Q-4 24-3 

GIRO 

Income . 60-4 46-8 

expenditure 57-6 ’ 44-7 

profit 2-8 ..2-1 

REMITTANCE SERVICES 

Income 17-5 16-9 

expenditure ' 19-6 17-9 

lo« ■ .(2-1) ' (1-0) 

DATA PROCESSING 

Income , , 41-0 38-9 

expenditure 39-9 37-4 

profit " . . 1-1 ■ 1 -5 

'laconic and upend bu r*flgjratf<3r U»e Pp»i Office oah«k Uuer^buiinea mnuoions. 


2,917-1 

2,591-6 


1,325-1 

1,284-7 

40-4 


3,806-0 

3,413-7 


2,658-0 

2,292-6 


1,200-0 

1,175-7 

24-3 


Standards of service 

1 came to die Post Office \\ idi a ixrsonnl con- 
viction, that much needed to be done to hjlc the 
declining stun J.rrds of service that pervade so much 
of industry and commerce in the country as a 
whole. I found in the Tost Office many who agreed 
with me and together we are increasing our efforts 
to improve die service to our customers and to 
improve die quality of our relation-hip with the 
customer. 

I havclieeugrearly impressed by the experience, 
professionalism and loyalty oiTost Office sraffiThu 
Post Office couches nc.idvall .ispecrs of social and 
business lire and Post Office sMtth.ivean opjxir- 
tunitv ro contriburc to a reversal ot rhe downward 
trend in national Mandirds of service. W’e will hoc 
conreinpLre am- jrice ii lcroisis or service reduc- 
tions until all other iilrcmanves have been pursued. 

We have told the Government that \ve intend 
to continue the inland tdegram ser\-ice and make 
renewed efforts to co\"crits costs, b fibres over dw 
last three years have restored, die finances ot" thy 
pared service, and removed uncertainty about its 
future These are first .steps; they demonstrate our 


conceni to clianee the restricticmist approach, 
created by past linandal problems and this 
approach will continue. All diis demon*!tratcs our 
concern io improve and, where we pos-ibly can. 
increase our servicis rather dian to ait dicui or to " 
allow diem to decline. 

Staff -a tribute 

1 -hould like ro thank all Post Office employees 
ibr the considerable comnbunun they make to 
maim. lining a hfpli level of service Jay b\- Jay. week 
ju week oi ir. Last wimer w e had period.- of hcivv 
miow and frcakwvatlier conditions, during which 
Post Office eniploveo worked extrenjelv long and 
ardui mi- luuir.- to restore anJ maintain >er\‘ice. That 
was rvpioil of the lovaliv and spirit of Post Office 
pc- *ple. I believe rhar rhe majuriry i «f the public 
realise di.ir despire the occasions when rl lings uo 
w rong and cvmpl.unrs arise. Post Off ice people do 
a very cunscienrious job and at rimes po to great 
lengths to make sure ilrar diey -er\ - e thecomniunlrvj 
our customer.-. Nowhere is dies- more apparent thaa 
jn Northern Ireland where all our sr.ittlwe made 
sure dwe P ost Office sen-ices are maintained. 


■ Ii you would liken booklet telling you more about what the Post Office did in 1977-78 

• please complete this coupon and post (no stamp required) to:- 


^ • John Hammond, Freepost 5, LohdonWlH 4QZ. 

• Niuiu* 

i-4 * “ 1 ' 

i-7 • Com/juiiyfi/ ap^licuble) 

— , .Address’ 


Postcode 


\ 


\ -- 






MINING NEWS 


BIDS AND DEALS 


Financial- Times Tuesday July 25- 18^ 

Raglan sheds 




Texasgulf and Kaiser 
earning less 


Saint Piran pays £2.2m 
for 22% of Orme 


old debt 


* * 9 
i i: 
•-* * ‘ 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


RaeL-in Property Trust ha S losses arising from the P«»P«ty 

IFs&'&sjr 

■a unique recons injeiion *chc-mc r ' . valuation of Ihe total 


BY KENNETH MARSTON, MINING EDITOR 


HIGHER SALES, but lower profits. 
Characterise the first-half 19^8 
results of America's Texasgulf 
natural resources group in which 
a 30 per cent stake is held by 
Canada Development Corporation, 
reports John Soganieh from 
Toronto. 

5ccond quarter earnings 
amounted to $ij.T3ni (10.14ml, or 
31 cents per share, while sales 
totalled S146.7m. For the first SUE 
months of this year earnings 
amounted to 322.27m, or 58 cents 
per share, compared with 327.6m 
in the first Halt of 11177. Sales in 
the past half-year, however, rose 
to 5274.1m against S239j3m last 
lime. 

The higher sales value reflects 
increased amounts sold of soda 


HJft-S par fn« ounce - 

F.T.GOLD 
'"[NUMBS INDEX 

A rauKf-HAMJSCALC 


have been achieved. 


Ull>. I" i- — 

bunkers— First National Finance 


GOLD PRICE 

LEFT-HAND SCALE 

,-*A / 

f V<A|L 


/V 


struct ion company, for £2.2 hl The *jve months .probl* OI “• fi.i lions. Raglan's principal /^nlArlAVIlOn 

sellers are the entrepreneurs. Mr- MnD4X i mconccc nr ta'p bei:n dCn e '. td '|. nnp .i tore bankers— First National Finance I .9 IrflODiAU 
Bob Tanner and Mr. Peter MORAN DISPOSES OF A scrip issue is planned lion- corporation. BBS Investments V/tUVUVUWMi 
Whitfield INDUSTRIAL SIDE ducc 1116 expenses, of the oITcr .f ornierlw part of the Edward 

slS £S£sS2 srSSs 3 si^smgg °S S 

Tanner and Mr. Whitworth will The total price including repay- DAriDvr A\n ,nf0 l«o new subsidiaries. The UuUUUIa 


Tanner and Mr. Whitworth will The total price including repay- gQURNE AND 


k\. 


to Saint Piran at 55p each. In able in instalments over the nest department store group, will soon ] properties. 


YJK 


After touching S19GJ per ounce at one time, the U.S. price 
of gold closed S3 J up yesterday at $195}. This is the highest 
closing price since $195! in December, 1974, and it compares 
with the all-time trading peak of $1972 reached in that month. 
London cum- premium prices of South African gold shares 
advance afresh yesterday, although the rise was tempered by 
a Tall in the investment dollar premium. The FT gold mines 
index was 5.3 up at 280.3. its highest since 184.9 on June 16, 
1976 when gold was $125}. The all-time high for the index 
was 442.3, reached on May 22, 1975. 


■ increased amounts sold of soda |iw ' . ’ > . ' . , 1 0 V n ' , 1 . 1 ' . 1 ' 1 < , 1 J - ‘ i i J ■< i , iso I 

ash. zinc, sulphur and phosphate [ J f i » i J n 5 o « dj f » j » s o n d j f j j J 
fertilisers coupled witn higher ^ ■ ■■ — 1 ■ 

• ' Shu C “h,™ (i'r5fuoS r , J^SlphSr Af te-r t ouclii ng S 196 J per oqnce at one toe the U.S price 

On the other hand, there were ®f Sold closed S3J up yesterday at S195}. This is the highest 

' sizeable falls in zinc and copper closing price since $195! in December, 1974, and it compares 

prices. In addition, the company witii the all-time trading peak of $1972 reached in that month, 
states that the relative: London cum- premium prices of South African gold shares 
dniiSr adversely Effected zinc con- advance afresh yesterday, although the rise was tempered by 
centrate prices in the second a fall in the investment dollar premium. The FT gold mines 
quarter and resulted in higher index was 5.3 up at 280.3. its highest since 184.9 on June 26, 
treatment charges- for concentrate 1975 when gold was $125}. The all-time high for the index 

•KSfmSS'wW- «« «**• «“*>«* «» 22. 1975. 

1 by the major Canadian coal pro- ^ ^ ■ 

tliicer. Kaiser Resources. The 

second quarter net income bination of suppliers' credits. Corporation group’s lIC Invest- 
dropped 24 per cent to C$12-2m local borrowings from Zambian ments is raising its 1978 interim 
(£5.tiSnn. or 46 cents per share, commercial banks and the Inter-, to 14 cents (S.4p) from 10 cents 
■ from L’-S 16.2m in Ihe same period national Finance Corporation and a year ago when there was a sub- 
of 1U77. Gamings for the first Bank of America. sequent final of 20 cents. Net 

half of this year total CS23.Gra Last month. Nchanga officials profits for the past half year 

compared with C830.7m a year were optimistic about a success- have risen to R4.8m (£259m) 

' ago while sales were 4 per cent fui outcome, but negotiations from R3.25m in the same period 
1 down at CSI43..>m. broke down earlier this month of 1977; that year's total was 

The British Columbia coal pro- over the status of a separate R7.24. UCI shares closed 4p off 

ducer says that the second-quarter company which was to be estab- at 240p yesterday, 
result was adversely affected by lished for the third stage of the 
lower shipments of metallurgical plant. “The net effect would 

coal “and the inability of the have been to weaken Nchanga,” | nrnpv lflWPI* 

; company during the period of commented the spokesman. LA/l UvA AvF TT vl 

; price negotiations to recover cer- The company says it remains _ 1P , 

■tain increased costs through committed to the project and will of nalt-VPar 

• escalation provisions of its continue with design work, des- J 

1 Japanese sales contract,” pite the financing problems. LOWER NET earnings for the 

• The company is continuing One of the main contractors past half-year are reported by the 

negotiations with its Japanese would have been Davy Powergas ri 0 Tinto-ZInc group’s Lome* 

!■ customers and partner on the (l/K). copper-molybdenum producer in 

price and escalation provisions for British Columbia. Net profits for 

! enking coal to be effective from rriTvic* nvr im the last six months amount to 

April 1. 1978. Until agreement I llN3 OlVJt Ur CS4.48m (£2.08m) or 38 cents per 

is reached Kaiser will continue cvnNEV AIlflTC share, compared with C$6.48ra in 

• m bill for coal delivered at the all/itcl UtOJL t h e first half of 1977. 

March 31 price. Shares in Malaysia's Berluntai -n,. c.n ,. nn r. A .. 


the stock market the shares rose three years. 
4p yesterday to 47p. Consequen 

Saint Piran had two main ?*** Y 

reasons for buying the stake, said jgjjyjj,,, 
Mr. Don Smith yesterday. It was a * enCy ana 
attracted by the land-bank built 
up by Orme whichr has a book PETFOf 
value of £7 .6m and a much higher tjttvcu 
market value. Saint Piran takes 


have talks with various parties 


intion areas where Ihe sutMjtan- 
These properties, a 1 flu t, a f conversion costs can be 

otk in Put no,', a share of The ^ n «*r ah aceentabte 


^ £*“3 ETBBWr.H'ISCSSi.'i: *«• » “ h “ 

B and H. On Friday Ik* Awn. unlikaLv Id bn sold hcnAiM 


PETFORD DROPS 

afin a t M rSL h SS henshall bid hTscr s *** «i»e 

thf K v.ew that faild 1 wm^ecome Petford has finally accepted the 0 nc of 11 5p The group’s lease- diaries. But rather than pro- 

!nrrp a «in?lvsLrce because Df the inevitability of Bovbourne’s con- hold property, including (lie cmitate the wholesale break-up fnPhn^ of the Kclhourn c. Pntfcy. 


rose quickly with the first mark j approaching 


accumulated During Ihe last two financial 


increasingly scarce because of ihe inevitability or Bovbourne’s con- hold property, including 
effect of the Community f-anri Act, trolling stake in W. Henshall and oxford Street a lore, wu 
J978. Secondly, Saint piran already Sous (Addlestooc) and has al October 25, 10/*. At IlL. 
has an interest in construction dropped its alternative and huher 

iKS? MUbliS r Sd °^ SU t b o Yesterday. Pet fords advisers. TRlDAiNT GROUP 
■“23 Seligmann Rajmer, announced M4 y DIVERSIFY 

extend it yesterday that that Petford had received accept- 

Mr. j aimer sain y«^>ierudy . v,„ij Tr ,innt Crnnn Printers 


and oxford Street "store, wns valued nf the group the banks have in !!»7B, and from the conversion 
has at October 25. 1373. At fn.3m. agreed to isnteM fheir debts and of ihr Allaopark. in swiingi id 
• her the properties on which the debts twin cirRltiai and butgo hall in 

/ are secured, and to leave the the March S3, 197S. year. 

ers. TRlDAiNT GROUP parent eomiumy as a quoted shell. Nevertheless, there wore 

iced MAY DIVERSIFY The parent vtroup. which is Icfi improvrd results from these situa- 

ept- a T with no debts and net assets of ttons. as in all of the company’s 


•ho stake bv himself ances from, shareholders repre- Tridant Croup Printer^ the arnunit i p ;i share, is to receive divisions for the 1977-79 year; as 

nnrf Mr Whitfield came after the V senting 24.4 per cent of Henshalf.s publishing group which uUes in sufficient income from managing know'll pre-tax profits rose from 

SSS e«.n Ihe comoanv UiroVii shares, in addition to the 11.32 per the Richmond Herald where the subsidiaries’ properties Over £343.000 to £468,000 on turnover 

The severe crisis in British house- cent it actually held free and journalists are on sirike over a a disposal |U*riod likely to last <>f fc.Som against £4J13m. And 

huildin® in 1974 5 and after clear. policy of changing the new >p»iiur four years. to cover its the dividend ts lifted to 3.623 p 

Nowthat conditions for house- However. Bovboumes control of into a ".free sheet, will change immediate overheads. (3.244p1. 

huildine have improved, he said, just over 30 per cent of the shares even further if the offer from its Raglan's tO.urtO shareholders. Mr. Clark says that Caledonian’s 
the development of the land bank prevented Petford s offer from chairman succeeds. who have seen the stock plummet programme of renovating and 

would he accelerated with the ever going unconditional, so Pei- (n _ the offer document, pub- from a lieak of 52ip in 1972 to undatins existing' cinemas, which 


Lornex lower 
at half-year 


would be accelerated with the ever going unconditional, so Pei- Jn the offer document pub- f rom a 0 r 32 ip m 1972 to updating existing cinemas, which 

benefit of the expertise of the ford has decided to withdraw it fished yesterday, from htarwust 6p yesterday, are left with a group h ave profit potential, and the 

Saint Piran nominees. and accept Bovbourne s lower Investment, a company owned by that retains onlv its shares in directors’ survey of expansion Into 

He declined to say what use offer. Mr. Remo Dipre the chairman, the Swanage Motor Road anu population growth areas, are not 

would be made of the proceeds and his wire. Mr. Dipre says Ferry Company, some properties kppt under constant review, 

but he and Mr. Whitfield have . iiir'LircTrn A TVO Tridant may not stay predomi- fn Pctersllelff and n 40 per cent Dunfermline, the first phase 
several projects in hand at the MA NC HESTE R AINU nantly a printer and publisher, chare of n sTlc in the Cromwell a r Hic.h Street development 
moment. METROPOLITAN believes that considerable Road, S.W 7. w ag completed during the year 

Saint Piran had wanted to buy Acceptances of the offer made new capital investment is required Now that it has shed its d - he *>.,]. annua i benefits of 
the whole of the T&nner/MVhil- Manchester and Metropolitan for the company but the level histone debts. the parent h _ s v _, t0 --—p \ n 

field stake Jn Orme. Mr. Don investment Trust for Manchester or timing of benefits from it are company plans to move back into ™ h *Z 

Cmiih that Saint Pinn haH , , » t , Tnu'f nncprl-iln Thic im-Mtmpnl miv iha nmnnrlu t.nrld hv itnrior. itn'llUIUUU ii,w wsii . * 


Smith said that Saint Piran had and London Investment Trust uncertain. This id vestment may the property world by under- f 

no present intention of making a have be en received in respect of not be within the company’s pre- taking project management «i! ig git o 

bid for Orme and would not even 605.077 ordinary shares (60.4 per sent operating fields. contracts on a fee basis. And SL” V j ' ' ' "«• ig7Jf 

buy shares in the market up to °° Mr. Dipre who already owns the parent has already landed „ MWEE tSo 

the 30 per cent limit for the- time -jbe offer has now become un- 29.06 per cent of ihe shares, is the development management a siHumeant pari orme riaynoicse 

being. He said that Saint Piran conditional and will remain open, offering 63p in cash for ihe contract for the IS-nerc develop- cinema site c ompuisonij 

had not bought in the market remainder. He points out that nient of Leeds Central Station acquired and the claim tor corn- 

prior to The announcement ihk is is.it per ccni above the site. land owned jointly by pensatipn will now nave to oe 

because it did not want to be CES TO SELL market price just before the bid. British Rail and the National determined. 

accused of buying from the pub- > i\nnD Earlier this year, however, the Freight Corporation. . Olher activities of 

lie at one price prior to buying Linil Jure Stores Groun price was 63p, a level Mr. Dipre Raglan's banks have released include financing and investment 

from Mr. Tanner and Mr. Whit- Combined bn^usn stores oroup > 5* hj . ovui'cti linns thp narent of its guarantees and dealing, letting of properties. 

field at a higher one. has agreed to dispose of its Joss- r‘ Tn-.n/^ ih? retailing of photographic goods 


LOWER NETT earnings for the 
past half-year are reported by the 


British Columbia. Net profits for 

: i-vai iu ui- tiiwuiT "«'ii nritvic rn;r sir* Ihe last six months amount to 

; April 1. 197S. Until agreement I llN^ UlVt Ur CS4.48m (£2.08ni) or 38 cents per 

is reached Kaiser will continue cvnNEV AIlflTC share, compared with C$6.48ra in 
• m bill for coal delivered at the 311/licI tfOVJE t he first half of 1977. 

March 31 price. Shares in Malayalrt Berjuntal The fa]] reHects ]ower copper 

Tin Dredging, Kampong Lanjut, pm duction as a result of reduced 
NPHAIMCA nCPPRC ~ a,n ** , and Koala Karapar head gra des coupled with higher 
JitHAliuA L/trtnj Tin Fields will be delisted on sme jti n g an d refining charges. 
1TN IV FW PT ANT Australian exchanges at the close Rj 0 AIgom holds 67.5 per cent of 
1 15 lNtW r LAIN i of trading on July 31 at their Lomex while some 20 per cent is 

Plans to construct the third t0 0,6 he,d by Yukon ConsoU dated, 

““f °. r •“!» "«• le 5. ch tS Sares , “re B suspended 

Copiwr try, ,t *«***,_**. MINING BRIEFS 

have been deferred, reports our “oJ, 1 ™,.-, B “ new guinea goldfields — Junt 

Lusaka corresnondenL , f proposed Uoaure of their production: Golden Hedges Mill treated 

The pv tension nf ihe evistin" Australian share registers on s.us ions or ore assaying 0.M« ozs per 
, . extension 01 ine exisiin^ j u |„ 31 because of a decline in ton: fine twld produced 358 ozs. fine silver 

plant would have produced about A U c» ra ij an Shareholders l ncal produced 369.5 ozs. Edle Creek AUuvlals: 
40.000 tonnes of cathode copper fi0 ’- »« produced 11.4 ozs. fine silver 

annually for 10 years, from treat- shareholders will be traosferred produced in.a ozs. Tribnim: fine sqm 

ment of old tailmcs. at a cost of 10 ^ -' Ia,aysdaD re - ,sler - * ozs - * ,w produred 

around £300 per tonne .uMriUAWh tin mink m= 

Negotiations had reached an tip. p A yc MARE nSSSuSSE! fwhSSa: 7n Sn« 5 

advanced stage, and the project IJV ' 1 . un conreniratcs. 2s ioohw coitunbUe 

was to be funded through a com- The GeoeraJ Mining-Union conceniraics. 


prior to The announcement 
because it did not want to be CES TO SELL 
accused of buying from the pub- » ivnnR 

lie at one price prior to buying LH^L/Un ... .. 

from Mr. Tanner and Mr. Whit- Combined English Mores uroup hid^’eMiectitinns thp*’narent of its "uaranteVs'and dealing, letting of properties. 

o,™ .. ,.S'£S KS Si' ^5*5 u- new retailing of photographic nOods 

•sj-jusa.? 1 yssjst subslibriM ^ **" absorb any “• Mdi0 “■ ui,,n ’ c " L 

cent stake in A. Monk to Davy BV. inHudm- fl? \ Jl Carev thel 

International for £3Jm. The CES has agreed to convert !, nc J. u . dm ^ u ;V. , l. ..‘i.. - — 

Monk Board and one of the BFr 13.292.000 i£2lS.OOO) owed to JhViHi n f H - ' ’ = 1 1 

Uori it .... 7:^1™ per cent shareholding), are I I 


unions had made it clear that it by Lindor into share capital ^ ^. c , {J? 1 “JJ-K-h .hlf. 

Saint Piran’s stake was unwel- prior to the sale. A basic purchase **£8* uh c hej 

come. The Board refused to pr i c e of BFr 13.292.000 for all the consider inadequate. 

appoint a Saint Piran nominee, capital is to be reduced bv the 

Mr Don Smith said yesterday trading loss incurred by Lindor RTP LISTING 

that this reaction was one of the for ^ period from February l to j 


reasons why Saint Piran bad sold Tl ,i.. „ -.q-c rpc up BTR announces that listing has 

lout. It would not be in and out i^-noncihJe far anv excess of such been granted Tor 1.136.512 
| of Orme in the same fashion. ££35,? that fisure ordinary shares which have been 

jOnne way a long-term invest- '\indor s" wh.ch operates a allotted to the principal UK share- 


LONDON BOROUGH 
OF CAMDEN 


chain of ladies’ wear shops in Bel- "J 

gium. incurred a loss for the year Corporation Inc. The allotment 


is in exchange 
Worcester shares 


for 191.992 
representing 


OIL AND GAS NEWS 


Amoco confirms West Pembina 
oil discovery 


AMOCO CANADA PETROLEUM, 
the Cilttary based unit of 
Standard Oil (Indiana), lias con- 
firmed a significant disco wry on 
’ihe West Pembina Jield of AJbcrla, 
u riles Jobn Soganlch from 
Toronto. 

it u- the - Pucilic-Amoco Braxr 
1 1-52-48-12 W5 well, in which 
Amoco has a 50 per cent interest. 
The well has encountered 240 feet 
of net pay in ihe Nisku formation, 
ll has been assigned a maximum 
production rate of I.S50 barrels a 
day and so Tur has produced 
1JIU.000 barrels. 


Aninco thinks it has the largest 
acreage nn the West Pembina 
field. Its interests range ‘from 
5» to 23 per cent in 10 successful 
veils, ll is a partner in lour veils 
now being drilled and in 14 other 
wells being planned. 

* * ★ 

In a further West Pembina de- 
velopment. two Calgary junior 
companies. Oakwood Petroleum 
and its affiliate, American Eagle 
Petroleum, acquired a seismic 
option from B enciu Holdings and 
Vr rones Resources. The option 
covers the N/2 8-30-11 W5M 


acreage. Following seismic and 
geological evaluation. Oakwood 
and American Eagle have the 
right to earn a 50 per cent interest 
by drilling a test to the Nisku 
formation. 

★ ★ -A 

Eir-Aquitaine, the French group, 
has found traces of gas in the 
Mediterranean about 40 km from 
Alexandria, but it will take 
several months to assess the 
amount. The traces are near 
the Ahou Qir gas field which 
comes into production in 
September. 


PPPPiGF TTV ended January 31. 1978 of I s . m excnanuc ror ijuto. 

TALKS ^ BFr 27,773.000 (£436.000). 

1 AJLKo Thp rlfcnno] of Lindor S\ is , c^nt of IhC cnpiLAl 

Prerace to ol^BiSaEham n it?Sch ft is intended t0 enable the aroup t0 ” hwd 3t Sj ’ 76m ’ 

J5* f h frnm in re-allocatc management resources 

unnamed party. Shareholders are 

fiprtnanv RX)d thp ^V6th^rl3l west NEWEY GROUP 

Sntif € ?he n °outMi?e 11 fi^the^telkl ^ ment ‘ is conditional The offer by Prym-Werke to 
ft taiJwi 1 ■’ “ upon governmental consents being arqrnre the ordinary shares of 

iS? year Peerace which obtained. N«»ey Group not already owned 

iV. hss now been accepted by mem- 

specialises m furnishing ^nd bers. Holding 1.662.491 ordinary 

BOW4TER Shares (90.4 per cent in value 

of £4 J 6m°° SeSmDa n y The offer documents covering of the ordinary shares subject to 

rat the*time that°proflts tedS the Bowater Corporation’s agreed the offer) The offer went un- 

!flnt ri* ™«55 Tu ,Mr m tor Orwstey Brtldtoji Pro- condJclonal oo July 7. 

I unlikely to be any higher than ducte show that Bowater is look- 
last year’s 1248,000, but the year Jn ? «* r merchantm? outlets for its RnWTHDRPF 
as a whole should show «wtmg manufacturing in the BURinUKrt 
improvement UK- Bowthorpe Holdings— the elec- 

TTJe company is expanding into . The group points out that its trical and electronic components 
the non-ferrous engineering Stockton-on-Tees subsidiary, group — -has bought the Red point 
castings industry and the new K. Hills and Sons, is one of the Group, the Swindon-based 
plant has recently come on UK manufacturers of doors, manufacturer of heat transfer 

stream. Elsewhere in the group it manu- systems and accessories. 

factures windows, kitchen units. Bowthorpe sees a prospect oF 
, bedroom fittings as well as metal expanded export sales for 

J. & W. HENDERSON smd plastic fittings such as ducts. Redpoint products, and the 
The offer by Oment-Roadstone A spokesman for Bowater said acquisition gives an opportunity 
Holdings to acquire the ordinary yesterday that the group was look- to strengthen still further its 
capital of J. and W. Henderson i°g to expand its earnings base overseas sales achievements. 
(Holdings) has become uncon- in the UK. W’hich has diminished 

ditional. acceptances having been proportionately as the North j 

received in respect of 15,695,628 American interests enlarged. It 1 1 

shares which represent 97.19 per also wanted to extend its trading 

cent of the capitaL interests “downstream" with an Motal TnaHofiC Infl 

The cash offer will remain eye on the end consumer. lYlGUll IldlltilO, llltf. 

open until further notice: the Further acquisitions in this 


Issue of £10. 000,000 Variable Rale Redeemable 
Stock 1983 at £99; per cent. 

On behalf of the London Borough of Camden, 
Fember & Boyle point out that the Application 
Form for the above stock requires “ payment in 
full at the rate of £100 per cent, on the nominal 
amount applied for.*’ This should read “ pay- 
ment in full at the rate of £993 P er cent - on 
nominal amount applied for.” If payment in 
full is made at £100 per cent the appropriate 
refund will he made to applicants. 


Close Brothers Limited 


have moved offices, and 
their new address is: 


Metal Traders, Inc. 

New York City 


36 Great St Helens, 
London EC3A 6AP 




HIGHLIGHTS: 

¥ Record prolil lor sixth consecutive year. 

Present order books indicate that current year 
should produce satisfactory results once again. 

$ Overseas operations have good prospects of 
further growth. 

# In view of Ihe current take-over bid situation 
dividends have been substantially increased to 
10. 5p per share gross. 


W. P. Evans & Son Ltd. 
Papermaking, machinery and converting 
equipment. 

Hoi gate, Fishwick & Leather Ltd. 
Specialised equipment for papermaking, 
textiles, plastics, and similar industries. 

E. D. Warburton & Co. Ltd. 

Paper and board making machinery. 

Avanti Engineering Ltd. 

General Engineers. 

Weston-Evans & Co. Lid. 

Textile finishing machinery. 

Ernest Turner (Parex) Ltd. 

Textile finishing machinery. 

The Cherry Tree Machine Co. Ltd. 
Hospital, commercial and industrial 
laundry machinery. 

Callow Engineering Ltd. 

Pneumatic and mechanical handling, 
and bulk storage equipment. 

Tom Smith & Clarke Ltd. 

Lifting equipment engineers. 


GENERAL MINING GROUP 

THE GRIQUALAND EXPLORATION 
AND FINANCE COMPANY LIMITED 

f Incorporated in the Republic of South Africa / 

Issued Capital— R597,500 in 11,950,000 shares of 5 cents each 
* REPORT FOR THE QUARTER ENDED 30 JUNE. 1978 
UNAUDITED CONSOLIDATED RESULTS OF THE GROUP 


is pleased to announce that 
Gerson II. Levyns is joining 
the company as Executive 
Vice-President, responsible for 
the company’s metal activities. 


Telephone 01-283 2241 
Telex 8814274 
Cables: Closely London 



Operating results 
Development — metres 
Ore milled — tons . .. 


Frvnom 

Quarter Financial Financial 
endert rear in svnr 10 
3 L 3 . 7 S dale dale 


Fibre produced— tons 17.184 

Percentage fibre recovered 14.2 


1,554 1.244 2,798 2.512 

121.000 129.000 250.000 368.000 


Increased market share— 

... vehicle sales up 34%. 

Group profit at a record £3,276m. 


Revenue Per ton R550.1 R551.2 R550.5 R517.5 


Production costs per ton R232.9 R223.9 R22S4 R232 0 

Selling costs per ton R1125 R103.4 RlO^fi R892 

Financial results R OOD R’000 . R’000 R’000 

2£?£ ti 3L pr 2? t i 3 ’ 500 i' 742 SJ3SS 6.580 

Profit after tax from non- 


...says ERF’s Chairman and Managing Director, 
Mr. Peter Foden. 


Results at a glance 


mining subsidiaries 


Add: Interest received (paid i 
— net 


Profit before taxation 

Provision for taxation 


Net profit after taxation ... 


3.BW 

1,860 

5.464 

6.821 

(69) 

(53 > 

(122) 

I5S 

3.535 

1,807 

5.342 

6,979 

953 

389 

1.342 

1.645 

2.582 

1,418 

4,000 

5,334 

371 

362 

733 

1.134 

159 

149 

299 

227 

138 

54 

192 

250 


TURNOVER 

PROFIT BEFORE TAXATION 
EARNINGS PER ORDINARY SHARE 
TOTAL DIVIDEND 



1978 

1977 


£ 

£ 

Turnover 

13,978,486 

11.651.2 77 

Group Profit before Tax 

1.699.758 

1.414.211 

Group Profit alter Tax 

801.971 

593.066 

Capital Employed 

4.470,466 

4.095.659 

Earnings per Share 

14.9P 

11. Op 


Nim-Cor, Inc. 

Specialised equipment for papermaking, 
textiles, plastics, and similar industries. 

Ober, |nc. 

Precision and specialist engineers. 

Brown Products, Inc. 

Corrugated interior packaging 
assemblies. 


Capital expenditure 371 362 733 1.134 

Prospecting expenditure ... 159 140 ^99 £»7 

Loan levy 1 3S 54 192 

Notes 

1- Consolidated results are given, as information relating to 
the company only could be misleading. 

2. Financial results are based on actual fibre shipments which 
vary from month to month and do not necessarily bear a 

• pro-rata relationship to production and sales for the year. 

3. Operating results relate to the activities of group mines 
only, while financial results reflect sales of fibre from group 
mines as well as sales of other producers. 




1978 1977 Percent 

EOOO’s £000’s ' Chang© 

56,306 38,423 + 46.5% 

3,276 1,701 +92.6% 

45.52P 19.06P +138.8% 

2.75P* 2.18462P +25.9% 

* Dependent on no new dividend restraint 

legislation being introduced- 


Percent 

Chang© 
+ 46.5% 
+ 92.6% 


6BF 




Interim dividend No. 54 of 24 cents per share was declared 
on 7 June 197$. 




Whilst the U.K. market for commercial 
vehicles continues to be reasonably 
buoyant, general world trading 
conditions continue to be in various 
degrees of recession. 

V\fe believe our immediate role must 
be to concentrate on import 
substitution... 

... .the Company are embarldng on a 
programme of planned product 
improvement and additional capacity. 

Extracts from tfw ChairmansStatement 

to the Sharetafcfef s. J97& 


Weston-Evans Group Limited, Manchester Road, Clifton, Manchester 


Registered Office: 

6 Holla rd Street. 
Johannesburg 2001, 
24 July. 1978. 


On behalf of Ihe Board 
C. H. WALTERS , 
L. K. JOOSTE I 


DjrecLors 



ERF (Holdings) Limited, Sun Works, Sandbacb. Chesfw^^n?9DN 
Tel: Sandbacb (093 67) 3223. Tele* 361 52. Grams: 'ERFSandbach 




r ( '• 

V’* “ Lm ‘ 


l)uK y 


"fl. i 


J'M ~ 













Ir > sk ■ 
• % 


h- 





■bt 


FUtenticd' Tfines- Tuesday Ja3y 25" I978 - 


21 


!.M KRNAI lONM. FINANCIAL AND COMPANY M.WS 



AMERICAN NEWS 


Alaskan operations boost 
Exxon in second quarter 


",T' h 

> 


I . Ill 




BY DAVID LASCELLES 

EXXON, THE largest U.$. oil 
company, today reported second 
quarter earnings of $700m, equal 
to $1.57 a share, an increase of 
nearly 22 per cent on 5575m, or 
SI.2S a share for the same period 
last year. Revenues were $15,5 bn 
up from $14.1 bn. 

Earnings for - the half-year 
totalled ?1.38tm or $3.09 a share, 
compared with $122bn, or $2.72 
a share in 1977. 

The company said that these 
figures had been affected by 
foreign exchange fluctuations, 
but urged caution in assessing 
their importance since move- 
ments had been both favourable 
and unfavourable. 

Mr. C. C. Garvin, chairman, 
said that earqings from domestic 
exploration and production 
operations In the first half of this 
year had gone up 26 per cent 
due to the start-up of Alaskan 
North Slope operations and 
higher natural gas realisations- 
Refining and marketing earnings 
had been helped by a faster rise 
in prices than in production 
costs. 


Foreign earnings went up 17 
per cent due to higher fuel prices 
and lower exploration costs in 
the Middle East. 

Losses of S31m were incurred 
by international marine opera- 
tions due to weaker demand, 
lower rates, and higher operat- 
ing costs. 

Worldwide capital and explora- 
tion spending so far this year 
totals $2.46bn. up 15 per cent 
on last year. Approximately half 
of this was in the U.S., where ex- 
penditures on exploration and 
production, including offshore 
lease buying, and new chemical 
plant were high. 

Of total spending, just under 
70 per cent was for exploration 
and development of new oil, gas 
and other energy sources, of 
which almost 50 per cent was in 
the U.S. 

Mr. Garvin made no forecasts 
for the rest of the year, but the 
company reported improved re- 
turns on both capital employed 
and shareholders’ funds. 

Exxon’s report emphasised 
that the company had delibera- 


. NEW YORK, July 24 

tely not made provision for pos- 
sible charges arising out of the 
Department of Energy’s recent 
lawsuit which alleges that Exxon 
overpriced crude oil supplied 
from its Hawkins field io Texas 
because we believe these ac- 
tions are without merit" 

The DOE Is pressing for re- 
payment of SlS3.3m plus accrued 
interest 

STANDARD OIL INDIANA 
announced net earnings for the 
first half of 83.66 a share against 
33.56 previously, reports AJP- 
DJ. Total net of S535-2m 
increased from 8521.5xn. 

Revenues of $7.8bn compares 
with S6.9bn. 

Second quarter net of S282.7m 
or S1.94 a share compared with 
$277.3m or $1.89 and revenues 
of $4.1bn with $35bn. 

The company attributed the 
higber first-half earnings to 
worldwide crude oil and natural 
gas liquids production, improved 
margin on domestic refined pro- 
ducts and higher domestic oil 
and gas prices. 


Singer earnings growth slows 


TRW sees 
continued 
advance 

By Our Financial Staff 

TRW, the diversified supplier of 
motor, electronics, missile, com- 
puter and engineering compo- 
nents and services, experts 
higher sales and earnings this 
year, having boosted net profits 
by more than 10 per cent in the 
second quarter to $46. 9m from 
S422m. 

Earnings per share rose to 
$1.48 from $1.33— on a diluted 
basis they were $1217 against 
$1.16 — with sales growing by 
nearly 16 per cent to 89562m. 

During the whole of the first 
half, raw's net profit jumped 
by 115 per cent to $82.7m on 
sales up to Sl.Sbn from SL6bn. 
Earnings per share amounted to 
3228 compared with $2.29, or 
$2.25 against $242 wben diluted. 

raw's chairman and chief 
executive, Mr. Ruben F. Mettler. 
said a loss of 34.9m for the 
closing of a wire and cable plant 
had affected earnings to date. 

He predicted, however, that the 
closing of this plant would im- 
prove profits during the remain- 
der of 1978 and result in “a 
substantial year-to-year profit " 
In 1979. 


Switch in Chrysler’s financing policy 


BY JOHN WYLES 

CHRYSLER CORPORATION’S 
financing subsidiary is to with- 
draw from the public debt 
markets for at least 18 months 
so as to maximise the parent 
company's prospects of raising 
several hundred million dollars 
of , badly needed long-term 
funding. 

This Is a novel element in the 

company’s strategy to raise up 
to 57.5bn over the next five years 
to . re-equip its plants and to 
develop a new range of cars and 
trucks. Having surveyed its 
credit-raisins opportunities the 
third largest U.S. car producer 
has concluded that the parent 
company may suffer through 
competition in the credit markets 
with its subsidiary, Chrysler 
Financial Corporation. 


Chrysler Financial has a 
counterpart in both General 
Motors and Ford. It helps 
finance wholesale purchases of 
cars and trucks by Chrysler 
dealers and also makes credit 
available for consumer pur- 
chases. The company is 
extremely active in the debt 
markets and has made an 

arrangement with 23 banks to 
cover its needs during the period 
of withdrawal. 

In the first agreement of its 
kind involving Chrysler, the 
banks have agreed to buy up 
to S615m of the company’s 
accounts receivable, based on 
the company's short-term whole- 
sale loans. The banks have set 
a discount for interest li per 
cent above the prime rate but. 


according to Chrysler Financial, 
the cost of the financing facility 
will be comparable to the com- 
pany’s average cost of conven- 
tional funds. 

Explaining the agreement Mr. 
Gordon E. Areen, Chrysler 
Financial’s president said at the 
weekend, “There’s only so much 
investment money coming on the 
market at any one time. If we 
are in there sopping up sizeable 
amounts, it is identified as 
Chrysler money even if it is not 

for the parent company. So by 
obtaining money to meet our 
needs outside the normal 
markets, we take our name out 
and leave room Chrysler.” 

Since announcing its $7.5hn 
requirement, the parent company 
bos so far made one excursion 


NEW YORK. July 24. 

into the debt market with a. 
preferred stock issue in June of 
$250m. The company has not 
quantified how much mare out- 
side debt will be needed, but a 
□umber of assessments have 
arrived at a total of 3300m to 
SSOOm, depending on the com- 
pany’s ability to finance 
developments out of ■ retained 
earnings. 

The actual requirement may 
prove to be near the higher of 
The two figures because of 
Chryslcr’s uncertain earnings 
prospects. The company could 
lose around SlOOra this year and 
may still be «tnigq!inq for profits 
in 1973 which is e\noeted to be 
a poorer sales year for the UR. 
motor industry'. 


Setback for Kaiser Resources 


BY OUR FINANCIAL STAFF 

BURDENED by a steep rise in 
ldsses from its industrial sewing 
products. Singer managed no 
more than a marginal increase 
In earnings during the second 
quarter. 

Sales moved ahead by nearly 
7 per cent to $605J>m, but net 
profits totalled only $17.7m 
against $17.4m. while the per 
share figure inched .up from 
92 cents a year ago to 94 cents. 

Describing results from the 
domestic sewing business as 
disappointing, Singer’s chairman 
and chief executive. Mr. Joseph 
B. Flavin, said: ** We now believe 
our U.S. sewing business will not 
be profitable this year." 

In contrast to the depressed 
borne market which has slipped 
faster than expected, the group 


said that operations had re- 
bounded in major European 
markets and remained strong in 
the developing world. 

On the industrial sewing side. 
Singer produced a second quarter 
loss of $2m compared with 
$800,000 the previous year, with 
the first half deficit more than 
tripling to $3.4m. 

For the full year, warned Mr. 
Flavin, losses in this area are 
expected “to be greater than 
those recorded- in 1977 due to 
continuing production problems 
at our Clydebank, Scotland, 
plant" 

Singer announced a month ago 
that 2,800 jobs would disappear 
at this factory, the* group’s 
largest as part of a four-year 
streamlining operation. 


Production of industrial sew- 
ing machines, hit by competition 
from the Far East will be phased 
out at Clydebank, which has made 
losses for its multinational 
parent for the last three years. 

According to Mr. Flavin, profits 
from continuing group operations 
this year will be about the same 
as those of 1977. "At the same 
time, we continue. to expect that 
our debt reduction schedule — 
the company’s primary objective 
for 1978-— will be met" 

At the halfway stage this year, 
net income of Singer totalled 
$38.3m, 6 per cent ahead of the 
$36.1m earned In the first six 
months of last year. This trans- 
lated into a profit per share 
figure of $2.06 against $1.92. 


BRIEFLY 


Black and Decker ahead by one-third 


Peak spending 
at International 
Harvester 

CHICAGO, July 24. 
INTERNATIONAL Harvester 
has increased Its capital appro- 
priation plan for 1978 by iQim 
to a record $306m. 

.The company said It expects 
to generate the additional 
capital through International 
sources and it will use the 
funds for plant modernisation 
and manufacturing Improve- 
ments covering 28 major 
projects in plants worldwide. 

The new projects will 
support International Harves- 
ter’s programme to increase 
plant utilisation by bringing 
into its own plants production 
of parts previously purchased 
outside the corporation. So 
far this year more than $30 in 
parts have been designated for 
shift from outside suppliers to 
International Harvester pro- ■ 
d action in the on-golng pro- 
gramme. 

AP-DJ 


-by ROBarr gibbens 

KAISER RESOURCES, the major 
coal producer in Western 
Canada which plans- to buy 
Ashland Oil Canada for between 
CS4O0m and C3500m, reports 
earnings of C$12 .2m in the 
second quarter, equal to 46 cents 
(Can.) a share, against CS162m 
or . GO cents (Can.) restated. 
Revenues were CS74m against 
C$84m. 

First half earnings were 
C$25. 6m or 96 cents a share 
against C$30.7m or C$1.15, on 
revenues of C$153m, against 
C$160m. 

Lower second quarter earnings 
were attributed to reduced 
metallurgical coal shipments. The 
company is continuing to 
negotiate new sales contracts 
with Japanese customers retro- 
active to April 1. 

* * * 

AS A sequel to changes in control 
of the private bolding company 
Ravelston Corporation. Toronto, 
Mr. Nelson Davis has been 
named chairman of Argus 
Corporation and .Mr. Conrad 
Black president. Robert Gibbens 
writes from MontreaL President 
Argus is a publicly quoted hold- 
ing company which In turn con- 
trols such large Canadian com- 
panies as Massey-Ferguson, 
Domtar and Dominion Stores. 


Ravelston owns 62 per cent of 
Argus stock, and Mr. Conrad 
Black and his brother. Mr. G. 
Montegu Black, recently raised 
their interest in Ravelston from 
22.4 per cent to 62 per cent by 
acquiring stock from the 
Meigben interests and from the 
widows of two associates of 
Argus' founder financier Mr. 
E. P. Taylor. 

Argus also gets a new execu- 
tive vice-president and Mr. 
H. N. R. Jackman becomes vice- 
president. Former executive 
vice-president Mr. A. Bruce 
Matthews becomes deputy chair- 
man. a new position. The moves 
complete the new line-up at 
Argus expected after the con- 
solidation of control through 
Ravelston by the Conrad Black 
group. Some major policy 
changes in the operation of 
Argus are widely expected 
* * + 
Weslinghouse Canada, the elec- 
trical equipment group, had first 
half earnings of C$4.7m or C$1.76 
a share on revenues of CS193m 
against CS72m or CS2.69 on 
revenues of C$176m a year 
earlier writes Robert Gibbens. 
Second quarter results were 
affected adversely by a strike at 
three manufacturing plants in 
Ontario. Revised company offers 


MONTREAL, July 24. 

have been made to members 
of United Electrical Workers. 

* * * 

Texaco Canada had first-half 
earnings of C$77 2m or C$220 a 
share, against C$70. 2m or C$1.97 
on revenues of $94Sm (C$819m). 
Production earnings were higher 
but refined products margins 
were tight, writes Robert Gib- 

The company wants the 
Federal Government to relax 
restrictions on exports of 
refined products, partly to help 
its new Nantieoke refinery in 
Ontario, which should be fully 
operational by this autumn. 

★ i* ★ 

Alcan Aluminium confirmed its 
feasibility study on a proposed 
150.000 tons aluminium smelter 
in Iran will be completed in 
September, Robert Glbbeus 
writes. Discussions will then 
begin with the Iranian govern- 
ment assuming the report is 
favourable on technical and 
economic grounds. The feasi- 
bility study has been in progress 
for nearly two years and Alcan 
sources say it is expected to 
favour the smelter. 

Alcan would not confirm 
reports of capital costs. These 
have ranged from U.S.$200m to 
$500m depending on the degree 
of fabrication to be included. 


Good half-year 
for Bank of 
Brazil 

By Diana Smith 
RIO DE JANEIRO. July 24. 
BRAZIL'S LARGEST commercial 
bank, the Bank of Brazil, part 
State-owned and part public 
company, has had a good half- 
year, making a gross profit of 
Cr 16.4bn <$917.9ml in the first 
six man lbs of 197$. 

The Bank paid out Cr 2.25bn 
in dividends f$i25.Sm), at the 
rate of Cr 0.0S (0.004 cents) a 
share. 

Net profit after tax totalled 
Cr 5.227bn <$292m) 


: K' i! 
‘V/'li \ 


THE electric tools maker Black 
and Decker had earnings for the 
third quarter of the current fiscal 
year of 40 cents a share com- 
pared with 30 cents, and also Tor 
the third quarter Alberto-Culver, 
which manufactures hair and 
beauty products, rose from 18 
cents a share to 21 cents. 

The -chemical products manu- 
facturer Rohm and Hass lifted 
earnings for the second quarter 
from $120 to $125 a share, while 
for the same period the insur- 
ance holding company Continen- 
tal Corporation advanced from 
$122 a share to $1.44. 

Also for the second quarter, 
UMC Industries, which makes 
vending machines, moved ahead 
from 54 cents a share to 63 cents, 
C. R. Bard, which supplies 
hospital and surgical equipment, 


NEW YORK. July 24. 

rose from 55 cents a share to Products and Chemicals In tor- 
68 cents, and Southern California pointed, up from $1.76 to $2. 
Edison, the utility, slipped back Declines in earnings per share 
from 84 cents a share to 69 cents, at the six months level were 
The publishing and broadcast- reported by the conduits and 
ing organisation Media General lighting control devices manu- 
moved up from 55 cents a share facturer Crons e-Hinds Company, 
for the second quarter to 68 down from $1.02 to $1, textiles 
cents, while the railway opeartor and plastic machinery maker 
Southern Pacific Company slipped Leessona Corporation, down 
from $1.47 to S1.12J ’ from $1.86 to $1.41, and the 

For the first six months of machine tool maker Warner and 
the current fiscal year, advances- Swasey Company, down from 
in earnings per share are re- VS1.43 to $L40. 
ported by FederatMogul Corpora- \ Clothing manufacturer 

tion. which manufactures bear- Warnaco Incorporated recovered 
ings, up from/ $229 to $2.67, in the first half from a loss of 
containers manufacturer Crown 83 cents a share to 54 cents, and 
Cork and Seal) Company, up from business equipment mannfac- 
S1.65 to $2.02,'Maremont Corpora- rarer Acme-Cleveland Corpora- 
tion, which ; manufactures auto tion also staged a recovery with 
parts, aheaff from $1.60 to $1.79, per share earnings rising from 
and the industrial gases and 54 cents to $2.08. 
chemicals and manufacturer AirAgencies 


Strong showing x by Foremost McKesson 


No increase in 
Anderson bid 

HOUSTON. July 24. 
ANDERSON CLAYTON’S 
chairman, Mr. T. J. Barlow, 
said the company will not 
make another offer to acquire 
the stock of Southwestern 
Group Financial. • 

Earlier today South western’s 
directors declined to recom- 
mend to shareholders that they 
accept Anderson Clayton’s offer 
to acquire all of Southwestern’s 
stock at $14 a share. 

The Anderson offer, con- 
tingent upon Southwestern’s 
Board recom mendi ng it to 
shareholders, was due to expire 
tomorrow night. 

AP-DJ 


RECORD first-quarter earnings 
have been achieved by Foremost- 
McKessoo and the company 
continues to expect fiscal 1979 
results to substantially improve 
on the goal of 10 per cent 
Increases in sales and earnings 
from year to year, states Ur. 
Thomas E. Drohan," president 
and ehief executive. 

For the quarter ended June 30 
earnings for the diversified 
concern with interests in food, 
chemicals, drugs, wine and spirits 
and land development were up 
more than 40 per cent from the 
net of $8.9m or 64 cents a share. 


earned in the corresponding 
period of 1977. First-quarter 
sales topped last year’s S718.Sm 
by better than 8 per cent, Mr. 
Drohan added. 

The president said the per- 
formances of the five major 
businesses of the company were 
“ excellent across the board." 
The “ star ” performers were the 
wine and spirits group and the 
drug operations. Both were up 
strongly from last year’s levels. 

They are both showing healthy 
results of our 2J years of con- 
solidations and closings,” Mr. 
Drohan remarked. 

The chemical group is also 


SAN FRANCISCO, July 1 24. 

showing good increases In both 
sales and gross margins. The 
food group matched the solid 
performance of last year’s 
corresponding quarter despite 
increased costs associated with 
some expansions. 

The record first quarter 
"strengthened our convictions" 
that the full fiscal year will 
exceed last year by better than 
the company’s goal of 10 per cent 
sales and earnings increases. 
In fiscal 1978 ended March 
31, Foremost-McKesson earned 
S44.Sm or $327 a share on sales 
of S3.05bn. 

AP-DJ ' 


EUROBONDS 

DM sector 
steadier 

By Francis Chiles 

THE BOND markets were quiet 
yesterday, particularly in the 
dollar sector. Prices were 
easier where changed with 
floaters still under pressure. 
Turnover remained small. 

In the Deutsche mark sector 
prices recovered by one half to 
three quarters of a point but 
dealers said this was essentially’ 
on technical grounds. 

Unlike all days last week 
when it bought varying amounts 
of domestic DB bonds to sup- 
port the market, the Bundes- 
bank sold domestic bonds 
yesterady, between DM20 and 
DM40ra worth of them. 

The DM 100m bond for Norges 
Kommunalbank was priced at 
par with conditions unchanged 
by lead manager Westdeutsche 
Landes bank. The terms of the 
DM 100m Chase Manhattan bond 
will be announced today, one 
day later than initially expected. 

The terms of the DM40ni 
Korakuen Stadium Company con- 
vertible which is being arranged 
by Berliner Handels und Frank- 
furter Bank are an St -year 
maturity and an interest rate of 
31 per cent The conversion pre- 
mium is expected to be 10 per 
cent and final terms are due on 
July 31. 


U.S. QUARTERLIES 


i ’a*-** 

-,v- ! .f* r 

>■ : , i- v 






AVON PRODUCTS 

Second Quarter MW 

Revenue 462.2m 

Net profits 48.Sra 

Net per share... 0.S4 

SIk Months 

Revenue 826.9m 

Net profits ...... 80.6m 

Net per share. . 1.39 

BRIST OL-MYERS 

Sacnnd Quarter 1*78 

S 

Revenue 590.0m 

Net profits 44.2m 

Net per share... 0,74 

Six Months • 

Revenue 1.17bn 

Net profits 90.2m 

Net per share. •• 1.37 

BRUNSWICK CORP. 

Second quarter 2«78 

Revenue 294.0m 

Net profits 16.2m 

Net per share... 0.S2- 
Six Months 

Revenue S48.fini 

Net profits 25.1m 

Net per share... 1.27 

t tUEIT PEABODY ~ 
Second Quarter 1TO 

Revenue Itlfi.Qm 

Net profits 3.67m 

Net per share... 0-37 

six Months 

Revenue 264.0m 

Net profits 8.57m 

Net pe r share. . . O.S6 


1*77 

s 

360.4m 

37.9m 

0.65 

669.1m 

63-Sra 

U0 


1*71 - 

S 

548.1m 

4S£m 

0.67 

1.09 bn 
■ SOJjd 
1.21 


1977 

S 

252.4m 

10.5m 

0.53 

513.4m 

22.5m 

1.14 


1977 

S 

135.0m 

3.46m 

0.35 

273.0m 

8.25m 

0.S3 


| COMBUSTION ENGINEERING 

Second Quarter 

1978 

1*77 

Revenue 

623.7m 

507.4m 

Net profits 

19.7 m 

16.5m 

Net per share... 


L02 

Six Month* 

Revenue 

1.12bn 

93S.4m 

Net profits 

34.7m 

29.4m 

Net per share... 

2.15 

1.82 

DR. PEPPER 



Socood Quarter 

1*78 

S 

1977 

* 

Revenur - 

74.2m 

592m 

Net profits 

6.5m 

5.4m 

Net per share... 

0.32 

027 


Revenue 

32S.9m 

104.4m 

Net profits 

11.3m 

9-8m 

Net per share... 

026 

0.49 

[GILLETTE | 

Second Quarter 

1*78 

1*77 

Revenue 

4172m 

3762m 

Net profits 

25.8m 

18.1m 

Net per share... 

0.S6 

0r„60 

Six Months 

815.9m 

764.8m 

Net profits 

48.1m. 

432m. 

Net per share... 

1.60 

1.43 

HERCULES 



Second Quarter 

1*78 

1*77 


509.1m 

4472m 

Net profits 

2S.0in 

19*8ra 

Net per share... 

0.64 

0.46 


Revenue 

948.1m 

845.9m 

Net profits 

46.1m 

32.7m 

Net per share... 

1.06 

0.76 


HOBART 


Second Quarter 


Net per share.. 

six Months 


Net uer share... 


1*78 

1*77 

Secsod Quarter 

2V7B 

1*77 

s 

S 


$ 

s 

148.0m 

123.0m 

Revenue 

9242m 

8522m 

8.5m 

7.1m 

Net profits 

31.5m 

25.0m 

0.74 

0.62 

Net per share... 

Sx Mentis 

1.64 

120 

259.0m 

231.0m 

Revenue 

l.Sbn 

L6bn 

12.7m 

122m 

Net profits - 

34.0m 

30.1m 

1.12 

1.08 

Net per share... 

1.77 

1.56 


IMPERIAL OIL 


Second Quarter 


Net per share... 

Six Months 


Net per share... 


1*78 

s 

1*77 

s 

Second Quarter 

1*71 

s 

1*77 

s 

1.36bn 

1.19bn 

Revenue 

87.0m 

74.9m 

74.0m 

6S.0m 

Net profits 

7.4m 

7.0m 

027 

0.49 

Wet per share... 

Six Monas 

029 

026 

2.66bn 

225bn 

Revenue 

1762m 

1482m 

1462m 

139.0m 

Net profits 

16:4m 

13.6m 

1.12 

1.07 

Net per share... 

0.63 

0.52 


KELLOGG 


Second Quarter 


1*78 

S 


Net per 

Six Mont 


share.., 0.40 

sue Months 

Revenue 83S.6m 

Net profits 79.2m 

L04 


M77 

386.6m 

36.0m 

0.47 

759.2m 

77.4m 

1.01 


MUNS1NGWEAB 


Second Quarter 1*18 

S 

Revenue 24.9m 

Net profits ¥ 137;512 

Net per share... — 

Six Months 


Net profits 1.8m 

Net per share... 1.37 

•Loss. 


1*77 

s 

24.5m 

3Sl.lm 

0-29 

545m 

22m 

1.62 


NATIONAL STEEL 


A. H. ROBINS 


SANTA FE INDUSTRIES 


Quarter 1*78 1977 

S 5 

Revenue 528.7m 473.0m 

Net profits 37.6m 47.1m 

Net per share... 1.37 1,77 

She Months 

Revenue - l.Obn S95.0m 

Net profits 67.0m 83.6m 

Net per share... 2.43 3.15 


SHERWIN-WILLIAMS 


Second Quarter 1978 1*77 

S 5 

Revenue 318.6m 288.9m 

Net profits 8.1m 7.3m 

Net per share... 1A6 121 

Six Months 

Revenue 550.5m 508.1m 

Net profits 6.4m 2.0m 

Net per share... 1.08 027 



This advertisement is issued in compliance with the nquiremenfs of the 
Council of The Stock Exchange. Jt does not constitute an vwitalvm 
to the public to subscribe, for or purciiase any shares of the Company. 

MANCHESTER & METROPOLITAN INVESTMENT 
TRUST LIMITED 

Introduction of 333,921 Ordinary Shares of 25p 
each fully paid of the Company. 

Conseauent upon the Offer for the whole of the issued share capital 
vSichester & London Investment Trust Limited having been 
decS mcondWoMl the Cmnc^ of The Stock Exchange has granted 
£rSo™for the above shares, which constitute its issued share 
capital, to be admitted to the Official List. 

Particulars of 

hour?^ except Lurday, up to and 

including 15th August, 197S, from. 

Gall & Eke . 

Charlotte House 10, Street, 

Manchester Ml -ivL. 


SOUTHERN PACIFIC 


Second Quarter 

1*78 

1*77 


s 

s 

Revenue 

5922m 

547.4m 

Net profits 

30.4m 

39.6m 

Net per share... 

1.12 

1.47 

She Months 



Revenue 

1.12bn 

l.Olbu 

Net profits 

47.0m 

67.0m 

Net per share... 

L74 

2.49 

STUDEBAKER 

Second Quarter 

1*78 

1977 


S 

S 

Revenue - 

354.7m 

313.0m 

Net profits 

20.4m 

18.6m 

Net uer share... 

2.70 

2J3S 

She KibUk 



Revenue 

672.5m 

602.2m 

Net profits 

37.5m 

332m 

Net per share... 

4.S3 

4.22 

3H 

- 


Second Quarter 

1978 

1*77 


[ 

5 

Revenue 

1.17bn 

1.0 bn 

Net 'profits 

143.1m 

108.5 m 

Net per share... 

123 

024 

St* Months 



Revenue 

225bn 

1.94 bn 

Net profits 

262.4m 

195.2ra 

Net per share... 

226 

1.69 

UNION PACIFIC 

Sound Qoartur 

1*78 

1*77 


S 

s 

Revenue 

738.8m 

617.7m 

Net profits 

63.5m 

54.7m | 

Net per share.-. 

L34 

125 1 


Lloyds Bank Group 
nowmMiami 

Ll oyds Bank International, the international bank in the 
Lloyds Bank Group, are pleased to announce the opening of 
thek Agency in Miami 

Vice-Presidentand Manager: N.L.S. Cross, 

One Biscayne Tower, 32ndHooi; 2 South Biscayne Boulevard, 

Miami, Florida 33131, U.S ATelephone: (305) 374-4455. 

Telex: 803002. 

The new Agency is animportant addition to the Group’s 
established presence in New York^ California, Chicago and 
Houston. The Agency is able to provide all internatio nal fina ncial 
services, and will be responsiblefbr the development of all 
aspectsof thebusinessof the Hoyds Bank Group in the " r" 

South East United States.The Agency will contribute to, and 
participate in, the growth of Miami as aregional international 
financial centre and will provide an important linkbetween the 
Bank’s North American and Latin American customers. 

The Lloyds Bank Group already has branches and offices 
throughout Latin America and Western Europe in addition to a 
strong presence in the Middle East and the Pacific Basin. 



LLOYDS BANK 
INTERNATIONAL 

4fi/6S Queen Victoria St,Lundor? E4P4E.M01-24S3S22 


Fellow subsidiaries of the Lloyds Bank Group: 

Lloyds Bank California, The Nation^ Bank of NewZealand. 


LBl the Bank of London & South America and then-subsidiaries have offices in: Argentina, Australia, Bahamas, 

Bahraix^Belgium, Brazil, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Ecuador; Egypt, El SaIvador 5 Fraiica 

Federal Republic of Germany, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, Jersey Malaysia, 

Mexico,Miami, Monaco, Netherland^Nicaragu^^nan^ParaguayPer^Philippines’Portuga^RepubKcofKorea, 
Singapare,Spam, Switzerland,United Arab Emirate^UmtedKlngdom, UbA,IXSB JE l,Uruguay Venezuada. 
















■25* 


Financial Times Tuesday July 25 1 & 78 . 


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UNITED ARAB REALTY COMPANY 

CAIRO . 

US $ 12 , 000,000 

Medium T enn Project Loan 

Unconditionally Guaranteed by 

UNITED REALTY COMPANY (SAJC) 

KUWAIT 

Managed by 

ARAB AFRICAN INTERNATIONAL BANK 

(Cairo) 

ARAB INTERNATIONAL BANK- CAIRO 
BANQUE DE MNDOCHINE ETDE SUEZ 

Co-Managed by 

FRAB BANK (MIDDLE EASfl E.C MANUFACTURERS HANOVER TRUST COMPANY 


NATIONAL BANK OF ABU DHABI 


TEXAS COMMERCE BANK N.A. 

Provided by 


ARAB AFRICAN INTERNATIONAL BANK 
(Cabo) 

ARAB INTERNATIONAL BANK- CAIRO 
BANQUE DE LTNDOCH3NE ET DE SUEZ (BAHRAIN) 
FRAB BANK (MIDDLE EAST) EC 
MANUFACTURERS HANOVER TRUST COMPANY 

Bahrain Brandi 

NATIONAL BANK OF ABU DHABI 


SWISS BANK CORPORATION 
Bahrain Branch 

TEXAS COMMERCE BANK N.A. 


SWISS BANK CORPORATION 
Bahrain Branch 
UBAF CROUP 


BANQUE DU CLAIRE 
Jeddah, Saraft Arabia 


AL SAUDI BANQUE 


CAIRO BARCLAYS INTERNATIONAL BANK 

SOOETE ARABE INTERNATIONALE 
DE BANQUE (SAXB.) 

UBAF ARAB AMERICAN BANK 

UBAF BANK LIMITED 

UBAN- ARAB JAPANESE FINANCE LIMITED 

UNIONE D1 BANCHE ARABE ED EUROPEE 
(ITALIA) SJ?A. 

UNION DE BANQUES ARABES 
ET FRANCAISE5 - U.BAJ.Bahnin Branch 

ALAHU BANK OF KUWAIT (KS.C) 


BANQUE ARABE ET INTERNATIONALE 
DTNVESTISSEMENT (KA.U.) 

... AGENT 

arab african international bank 

(Cairo) 


BANQUE DU CAKE 

ETDE PARIS SlAX-B-CP. 


DEGUSSA 

has acquired the majority of the shares of 

Asta-Werke AG 


The undersigned originated this transaction and advised 
Degussa in the negotiations leading to the completion 
of this acquisition 


RHONE-POULENC SA 

has acquired a major minority interest in 

Mor ton-N or wich Inc. 

The undersigned initiated this recent transaction and 
advised his clients Rhone-Poulenc SA in the negotiations 
leading to the completion of this investment and to the 
subsequent availability of major pharmaceutical research 
and ethical pharmaceutical products to the American 
company 

NIELS DE GROOT & CO. 


INTL. FINANCIAL AND COMPANY NEWS 


Thomson-CSF in Saudi venture 


BY ROBERT MAUTHNER 


Honeywell 
Bull profit 
sharply 
increased 

By Our Own CftrwpMKhnt- 
PAftlS, July 24. 


Electronic Company, 
situated at Al Kharj, 
south of the Saudi 
capital of Riad. 


venture engineering 


will be writes: Production at Arab the fifth such joint — - -~y — -- - - „ h .. th ^ » AV ii 

60 miles Electronic is expected to com- between the organisation and a extraction 

Arabian mence within two years, accord- foreign company since its forma- Dutch n 5fj com. 

ing to Saudi Defence Minister tlon in April. 19 1 5. holds 15 per cent of toe new com 

e Arab Electronic Company Prince Sultan, who is President But it is the first agreement jwBMnll naFoil’ 
will manufacture and maintain of the organisation’s Higher for a plant outsi de Egypt. The mS- The Abu Dhabi Na oal 

radar and aircraft radio- Council of Defence Ministers. It electronics industry was con- 

co mm unication equipment, as is understood that the plant may sidered suitable for Saudi Arabia 68 per cent shareholding. 


PARIS. July 24. 

THOMSON-CSF. part of the well as a variety of other eventually manufaemre com- 

■Trench Thomson electronics and civilian and roiMan, elecffomra percents tor afr defence a^d SJnpower. ofwhfeh there is a 
telecommunications group, has prepay SE negotiation with critical shortage here, 

set up a subsidiary in Saudi various international com- the French aerospace and elec- ~ Francaise des 

Arabia with the Arab Organic- panies. including Decca Limited tronms industry, peso nego- • . ' taken a 15 ^ Knl 

tion for Industrialisation. The of the UK. which has sold a tuitions are reported to memuo . a ncvrty create d corn- 
new company will manufacture licence to the new company for discussions with Thomson ana Dhabi 'Gas Industries) 

electronic equipment for au> its Dottier navigation equip- Matra for a French suriacc-ip-mr r tulI1 nrn(wes and exoort i 
craft and air communications. ment. missile system, 

Thomson-CSF has. subscribed The Slbn capital of the Arab encouragement with . _ , . 

30 per cent of the new com- Organisation for Indnstnaiisa- ing three months ago » J the 'protect will be financed 75 (modest nso 
□Huy’s initial capital of 825m, tion is held in equal parts, by memorandum of cooperation e borrowings, the six months of 1978. 

while the remaining 70 per cent Saudi Arabia. Egypt, the United between the organisation and Pjj* told Reuter. Consolidated art profit (or the 

is held bv the AOL The joint Arab Emirates, and Qatar. th e French Government. ^ «In miarantce d»l«iW half of this year rose to 

subsidiary, called the Arab Our correspondent in Jeddah The Thomson agreement^ is CFP^ wl! ^ j FFr 71.8m after tiuc fram 

FFr 42m during the firtt see 
months of 1977. ~ Turnover in- 
creased to FFr lJ85bo from 
FFrLB5bn : somc.,51 per cent of 
sales were accounted for by 
ro reign operations. 

The figures compare with net 
profits of FFr 144ra for 3977 as a 
whole, the first full year since 
the merger of the French com- 
pany, CII and the bi-national 
Honeywell Bull. Turnover last 
year was FFr 3^bn. 

The results for the half year 
are particularly encouraging, 
given the fact that French 
Government subsidies totalling 
FFr. 1.2bn ' over a ' four-year 
period, ending in . 1980,. are vir- 
tually being phased out. 

During the half year, the 
group's state subsidy totalled 
FFr 137.5m. Little more than half 
the sum of FFr 235.4m contri- 
buted by the .French Treasury 
during the same period of 1977. 

Austrian State bond 

The Austrian Government is to 
Boat ASch I.5bn (5102m) bond 
on the domestic capital market 
from tomorrow, reports Reuter 
from Vienna. The issue, which 
will be floated in three tranches 
of 15, nine and eight years, is 
yet to be priced but is expected 
to be offered at par. It will carry 
a coupon of 71 per cent. 


Norske 

Creditbank 

ahead 

By William Dull force 

STOCKHOLM, July 24. 
DEN NORSKE Creditbaok, 
Norway’s largest commercial 
bank, made an operating profit 
before depreciation and tax of 
NKr 93.2m ($17 Jim; in the first 
four months of this year, an im- 
provement of NKr 2L5m over the 
corresponding period in 1977. 
Earnings are usually higher 
during the first four months than 
during the rest of the. year, but 
the management still expects to 
turn in a a satisfactory ” profit 
for 197S as a whole. 

The interim profit growth was 
achieved in spite of a decline in 
net interest income, which dipped 
from 2.66 to 2.34 per cent of 
average capital employed. T bis 
decline was caused by the 
authorities' tight liquidity 
control, which boosted interest 
charges substantially faster than 
interest income. 

The major factor In DnC's 
profit growth during the first four 
months was its foreign currency 
dealing, but the management 
notes that this source of income 
can vary considerably. 

In the year to the end of April 
the bank's lending bad increased 
by 11.3 per cent, which meant 
that it was already approaching 
the credit limit set by the authori- 
ties for the second half of the 
year. To conform to official 


to 


Deutsche Babcock satisfactory 

BY GUY hawtin FRANKFURT, July 24. 

DEUTSCHE BABCOCK, the long time, while West German Deutsche Babcock managed 

boiier-maWne rwwer Generation exports have been adversely land a reasonable number of 
Doiler-maJcing, power gen a affected by the weakness of the important contracts for complete 
equipment and heavy engineer- bolter plants. 

ing group, today announced that Despite this, the group’s At the end of the first nine 
business during the first nine management is expecting to see months, the order volume 
months of the current year was the overall business performance totalled DM 3.65bn (SLSbnV- -a 
- comDarativelv satisfactory ” improve. It predicts that, in all little higher than the DM 3.<53bn 
r^!?i9™ y nT.thc« , probability, the group will make reported in the same period of 

For the 12 months as a whole. t! a satisfactory” profit. 1976-77. Domestic orders fell 

sales are expected to nse and Domestic demand during the back by 1 per cent to DM 1.35bn, 
orders are certain to exceed the grst nine months was marked by while overseas bookings 
1976-77 total. an ** almost complete ” lack of improved by 2 per cent to 

This vear— which ends on bookings from the power genera- DM 2.3lbn. 

September 30 — has not been an tion utilities, os well as a low Sales declined slightly but only 
easy one for the capital equip- level of investment by main for technical accounting reasons, 
ment industry. The group points industrial customers and the said the report. They declined 
out in its latest shareholders’ local authorities, said the report from DM 2.02bn to DM 1.92bn. 
circular that industrial capital However, despite a consider- Order books of the production 
investment at home has been able stiffening of competition in subsidiaries rose by 14 per cent 
thoroughly unsatisfactory for a the international market place, from DM S.52bn to DM 9.69bn. 


Japanese reduce stake in Hellenic Steel 


BY OUR OWN CORRESPONDENT 


ATHENS, July 34. 


PLANS FOR an increase in to 36 per cent. The remaining rolling stages. Despite several 
capital and a major change in 20 per cent will be split between extensions and revisions to the 


shareholder structure 


are 


Consortium 


de 


Valeurs agreement. Mr. Pappas had 


‘^mnnnnraH v, v Mobilieres Covamo of France and eventually to pull out Majority 

announced by Hellenic Steel, Finsider international SA of shareholding then passed to Itoh 
which operates a steel mill in Luxembourg. The two Japanese and Nippon Kokkan. 

Northern Greece near Saloaica. companies will continue to The Hellenic Steel contract 
The company’s capital is to manage the company. was amo ng 15 agreements signed 

be doubled to S24m. At the same Hellenic Steel was established or revised during the 1967-74 
time, the two major shareholders, under a 1962 agreement between military dictatorship in Greece 
C. Itoh and Nippon Kokkan of a Greek-American businessman, which were re-examined ahd 
Japan which between them own Mr. Tom Pappas of Massachu- further revised bv the present 
60 per cent Hellenic Steel will setts, and the Greek government government Minister for Co- 
reduce their shareholding to Mr. Pappas undertook to invest ordination Constantine Mitso- 
44 per cent S49m for an Integrated steel mill takis said that under the revised 

The National Investment Bank with an annual capacity of agreement Hellenic Steel will 


regulations DnC has also had to j for Industrial Development, 250,000 tons of fiat steel. 


increase its holdings of bearer 
bonds by 23.4 per cent duriog 
the period. 


invest $100;.i to expand present 


which is controlled by the Greek About S38m was invesied, facilities and double production 
government, will increase its mostly in a steel plant which by- to 750 000 tons of cold rolled 
shareholding from 17 per cent passes the steel-making and hot- steel ’ 


Kaufhof sales ahead 

Group turnover, excluding the 
travel division, or major West 
German retailer Kaufhof rose 
to DM 3^3btr in the first six 
months this year from DM 3.08bn 
in the comparable 1977 period, 
an increase of 4.9 per coot, 
reports Reuter from Cologne. 
Turnover includes DM 2.56hn 
recorded by the parent company 
and DM 673m by the subsidiary 
Kaufhalle GMBH. Bales area 
during the six months rose 1.1 
per cent to94&500 square metres 
and the number of group 
employees ■ fell 1.6 per cent to 

53,200. 

Kaufhof does not disclose 
Interim profit figures. Earlier 
this year expectations were for 
i "not unsubstantial” earnings 
improvement this year. 


This announcement appears as a matter ci record only. 

/ $60,000,000 

Ostotoil 

/ Den norske stats oljeselskap a. s 

8;90% Guaranteed Notes due 1993 

Priced to yield 9% to maturity 

Unconditionally guaranteed by the 

Kingdom of Norway 


The private placement of these Notea was arranged by the undersigned. 


Lehman Brothers Kuhn Loeb 

Incorporated 

NEW YORK - ATLANTA • BOSTON - CHICAGO - DALLAS 
HOUSTON • XOS ANGELES • SAN FRANCISCO - LONDON ■ TOKYO 


Sika Finanz 
earnings fall 

By John Wicks 


to pay an unchanged 6 per cent 
dividend for the financial year 
ended. June 30 from net profits 
of SwFr 2.1m (SwFr 2m), 
expresses optimism for the 
current business period. Swiss 
subsidiaries are Showing rising 
turnover and profits, while deve- 
lopment of foreign operations is 
also satisfactory. 


This announcement appears as a mutter of record only. 



Aktieselskabet Sydvaranger 


U.S. $15,000,000 

Seyen Year Floating Rate Loan 

provided by 

Andresens Bank Internationa] SA Berliner Handels- und Frankfurter Rank 

Chemical Bank Hambros Bank Limited West LB International S. A. 

Agent Bank 

Hambros Bank limited 


U.S. $15,000,000 

Ten Year Floating Rate Loan 


provided by 


Bank fur Gemdnwirtschaft Aktiengeseiischaft 

London Branch 

Dresdncr Bank Aktiengesellschaft 


Berliner Handels- und Frankfurter Bank 
Hambros Bank Limited 


Landesbank Rheinland-Pfalz und Saar International SJ*. 

Agent Bank 

Hambros Bank limited 


Solis Limited 


Jddc. 1978 


ZURICH. July 24. 

GROUP TURNOVER of Sika 
Finanz. of Zug, tbe international 
building chemicals manufacturer. 

rose from SwFr 243.3m to — 

SwFr 247.9m (Sl3Sm) last year. TT n :J«l « notation 
The rise in sales value is modest LJniaa| quotation 
when compared with the increase 
In production volume from 
129.000 to 142.000 tons, and 
results from the rise in the Swiss 
franc exchange rate. Group cash 
flow improved to SwFr 13.Sm 
fSwFr 13m). with profits down 
to SwFr 5.4m ($3m). from 

SwFr 6.2m, because of increased 
depreciations. 

Tbe' parent company, which is 


The Italian Bourse commission 
has decided to remove Uni dal 
Spa shares from official bourse 
lists from August 1. reports 
Reuter from Rome. Unidal has 
been suspended since July 28. 
1977. The state-controlled foods 
firm was put* into liquidation at 
the start of this year and its 
activities taken over by a new 
firm. Sidalm Spa. 


SELECTED EURODOLLAR BOND PRICES 


MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia 85 pc 1889 

AMEV 8pc 1987 

Australia Si PC 1992 ... 
Australian M- A S. 9|pc '92 
Barclays Bank Sipc 1992 ... 

Bouratcr Bipc 1992 

Can. N. Railway Sipc 1986 
Credit National 8»pc 1936... 

Denmark Sipc IBM 

ECS 9 pc. 1993 

ECS Sine 1997 

ElB Bipc 1992 

EMI Bloc 19S9 

Ericsson S5pc 1989 

Esso Spc 1386 Nov 

nt. Lakes Paper Sloe I9SJ 
Ttamersley 91pc 1992 
Hydro Quebec Bpe 1992 ... 

ICI Stpc 19ST 

TSE Canada 9 5 PC 1986 
Macmillan BloedcT 9pc 1992 
Massey Ferguson 9§pc *91 

Mtctieim 9*pc toss 

Midland Int. Fin. Sloe "92 
National Coal Bd- Spc 1957 
Manorial Wstmnsrr. Spc "86 
NatL Wsntinstr. 9oc •SS-'B' 
VcK-foumilaiKJ Spc IBM .. 
Nordic Iitv. Bank 9!pc 1938 
Norws Kom. Bk. Bipc 1992 

Norplpe Bine 19® 

Norsk Hydro Slpc 1902 ... 

Oslo 9pc 1933 

Ports Autpdottv'S 9pc 1991 
Prow. Quebec Bpe I BBS ■ ... 
Prow. Saskatcbwn. SJpc. "SB 
Heed international 9 pc 1337 

RUM 9nc 1992 

Selection Trust SIpc 1989... 
Shell Inti. Fin. Sine 1990 .. 
Skand. Enskllda 9 pc 1991 ., 

SKF 8pc 10B7 

Sweden OCdooil Hpe IBS? 
United Biscuits 9nc 19® ... 
Volvo Spc 1897 March 


Bid Offer 


97» 

VSi 

92i 

97J 

95 

871 

93 

95* 

98J 

9SJ 

93 1 

98 

9Si 

963 

991 

97J 

1MJ 

96t 

95i 

IMi 

96* 

S3} 

1001 

93 

m 

1001 

1001 

»»? 

98* 

9S 

9S 

941 

1® 

97 

93 

971 

9S 

85 

90* 

95* 

93 

91 

94* 

95 

93* 


NOTES 

Australia 7ipc 1834 J3f 

Bell Canada 7lpc 1937 ... 90* 

Br Columbia Hyd 73 pc ‘95 93V 

Can. Par. Sipc 1954 . „ 07* 

Dow Chemical Spc 1986 ... 99* 

ECS 7*nc J9S2 94* 

ECS 3Idc VW9 . 94 

FFC "lire 1932 96 

EEC 71 Be 19M 34 

E».w r.urzcit Sipc 1 KM ... 9fl 

CotavcrkeA 7tpc 19S2 Wl 

Korttums Spc 1933 97* 

Mtehehn 8»pc 1BS3 931 

Montreal Urban Sipc 19S1 99} 

New Brunswick Spc 19M 
New Bruns. Pros. Slur ’S3 
New Zealand Upc 1996 ... 

Nordic tnv. Bk. 7Ipc 1934 

Norsk Rydro TJw 1892 95] 

Nonraw 7! pc 1932 34* 

Ontario Hydro Spc 1987 S3* 

Sinner jj pc 1982 39* 

S. of Seor. Hoc. S*pc Wi m* 
Sweden cK’domi 74 pc 1932 
Swedish- sac Co. “ipe '82 

Tolmcn Sipc 1HS4 .. 

Tenrweo 71 pc 1997 May 


91 

99 

35* 

94 


»4] 

33 

99 

914 


Voftswauen 7] pc I9S7 944 


STERLING BONDS 

AQJwl Bnwrics Ulipc *90 

Cl M corn 10pr 1991 S3* 

Court juldi 9?nc 19S9 «H- 

ECS 92jjc 1989 94* 

ElB 9’nn 1958 961 

EfB Sjpc 19M 98] 

Finance for Ind. fllpc 1997 91* 

Finance for Ind. IDpe IMS 94 

F Isons IDloe UF7 971 

Oealeincr II pc .1988 92 

INA lOpc 19S8 . 994 

R own tree wipe use ...... » . 

Sews Wipe loss . 93 

Total Oa BIPC 1984 80* 


98* 

96 

934 

99* 

SSi 

95 

951 

96 
99 
99 
94 
96i 
99 
974 

109 

99* 

1014 

97 
96* 

104 

97 

094 
101 * 
951 
93* 
101* 
101 ) 
1904 
97 
95* 

as* 

954 

1003 

97* 

951 

93) 

#4 

934 

91* 

96 

981 

911 

95 
981 
94 


941' 

97 
- 94 

W 

99 

93* 

94* 

96* 

94; 

m 

(K 

98 
991 

INI 

«2 

80f 

96 

84! 

964 

95 

941 

106 

99 
9S4 
#51 
98* 
92* 
SS* 


904 

934 

91* 

93* 

971 

944 

921 

95 

991 

93 

934 

91 

93 

911 


DM BONDS 

.Aslan Dee. Bank SJpc 1988 

BNDE 61PC 1986 

Canada 4lpe 1983 

Den Norske- Td. Bk. Spc *90 
Deutsche Bank 44pe 1085 .. 

ECS Sipc IBM 

BIB 5* pc 1990 

Rif Aquitaine 5*pc 1988 ... 

Eurarom 5>pc IBS? 

Finland 5*pc 199* 

Forsznarfcs Sipc 1990 ...... 

Mexico 6PC 1995 ..... — 

Norcem alpc 1989 .......... 

Norway 41 pc 1983 

Norway 4|pc 1983 . — ... 
PK Banker! SJpc UBS — 

Prov. Quebec 6pc 1990 

Ramarnnkki Bipc IMS 

Spain 6 pc 1988 

TrandVdm 5) pc 198S 

TVO Power Co. Bpe 19SS .. 
Vencgaela 9p c 2988 
World Bank 5Ipe 1990 .... 


Bid Offer 


941 

93* 

97 

99} 

96* 

914 

91* 

93* 

97 

W 

944 

99* 

981 

97 

96 

941 

96 

94 

93 

931 

96* 

03 

96 


934 

96 

971 

1064 

97* 

92 

92 

94* 

971 

941 

95* 

9U 

994 

97! 

96* 

93* 

961 

941 

951 

96 

97 
95* 
96* 


FLOATING RATE NOTES 
Bank of Tokyo 19M Sipc .. 991 

BFCE 1924 8*pc BSi 

BNP -19SS S116PC Ml 

BOB Worm* 1985 9pc 97* 

CCF 19R5 Sipc 98* 

Chase Manhattan 1993 9S* 

Creditanstalt 1984 84 pc 981 

DC Bank 1982 Spc 99* 

OZB 1081 91i6PC 99* 

IntL Westminster 1984 Spc 981 

Lloyds IBM 8 13 16 PC Ml 

LTCB 1983 Spc 99 

Midland Int. PS •SS SOispc 984 
Midland lot. FS *93 97 HK 98* 

Nat. Westminster B0 95^pc 99* 

O KB 1BW Blue 99* 

SNCF 1983 8*pc 904 

Stand, and Chtrd. >S4 Sipc SSi 
Source: While Weld Securities. 

CONVERTIBLES - • 

American Sxsre&s 4*PC ‘37 SI 

Ashland 5pc 1988 954 

Rabeork A Wilcox 6}pc W 1994 
Beatrice Foods 4|pc 1992 .. 97 

Beatrice Poods 4 J pc' 1992 .. ]0d 

Beeoham nine 1M2 162| 

SorvfeR spc 19K 99 

Broadway Rale 4Jpe 1*87. 7SJ 

Comatton 4pe 1987 73 

Chevron Spc 1998 .. 1274 

Dan 41PC 1987 80} 

Eastman Kodak 4 1 w 19S8 83} 

Economic Laos. 4Ipc 1987 7S 

Firestone 5pc 1998 59 

Ford-3nc 1988 ... ' 65 

General Electric 41 pc 1987 60 

Gillette 4Jnc 19S7- M4 

Gould 5w? 1957 1164 

Gulf and. Western Spc 1988 664 

Banin spc 1992 1924 

Honeywell fine ISM 564 

ICI 6*pc 1902 90 

INA Bpe 1907 954 

Tncfteaift' Bloc 1982 us 

ITT 4*pc 19S7 79| 

Jueco Spc 1992 119* 

.Komatsu 71 pc 1890 ua 

J. Roy McDermott 4!uc '87 144 

Matsushita 69pc IBM' 181 

Mitsui 71pc 1999 1S2* 

J.-P. Honan dine 1987 ... 99 

Nnblsro Sfpp 1988 lOH 

Owens Illinois 4ioc 1957 ... U6 
J. r. Penney 44pc 1987 . 754 

Revlon ■ 4tDc 1087 - 128 

Remolds Metals 3nc 18M... #C4 

SandvHr filpr jass ...- 11 H 

Sperry Rand 4 1 nr 1H87 ...... 92 

Squibb 4»PC l«7 S3 

Tcrsro 44nc 1989 78 

Toshiba Bipc 1993 .. 134) 

Ty Co; Spc 1994 57 4 

Ty Co. 94 bc 1988 «... 1M1 

Union Carbide 4 Ipc 1983 ... 91* 93 

Warner Lambert 44pc 1987 $9} S4 

Warner Lambert 4* PC 1988 76* 78 

Xerox Spc 1BSS - 77 . 780 

Source: Kidder, Peabody securities. 


09* 

99* 

1004 

98* 

081 

984 

991 

10D 

100 

09* 

100* 

994 

99 

98* 

99 

160 

991 

994 


824 

97 

lie* 

m 

109 * 

1M4 

um 

794 

i» 

k: 

sj 

794 

SO* 

664 

814 

84 

1M 

86 

1944 

ft* 

91 

97 

114 
90 

1204 

141 

U8 

192 

1331 

694 

103 

117* 

1244 

M 

115 
93* 
Mi 
794 

1331 

79 

1931 


























'■'1! » 

w. ‘‘ft 




*■ i f i$'% 


^ : 


:'S. • 
'::’V 


Fmanrihl Times Tuesday July 25 1975 


S3 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Setback for APM despite 
increase in turnover 


BY JAMES FORTH 

EARNINGS AT Australian Paper 
Manufacturers, the major paper, 
timber and board group, fell by 
3.2 per cent, from A$lSJlm. to 
A$17.5m t$20.lm) In the year 
■ to June 30. The directors gave 
little explanation for the decline 
other than to refer to the static 
conditions prevailing in the 
Australian economy and the con- 
tinuing escalation of costs. 

The lower earn jugs cauie about 
despite a 7.5 per cent increase 
in group turnover, from A$302m 
to A S3 -4m (S372mt. 

The profit reduction would 
have been greater but for u 20.5 
per cent lower provision for tax, 
. down from AST.lm to AS.6m. This 
was largely the result of a rebate 
od dividends received and 


reductions from differences 
between company and provisions 
and afforestation activities. 

One factor which affected the 
group during the year was the 
Victorian power strike, late in 
1977. which was largely 
responsible for a 5 per cent fall 
in profit for the first half-year. 

The group’s pulp and paper 
board manufacturing subsidiary. 
Cellulose Australia lost 
AS974.000 for the year, while its 
sawmilling subsidiary. APM Wood 
Products lost A$598.000. The 50 
per cent interest in Pyneboard. 
which had been losing money, 
was sold during the year to the 
other shareholder, GSR. 

The dividend is held at 10 
cents a share, including a final 
payout of 6 cents, and is covered 


SYDNEY, July 24. 

by earnings of 11.8 cents. In 
the previous year the earnings 
were 15.5 cents a share. 

* * * 

Pacific Film has announced an 
effective rise of 20 per cent in 
its interim dividend, despite a 
22.7 per cent drop in profit for 
the half-year ended June 30. 
reports AP-DJ from Sydney. 

The interim dividend will be 
2.25 cents per 25 cent share. 
The company’s capital was 
increased last February by a 
one-far-flve rights issue made at 
a 10 cent premium. 

Profit was down in the period 
to ASlJ21m (U-S.Sl.4ni), com- 
pared with the year earlier 
ASl.fim. Turnover was up 9.5 per 
cent to AS30.3m. 


Progress towards CDs in Japan 


BROAD AGREEMENT on the 
scope of commercial bank's busi- 
ness endorsing a plan to float 
certificates of deposits (CDs) on 
the Japanese capital market, has 
been reached by a panel of a 
Government advisory body on 
financial policy, the Finance 
Ministry announced. 

The Agreement is the result 
of a seven-month meeting of a 
sub-committee on banking estab- 
lished by the Committee on 
Financial System Research, 
chaired by the former governor 
of the Bank of Japan, Tadashi 
Sasaki. 

Flotation of CDs by commer- 
cial banks on the domestic capi- 
tal market is not currently 
authorised by Lhe Finance 
Ministry. 

A report issued by the. sub- 
committee supported higher 
ceilings on the flotation of 
three long-term credit . banks— 
the industrial Bank of Japan the 
Long-Term Credit Bank of Japan 
and the Nippon Credit Bank — 
and by the Bank of Tokyo. 

It also supported flotation of 
bonds on overseas capital mar- 


kets by Japanese .commercial 
banks to help expand ways of 
fund raising. 

The report will be. submitted 
to the committee for further 
study. 

+ *’ * 

The Japanese Government is 
reported to have decided to 
invest more than YSObn in the 
African Development Bank 

The Yomittri Shimban, a major 
daily, reports that, according to 
Government sources, the govern- 
ment is attempting to win 
membership in the Ivory Coast- 
based bank, officials of which 
were scheduled to arrive in 
Tokyo last weekend to meet the 
Finance Minister, Tatsuo 
Murayania, among other Japan- 
ese officials. 

★ * 

Fujita Corporation the Japanese 
construction concern has 
announced a 73 per cent fall in 
net profits for the half-year to 
May 31. to Y730m ($3.6m). from 
Y2.67bn. 

Revenues were Y129.563bn 
(S63Sm), against YlttJUbn. 


Malayan Cement profits 
cut by price freeze 


BY WONG SULONG 

THE INABILITY to persuade 
the Government to agree to a 
price rise for cement, and rising 
production costs, have con- 
tinued to eat into Malayan 
Cement Ferhad's profit margins, 
with the group's half yearly pre- 
las nroflts falling by 18 per rent 
to 2 34m ringgits (US-Slm). 

Cement is a controlled item in 
Malaysia and any price increase 
has to be approved by the 
Government. 

Mrihvan Cement’s 50 per cent 
iniihtjdj'iry. Associated Pan 
Malaysia Cem en t W orks. 

reentered the hlngest fall in 
profits' — with APMC contributing 


KUALA LUMPUR, July 24. 

only 1.36m ringgits to the 
group’s profits compared wilb 
2.45m previously. 

The group’s 50 per cent sub- 
sidiary. Daraansara develop- 
ments. a property developer, did 
much better, increasing its 
profits contribution .fi-om.L5m to 
1.7m ringgits. 

The group's associate com- 
panies in Singapore also per- 
formed satisfactorily, particularly 
its shipping associate. Twincem. 
which boosted its profits from 
lm ringgits »'p 1.75m rin p «>i*s. 

Malayan Cement has declared 
a III per cent interim dividend, 
the same as' previously. 


TOKYO, July 24. 

The company forecast that its 
net profit for the year ending 
November 30 at Y2bn. down 
14.5 per cent from Y234bn last 
year, oh revenues of Y285bn. up 
10.7 per cent from Y257.3S5bn. 

* * * 

Sankyo Company, the pharma 
ceuticals manufacturer, reports 
consolidated net income of 
Y8 2thn rsts.gm I for the year 
ended March 31. Sales were 
YlB4.43bn <$9S8m). These are 
the first consolidated figures 
released by the company. 
Agencies 

Equity move by 
Warren Tea 

By P. C. Mahantl 

CALCUTTA. July 24. 
WARREN TEA. which has 
emerged as a large rupee com- 
pany after taking over assets 
consisting of 11 sterling tea com- 
panies belonging to tbe Warren 
Tea Holdings of the UK will be 
shortly entering tbe market to 
lndianise 26 per cent of the 
authorised share capital of 
Rs 40m. 

The company is the second 
.sterling group converted into a 
rupee company to make a share 
issue to the Indian public, after 
Jbkai India, and has no income 
tax liabilities according to 
managing director Arobindo 
Ray. Income tax liabilities aris- 
ing out of remittance of head 
office commissions and secre- 
taries fees have so complicated 
matters Tor other lea sterling 
groups wishing to lndianise in 
terras of the Foreign Exchange 
Regulation Act that they have 
not been able to make a share 
.offer so far. 

The sterling tea companies 
which have now amalgamted 
under Warren Tea have tbe 
highest output per hectare in 
the country at L9S4 kilograms, 
it is claimed. 


Downturn 
by Alcoa 
Australia 
at midway 

By Our Own Correspondent 

SYDNEY, July 24. 
ALCOA of Australia, the local 
offshoot of the U.S. aluminium 
group, suffered a 25 per cent 
drop in profit for the six months 
to June 30, from A$33.Sm to 
A$25.4m <SUS2fl.2m). This is 
the first time that the group 
has disclosed earnings for the 
first half of a year. In the Tull 
1977 year the group earned a 
record AS62.5m. 

Tbe directors said that the 
lower profit for the first half 
reflected slightly lower ship- 
ments for both alumina and 
aluminium and higher costs 
when compared with the pre- 
vious corresponding period. 
Despite the lower shipments 
revenue rosp from A$207m to 
AS219m (USS25I.7m>, reflecting 
some Improvement in prices. 
Production costs rose in lhe 
period. The directors warned 
that the results were not neces- 
sarily an indication of the result 
for the full year 


Good response 
to Genera] 
Oriental offer 

By Anthony Rowley 

HONG KONG. July 24. 
GENERAL ORIENTAL, Sir 
James Goldsmith's quoted invest- 
ment vehicle here is pleased with 
the response of minority share- 
holders to the offer made In 
connection with the company's 
acquisition of Argyle Securities 
(Holdings), and Related Trans- 
actions. 

The capital of' General 
Oriental is being . greatly 
expanded through the various 
transactions and minority share- 
holders were offered a total of 
628m shares in order to main- 
tain their interest. The offer 
has now closed. 

General Oriental would ooi 
disclose what proportion of the 
shares were taken up by minority 
holders and what proportion by 
the underwriters. . . 

Tbe offer to existing holders 
was in proportion to their .exist- 
ing holdings. Tbe proceeds will 
not so to General Oriental but 
to the Panamanian company 
Evon. which offered to the 
minority some of lhe shares it 
received in payment for Argyle. 


This advertisement appears as a matter of record only. 

Neste Oy 

$75,000,000 

Term loan facility 

guaranteed by 

The Republic of Finland 

provided by 

Manufacturers Hanover Trust Company . 
Morgan Guaranty Trust Company of New York 
Citibank N-A. 

Agent Bank 

Manuf acturers Hanover Limited 


June 1978 


United States Copper Mine 

and 

Integrated Metallurgical Plant 

FOR SALE 

of Casa Grande, Arizona. 

Sealed bids must be submitted prior to September 16, 1978. 

Qualified parties mar obtain, detailed information regarding tins facility and 
its production history by writing or calling: 

W. H. Love 

or 


Wn.m M A- Griffith 
Hecla Mining Company 
P. 0. Bo* 320 

Wallace, Idaho 838 i3 


FhonE: (.208) 752-1251 


Telex: 326476 Hecla Co Wale 


rMU.vc.. i-uw; 

- , j . .,r , u v offer, but the Company reserves the 

ri p T't C ,o^ a anyS.cl il bil for auy reion. All proposal, V, U1 be kept in the 
strictest confidence. 

Principals only 


Saudi hankers 
puzzled by 
equity rule 

By James Buchan 

JEDDAH. July 24. 
THE SAUDIS ATI ON policy or the 
Saudi Arabian Monetary Agency 
(SAMA) is creating uncertainty 
in banking circles here over the 
question of whether or not Saudi 
banks’ are required to make- pari 
of the equity available to the 
Saudi public, on the lines apply- 
ing ‘ to foreign-owned banks. 

The foreign-owned banks 
operating in Saudi Arabia must 
make fifl per cent of their equity 
available to the Saudi public. A 
theoretical deadline of May 31 
this year was set for the banks 
at least to make their intentions 
clear. The British Bank of the 
Middle East, for example, was 
incorporated as a Saudi joini 
stock company here at the 
beginning of the nramh. The 
results of SAMA’s negotiations 
with Citibank are expected 
shortly. 

Bankers say that confusion 
over tbe question of the Baud) 
banks arises because SAMA has 
never made clear in the Saudisa- 
tion principle whether “Saudi” 
or “ public ” is the key word in 
lhe phrase “available to (he 
Saudi public." 

Reports that SAMA was exert- 
! ng pressure on the National 
Commercial Bank (NCB), the 
largest Saudi bank, have how- 
ever been rejected by Sheikh 
Muhammad bin Mahfouz. the 
chief executive of tbe Jeddah- 
based bank. “The proposal that 
the NCB should become a public 
joint stock company originated 
with our side (more than three 
years ago).” he said. 

The National Commercial 
Bank was “a Saudi bank operat- 
ing under Saud ; law and belongs 
to an entirely different category 
(from the roreign-owaed banks) 
We are unlikely to go ahead 
with our plans until Saudisatian 
is substantially complete." 

The bank, wbich grow out of 
a money-changing house, is 
owned 51.5 per cent by the bin 
Mahfouz family, 26 per cent by 
Sheikh Abdul Az 1 * Kaki. and 
the remainder by the 16 heirs of 
Saleb Moussa Kak< and Abdullah 
Moussa Kaki. With assets of 
SR15 3hn and a balance-sheet 
total of SR26.3bn (S7.6bn> it is 
by far the largest of the king- 
dom's 12 banking institutions 
It showed a profit of SR322.6m 
(594m) in the Muslim year 
ending December 10, 1977. .on 
gross earnings of some SR558m. 


More banks for 
Soulh Korea 

SEOUL, July 24. 

SOUTH KOREA has given 
Algemene Bank Nederland and 
Union des Ran q lies Arabes et 
Frani-aises fUBAF) preliminary 
permission to open branches 
here, finance ministry officials 
said. 

irRAF is a Paris-based in Ideas! 
consortium with shares held by 
Credit _ Lyonnais and leading 
banks in Arab countries. 

The two new approvals will 
raise to 30 the number nr foreign 
bank branches in Seoul. 

There arc also 12 foreign hank 
represents lives offices in Seoul, 
and two hanks have hranches in 
the southern port of Pusan. 
AP-DJ 


Woolworths earnings 
helped by cost cutting 

BY Dlruinn nmer .TflH A WITCATfU 


BY RICHARD ROLFE 

WOOLWORTHS. the South 
African group which has over 60 
stores throughout South Africa, 
and maintains links with Marks 
and Spencer, has reported a 
further advance in profits for the 
year ended May 31, completing 
25 years without a profits set- 
back. On turnover up from 
RISSm to Rl49m (SlTlJiBm), net 
income before tax rose from 
R21-2m to R 23.4m (S26.9m) and 
after tax income is up from 
Rll An to R 13.4m (S15.4m). 

Earnings per share are up 
from 40.8 cents to 46.1 cents and 
the dividend for the year has 
been raised from 16 cents to 19 
cents. The shares at 380 cents 
yield 5 per cent, maintaining tbe 
group's long-esta Wished premium 
rating, and compare with the 
1977 low of 252 cents. 

In the past year, Woolworths 


has concentrated more on cloth- 
ing and textiles and less on food 
retailing, and the mix of sales is 
now probably about SO per cent 
in favour of clothing. The group 
has also paid strict attention to 
cutting costs, even to the extent 
of refraining from sending Telex 
messages or making long 
distance telephone calls on a 
Friday. Judging by the improve- 
ment in margins, the approach 
seems to have paid off. 

* * * 
FEDERALE Kunsmis, one of the 
ieadiing manufacturers or fer- 
tilisers and basic chemicals, has 
reported an advance in pre-tax 
profits from R3.9m to R5.2m 
(85.98m). The main reason for 
the Improved performance is a 
reduced lass at the group's phos- 
phoric acid plant, where the ton- 
nage manufactured and exported 
was higher than in the previous 


JOHANNESBURG. July 24. 

year and also sold at better 
prices, apparently about $240 per 
ton, writes Richard Rolfe from 
Johannesburg. 

The group transferred R0.5m. 
compared with R0.7in last lime 
from deferred investment allow- 
ance account so that total profit 
up from R4.5m to R5iliii is 
shown. After tax and deferred 
tax. not attributable income is up 
from R2.7ni to K3.2m and earn- 
ings Per share from 6.3 cents to 
7.5 cents. 

Tbe interim dividend has been 
held at 4 cents but there is no 
indication as to the final, which 
was 12.5 cents last year. Improv- 
ing profits, are forecast to con- 
tinue for the -rest of lhe year.j 
and the probability of declining! 
capita) spending needs in the' 
short term could permit an 
increase. At 190 cents, the shares 
yield an historic S.7 per cent. 


Philippines loans close to limit 


BY LEO GONZAGA 

THE GOVERNOR of the Central 
Bank of (he Philippines Gregorio 
Ltearos has confirmed that 
foreign loan approvals by the 
bank as of the end of June were 
close to the U.S.S950m ceiling 
oil Philippine raising of commer- 
cial term external finance set by 
the International' Monetary Fund 
for this year. Last year, the 
same situation in relation to the 
3860m maximum allowed for 
1977 was not approached until 
late August. 

Some of the big loan applica- 
tions frozen in tbe latter part 
of last year were approved early 
this year. In addition the 
Central Bank has itself obtained 
various syndicated loans abroad 
under fix 197S foreign borrowing- 


re lending programme amounting 
to 5650m. 

Most prospective borrowers 
whose applications are not in 
the approved list will therefore 
have to wait until next year, 
when the country will have paid 
all its obligations incurred 
under the IMF's extended fund 
facility and its foreign borrow- 
ings will no longer be subject to 
any FUnd-set limitation. As an 
alternative, they can try to 
obtain a portion of the 8690m 
borrowed by tbe Central Bank 
for relending io selected Govern- 
ment and private sector end- 
users. Some 8320m of lhe total 
has been made available to a 
number of borrowers, including 
the state-owned National Power 


MANILA. July 24. 

Corporation and privately- 
owned Mannduque Mining and 
Industrial Corporation, through 
two Government banks, the 
Development Bank of the 
Philippines and the Philippine 
National Bank, as relending out- 
lets of the Central Bank. 

In the meantime, there is a 
freeze on new foreign loan 
applications, and this is restrict- 
ing the operations of offshore 
banking units (QBUs). They are 
temporarily forced to concentrate 
on nffshore-tb-offshurc lending, 
since offshorc-to-onshorc is 
limited to maturities of over 15 
years or of less than one year, 
which are not covered by the 
IMF ceiling or by the Centra! 
Bank prior approval require- 
ment. 


Zambia 
Airways 
profit up 
570 % 

8y Our Financial Staff 

ZAMBIA AIRWAYS achieved * 
declared net profit increase of 
570 per cent from K0.226ni t° 
Ki.514m and a 25 per cent in- 
crease in passengers flown in 
1877. said Brigadier General 
E. M. Hainibe. the managing 

director. 

The improvement took place 
despite the company effectively 
** flying with one regional wing 
lied behind our back " ho com- 
mented. 

“When airspace beyond 
Zambia's Southern Frontlet 
becomes friendly, our African 
route map can assume it! 
natural shape and we look 
forward to Lusaka- Salisbury 
Johannesburg services in 
mutually beneficial operation b> 
1979.'’ 

The company said that it! 
1U77 annual report must mak: 
reassuring reading for lhe IMF 
which recently underwrote the 
Zambian economy by 8390m 
Regional irailic rose by 41 
per cent (as a result in pari 
in East African Airways 
demise i. intercontinental traflit 
by 2S per cent, domestic traffic 
by 9 per cent, intcrcontincta 
cargo by S6 per cent and air 
crafl numbers by 1 — a B701 
freighter acquired from Qanta: 

Current international recruit 
nient advertising for 707 and 731 
captains indicates the airline'! 
expansive mucid. and the reporf 
reveals that the * Zumbianisation 
programme resulted in the quali 
fication nr 39 first officers ant 
flight engineers and -It ground 
engineers fast year. ZA's adrmni 
st ration is already almost IOC 
per rent Zambian. 

Brigadier General Haiinho. or 
his way ihrnuuh London tc 
finalise acquisition of a Roeini 
flight simulator, confirmed tha' 
plans are now hardening foi 
lhe purchasr of ;i widc-body 
passenger airliner. 


AU of these Securities have been sold. This announcement appears as a matter of record only. 


$250,000,000 

General Motors Acceptance Corporation 

8Vs% Notes Due July 15, 1985 


Interest payable January 15 and J uly 15 


MORGAN STANLEY & CO. 

Incorporated 


DILLON, READ & CO. INC. 
GOLDMAN , SACHS & CO. 


THE FIRST BOSTON CORPORATION 


LEHMAN BROTHERS KUHN LOEB 

lacorporatrtl 

MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP SALOMON BROTHERS 

Merrill Lynch, Pierce. Fenner <£ Smith Incorporated 

BACHE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

Incorporated Incorporated 

DREXEL BURNHAM LAMBERT E.F. HUTTON & COMPANY INC. KIDDER, PEABODY & CO. 

Incorporated Incorporated • 

LAZARD FRERES & CO. LOEB RHOADES , HORN BLOWER & CO. 


PAINE , WEBBER, JACKSON & CURTIS 

Incorporated 

WARBURG PARIBAS BECKER 

Incorporated 

DEAN WITTER REYNOLDS INC . 

July 20,1978 


SMITH BARNEY, HARRIS UPHAM & CO. 

Incarporotcd 

WERT HEIM & CO., INC. 
BEAR, STEARNS & CO. 


July 19, 1978 


The Molson Companies Limited 


has acquired 


The Divers ey Corporation 


The undersigned-acted as financial advisor to The Molson Companies Limited 
and as Dealer Manager of its tender 0 ffer. 


Smith Barney, Harris Upham & Co. 

Incorporated 


V. 


• X 




Em 


THIS YEAR, the public has 
been made aware in more 
drama lie terms than ever 
hefnre that industrial relations 
in the National Health Service 
are in a mess. Since January, 
the whole range or labour 
problems now afflicting the 
health services has been exposed 
by one dispute or another. 

Hospital electricians recently 
ended a wnrk-to-rulc over a pay 
dispute. Before that industrial 
action was taken at Dulwich 
over an operating theatre 
Sisters' row with a hospital 
porter. Greenwich District 
Hospital has also been disrupted 
by a strike over the sacking of 
a sister (now reinstated) who 
refused to work with an 
assistant whom she did not 
consider properly trained. 

In a recent dispute at the 
Brook wood psychiatric hospital 
in Surrey, nurses set up a 
workers’ council to run the 
hospital after complaining of 
••autocratic" management. And 
in similar style, staff at Bethnal 
Green Hospital in London 
also declared a takeover in an 
attempt to block plans to close 
Iheir casualty unit. 

AH the traditional principles 
concerning the primary 

importance of the patient seem 
now in danger of being broken. 
Trade unions affiliated to 
the TUG— rather ihan the 
professional organisations led 
by such venerable stalwarts as 
thr Royal College of Nursing 
and the British Medical Associa- 
tion — have increasingly become 
targets for attack. 

Over the past decade, there 
1 has been a surge in their 
: membership. The Bullock 
Committee’s report on Industrial 
Democracy calculated that 
between 1948 and 1974 trade 
union membership among 
. health servire employees rose 


A case of ailing labour relations 
in the National Health Service 


Financial Times Tuesday Huty "23 T97S 

professional bodies couHLtttrii 


BY PAULINE CLARK, Labour Staff 


from 39 per rent of the work- 
force to 61 per cent. • 

At a recent special TUG 
conference on the NHS, Mr. 
David Lea. assistant general 
secretary, claimed that the 
proportion had now risen to 
two-thirds. “ By any standards." 
he said. •■ this is quite the most 
impressive development in any 
industry or service in that 
period." 

There arc now 12 TUC- 
a {filiated unions claiming a 
significant membership among 
the Im employees of the NHS. 
Of the three leaders, l he 
Confederation uf Health Service 
Employees now has, according 
to the TUG. approaching 250,000 
members compared with 50.000 
in 1948 and 75.000 in 1969. 

The National Union of Public 
Employees had 70.000 hospital 
workers — mainly ancillaries— 
when the NHS was created and 
this has grown to 240.000 of 
whom about onc-third are 
nurses. Membership of the 
health section of the National 
and Local Government Officers' 
Association increased in the 
same period from 12,000 to 
90.000. 

These figures do not show 
how far doctors and registered 
nurses— the groups which, 
because of their direct contact 
with patients, have a greater 


vocational commitment to their 
work — are joining TUC-affiliates 
either in place of or in dual 
membership with their pro- 
fessional organisations. But the 
numbers are no longer believed 
to be insignificant. 

Even these groups have 
shown that they are mat 
immune to trade union ways of 
thinking. Only a year ago. 
11,000 hospital consultants 
called for action against the 
Government's pay policy- 

But is trade unionism really 
the cause of the labour troubles 
now afflicting the NHS’- The 
unions themselves argue force- 
fully that union membership 
and activity arc not in- 
compatible with the need to 
safeguard the interests of the 
sick or with a vocational 
commitment to the job. The 
Brookwood hospital dispute is 
quoted as an example of the 
sort of industrial action that 
the trade unions believe can be 
taken without harming patients. 

Undoubtedly, trade unionism 
has helped to equip the work- 
force for industrial action. Ten 
years ago there were nn shop 
stewards as such in British 
hospitals tn lead local action. 
Now there is an average of about 
ini) in each health district. 

But the origins of hospital 
disputes probably lie much 


deeper than in the history of 
trade union organisation in the 
health service. 

Professor Roger Dyson of 
Kcele University, a leading 
academic in the otherwise much 
neglected field of NHS industrial 
relations, points first to the 
effects of Britain’s economic 
decline and also to the lack of 
properly organised industrial 
relations machinery which has 
prevented hospital management 
from pulling itself out of tho 
Victorian era. 

No procedures 

On the first point, he believes 
it significant that between 1968 
and 1975. industrial disruption 
centred largely on pay. The first 
nationally co-ordinated action 
occurred io 1972 over an 
ancillary worker’s pay claim. 

Once inhibitions over taking 
industrial action in hospitals 
were overcome, local action over 
issues other than pay became 
mure frequent. The disputes 
since 1975 have exposed the 
extraordinary absence of 
modem industrial relations 
machinery in the NHS. The hie- 
pcst employer in the country 
and one of the largest in 
Europe with a total workforce 
of im is said by the unions to 
have nn nationally agreed 


disputes or consultation pro- 
cedures. 

The National Health Ser- 
vice has apparently not learned 
from the classic mistakes of in- 
dustry in the past. It has 
waited for trade union con- 
sciousness to awake before 
creating the infrastructure to 
meet the change. The Advisory. 
Conciliation and Arbitration 
Service, in its evidence to the 
Royal Commission on the NHS, 
stresses the need for an early 
review of its industrial rela- 
tions policies and practices be- 
fore a further deterioration in 
hospital standards takes place. 
Its recent evidence identified 
serious weaknesses at all levels 
of administration but empha- 
sised the fundamental failure 
of the present joint machinery. 
“ Both parties are placed in the 
dilemma of needing local 
collective bargaining and 
consultative machine ry. where 
national machinery is all that 
is often available." 

Changes are beginning to lake 
place. Mr. David Ennals. Sec- 
retary of State for the Social 
Services, said in reply to a 
parliamentary’ question last 
April that much progress had 
been made on implementing 
the McCarthy recommendations 
an improving the Whitley 
Council joint negotiating 


machinery— a system which 
trade unions say is too cumber- 
some and much frustrated in 
its operations by the fact that 
43 bodies separately represent 
and negotiate on behalf of their 
members. 

Mr. Ennals raised hopes of 
reform in the not too distant 
future. ” I expect the General 
Whitley Council shortly to 
consider how to establish more 
effective industrial relations 
machinery in the NHS and my 
Department is mounting the 
first of a series of intensive 
training courses for selected 
NHS officers.” 

Meanwhile, trade union 
leaders have been invited for 
the first time to a s ?* lcs of 
informal meetings with Mr. 
Ennals about how an effective 
disputes procedure can be 
constructed — particularly at 
regional level. 

In advance of the Forthcoming 
Royal Commission report on the 
NHS, thev are also likely to 
discuss how to overcome the 
old-fashioned attitudes and 
ignorance of modern, industnal 
relations apparent at hospital 
management level in the 
current wave or industnal 
disputes. 

A recent TUG document 
complains that trade unions are 
badly represented at local level. 


Recent membership nf the 14 
regional health authorities 
(RHAs). it says, showed that uf 
the 270 members, one-third were 
recommended by the Ibcj* 

authorities whereas loss than -u 
were TUG nominees. On one 
RIIA there was no TtA. 
nominee. The TUC policy now 
is lo press for 30 per cenl of 
seats on the regional and area 
health authorities C«r its 
nominees. 

Increasing worker participa- 
tion with strong union 
involvement in the 
man ag ement structure is being 
proposed by the unions as the 
key lo improving industrial 
relations in the NHS and 
preventing local disputes in the 
long term. 

In the meantime, however, 
trade unions are laying them- 
selves open lo charges that they 
are contributing lo industrial 
relations disharmony. With 
some 300.QU0 workers in the 
NHS still not organised, the ser- 
vice is probably the biggest 
battle ground for union recruit- 
ment in the country. 

Mr. Alan Fisher, general sec- 
retary of NUPB. is at present 
trying to sell his idea of sep- 
arate "spheres of influence” to 
be agreed between competing 
unions. 

Blit the unions' attack on the 


out to he even nastier 1 -' & the 
recent TUC eonference, (iele- 
galcs were urged by Mr. Reg 
Bird of the Assucialitm of 
Scientific anti Managerial Staffs, 
to throw out "anti-union*' and 
“reactionary" professional 
organisations from the negotiat- 
ing machinery. 

One of the most obvious dif- 
ferences between the profes- 
sional groups and the TUC 
affiliates is their conflicting 
attitudes towards . industrial 
action. The trade unions are 
insistent that they retain their 
ri<*hl to strike arguing that this 
power need not be exercised 
irresponsibly. 

Although the leading 
registered nurses organisation, 
thr Royal College of Nursing, 
became a certified union last 
year it has not changed its view 
that trade union strategy as 
operated in the Industrial sertor 
is inappropriate in the health 
service. 

The professional bodies will 
not easily be defeated. They 
say thev have public opinion on 
their side and there arc also 
legal difficulties to be overcome 
if’ TUC affiliates are to. drive 
them out of the existing negoti- 
ating structure 

The KCN. ‘ with 90,000 
members, remains confident 
that a large hody of health ser- 
vice workers — in particular 
doctors and nurses— share its 
view that improvements in pay 
and conditions are best achieved 
through diplomatic pressure at 
high levels. 

The conflict between profes- 
sional and TUC affiliates seems 
likely lo widen in the year 
ahead, and seriously threaten 
local attempts lb improve indus- 
trial relations until nationally 
agreed reforms are introduced. 


,-y *3 * 
k i *3 3 


Possibility 
proof 


Columbus 



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Columbus took the first 

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ocean via a single phone cable and INTELSAT s Paciiic Ocean Satellite. 
The experts were impressed that NEC activated its Tokyo computer 

from Atlanta, had Atlanta inputs 
processed in Tokyo with the results 
printed out in Atlanta. And NEC made 
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phone switching systems, facsimiles, 
and Telephone Video Systems. 

There's more. 

NEC even makes every level of communication facilities, 
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satellite networks. Yes, on October 10th, 1977, suddenly it was 
, clear: no other company in the world today has proven 
such fourfold international communications 
kj-J\ capability, proven that the technology of 
/ ^ tomorrow can be 

U *•’ "" " here much sooner 

T ' than some people might think. 


Spreading the word to the world. 


Nippon Electric Co.. Ltd 

For further information write: 
P.O. Box 1, Takanswa. Tokyo. Japan 
Telex: NECTCK A J22636 




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• ':T I 


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‘V 
















Ife. 





sF-maneial Times Tuesday. July 25 1978 


23 


is*. 


1 u l" to O’nr#: 

v: s to Eurojt 

1 V \ 5'!* A 


/ 


f i 


;■? 


i* 

? | 'a- f *- 

V " 




Currency, Money and Gold Markets 


Dollar falls 
through Y200 


The US. dollar was- generally 
weaker against most major cur- 
rencies in yesterday's foreign 
, exchange market. Following on its 
poor performance! n Tokyowhere 
The yon .reached Y189.03. the U.S. 
currency came under renewed 
pressure in London. The yen 
broke through the psychological 
'Y200 harrier to Y197£ before clos- 
ing at a record Y197J15. The fun- 
damentals affecting the dollar 
have remained basically un- 
changed and although the dollar 
received .a welcome respite dur- 
ing the Bonn summit, there is still 
a good deal of concern surround-, 
ing the U.S. economy. The record 
levels attained by the yen were 



no doubt prompted by preliminary 
figures which suggested that 
Japan's trade surplus for July 
could well be as large as that in 
June. 

Although down on Friday’s 
closing levels, the dollar finished 
some -way off the bottom at 
DM 2.0440 in terms of the West 
German mark, having touched 
DM 2.0340 at one point Against 
the Swiss franc; the situation was 
very much the same with the 
dollar finishing at SwFr 1.7752} its 
worst closing level ever but some- 
what better than the SwFr L7630 
level seen earlier m the day. The 
dollar's worst level at. any time 
against the Swiss franc was on 
March 2 when it touched 
SwFr 2.7550. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade weighted average deprecia- 
tion widened to S.4 per cent from 
5.0 per cent on Friday. 


Sterling was firmer during the 
morning and opened at $1.9180- 
1.0290 hut by noon had reached 
S1.9340-L9330. Mid-afternoon saw 
a peak of Sl.9380-1.9390 before the 
dollar made a slight recovery pos- 
sibly aided by a little profit taking 
and sterling finished at $1.9270- 
1.9280, a rise of 1.85c and it* best 
dosing level since March 8. Using 
Bank of England figures, the 
pound’s trade weighted index 
improved to 63.0 from 62.7, having 
stood at 63.1 at noon and 62.S in 
early dealings. 

TOKYO— The U.S. dollar fell 
to a record dosing level of Y1S9.Q5 
compared with Y201.25 on Fri- 
day. The Bank of Japan bought 
over S4O0m mostly in the morn- 
ing in an effort to hold the dollar 
above the Y200 level. It opened 
at Y200.1 0 and at this point it was 
probable that the Bank gave most 
of its support. There may have 
been further intervention later in 
European markets. - However, it 
has been apparent fbr some time 
that the dollar would fall through 
Y200 and the Bank’s actions have 
only delayed the inevitable. The 
volume of trading was very high 
at 8900m in spot turnover and 
3738m in combined forward and 
swap trading- 

MTLAN — The lira lost ground 
against major European currencies 
and the Japanese yen. The yen 
reached an all-time high of 
L4.258 from Friday's L4-211 while 
the Swiss franc rose to L4/3.71 
against L471J 3 previously. How- 
ever the Hra was stronger against 
the dollar and the latter fell to 
LS42.5 at the fixing from LS45.50. 

FRANKFURT — After a fairly 
busy spell during the morning, 
trading tended to fall away apart 
from the occasional brief flurry. 
The dollar was fixed at DM2.0376 
compared with - the previous 
DM2.0344. The market is now 
looking towards. _UJS. trade 
figures, which are due on 
Wednesday and the dollar's fall 
during the earlier part of the 
day was mainly attributable to 
its poor performance against the 
yen. Against 22 other currencies, 
the Bundesbank . trade weighted 
mark revaluation Index rose to 
145.5 from 1 145.3 which »s up 0.7 
per cent from the end of 1977. 

PARIS— The dollar closed 
sharply lower against the franc 
in generally nervous trading. By 
the end of the day the U.S. cur- 
rency had fallen to FFr 4.3945. 
its lowest level since November 
1975 ' V 





July 28 

spread 

□ase 


__THE POUND SPOT 


jHink: 

July 24 Lta V V 

! i i A’pnsd 


CkM 


LT.S.JS * 

uuiwuid s; 
Guilder | 
Belffian Fri 
Uanisb Ki 
U-U„e 
Hon, Kk. 

pea. 

Lire I 

Mrwjn, kr.i 

Kneuth Pi. ] 
smttlieblii.- 
Yen 

AuMna Schi 

!raih* F,. 


2*4 .•1-0180-1.851 


4 \ iJSg-tAi 
B‘s: 61.HS-t2.2S 
8 j ID.b6-1u.7B 
3 B-Sl-S.tbi 
18 I B7.10-fc8.lj 
8 'iH8.40-UB.86 
11 ‘s: 1-618 1,850 
■7 : 10-23- 10-38 
Us! B.45j-5.BU 
61a! B. EG -6.7 b 
s*S' 588-487 
2S.26-Zn.46 
1 , i.40i-i.«i 


1.8270- 1J828D 
187D-2-IE80 
: a .26 -4.'. 6 
61. 80-62.1X1 
lia.704 111.717 

! 87 J7S.b7.fcB 
II4B.8U-H9.D8 
I 1,623-l.B.Si 
lff.5Z4-ID.684 
8.47-8.48 
! B.7D8.71 
J I«l-Bh2 
; 28.28-28.38 
3.42.3.48 


~^5ian rate ■ Is for convertible "francs. 
aI ,r>oc K-W-M-OO. - Rate for 
s OD July 21 1.9005-1^883 i spread >. 


FORWARD AGAINST £ 


One month j % paw ^Three month*' % P-«- 


aA8-D.43e.pntj 

D.BD-DADi'.puf 1 

2*4-13* C.|»lll I 

36-26 c. pin , 

1 urepm-l «lii. 

5-2 pf pai ! 

40- 148 c. dia 

par- 100 i-. lilt 

li-5i lire <lt» 

Z}-* ore pm 1 

2 1- i; c. fitu I 

22 - jure tun 
2.40-2.90 yjmi 
17-7 i*ro pm ; 
5-2 c-pm 


2.98 !Lla lAS-.pm. 2.3S 

4.04 (l.SD-UIH^nu 1 2.W 
6.36 ,6-6 e. pm ■ 6.17 
6.B1 1 fa.70e.pm : 4.84 
par I4J-BJ nrv ilu» h-2.15 
t.iO 768-848 pFjWn 7J3 
— 12 5R iuo-4toirit» j — 11.B7 
—4.03 SO- 160 e^lit i — 2.63 
-l.Bfi .7 8 lire life 187 
1.74 Sj-I jure pm { 9.87 
2.48 Si-23 i--iiii 1 1-83 
1.72 >3 ure mu l 1.84 
1148 6.45 7.85. vpm 9.07 
6.08 40-50 jrupni 1 4.94 
8.78 7Ta B7 b I'.pm ; B.B1 


Stx-zuaaih forward dollar SSUbS.lOc pm. 

13-monUa 4-UMJOc pm. 


World Value of the Pound 


■The table below gives the 
latest available rates of exchange 
far the pouDd against various 
currencies on July 24, 1978- lb 
some cases rates are; nominal. 
Market rates are the average 'of 
baying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the cates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (5) member of 


the sterling area other than 
Scheduled ' Territories; (k) 
Scheduled Territory; Co) official 
rate; (F> free rate; <T) tourist 
rate; (me.) non-commercial rate; 
(n.*.-) not available: (A) approxi- 
mate rate uo direct quotation 
available; Csg) selling rate; (bg) 
buying rate; (nom.) nominal; 
(exC) exchange certificate rate; 


(P) based on US. dollar parities 
and goinn sterling dollar rale; 
(Bk) bankers' rate; (Bas) basic 
rate; Ccm) commercial rate: 
ten) convertible rate; (fn) 
financial rate. 

Sharp fluctuations have been 
seen lately fn the foreign 
exchange market. Rates in the 
table below arc not in all eases 
closing rates on the dates shown. 


Value of 

Place and Local Unit |£ Sterling 


THE DOLLAR-SPOT 


88.S4-8U7 

Guilder 22095X19 2 Jimmuw 

Belgian Fr 32JJ7-32J3 32JI742.M 

Danish Kr 5.5500-5.5525 S3S05-SJSS 

D-Marh 2J34S-ZJMM Z.B3WKLM00 

Pp«-ES — 45 J 54 L 3 S 

Lira B4L26-ML5Q 842JtMHU0 

Nrvga. Kr 5JS8S4J649 SJS8S-3J605 

1-rench Fr 0925-43970 4JMHJH0 

Swedish Kr 4 JW5-452SD flAiai- fl onn 

T™, _ OTJMSIJO 197.M4OT.8g 

Austria sch — uua-UMllI 

Swiss Fr 1.76&S-I.T740 1.TTB4.T72Z 

* DA cents per Canadian s. 


FORWARD AGAINST $ 


One month 


pju Three month* v-a. 


par -0 JCc pm 
B.71r&Mc pm 
7S-7c pm 

■.U-UbpTpm 

3JO-3.40llretlls 

U7-SJZTc dl> 

l.TO-L15y pm 

LTMLWcpm 


(UX3 OXl-OJHcpm 
3.5* J.*5-J-6Cc pra 
2.75 Ul-UCPRI 

vn 2J6XSPTPM 

-3M 4jOD4.75nradlft 

-O.n 9.4S-U5c dH 
UO SHOOJAmwi 
616 2.«ML85cpm 


Oil 

2.94 

US 

US 
-3-16 
-1A3 
5X4 
6 OS 


CURRENCY RATES 


CURRENCY MOVEMENTS 


July n 

Special 

Drawing 

Rights 

European 
Unit of 
Account 

Jnhr M 

Bonk of Margin 
England Guaranty 
Index chaoses *1 

SierUnp 

.. U531ia 

B.bfcMW 


.._ 42.98 

— «0J 

U.S. dollar 

_ U4882 

7-254S3 

L7.S. dollar - 

._ S555 

- 8.4 

Canadian dollar ... 

.. X.M392 

1- 41844 


.... MJZ 

-U2. 

Austrian schilling 

. ISjKSI 

•m tom 


... J39« 

+J8.6 

Brltdan trace 

. — 

40.7757 


_. 189.96 

+11-6 

Danish krone .... 

5.48403 

7JW217 


_.. UU* 

+ 5A 

Deutsche Mark ... 

. 2-55558 

2-53782 


MOAL 

+35X 

Guilder 

. 2.77288 

2.79166 


... IBS. 72 

+OJ 

French franc 

.. 5J4830 

5-5tJBl 


.... 119.48 

+n 3 

Ura 

.. 1055-81 

106257 

French franc 

... llKLtl 

- 2.9 

Yen 

. 7SUB 

253.423 

Lira 

... 56J23 

-46A 

Norwegian krooe 

6.75434 

6.TOSV6 

Yen 

L48-51 

+46J7 

Peseta 

.. %.TB6 

vum 

Based on trade 

wclsnted chanei-s from 

Swedish krona .. .. 

5.67339 

5.70290 

Washington agreement Docnmhcr. 1971 

Swigs franc 

.. 2J«U& 

2-27804 

iBank of England 

Index =100). 


OTHER MARKETS 


July 84 


\ncenilun Fw- I 

lustra I ia LfcjJlsr — : 
r' in lain l 6 Iaaklu....j 

inuil Cnudm ! 

ireece Drachma-.. i 
lone Kong Dollar/ 
irsilK 


1.651 U665 804.66 806 7SLlimna 

1.6745 1.68151 a8687 aaiWHBeMmri 

8.06-0 074 n.l760-*.178r' “ 

34.50 35.30 • 17.79 18.31 
69.2680 10 9721 35.94 3&8Z 
B.99Z5 9 0L50| 4.63304.65 

68.48-71.59 (Japan.... 
0.8687 -0.2759D! et bertand . .. 


1 Denmark........ 

I France 


Italy.. 


£ 

N'oCes Sate 


1 


Hal 152 lc 8 

Kuwait Dinar (KD)i OAlBO i78 
Luxembourg Fninq 61 90 i 2 DO 

UaMysia l>jttar j 4.5370 1.6880 

New Zealand Dollar 1.6415 l.t49B 
iuhIi Arabk Itlyal.) 6.55 b 6s 

iingapore Dollar...' 4.40DQ 4 4175', — — 

-outb African KandJ 1,6740 1.69 12j 0^685- OLB774iYii0a"lnvia I 


0.8667 -U.l»OB|.V>t nr Ham J 

3c. 14 32 lB iNortray. 

2-3540 iSSoOIFortuRal I 

0.9554 n.B596i3pani 

3 403.45 pwttzerbUKt 

2.2785 8^8 Wnlwsl Svaea.. 


2754 zas, 

62-63 la 
10.60-10.75 
U 55^.50 
3.85 4X0 
158J-1610 
380-390 
4.15 4.30 
10.85 10.40 
81-87 

1,470-1.500 

3.38-3.50 

Ullii-1.93ia 

34-36 


Rate Seen for .IrsenUna Is free rate. 


EXCHANGE CROSS-RATES 


July 24 


f'oun-l Sterllag 
I'JS. Dollar 

UMif-efae Hark 

JaiMiHfe Ven 1.000 

French Franc 10 
»ni>s Franc 

Hindi (1 uiliicr 
liaiian Lira 1.0ft 


1 


L'aimluin Dnllar 

Fob 'Ian FiWln- 1W 


Poo n«l Stn-linal IA Hollar 

Ueum-heMarV 

Japanese Yen 

Freneb Franc 

sew Fran> 

Dutch Clink lei 

1 (Allan Lira 

Camel n DoUar) Belgian Frarcj 

1 . 

1.826 

5.943 

481.5 

8.475 

4.425 

4-255 

1625. 

2.168 

61.95 

0.519 

1 . 

2.145 

197.9 

4 397 

1.777 

2 - 20 B 

BA 2.8 

1.145 

. 

32.14 


O.dt-9 

f. 

96.77 

2.150 

0.1-69 

1.079 

4 <2.0 

U.-50 

18.71 

2.621 

5 062 

10.35 

1000 . 

£ 2.21 

8.978 

1 1.15 

4258 

5.682 

JB2.4 


■ 2.874 

4.652 

: 4o0.1 

10 . 

4.041 

6.021 

1917 

2.s58 

73.10 

OJKIZ 

0-t63 

1.151 

1114 

3.474 

1 . 

1.1)42 

474 3 

O.f-33 

1B09 

0.235 

0.453 

0.9F7 

89 66 • 

1.992 

0.B05 


381.8 

0.619 

14.56 

0.616 

L1B7 

2.427 

aa4.8 

O.B17 

2.108 

2.619 

lot o. 

1.334 

58.13 

0.461 

0.b89 

LB 19 

J76 0 

5^10 

1.5BO 

1.963 

749.5 

1 

2S.S8 

1.614., 

5.111 

6.364 -, 


13.68 

6.589 

68 

'622 


lug. 


EURO-CURRENCY INTEREST RATES* 


•lull 114 

TMflt U-iui • 

1 'iav- ., 

SI mil b 

Tin ev uinuUi.^..' 
iiunllli- 1 

I'ur u«r. 


Sli-rluig 

uiTiT* 

Ills 12 
lHu-iU; 
llij-lll; 
Ilia la 
UT» 12li 


t'gugiltau 

Dollar 


U.S. Dollar,! Dutch G inkier 


7U*81j| 

7M-BU 

7*, -6 1 , 

SH'Sli 

8*8-9 

814-Bl.i 


7»4-8 , 

7'a-etH. 
8-8< (- 
8,«-6;i 
9-9*1 
91«-»38 


11k-2 

5-3 Is 
4Sa 47 8 
5ae-bSB 

6*a 6»e 
638-6% 


T h( . foiiQuvuc Tunmnal mea were nttoted for London dollar wnifiMles of deport t: One momh M»M0 pw wm: Urn* momta A4D-8.W per cent: six months SJUFS.ao 
""uEt-vZ wars ?l-9| per ceiu: Uiree Per cent: four years DW1 per cent: Etc years N« pct cent. -Rales are nominal 

C!ft, Sthor”crm nt>« ore call lor HerUng. U.S. doDam and Canadian doMars; two days' notice for guilders and Swiss francs. Asian rales are closing rates in Singapore. 


INTERNATIONAL MONEY MARKET 

Denmark cuts discount rate 


Tho discount rate of the Danish 
National Bonk hag been cui by 
1 per cent, to S per cent from 
today. The rate was last changed 
on March 3 Iasi year, when it was 
cut from 10 per cent to 9 per 
crnl. Developments in the foreign 
trade bnlanco in the April quarter 
have led 10 a modest deficit in 
the current account balance ot 
payments, according to the 
central bank, while changes in 
Danish currency reserves have 
been small in recent months. 
XBU' YORK — Federal funds 
Haded quietly at around «J PC r 
cent, while Treasury bill rates 
were lower. The rate for 13- 
week bills fell to 6.9fl per rent 
from 7.03 per cent late Friday, 
while 26-week bills eased to <--13 
iier cent from 7.44 per cent, and 
one-year bills to 7.84 per cent 
from 7.83 per cent. • 


One-month certificates of 
deposil were unchanged at 7.88 
per cent, with two-month easing 
to 7.99 per cent from 8 per cent, 
and three-month to 8.21 per cent 
from 833 per cent. 

PARIS — Day-to-day money was 
slightly firmer, rising to 7J per 
cent from 7j per cent. One-month 
funds were unchanged at 7^-7-ft 
per cent, while three-month eased 
to 7J-7? per cent. Six-month were 
unchanged at 84 per cent, but 12- 
momh money fell to SJ-Sf per 
cent -from 8J-8J per cent. 

AMSTERDAM— Call money fell 
to 3M1 Per cent from 4-4} per 
cent, but other rates were 
generally firmer. The one-month 
rate rose to 4J-41 per cent from 
42-4J per cent, and three-month 
to 6-6T per cent from 5#-6J per 
cent. Six-month money was un- 
changed at 61-63 per cent. 


FRANKFURT — Interbank- 
money market rates were un- 
changed from 3jS per cent for call 
money, to 440 per cent for six- 
month. 

Widely defined money supply 
(M3) rose by a seasonally 
adjusted DM 2 bn in June, com- 
pared with DM 7-2bn in May and 
a decline of DM 1.6bn in June, 
3977. In the last three months 
M3 has grown at a seasonally 
adjusted rate of 8.8 per cent, 
compared with a target rate of 
S per cent for 3978. This year's 
figure is generally expected to 
exceed ire target as a result of 
the unsettled conditions in the 
foreign exchange market 

HONG KONG— The money 
market was tight with call money 
dealt at 5i per cent and over- 
night at 5i per cent 


OK MONEY MARKET 

Moderate assistance 


Rank of England Minimum 
Lending Rate 10 per cent , 
(since June 8, 1978) 

Conditions were generally com- 
foriabie hi the London money 
market yesterday. The authorities 
indicated that a slight shortage of 
funds was probable, and this 
turned out to be fairly near the 
mark. A moderate amount of 
assistance was given, but even 
iliis was probably too much, and 
hanks are expected to bring 
forward surplus balances.- The 
Hank of England was probably 
f lirfy hnppy lo overdo the help 
however, since the authorities 

LONDON MONEY RATES 


success in selling gilt edged stock 
is expected to contribute to a 
sizeable shortage in the market 
todav. Supplies of the long; tap 
stock were exhausted yesterday. 

The assistance to the money 
market was given by purchases 
of a moderate amount of Treasury 
bills, plus a small number of local 
authority bills and a small amount 
or eligible bank bills- 

The total help was moderate, 
with some of the bills boi%bt for 
resale at a fixed future date. 

Banks brought forward suiplas 
balances from Friday, and tbe 
market was also helped by an 
excess of Government disburse- 


ments over revenue payments to 
tbe Exchequer. 

On the other hand repayment 
was made of money lent to the 
discount houses before the week- 
end, there was a small rise in 
the note circulation, settlement 
of gilt-edged sales, and a slight 
net take-up of Treasury bills. 

Tbe houses paid around 10 per 
cent for secured call loans at the 
start, and closing balances were 
taken at 8-9 per cent. 

In the interbank market over- 
night loans opened al lli-ll? P er 
cent, and fell to 10-102 per cent 
by lunch. Rate increased to 
10*-n per cent in late trading, but 
dosed at around 8 per cent. 


GOLD 


Sharp 

rise 


Gold lmprored strongly in the 
London bullion market yesterday 
and finished at $194H195±, 
rise ot $32 an ounce and its 
second highest closing level ever. 
The metal was helped by OPEC 
recommendations that oil prices 
be indexed to a basket of cur- 
rencies and coupled with 


July £4 , July 21 


Gold Bullion (a Dwi 
ounce) 

Clot*... IS 1848-195* 'S181fr-192U 

Opening — ..,Si8B*-196 j919Ug-191. 

Morning flxlns. SI8B3D S 180.75 

'(£101.138) J(£89JZ1i 
Afternoon Alims.- . 5195 20 S 191.75 
.i£lD0.748) !l£IOO.l5Si 
Gold Coi na. I 
Jimie-urallv ; 

Krugerrand $204^206* ,S2D0 202 

•1 - G 1Q7, (£l.4j-IUU 
Vew Scnrereum*..... S 8 60 Sb5i>« -SBi* 
■lira Slj !r£9trf4>il 

OhJ Sovereign, ... Sj 7 a8 .S5B SB 

lUS-i-M*! |.£2il4-3fli> 

Gold Coins- | 

nnermuonallr I i 

lunu- errand '5201 H3 S 67- 189 

, :iil 41 10SiK£HjI-lC4) 

A>w Sovereign* ;£5B-36 ISU-S7 

!lC<9* 88*) i£ fcj 2Eii 

Old Sovereign* S-.7-S3 {SBB-aB 

(L-)9*SD*i |t£29j-Sm> 

SEO E»Rie».. — MBO S*2 |S<78-ktO 

3lDKanles- 6H1-HS SH1-H4 

SO Eagle-.- <SI01-H8 •-'-101-104 


• : Sleriln* 
Juft Cl ! CertilKwlo 

167g . el lieikaiila 

InteibuiK 

Local 

Authority 

depuMtn 

Local Autb. 
ue»sotlaWe 
bo nil* 

Finance 

How*? 

Deporitft 

Company 

Oeporio 

Diaotninb 
mark us 
deposit 

Trauur? 
Bill* 4> 

Eligible 
n«ne 
Bill* 9 

FineTMe 

Bllli-9 

» ‘v*rti1«h‘ ' — 

- .lay- ikAh+.-I — 

7.-H1 ■ nr — 

1 « t»»"«8 — 

0 ■ >cMiii 'lit fix 

Twi> rpuil k j lOiS'lOfc',; 

THreti iihintbN. lO.'. -Uf..', 

MV MIiiHltl- luir 10 ‘a 

Niue iuluiiIio. .1 l0s;.-101a 

"iH'jiar ; K ; i'tr 10*8 

8-11*4 

1114-11*4 
1078 11 

lU68l05ft 

103S- 1019 
ion- iui? 

IPU-lOu 

lOlft-1012 

11113b 

114118 

1078-21 

IOIb-IOso 
101« ipjfl 

104-lQifi 

11-llH 

11-101* 
lOlg-9^1 
10-1 >3 
95ft -Bl2 
20(8 

10 is 9*ft 

LH8-U30 

1U3 4 -H*0 

iois-lub 

I0be-ui8 

lOii-ine 

IHb 

1Ub 

Ills 

11*8 

His 

116fl 

8-10 

avio 

9*4 

9**-9Sb 
fils -96 b 

9ri«sa 

9irWft 

91ft-97B 

lOjC-lOlg 

lO 

9lB 

97b9£ 

10*1 

lOSfl 

lQl! 

lOie 


Local auibwus and AnaoM *vf n f “ 3 r L a ~ , ^rj.i- per cem: five years UHSta P« CW MUHrm to table 

-aic^SuinalUr iar»N> rears lU-Ilt y r *' t^e bfflE 10 ! per ram. 

’>r» tanw nu ortmc wlboi “ n « ^o-nun» M wr mdt: and oireMnomh 

■ AmWoxUnaK- Selihw M*« ue m on ll» h» ^ bins «u4» ver ewrt; and iwaKHttb 8>Ui6-M wr aim and 

swciii. ApprMunaie swo-tnomh IN per cent: no al» Outt-mms W: per wi. 

an Si P« « b ’l M * tSSUt EnStJ* AssodaU«05 io per «m_froin m^OnHoii \_9nk 


Aiummimai 
pj-iB-Wx: w 
thm-monin 


asL'a'Bjr J?-— , * r 


per kw iraw »tuiy I, i»*o wiaanaa 

Bank Casa Rams for lendtas 10 per com. 


further decline in the U.S. dollar. 
Sentiment remained bullish and 
the metal opened $1952-3196 
before being fixed at 8195.50 in 
the morning, at SI 95.20 during the 
afternoon. At one point the metal 
touched 8196-51963 but eased to 
Us dosing level on profit-taking. 

In Paris the 12| kilo bar was 
fixed at JTr 27.800 per kilo 
(819S.S5 per ounce) compared 
with FFr 27,730 (5196.44) in tbe 
morning and FFr 27,400 ($1922)9) 
Friday afternoon. 

MONEY RATES 

NEW YORK 

Prime Rate f 

Fed Funds 73 

Treasury Bids na-weeki 6.94 

Treaswry Bills 05 wee k ) -TAJ 

GERMANY 

Discount Rjte ..... 3 

Ovemtebr 3J 

One montb U5 

Tbrce 'momiis — 3.75 

Six months 408 

FRANCE 

DUKOtan Rale « 

Overnlchl T.T5 

One monUi 75 

Three mouths 7JU25 

SI* uomlis - - - nws 

JAPAN 

Dtectxnt Hate is 

Can (UncondHtonali 4A2S 

Bibs JMseoosc Kate care 


A f gh ani stan Afghani 

AJbams LuL • 

ASgerb Dinar 1 

A iwbim ’ Fmneli Franc ' 

An * m, ‘ -SpanUbPebCW 1 

AHCOla. Knana 

Autlyua uli... K. Ca rib) lean S j 
Argeodtm .... Ai*. Peso Free l» 

Australui < 6 t . AuMmllao 8 I 
Austria. ithllUnj; [ 

AxOTCk PnHii|i Kami dn I 

Balmnas (S) 9a. Dollar j 

ttMLgl»rie»l|(r,J Tshlt I 

Bahrain (S).„ Dinar 1 

adearfr Ules Spa. Peseta I 
Bfatiados ( 6 ).. Bartadoa 8 Tt 1 


73.08 

.10.304 

7.B474 

8.471s 

148.95 

n.K 

hSBSt 

1.533 

1.8780 

28. W 

87.40 

1.9275 

27.Mlsg) 

8.748 

148.05 

5455 


Belgium B. Franc 

Belize.... B S 

Beam C.P J. Franc 

Bermuda IS).. B.la- S 

Bhutan Indian DupBe 

Bolivia Bolivian Poo 

BotroanalS,.. Pula 

Brazil Cruzeiro !? 

BrYltglnlmdi Uj3. S 

Brunei iS). Brunei 9 

Bulgaria Ler 

Bunna Kyat 

BaniDdi Burundi Franc 

Comoro' n Bp C.F..V. Franc 

Canada Canadian S 

Canary We... Spanish Feneta 


Cape Verdi I. 
Cayman l»rS) 
Oat-.U.Rn.. 

ca»d J... 


Chile........... 

CfaiOIL-a ....... , 

Cofonibb,, 

Ctmorcalia.. 

Congo IB'fie) 

Its Kh»„ 

Cuba 

Oypru» ua.... 

Caeehoalovah Koruna 


Cape V Emuio 
Cay. I. S 
C.J-^A. Franc 
C.F^V. Franc 
C.Peao 

Kanminbi Yuan 
U Pew 
C.F.A. Franc 
C.P.A. Franc 

Colon 

Cuban Peso 
Cyprus U 


Bggmirk 

DfbouU 

Dtanlnka iS) 
Domin. liep„ 


Danish Krone 
Fr. 

E. Caribbean 
Dominican 


ne 

iS 

Pew 


McnilBI.SS 

ilfmlfi2.3S 

8.855 

423S, 

1.9276 

l&.2B0tam 

UJ& 

1.6388 

54.80 

1.837b 

4.4087 

1.6561 

15.1247 

189.19 

425*4 

2.1875 

148J5 


87.40 
1.60S26 
425*( 
423*4 
(Bk) 62.05 

3J560 
IF) 75.14 
425*4 
423*4 
18J76S 
1.4157 
0-7140 
i (com 1 10. ID 
(cni20-20 

!(T) 17.08 
10.71 q 
315 
5.2091 
1.9275 


i Ykltutof 

Plus and It ** 1 Unit £ Sterling 


Ecuador — buen 
Egypt Egyptian £ 


Ethiopia 

Eq' 1 'l Guinea 

Falkland la. 
fS> 

Fare 1* - 

Fiji 1« 

Fiaian,i.„.„. 
F TUM.-V 

FKTtylnAl* 
Fr.G ul»m 
Fr. Fkr-. la— 

Gabon 

(ivmbia la]... 
Ueman] 

(Kaatl 


Ethiopian But 

Peseta 

| Falkland la. k. 

Danish Krone 

Fiji 9 ■ 

Markka 

French Franc ; 

C.F.A. Franc 
Local Franc ' 

C.F.P. Franc j 

C.F.A Franc i 

Dalasi 


■ Usimark 


'lOl-W.H 
«IF) B8.71 
■ (0)0.754 
,(11 1.27 
(Pi 5^845 
14L9S 

IB 

1Q.71U 

1.6245 

8.0S75 

f.OTz 

425*4 

8.4711 

15409 

425*4 

4.8807 

3.S414 


Germany^ I o^t***** 

Ghana 16 ). — Uedl 

Gibraltar (K). Gibraltar £ 

QilLerl la. Aiwa. Dollar 

Greece Drachma 

Umnbnd-... Daiuah Kranar 
Grenada (Si... EL Carribeans 
(ruartalnup£_. Local Franc 

Guam lid 5 

GuaUunalm.... tjoeUaJ 
Guinea KejC 6i(v 
OuingaBlusu 
Guiana. (9)... Guyanese 9 

Haiti - GuonH 

UomiunuiReb Lempira 

UoogKung 16 ) B.K. S 

Hungary Formi 


Iceland «#».. 

India pi 

Indonesia 

Iran. 

Iraq.. 

Irish Kep (hi. 

Israel 

Iraq- 

Ivory Coast - 
Jamaica (S)^ 

Japan 

Jordan (Si-.. 
Kampuchea 
Kenfa (Si... 
Kona (Nth).. 
Korea (6ib)_ 
Kuwait (6lb) 

IA08 

Lebanon 

Lesotho-..-.... 
Liberia....—.. 
Libya 


I Krona 
I ml. Uupee 
Kuplab 
Btai 

Iran Dinar 
Irish £ 

Israel £ 

Lira 

C.FJt. Frank 
Juiiica Doliffif 
Yen 

Jordan Dinar 
Biel 

Kenya Shilling 

Woo 

Won 

Kuwait Dinar 
Kip Pm Pol 
Lebaneses 
s'. African Hand. 1 
Liberian 5 
Libyan Dinae 


B.I4U 
2.67(se] 
1.00 
1.6780 
I 70.1291 
1 tO.TIH 
5.2991 
8.471a 
1 1.9275 

1.9275 
I 354116 
■7.855 
! 4.915 

9.BC7 
; 3.80 
9.004 

jtconu 72.68 
iTKnci58.55 

52<Lfl 
UJOOlagl 
793.91 
(A) 155 
I 0.5842 
IJJfl 

HMU 
1.62418 
425*4 
2.8876 
56Ha 
9-58QI g> 
2,515 
14.7755 
1.7218(1) 
928.02 
0.526 
*85-5 
54887 
1.08265 
1.9275 
fpie^m 


; Value of 

Place and Local Unit 1 £ Sterling 


bwrht'niln... bw'na paM | 

Lusembuurg- Lut Prana 

Xaeao Fatm-a 

.Uanrira I’unug'srEacvdti' 

Ualagasj- Up. MQ Frans , 
Malawi lb,.... Knaeha : 

Malaysia iSl„ UUumit 

MaJdlvelt.ral Maj Rupee 

XaH Rp. Mali Franc 

Malta (61 Maltese) £ 

Martinique ... Loral Franc 
Mauritania ... Oiuniya ; J 
Mauritius (d). M. Rupee 

Mexico Max bon Few 1 

Miquelon UJ.A. Franc I 

Monaco. Fiends Franc 1 

Mongolia. .Tugrik 

Monserrar „ ... E. Carribeans 
Uonnu. Dirham 

Mnzambiqiu).. Mo.-- Escudo 


A uat. Dollar. 

Aepoleae Mupee i 
Guilder ! 

Aatillian GaiU. 

I Franc ! 

(AusrL. Dollar ; 
N.7- Dollar 
tAmfoha i 

C.F.A. Franc . 
Xtira I 

ArwR. Krone 


S.CI; 

B 1.96 

9.8452 
87.40 
425 Jfc 

I. 5737 
4.5445 
7.575 
8471- 
0.7425 
8.471- 

93.971 

II. 950 
44.10 
423*4 

1 8.471- 

|tOi5.7555t|i 

' 5.2891 
> 7.B7i»d) 

I 85.4685 


: Value of 

Place and Local Unit . £ Sterling 


VauruXa — 

Appal 

Ketberlanda^ 

.Veth. Ant'lra. 

New Bohriilea 
S.Ze»iaa.i iSi 
Atnuoana ..._ 

Nlaer Up. 

Xieerl*. (al .... 

Narmy 

Atkutan— .. Rupee 

Panama Ukltiua 

PapuaX-G.ldl Kina 


1.6780 
25.15 
4.251- 
5.4502 
15G.B7 
1.6780 
1.8455 
73. SO 
41E*i 
205 DOB! p- 
10.55 

G.GE7 


19-09' -gl 
1.8278 


1.555 


241.55 


Panguar...... Guaraal 

F’pl'a DJ Rp ; 

of Yemen (Si S, Yemen DinaiJ (AiD.65B2 

Pern Sol cxci.M298.4b 

Philippines... Ph. peso j 14.1835 

Pitcairn 7*. (d) T.8454 

PbUnd Zloty 1 (CuliM.M 

; j I'JTODJO 

Portugal Pgse. Batrudo j 87.40 

Pon Timur ... Tuner KscndS ; 87.40 

Prrnrlpe idle. Pgie. Escudo 87.40 
Puerto Kieo... UjJ. 8 1.9275 

(jatar (S) Qatar Rjal 1 7.48 

Reunion ■ 

lie de la French Franc 8.471; 

Rhodesia Khodertan S j 1.5387 


, 

e-f.nS.4S 

Leu 

.ni--T2?.ra 

llnnmla Pram- 

175.14 

f>. ( Mlliliain 5 

5 .5031 

4L. Ili-li-un i‘ 

1.0 

K. I'arilJ-ran S 

■ B.M31 

r.r. v. Fn Hi- 

; «5'i 

fi CanLlwaii S 

5-0121 

1 ■ilk'll 

4.9J 

l S 

1.9575 

llahmi 1 jre 

I.6C41S 

i'st. y.-v ii-t>- 

S'.ftO 

UtMl 

' 6.60 

< '.T. Frail'- 

4Ji) 4 

n. Iti'i^H- 

15.5s 

Lfiue 

?.d 

'tH3l|»n' 2 » 

4.4087 

nnluiii. >ii l". S 

1.C7B0 

>■•111 >li tiling 

. \ i:. use 

1 'Kan-f 

I.55N* 

i >. A. 

1.69265 

IVi-ia 

148.55 

l Pewia 

149.95 

f.S. K 1,111.+ 

23.50. -k» 

. aiulan il 

• \-Q.771 

>. liil.ler 

j. 453J 

1 Lai AU|-I-|II 

l.bKBS 

>. Kn-m 

3.7 C-s 

, >»• l» Vrane 

4.4!'; 

Si tin L* 

.1.7.565 

Vvi Taman 

il , .69.i3 


llnnmiilB Leu 

l>nmla 

St-Chrislo- 
.pberlSl — 

-ii. Ht-h-iw.... 

M. I jicln 

Si. Pierw... . 
m. V,iu-i-iilifci 

Salviiil,.r KI.. 

riauuin (Auii. 


SeilPyrBI 

r>cj>-lirllr--... 

ricrrvtii-'iin.-* 

^in-di-uv .«<> 

Stdumnia I-4-- 

'SnilBll liC|i... 

Mil. Atru-aiT- 

J*. IV. Ainraii 
remiiwii- iai 

S|wm 

S)«n. Funs in 
Niiitlt Alrjte 
' i ii Utnka ia.! 

-4>ulai> 11 |> 

Suniniii 

arils niiiS.i 

'•n-i'ileil 

II iritnihl .. rv i 

SVrta 

Taiwan 

'JnII.-HIIUI I.S.I. i'« II. .-lull III, 
Tlinitsu.t llslu 

T-tli III' <’.f. \. Frau 


Tiiriei ... . 

I'url,* A i ■« 



Uganda n 
( nut-1 Mai 
L ni(;iBV I ruKim\ l\-.. 

n.I.A'I.KmiK I . \ .h. l*irliaiii 

I I,'. (>■111(11,- 

l |ijier Yulia . 1 .1". \. Frau- 

Vatican Iisiinn Ijni 

Veue •in-la..., . Untnar 

YicinanitNibt Dung ' 

Viciiibiii (Sihi Pls-ii,- 
Vlrclulr. C.tf. I'.S. Pi.llar 
Western 

Somoa «S*.. Sani>«n Tala 

Yemen lixei 

Yiiyu-lsvis.... Ni‘« Y Dinar 

Zaire Rp Zaira- 

/aiuL > m KhscIib 


U 76i 
55.6S.-2- 


Cn'misa 

I.Jbftl 

1 I'll. 1 li.lnii.i 

4.626 

Tiiiii'iun li'iuir 


Itirfbi-h (.ini 

45. 75 

1 > 

1.9275 

Aii'.l;aliaii £ ( 

I.elfiS 

l ". Mull'll^ 

H. iff 

1 .> 1 'Hilar 

1.9275 


12.01 

Inin ir.:o 
7.43 
1.29 
425*; 
l.S24is 
_. 8.31 

’l». 4.8239 
-T 4.2157 -> 

J.5E5B: ‘ 
1.9275 

1 1528 

8.50. -si 
56.0884 
1.519315 
1.545 


That part of the French community in 
, Africa formerly pari of French Wes 
Africa or French Equatorial Africa. 
Rupees per potud. 


t The Ausnya has replaced the CFA 
franc. The exchanse was made at a 
rate of CPA Fr 5 to one mm or tbe 
new currency: 


f Genera] rates Of oil and Iron exports 
10.698. 

n Based on cross rates asaln&t Russian 
rouble, 


*’ Rale Is the Transicr marte: (con- 
1 rolled I. 

ri Rate is now based on 2 Barbados £ to 
the dollar. 

:r Now one official rate. 


bwb-a.Frane 

\V. German 
Mark 

French Franc 

i ] 

Italian Lira | Asian S ; Japanese Yen 

1*4 Hi 
31ft-31s 

I’iiM 

2 (b-HJb 

039-011 

J3« 4 J lt 

*.V5'V 

3i1 >ts 

a;j 3;* 

75g 7 » B 

8 - 8 I 4 

859'8'i 

SSa-u** 

10 lOift 
105ft. 1 1 

913 - 131 * ; - 

3 J4 8 8 I S 1.%-lrt 

12 >a l3l| 818-814 li4-3l B 

13U 13U g.s-ora * l'W Bit 

13- 14 91r-B1 4 OiB-Oia 

14- 15 31ft -3 6 « 


\ 


Avccr. 

The Seaxid Quarter. 

x Earnings from continuing operations increase 33% 
over the second quarter of last year. 


77iree months ending 

May 31, 


AVCO CORPORATION 

1978 

19 77 

% Chang© 


(Thousands of dollars, 



except per share amounts) 


REVENUES Financial services 

$232,343 

$198,552 


Products and research 

190,615 

161,986 


Motion pictures and land development 

28303 

25.737 



$451.461 

$386,275 

+17% 

EARNINGS FROM CONTINUING OPERATIONS 

$ 32,557 

$ 24,525 

+33% 

DISCONTINUED OPERATIONS 


(400) 


EXTRAORDINARY TAX CREDITS 

1.126 

5.303 


NET EARNINGS 

$ 33,683 

S 29.428 

+14% 

PER COMMON SHARE 




Continuing operations, primary 

$2.49 

$1.85 

+35% 

Continuing operations, fuHy diluted 

SI- 34 

$1.06 

+26% 

Net earnings, primary 

S2.5B 

$2.28 

+13% 

Net earnings, fully diluted 

$1.38 

$1.26 

+10% 


AVCO DIVISIONS AND SUBSIDIARIES: 


FINANCIAL SERVICES 

Avco Rnancial Services, Inc. ■ Carte Blanche Corporation • Cart an Travel Bureau, Inc, 
•The Paul Revere Companies 

PRODUCTS AND RESEARCH 

Avco Aerostruetures Division • Avco Electronics Division.* Avco Everett 
Research Laboratay, Inc. • Avco International Services Division ■ Avco Lycoming 
Stratford Division * Avco Lycoming WBSamsport Division • Avco Medicai Products 
. Division • Avco New idea Farm Equipment Division • Avco of Canada, Lid. 

• Avco Specialty Materials Division ■ Avco Systems Division • Ben-Mont Corporation 

MOTION PICTURES AND LAND DEVELOPMENT 

> Avco Community Devetopers, Jnc. • Avco Embassy Pictures Corp. 


Write today for a copy of our seoond quarter report 


^BVCO 

CORPORATION! 

1275 Kins Street, Greenwich, CT, USA 06630 


1 


t 






26 • 


Financial Times Tuesday My 25 1978 


WORLD STOCK 



Dow early fresh 5 loss in reduced trade 


INVESTMENT DOLLAR 
PREMIUM 

S2.G0 to £1—103% (107i%) 
Effective SL9373— 301% <52i%) 


STOCKS O.V Wall Street were in- the'ameScaNSe' M arik™”- 8 * 


higher second-quarter profits, but fell to 806.5 yesterday front the On the . other hand, Matsushita Investments gained 
were barely altered. 1978 high ol 814.0 established last receded Y6 to Y7I3. ,AS2.aO. 

Albany International lost 81 to Friday. Some low-priced Chemicals, Coal was 

S36g, failing to be belped ’ 


interest, has been 


aided 


13 cents to 23 per cent 

abandoned. i tn 

Soathani Press A eased * to 
despite higher second 


an invest- 


Canada, which 


43XS2 Index came back 0.44 to 151.40 at reaction, he felt losses more Food Products 
reaucea j pra in a moderate business, represented “a breather" for the Kywsbu_ Matsushita 
Volume l.90m shares -(2^46m). market after its rapid rise. 

Houston Oil _ and Minerals Deutsche Bank and Bayerisehe 


Steel 3 to 


9 to Y3,m, Sissla would pay $169m for ine ream in- improved first-half net 

Y30 to YM9Q. and ing 50 per cent of Clutha Daniel repo . « J p Fridsyi rose i» to 
nyusnu matsushlta Y2fl to Y953. K. LudWlR) NS\\ coal* “tfj'gij' CS22, hut Hudsons Bay OH lost 
While KInki Electric Construction, Among the Coals sector, Tbies^ Algoma S 

YflOO. Hayasikane Sangyo, Y370. which announced expansion plan;, • “ 

onccrn about tight sof ^ ne j' ? while heavily- VerriSwikled' Banks lower 'irith Moehida Pharmaceutical, Y1.5S0. fast week put on 7 ,252riS5 

'hank ^e iSerest traded Resorts International “A" ££ of "dm i» and DM 5.50 Shlseldo, YU30. shed YStt AM while \toit* tedium* Switzer an< J 
bank Prime mterest M i« *»». _ restively, while Hoechst, .in »?'«*. b«t MW * Ceramic put on s-ued 3 eertg 


dined to lose further 
yesterday morning in 
activity. reflecting a sharp 
decline in the dollar overseas, 
investor concern about tight 
credit eond 
of higher 
rates. 

The Dow Jones industrial Aver- 
age receded 5.34 more to 827.88 at 
1 pm. while the NYSE .All Com- 


McCuUocb Oil. also active, were chemicals, 
unchanged at ?5. 


lipnKnpA DM Y30 to Y4,l00. JlatsushJta Com- 


The sharp increase in the Gold shares drifted lower in quiet 
international markets . radin „ unsettled by the dollar’s 


Paris 


Closing prices and market 
reports were not available 
for this edition. 



The recent upward trend con 

tinued in active trading at the The Bond market was more Vl Q1f> 
start of the new Account, with all stable than of late, with Public 
scctors closing higher. The Bourse Authority issues recording gains 
Industrial index added 0.5 to a of up to 30 pfennigs and losses 
new peak for the year of 73.6. extending to 35 pfennigs. The 
Brokers said that, operators Bundesbank sold DM 23m nominal 


Markets recorded further 


... Australia 

mon Index was 30 cents lower at 

S34.61 and losses outnumbered DroKere saw i"«“- u|j«,mna ounuauuuk wrn uni mui «*vi UUMI imnrnvemenfs with cneppv 
gains by more than a two-to-one were using their new month of of paper, the first sales that it f?a?L^ ocK 

ratio. Turnover contracted to cred ] t t0 full advantage, although has made for some time. Mark pi 2jip ® h :ih rforimU » inr«r' rt nrt 
l">.52m shares from last Friday's sonie profit-taking . had been Foreign Loans were steady. of eamines from coal oil 

. — observed as Mnmmiiil £ s , advanced IS cente more 

There was active unit trust and Tokyo I0 a 1973 high of A67.68, still 


Geigy 
Participa- 

foil 

AS 1.42, and Atherton Antimony, ^"apieceVTeflecilng the 12 per 
AS 1.02. hardened 3 cents apiece. ccnt decline in group sales for 


However. Banks turned easier, 
with BNS Wales reacting 10 cents 
to AS6.16. 


Hong Kong 


1 pm figure of 17.01m. 

However, Gold Mining shares 
remained firm. Dome Mines, 
strongest of the Golds, added S2 
at SS4). while most of the others 
scored fractional gains. 

Exxon, despite reporting more 
than a 21 per cent increase in 


unit trust and 

foreign buying. 

DC*' Roussel "irdaj! OpfL ESS 


Noticeably ahead at the close Reflecting investors’ . growing benefiting from the expansion in 


Market resurabed its rise force 
fully on local interest after last 
week's consolidation, and the 
Hang Seng index advanced 14.S7 
to 571.96. Turnover on the Four 
exchanges totalled HKSlO.i.TSm, 


the first half-year. 

Elsewhere, Swissair Bearer 
declined 11 to SVFrSES. Bank 
Leu Bearer ia to SwFr. 3.425, 
Saurcr Bearer 25 to SwFr945, and 
Nestle Bearer 35 to SwFr 3.390. 

Domestic and Foreign Bonds 
also eased in thin dealings. 


Milan 

Stocks advanced afresh across 


856 IKSS’SK :«£**»£*«* 


, ss r ISlfiNS Iflw ■i s M» 2 £S«=s * 5 *® 

,a Cit* Laf.ree and Elf-Aquitaine ig0m shares B y agreement with Finland. Pan- H1S9X' showed _ the be „ st adva "? 

However, some export- continental moved ahead SO cents 5!3£j* SKE about 10 per cent * 

orientated issues resisted the more to A315.60. Peko-Wailsemf . h °^ 

of Y10 each c.i»bed 30 coo, a to *6. vhile 5SSSL wSSS 


improved quarterly earnings. 

IBM fell 32 to S26SJ. while 
Eastman Kodak, Du Pont and 
Burroughs surrendered a little 
ground. 

Among Railway issues. Union 
Pacific. Missouri PaelGc and 
Norfolk and Western reported 


lost ground. 

Germany 


, , , downtrend, gains of Y10 each climbed — ... 

Stock prices were mainly lower being recorded in Sony. Yl.660. its Ranger partners. EZ Industries. 7. - ^n r. L. wLc-j ™ 
in what dealers said was a tech- TDK Electronic, Y2.190. and rose 10 cents to AS2.75. Queens- cenis at 

reaction to recent sharp Pioneer Electronic, Y1.750, and land Mines added 10 cents at f — *? — - h ._„ r imnrnv ,, n „ 

The Commerzbank index Toyota Motor adding Y3 at YS98. AS2.S5 and its parent, Kathleen ^°®“- Ko ”8 Telephone and prices, with shares impronnK 

China Light each gained oO cents throughout the day on both local 
to HKS94.50, HKS34 and HKS26.10 and overseas interest. 


□icai 

gains. 


Johannesburg 

Gold shares were firmer, reflect- 
ing the sharp rise in bullion 



NEW YORK 


A<>N41 Lulls 

A MrewiiniHi .. 
Afinx LiwM'ii... 
An .. .. 

A.innAlmiiininiii: 

Alim 

A'lfj. 

AltegfU'iiV f’.i«rr 
Ailii-.| I'hfniiini.. 

Ailie-l Mure* 

Alii*, l *lm lim*r^ ...■ 

A MAX 

Aiiii-miiii 

Anwf. Airlin*“...' 
Aiiiit. Hmn.l-... . 
Ahi.i. IliiDulm-i .. 

AiiH-r. < nu 

Aiiiit. f.'\nmiilli: 

, Aiiiit. I*i-I . Ir... 
Aifi.T. Klc»'. I'mi 

A H\|itv»-....- 

Aiiivr.H.'ini 1 l*n.l 
‘Ann-', lie, I Sill. .. 
linn, .Iharirr.,.. 
Anm. Nitf. li*-... 
Amn. smu, Innl.. 

A HUT. M.ilf" 

Aiiiit. IVI. A Id.' 

Aiiu-iei, 

AMK 

AMI' 

AlllIVTC 

Ain lmr Hi«.‘knm. 
Aiilimj-ei Bii'cti..! 

Atihit. »i«:l 

A.-. 1 ; 

A-JIHUffH »»,l 


.343* 
22ie 
38^1 
27 1 ii 

28>u 

42.* 

161* 

18U 

357 fl 

2314 

34 

3712 

29 


14 la 
50 
50L2 
417g 
50 
53 
239* 
36?a 
50 
id8lA 
SSji 

41i a 
45 U 
34»a 
60 in 
32 <n 
I8sa 
35 
14ie 
30 Se 
24 i, 
291* 
2412 
16i* 


35 

25 

39* 

27-« 

28 >* 

425 8 

16 ig 
28 'g 

355a 
23U 
341* 
37s* 
2B7 8 
145g 
SO 
49 ta 
415* 
30J« 
33 
2312 
37l a 
29 i* 
287g 
a 5 * 
41l 2 
45 
345* 
601* 
321* 
1B5r 
35s* 
143* 
305* 
24 ig 
29i, 
22-4 
16la 


A-Jin^i 

A-liian- It'll 

All. Ku-liliviil 

AhIh lKtTii I'm.... 

A\ C 

Aw 

A mu K'lt-lui'l-,.. 
Urni tig- KlftH ... 
Beni. Aiiii'ni*.... 
hanker- 1 1 . N.Y. 

Bertw Oil 

linaU'l frawiMn . 

Bcein.e It»»i 

Vr-lunllii-btfti-nu 

hril .V lliiwa-ll 

iVmlu 

Dr'ii-iiei i.i Tl- *B' 

LVitnelK'iu Steel. 

Bini'i. a Uei'k^r... 

1 V«.|iik 

• It'ie i.amnlif.... 

3 H r. tell. • 

It .i-4 U'uniiT 

u Bimiin i»IC 

It IfM-nU'A' 

hti-im )l.inv i 

' h-.i. I’m. a I > 1 ;.. i 
" In- kuo.i li ia-..' 

I Hi llll- llli.iK 

■I Kiii-vni- hnr 


Uiiim* Wan-li. 
Uni linel nu At hu. 
hnn.Ti-li- ! 

tflllipl^K »Hlf. ..I 
i aiiailMU I’m.-iiii-t 


151a ' 
355a ' 
481" 
315, 
10S, 
275* 
56 
261, 
24 | 

36 ; 

26i fi ; 
445b 
247« | 
371, 
195, 
38 
4J* . 
2a .a 
1B>, 
59>, 
zBi 2 ' 
aS-, 
301, . 
J4i S 
14 1 1 
a6i, . 

I6: a 
351* . 
15'* I 
18 
bt a 

401* . 
72 l a 
345* 
18 


141" 
35sg 
48s* 
51Sg 
1U4* 
277g 
551g 
26 U 
245* 
36U 
25v a 
451* 
24.g 
371* 
20 
3BU 
41* 
245* 
187g 
603* 
29i a 

28;g 

291, 

1458 

143* 

37*2 

16i* 
351: 
15ig 
18 
67 8 
40«: 
735* 
34 -a 
177, 



i.niiii- liiin-iiii|i|i. , 

111* 

UlB 

fl- 

Lnlimlh-ll . 

291* 

2958 

1 airii-i \ licneni.. 

11J» 

12 

li 

1 «rl*+ Ha« ley ... 

17H 

17*4 

il 

1. nil-1 iiil In rliBL-l ' 

57J* 

58l 2 


IT.' 

541; 

54^* 

»l' 

1 miuii-M l/i .I1W... 

41l» 

41 

1! 

Ci-iilrni a 6.il....| 

16Tg 

1678 


l +• 1 mm e*"l.„,„. 

197 S 

20 


lO'IW \UCI1lll.. 

41i* 

41 S a 


i. In*.- M+iilmll+u 

OZI* 

32^8 


1 l.i'im'nl Ilk. N\ 

391; 


L 

1. Ii.— 1-< .'llll Pmiii. 

24 

241* 


( li.— .!,■ M-ii'iii. 

iO: 0 

30 V 8 

or- 

t Mi+kn III !■ Inv... • 

S4U 

53*, 


Ulii\-n-i 

ll 

11 


1 nivauin 


41* 

r 

1 I'l-. Ml lav! ■ 

30*i 

all* 


1 li.i-'l |i 

54 1* 

24j,( 


l illi- Sis i In-.... 

47*h 

47J, 


* I* | illltf'lllltf . 

14. a 

151* 

'1 

< 1 ,., n . .. 

41 

40-in 

\ 

• -liyiii I'l'm 

2058 

201* 


li’llui- A Ik 111*11. 1 

Jllj 

HU 


1 .".ill •!" Ill- ... 

Z6'i 

271* 


1. 1.lm.i .1* IT. 1.... 

Sllik 

22 


1 i.ni.lll-l •••■ii \ in 

till* 

lttig 


1 ■•iii..ii-ii.iii Kiuj. 

407a 

39.„ 


1 - -11 1 • •i.-i 1* *u ki|. 

161 + 

16 


1. 'nr *i '1 fi K'l' a ««Ti. 

ii7i 4 

27l B 


1 T.r.'Tiit.ii 

F'; 

21; 


1 .ruin, —nl i a l J if*. 

42i, 

41.,: 


y tn|'Ull'l TN'Il'Ili « 

ll'» 

11.0 


Climlnu lilHr.... 1 

56 

56>3 

CPC 1 lit "n’t Iona l| 

49 

49 

i'iwic 

275* 

a in 

Cevheii Aat 

26S* 

261; 

c'ri.n n Zell+ri^uli! 

, 321* | 

325* 

Ciuniuin" Eukiuci 

37q | 

1 361c 

i. um» fl 1- 1 k 1 ' 1 1 

161; ; 

16*8 

Dana 

27J# 

27la 

tian IroiimirleB... 

45 

451* 

tire re 

31>, 

3ZI„ 

tivl Mnnie 

28 

; £8 

tieitrina 

10 

9-8 

Ueninfilv Inter... 

22T a 

235* 

tietnilt krtisnn....; 

1^4 

157J 

Utmiiuru^hamrkl 

25J, 

26lg 

Liictaiihnni. 

lbl* 

Isle 

Hipri £>|ill1 

45 

46i« 

L>i«nrV tWaiti 1 

40 

401; 

UiiVrtrCort-n 

43 

43*t 

U«.h i.'lieniii-al....' 

a37 8 

24 1 g 

Dmvo 

27 

27 

L)r*-w«+ ' 

435g 

44 

ilii|itiiii 

1121* 

115 

Liyinii liHtiinine* 

aUi* 

30U 

E«*if Pli-lier .....' 

2H S 

217* 

Ka*t Aii-liiue 1 

13i* 

13 ]« 

Kaslnum ki>lal>..' 

58 

5BU 

Katun 1 

381* 

3B1 4 


Jolino UnriMite.. 
Jotlnaou Johnson 
JolioaonCoDtml. 
J«\V U * Dlibotur'sJ 
K. M*r C,.I 
Kanwi Alumini'm 
Kalaer Imlu-jlnMl 
Ivulser Steel 

K"y 

henuecott 

Ken McGee 

Mi tie Walter..... 
Kimherl.v Clerk.. 

Ki-ijipere..,^ 

Kmc 

K inter Co. 

U*»mivTninii.. 

Ur vi StniUM 

LiUliy Ow.Kuud... 


285* 

825* 

271* 

33 

251* 

321* 

2 

251* 

121« 

213* 

431* 

337, 

46ig 

211 , 

46ig 

346* 

337, 

33 

263, 


29 >« 
831* 

11 " 

251* 

327, 

2 

253* 

12Sa 

221* 

433g 

34 

461* 

2H* 

465, 

347, 

334, 

333* 

261 * 


K. li. All 

Kl r&Mi Nat. Lia- 
Kin* 

Knier * in hlecl m- 

KnieryAirKi 'ighi 

Kmliari 

K. 11.1 

Knceiluurrl { 

K-limrk 

biiiiT 

Kxxun 

tatruliilU tiunera 
► e<l. OejM . sinrea 

Ki rail in v Tire 

FV.I. X*L Hkiiiii. 

r'leal Van 

Klinikote I 

Klorula l*nwer...J 
Plum I 


263* | 
less 
52 I 
371, | 
25 i 6 i 

“i; | 
22 
29t* 
213* I 
45 { 

30S, 
o6ss 
133* 
287* 
2U5* ! 
32 i 
al3g l 
651, i 


26a, 

163, 
32 
371* 
23 ig 
395* 
25, 
211 ; 
297 fl 
2158 
447, 

3H* 

56 

14 

29 

201 * 

305s 

aH* 

353, 


* Ugget (ir<mp i 

Ully (Kl.vi 

UttnR I Dill I kl 

L*tklieed Alrurtli 
Lniie Star Ini<ui>.| 
Lodi: Inland Lid.' 
Louinlanii LsiimI..; 

■ 

Ijicky SlorvM ! 

L'ke If unont'n n . 1 

MaeM Ilian > 

UaryK. H._ I 

Mila. Hanover.... I 

llapui 

MatailKin Oil 

Marine Midland.! 
.Vi nr* hall Field ...I 


K.M.C 

Font Motor i 

Foteiiii.i-t Mek...., 

r'nsiHin*. i 

FninliUti Mint....] 
Kreepoat Minemil 

Frueliau! | 

toque Inda j 


2358 
453, 
211 * 
aB'a 
93, 
2b i* 
30 
105, 


253, 
455* 
20 Tg 
381* 
95, 
26 
3U5, 
11 


C.A.K I 

tianneti 

lien. Amer. lot.. 

(i.A.l’-.V. 

Uen. Caine 

lien, llviwnno-.. 
lien. Kieutrn.',.... 
lien. | 

■ iviienn Vim- 

tienemi Jlunr- J 
lien. l*nl>. ImJ 

hell. Sifinai ! 

lien. Id. Kiwi ...I 

'■en. Tyre 

(■eiiew.n 

■ ■enr^ia Cai'ilie. ■ 

t.etiv Utl f 


137® i 
461, j 
9’B ! 

27 | 

167* | 
74-.. • 
523* I 
321* . 

3H* I 
601, 
161 , | 
29 », j 

287, | 

264* 
53* i 
27s, I 
571* 


14 
45 7g 
10 
273* 
17 
743, 
53 
52i z 
31*8 
601, 
183* 
29*8 
*9 
267, 
57, 
2818 
565* 


(i diene -...j 

(imalnrli U. K 

Luo-tymi rue. 

tlould 1 

lilac W. IL ! 

'.■t. Allan IVc Tua| 
•art. North liou.i 

liif) liuinl 

ti oil 2 Wertein.i 

Hull till ' 

HalllTirl nil 

Hanna VMiiui)>...| 

Haim-ohli-ei 

17111., 


Uin i" l mint 1 

Ueinr H. J 1 

tleuliielii j 

Mewie I'M'karxI..., 

Hiiiiilav liiiin ' 

Hmiieaiakf j 

, Hmit'vwaii ' 

I Hi«ivi*r ! 

Hi ■ |i-Liir|i. Ameil 

iiiaiklnii Nal.fia"] 

Hum 1 I'll. Ark Inn: 
Hut Inn ih.F.i | 

l.t‘. 1 11, 1 nil I'le— .... 

IN A 

IniterMiii liand... 

1 11 lit ml M«T 

Ill-lkl 1 


Till Llll' Ill- 


Ill. hilirml \.\. 

• 11 -nl ti«-l- .. . 

•IIMil Nil . li*. 

•ii'ii hut l’»*vi 
"il 1 1 ■ 1 -1 1 1 •* I 1,1 1 
-11 1 ■ in-ill ^ ■ Hu.. 
■ill IIIHIMl lift- 

•nir.'l I '"I" 

IiiiIii-. 


38-j 

W": 

23J, 

25 'a 

38 

2 a 'a 

28jb 

U6 

la* e 

361* 

Shi* 


39 -a 
19 u 

2a 3* 
23 

a8 

23 

287a 

26. a 

las, 

36:? 

5al* 


293, ■ 
221 , ! 
lbl* | 
30 >4 . 

261* . 
127, ' 
14 l e ! 

253, ! 
621, ; 
323* 1 
16 | 

fS.? 9 ' 

403* . 

261* I 

833* , 
17a, I 
38 

61 1 
11 . 1 * , 

24 J, ! 
HI, I 
16 

261* ' 
421* [ 
581, ■ 
373, . 
14 , 


30 

221 * 

161* 

303* 

263* 

73* 

261* 

127, 

14 

2438 

621* 

33 

16 

601* 

404, 

261* 

843, 

173, 

36s, 

611, 

114* 

34s* 

251, 

111* 

161, 

261* 

421* 

581* 

37i* 

145, 


(KM ■ 

lull. F>avinn> 

lull. Kariertpr...- 
I nu. Mm.tl'lieni 
lllti. VI lilt IK* at -.. 1 

Iru-i. : 

lull. I'ar->r ' 

l IT. 

Ini. ICeeliliei i 

llll. Tit. A FH....I 

I nt cm 1 

In** Href 

II. I menial u-imi' 
Jnn Waiiei 


270.25 268-12 


23 
361* 
37lg 
20;, 
I 61 - ! 
403* | 
34 I 
111 * 
30 12 
1 

36U 

VIS, 

281 , 


263* 

37 

571, 

21U 

161* 

40s* 

541* 

113, 

303* 

1 

361* 

113* 

281* 


338® I 
48 

223, j 
231, 1 
213, 1 
187, I 
21 '* i 
40i, ; 

161, 1 

75, j 
Hi, 
41s, 
34s* 
3158 
46U 
151, 

211* I 


331" 
483, 
22$, 
24 i a 
21&, 
187„ 
213* 
39 i* 
163, 

I? 9 

411, 

321, 

473, 

153, 

213* 


May l>ept. More*] 

MCA 

Metier m on 

Me tinn aeii UoueI 

Me tint it Hill ■ 

Mr more* j 

Merck I 

Merrill LyiK-U.—i 
Men Pelruleum.’ 

MC 1 L .j 

Minu Minn 4111*1 

Mobil Oiqi 

Mrmaanbi | 

Murjtau J . P. ......I 

MuLomla 1 

lfurpby On [ 

.Nalilacn. | 

NawoCbeniira'-j 
Natiunai Can 


243* 

521, 

243* 

553* 

22 s, 

381, 

60 

173, 

33 

393* 

38 

b27, 

503* 

46i, 

471, 

401, 

243* 

281* 

177, 


241* 

523* 

245, 

36U 

223* 

397, 

595, 

177, 

335, 

39 t b 
581, 
621* 
503, 
473, 
483, 

40 
25 
283, 
18 


N'at.Uistillen^.... 
AaL Service lurt.l 
National Steel-. 

.Natmilae «.• 

MIL 

NefUiiielnip 

New hwhiM Ki.‘ 
Nen tiuqiandlei' 
Niagara Mohawk. 
NiaK>iia 5lHire...J 
N.L, Iniliistner...'. 
NnnuiiiJkWe-tenii 

Nnrib N«l. lias... 
Mini. 5tatei- I'lir 1 
Nilme-L Airlines. 
,\l Intel Uauciirjij 

Nurli hi Simon. I 

Uis-tiJrnlai Hetroi: 
•Jillivy Mtuber— 

Ubl‘i fili-on 

Ulin I 


211 * 

15ia 

32 

435, 

553* 

20 i, 
22 
551, 

14 
107, 
19 
243, 
36Lc 
23 >4 
285, 
24s* 
18 

21 
661, 
181, 

15 


213, 
15 ig 
3D, 
44l* 
661* 
21 

If!; 

It" 

19 
241, 
371, 
25i, 
29 
251, 
18 
211 , 
5b 1, 
181, 
151, 


Ovenew ship*...] 
Oniiuj Curuln, .J 

linens lliuola I 

Hwilii: liw. ' 

LV-iii'i Lq>htiiius 
Man lltr. A Ltd..] 
Mm Am W'unl An j 
I’arkcr HannilinJ 
I'eaUsiy Ini.t....) 
Pen. I'd. A L....I 

Penny J. C 1 

IVniunil 1 

I'enf'ien Urvu .... ' 

l*«n|nea (iaa | 

Peraieo. | 


241, I 
317,. 1 
2058 
2a7, 
19U. 
Z2l s 
71* 
251, 
25 
2H, 
571* 
267, 
111 * 
34 U 
30 


245a 
325, 
211 * 
233* 
191* 
22 1, 
71* 
251, 
251* 
213, 
37 U 
27 

Ilia 

341, 

31 


I'rrkln Klnier_..i 

Prt...> ; 

l*u/o ' 

I'liul |is Uiiijie,,..! 
I'liilnilrlfiiiin tile.] 

Plulifi Murrla i 

llllllilH I'etro'ni.i 

PlWairy 

I'll ary Hwe«_..| 

Pltlaliin ■ 

(Mersey U.( AUK] 


25 

541* 

331, 

221 * 

174* 

691, 

321, 

414* 

247, 

234, 

171, 


251* 

541, 

331* 

22 

173* 

69 

317, 

424, 

24s* 

235, 

173, 


l Vila I Old 

I'uiniuav Klcn ... 
l'lli ludustries..: 
IVrtW ( ■ am 1 <le .' 
INjii Sene Meet. I 

I'ullmali .! 

f 1 1 rex , 

Quaker (Jaui ; 

tfepld Ameruaiu.; 

Ua.Mlieuo 

HIM ' 

Kefiu'ilii-Meel... 
Hen-rts Inti — ... 


413* 

151, 

273, 

89i« 

223* 

381* 

le>, 

241, 

115, 

501* 

1571, 

241, 

763* 


414* 

151, 

27 

89i* 

22s* 

36:, 

164* 

24 ig 

1148 

SUs* 

27 J, 

24i, 

82 


ICnkm 

Kemoida lieuls.| 
IteynoMs IL J. ... 
KiHi'aoo MerrenJ 
Kwkwell Inter... 


Kohrn II Han. 


Royal Dutch 1 

«“t=: -I 


Ku»s Lrgca.... 

Uyder system ....I 
Safeway Stores— | 
St. Joe Mlnetah.] 
Si. Reels Paper.. J 

Santa Pe I mi" I 

Saui Insect 

-Maori Indt- ] 

H^ilitz Brewing..' 

^uh'iimbercer 

M.:il 


"cmt IWpcr J lb ' los, 

■st-orll Mr* - 216, ■ 21>a 


163, 


S.-udilerDiin, Cap, 77 


Sea Container. ...j 
Se*unun ...... .... 

aearletti ,D.| J 

sears ILwl ueli.... 

SEtiCO • 

Shell till..... ; 

Sltell 1 run-port ...] 

Sionnl... 

si^node Cory _... 
SiniylicltV Pat ...; 

Sinner 

Smith Kune '■ 

Snlilrort | 

southiiotrn 
souuiuemOi.tyl' 
Touiliera Co...... 

Slim. Nat Kffr 

Suiilhem 1 * 81 . 161.1 
soul hemJlail «a r . 


Southland 

s'»*l Bam hare-..: 
s perry Hindi.—.! 
sperry Kami......: 

aquih...> I 

staruliuii Bra ralr.] 
Strt.Oiltklilornm 
Sol. OH Indiana. 

sol. Oil Ohio ' 

scaofi Ubemnda., 

Slerlini! bruit 1 

Stuiletofeer ! 

sun Co — I 

Sumtetiand -_._i 

Syntez ; 

lex-hmcolor- : 

Idumnix > 


leienyne ! 102 


leie* 

leneeu ! 


I'worri I’m mleunii 

tnarn 

lezaaiculi 

lezat KanteiTi ..... 

lexas liul'ni ; 

Texas Oil A Lias..' 
Iexn9 L tililiea...., 

Tunes liu 

Time* Mirror 

Tinikeu...., 

Tone. 

Tran sin* mil....... 

lranbOj... 

Ltaus Union | 

Tian-way Inu-'n. 
Trait* World All. I 
Travelers ..........I 

I'rl Continental J 


C.K.W I 387, 


-l«li t anrury Fco| 381, 


LAX. 

L-AUCO 

UCI 

Unuevei J 

Unlieser NV 

I uioo uanccin>... 
L. nkm lutitiie — 
Cub ai Commerce 
Union On Caul... 
Union I’acilii'—. 


L 

United Brands...'. 

t s KaiHOiii I 

US Oyy-uin I 

US Shiv I 

LS steel ! 

la ‘leohnolucier.i 

ll Vlniiyrtnea j 

Virginia fleet ._. 

Wal mr e u 

Warner • LViii 1 tun .. 
Warn* 1 - Lai nl vrt . 
Wute-Man'aieul 

Weils-Faruo 

W e-iem Bnn*ori 
VVe-lern N. Amer 
Western Union .. .1 
W c itusli-e B'ei-i 


U]mmii | 

Weyei haeuier — ] 

lVbii ipum ’ 

While Ci 111. 1 nil...: 

M'uiiani to. I 

WlscmislU fled.. 


Wool worm 

Wyly_ 

Xerox I 

Zapata... 


Zenub lUitio. 

U-S.Treai.4fc l*l 
I'S Treaa4ifc7bjtSr. . . 

UJJ. »ilavlMih.!7.04fc J 7-05* e 


185, 

37, 

541* 

lo.’e 

141* 

945, 

797, 


1B. S 


54 :e 
lbU 
14:i 
1944b 

r79'« 


CANADA 


AXiiiihi Payei 

A/nira krt^ie 

Alcan Aluminium! 

AlS'inta Steel > 

A-heair* : 

Bank of Montreal' 
bank N'fitni -oilia. 
basil; llernitee- ... 
deli Teiephoni-...: 
bow Valiev l nil...; 


141, I 

6Sg 

32s, ! 
227, 
44U . 
231* . 
21 »a ! 
4.7-t 
58 > 

323* 


14H 
6i, 
32U 
231, 
7431; 
23 lj 
214, 
4.60 
57 .’8 
317* 


bl* Ca Minis. 

Uiaiau — 

Brim.- ! 

Cai-im P« et ...' 
Camdenr Mine-... 

Canada t'eiuent..' 
Cauaila >W Lan. 

Cad. I mp Bk.Cxni 
CAlUb is Jriilu>J .. ' 

Can. Caoili..-. 1 

Can l*a< 1 hi- Inv. ■ 

'-an. SU|«r Oil...' 
Canuii; M'Keeie.' 4.65 
Caasiar Asberto-J 101* 


161* 1 

lb ' 
14.20 
397, • 

155a 
107, 
121 * : 
267a . 
211, . 
201 , 
213, 
523, ; 


161* 

16 

14.20 

39i; 

161, 

11 

121f 

29 

tJU*s 

20>, 

21 

533] 

4.70 

101 ; 


kliiiliain......J 283, 1 

Cominro 273, , 

Con-. Bathiai-I...' 291* 
Consume] Li*-.... 
i7.*ek* Me-ource- 

L<>.|*iD 

Daon tievef. ...... 

Uefiisuii Mine-... 
uom Miner..—.. 

Dome Petroleum, 
lA.Miuninn Unit^e; 

Uomur. 

thiycmt....... 1 

Falcon "ee. \«cke> J 
Port Motor Can ! 


iei, 

6>« 

123, 

87, 

8U 

921* 

o5i* 

251, 

191= 

143, 

25 

75 


291= 
271* 
29ia 
19 
6 

121 , 

9 

; 791= 

I 861 Z 

I b6 

[ 251, 
! 191, 
1 141, 
I 243, 
-I 773 


Genstar 

Giant Tei'wkniie 
Gull Ull Canada. - 
Hawker sld.Can. 



duffle Oil *A* 

Hudson Bay Mnu] - 

Hudvoii Bay 

AiiaJ 


HudtunOil . 


J.A.C. 

imtsn.i 

■«ii|s|IKW*a 

Imperial OII..5— j 
lucu 


30 s, 
14 s 3 
281= 
73, 
403, 
421, 
18 
221 * 
461* 


1913 

331, 

19 

I 8 I 2 


501* 
131= 
Zttsa 
7», 
40 
42^ 
18ia 
23M 
46 k 
193g 
333, 
183, 

ia>« 


I n»i«t 1 

Inland Nat; Gas. 
Inl’y. v Pipe Line 
ha iaer Re»our.-et.l 
Lauri Fib. Oerp..| 
Lubbiw Ciitu. 'H'.| 
W •min'a Blood..- 
Mm«e« Femuson] 

Vl'-lmyre — 

Moore Corpn I 

M nunu inSUtelh | 
Nomnda Mines...; 
-'of -en iJaerto ...; 
-Slim. Teiecocn — 1 
Xu mat- Oil A Gar] 
Oakwoob Petri 'ml 

U't 


13 lg 

13 

12 

117 g 

lSfcE 

153* 

141; 

14 3e 

^4 

8t* 

4.25 

4.35 

205* 

201* 

12 

12 ■« 

241* 

24 

37iz 

37J* 

3.70 

3.6s 

31i 6 

30 

lbl* 

lbi+ 


Paonc Copper XJ. 


33 »* 
343, 
4.60 
2.05 


34 

35k 

4.35 

1.95 


Pact fir Petrol eu ml 
Pan. Can. Pet'inJ 

Patino..... I 

Peoples U*|, S..J 

Piai-eUanA. On... 

Pi*..*rl>Telo7itnil 22T a 

Power C- <rpomt 'ill 103, 


40 

351" 

157, 

6.00 

U.98 


Pri'i? .1 

!♦ "luri'Mi! 


Q'lrtc 

Kan^crf»l^ ! 

Keel Stiineliuii e| 

Kw Aiyiuli ; 

■iu>ai ilk. id CnnJ 

u>t. 


141, 

1.42 

nu, 


401, 

56 

11b3, 

5.75 

0.98 

225, 

16k 

143, 

1.42 

32 


Ituyai li-LL-t., 
oe*|,re It’sourve- 

M*|{tlDI> 

olieii Canai la 

sbemu li. Mine- 
iietiens U. is—. 

5llll|nOll 

?te*i 01 Canaua. i 
steep Ifix-k I ton .4 
Texai-o tana* la . ..1 
lun>nio LVuu.Bk. 1 
Tran; Can Pi peLbJ 
Iran- Vluiiot iJ|s | 

Uniou liu.. I 

U'l.TIWUflllllP 

iVaikei Hiram.... 
'VenCoA-tXnin- .1 
vV e« ii . 11 G*i i....^.. I 


IOJ* 

101; 

351 a 

o5i* 

33s» 

33 le 

lbt* 

183q 

81 * 

bl, 

267 B 

26 t b 

141, 

I4i 4 

5.87 

5.87 

33i S 

35 


OSB 


251, | 
2.71 j 
44 
201, 
161* I 

83* I 
115 
Ilk 


77, 

341, 

115, 

181* 


251, 
2.71 
44 
201 = 
161, 
bT, 
1 115 
1 ilk 


7 k 
34k 
115, 
18k 


1 BUL : Asked. 5 Traded. 
1 New stock. . 


EUROPEAN OPTIONS EXCHANGE 




ll 



O- 

- 




pm 


fi 

IPS 

V..1. 

tilM 

Vid. 

! Uat 


■g] 



\lt\ 

K340 

_ 

. ■ 

3 

, 24.50 



— 

i 1362,50 


M«V 

F360 ' 

— 

— 

1 

1 7.60 

2 

9 

a. 1 


\r..\ 

F370 ' 



— 

8 

9 

6 




Ah/. 

1'30 

30 

2 

23 

3.10 

— 

— 

F29.50 

1- 

All/ 

F70 

36 

1 

12 

1,90 

18 

2.70 



.Will 

1-32.50 

10 

7.70 

7 

8.30 

— 

— 

,F75.90 


Aim 

K75 . 

6 

2.70 

■ 5 

3.50 

— 



l 

All II 

F60 




1 — 

6 

3.10 


1 

Ml 

'45 ' 

2 

12l 2 



! — 

— 

— 

'5577s 


Mi 

fc50 . 

26 

81* 


| — 

— 



*» 


Hi 

F60 

S 

2S B 

— 

: 

— 

— 



I.M 

K60 , 

S 

218 

36 

! 2*8 

— 

— 

•.SS91J 

T- 

i.ll 

k70 ; 

2 

>4 

2 

L- 

— 

— 



Iln 

F52.50 , 




5 

! 5 

— 

— 


. 

fin 

F35 i 

7 

2.10 

13 

2. BO 

— 

— 

: " j 

* 

11(1 

F37.50 ! 

30 

1.50 

ll 

1 2 

' 

— 



IBM 

F240 • 

— 


2 

j 321* 

— 

— 

1 52681* 


Hill 

J-260 ■ 

2 

14^4 

— 


" 

— 

■■ 


mu 


15 

44 4 

— 






KI.1I 

1*140 | 



2 

1 22.50 


“ “ 

1 F155 

■ * 

K I.M 

i l 50 : 

1 

12 

2 

' , 16 



1 

1; 

Kt.ir 

F16Q 

32 

7-50 

11 

I 12 *° 



1 


h/.u 

Fl 70 

3 

4 

22 



e “ 

- 3 


K1.1I 

Kiao ■ 

14 

2.60 

25 

1 6 


— 



K I.M 

1*290 1 

20 

1.80 

22 

1 3 

— 

— 



AN 

F98.90 

10 

7.50 

— 

i = 

11 

2/70 

F101.S0 



P27.50, 

40 

0.60 

15 

i.zo 

— - 

— 

F26 

f* 




— 

13 . 

1 14.70 



F133.70 

| 



27 

5.50 

2 

7 


— 


X 





16 

; 2.20 

10 

3.20 




7 

12.20 

— 



— 

F 121.60 

ir 

1 \l 

F120 . 

9 

4.50 

5 

! 5.30 

2 

6.50 



S 


BASE LENDING RATES 


A.B.N - . Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacber 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Basque Beige Ltd. ... 10 % 

Banque du Rhone 10J% 

Barclays Bank 10 % 

Barnett Christie Ltd. . 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

Brown Shipley 10 % 

Brown Shipley 10 % 

Capitol C&C Fin. Ltd. 10 ^ 

Cayzer Ltd. 10 % 

Cedar Holdings 101% 

Charterhouse Japhct . 10 % 
10 % 
11 % 
10 % 


Chouiartons 

C. E. Coates 

Consolidated Credits 
Co-operative Bank ...*iq % 
Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 % 
First Nat. Fin. Corpn. 12 % 
First Nat. Secs. Ltd. ... 12 % 

Antony Gibbs 10 % 

Greyhound Guaranty . io % 

Griodlays Bank tlO % 

Guinness Mahon 10 % 


■ Hill Samuel $10 % 

C. ffoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsiey & Co. Ltd. . 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 21?% 

Midland Bank 10 % 

(Samuel Montagu 10 % 

f Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. u % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 103%. 

Williams & Glyn’s 10 % 

Yorkshire Bank 10 % 


[Hambros Bank 


I Members of the AcrepUns Houses 
CoiRminee. 

7-bay deposits 7\, 7-montfi deposits 
il'.. 

"-day dc Basils on sums of nn.nno 
and under I)*;, up io £23.000 n%. 
and oi-cr CS.OOO SHa. 

Call <kf*mis over r 1.000 T%. 


10 % 4 Demand do pas Its TJ* 





respectively, while Cheong Kong 
put on 30 cents to HK$9.40. 


Canada 


After the recent strong perform- 
ance. shares displayed an easier 
tendency in quieter early trading 
yesterday. 

The Toronto Composite Index 


Mining Financial were selec- 
tively higher, shadowing the trend 
in the gold producers, but 
Platinums were marginally softer, 
while Coppers were unchanged to 


Brussels 


Mixed after moderate activity. 
In Chemicals, UCB put on 10 to 


shed 2.9 to L179.fi at noon, while BFr930. while * firm Holdings 
Metals and Minerals came back 9.0 issues had Soeiete Generate up 
to 980.2, Oils and Gas 3.7 to 1,515.9 20 at BFr 1,950. but Petrofina lost 
and Utilities 0.07 to I7S.92. but is to BFr 3.773 in easier Oils. 
Golds still on rising Bullion prices. Steels also gave ground, Cockerill 
advanced 38.5 further to 1.59S-S. shedding S to BFr 430. 
while Banks also resisted the 


downtrend, gaining 0.64 to 2S4.12. 

Alliance Building rose 5 t nts to 
CS4.S0 — Canadian Reaity Investors 
and Sagitta Group plan to offer 
C85.25 Tor each Alliance share. 

Trinity Resources declined 13 
cents to CS4.10 — the company said 
a Texas well in which it has a 


Amsterdam 


Activity was at a low* ebb. with 
narrow irregular movements 
occurring. 

Shippings and transports were 
mostly firmer, however, with 
Nedlloyd rising FI 1.20. 


NOTES: Overseas prices shown below and- or scrip issue, e Per share. 1 Francs, 
exclude S premium. Belgian dividends *> Cross, div. * a> b Assumed dividend alter 
are alter withbokliiu: tax. scrip aod-’or rictus Ismiv. k After local 

4 DHS0 denata. unless otherwise siMyd. taxes, m tax fre e. u Francs: including 
r if Ids based on net dividends plus tax. Unilac dir. p Mom. u Shan* spin, a Div. 
V Pi as 300 dcuom. unless otheru-;sc stated, and rleld exclude special payment, t Indl- 
4 , Kr.100 denom. unless oibervisc stated, caicd div. u Unofficial trading, r Minority 
O Frs jflO denom. and Bearer shares holdi-rs only, n Mercer pending. * Asked, 
unless olberua.se staled. ' Vcn Vd denom. t Bid. t Traded. J Seller. : Assumed, 
unless otherwise stated. 5 Price at one xr Ex rich is. xd Ex dividend. xe Ex 
ul sospenslan. a Florins, b Schillings, scrip Issue, xa Ex alL a Interim since 
r Cents. J Dividend after pending n stirs increased. 


Indices 

NEW YORK -mw jokes 


?JW u ,, n , -|ii»M l 


75 


J.lIV 

Ll 


; JlsIC ■ Jutv 
1 CU I li* 


Juiv 

16 


Jiiiv 

17 


July 

14 


Hifili : Lew 3ti5 ; i ■ L* « 


7*2.17 • M8L.-9 41.23 


In durtrtaX_. «3-« : V>,- 


K-muBW 87.2tt *7.10 


B7.lV B6.9* 


80. St: 

iJ.ll 


ill") 


Import.... 2 »SS 226.81; 297.9> 3=8-^ <«•» j 

rutilkii 1 105.07 I«.w W» "»■* ; gg 


T[ ^ -6.090 55,540.30.850 KLBBfl 15, W 20.57? 


- n— u{ l w lcs etumgrtl iwm Auciwl 


Ind. die. yield fc 


July 14 
S.56 


July i : Jiiui'W ; (Yoratfiniipnn.i 


6.75 


3.71 


- 87 


STiHUAM W.B MOM . .1*^ 

I J ;; v : J SP ! J, i? l J “i v j * n ' /gfMSr i -g'; w . ii.« 


nSSSTiS. wmiui-4* IK .» n»A 

|C»U.! ».» »■«: *W; * n . ffji 


l July 13 j Jul V i> 


Ind. dir. yWfl 1 


5.07 


0.18 i 0.11 


June ~ : Vnr*c(ibnfl9.1 


Ind. P;K Ual u 


9,19 


8.93 


9.04 


10.12 


Long Got. Bo if I yield 


8.69 | 8-52 | 8.07 


7.B9 


K.Y.S.B. ALL COMMON 


Bisos and Foil* 

July El 1 Jitlv July 10 


July 

21 


1375! 


July 

20 


.lull- 

14 


Julr i — 

18 I Hisli 


&4J1 65.07 55.10 M.«5 


is.bj 


4*^/ 

,6.3) 


limin tjTblml 



Falls.. — i 

ITih-ham^-i 

Nn» 111 i: ha. h 

Sion Luiv-v. 


1.872 i 1.888 
S70 819 

859 654 

445 . 419 , 

45. 93 

12 : 7 






July : July : JulV 1 Jnlv 

21 , 30 | W ! In . 

lluih . 

1*IK 

]n>lu-irial 

IjiniMnel 

190.04 lflb.hl. 198.15 W7.B2' 
138.02 193.47; W8.S2; 1WJi2- 

M0.04 fclily 
198-83 i: i.+) 

- 152.50 I IfiiZi 

1 ti'O.GZl.lu.i) 

TORONTO CiviyoUletTBlJ ; 1178^; llfO.Si 1 !«».!; 

1161.9 (Ul.*) 

’ 393.2 (.W/Il 

JOHAKKESBURG 

iiuM 

JndllritHl 

i 1 j : 

052.5 : 245.5 ! 2S9.8 i 257.0; 

252.2 ; 252. D | 252.0 < 252.2 

252.5 Cl:.’) 
252.4 (lii?) . 

, 183.0 1 20.»1 ‘ 

1 194.9 i\J.vl 


Jiiiy 

24 


l're- j 197B | 1978 
viinu lliflli . le* 


July [ 
24 


Prr- 

T»*» 


U»iS 

Hi~h 


Ni'B 

1*"7 


Australians edP.»B hCS.Sl 1 505.73 ' 441. W 

.24. n ! (1*3 1 


W.cC <c) 




73.6 75. 1 1 


fcVF.5 . 


j lui Je 00 Ai 
. i»W» I (33.91 
0 iU«! 9B.13 94J30 
ta.ii ! ftxa 
75 it 47.b 
|24 <i I U-21 

B14.11 ' S 14 I) ; 758.4 

i21.-7| . tli'.t» 

t*.4 Cf.U ! ‘(t-M 

> (9.U) I t«.4> 

."71.91*. ' S97.0* S Kajfl ; 3fc.-i.44 
- lt/i) • llftl) 
62.66- b*.J* 00.43 

■ 19,7i ‘ (LO/1) 
lei 4JI.K7 4=^2 42S.21 J 3b4.M 
114,71 ! (4>1Q 

Singapore 34X14 . 547.90 : selu 

«.I 1 llO.-Ti I ll <«1 


Belginmm ■ 
Denmarkf**) 

i 

Francs fMV 
Germany! ! 1 1 
Holland till 


Spain (1 ft; — 

Sweden ir-.j 3H7.46 , 397.07 
Swibsrl’ilir 259.0 -Efl- 


102.73 HV.Yc 5#.i-3 
iys.) • (IJ .ii 
JSU.-JB ’ 
i.'oi I b\l> 

d.*i..Ci . i.i*».;i 

liSri . i2:’.41 


FRIDAY’S ACTIVE STOCKS 


S4J 


Hmp TTn iy- 

Italy uj. 


Japan 


100 except NYSE All Common — 30 
Standards and Poors — 10 amt Toronto 
380 — l.Ooo, tbc las> named hasod on 10T5). 
rExdiNlnu: bonds. 4 400 Industrials. 
S 400 Indusinals. 40 Utlllues. 4d Finance 
and 20 Transport s Sydney All Orditurs*. 
II BeUaan sk M i:-Kl. “ Copenhaccn 3E 
1/1/73. tt Paru Bourse 1961. IT Commerz- 




Chanu 


Slovtis 

Ck'-.mc 

liU 


trad'.-d 

lit ire 

dar 

Revlon ... 


4d; 

- * 

Rowan 

JL*fl.-TiO 

lii 

-IF 

Aikulh'ny 

AirUnus 3iH.4vu 

m 

- 1 

A5A 



•i II 

Tcxai-o ... 

243.7IW 

Jtl 

M 

K Mart . 

, .. raw 


— 

Brlll>h Petroleum. Sil.iOl) 

. Mi 

+ i 

Continental 

OU ... 223.2WI 

I'll 

— r 

S.-'ars Kocbnct ... '.’IHl.Wii 

Zi) 

- 1 

BruuswivH 

..... -J31.7IM 

lif 

+ * 


bsnK Doc.. 1935. II Amsterdam lnfluunnl 
1970. TS llans Scan Bant 31. 7>fA. 14 Milan 
2.1/73. aTbfcyo New SE 4/1/iHs. hbu-jliv. 
Times 198H. . Closi-d. «! Madnri aE 

jfviHT,. « Stockholm ludiLsrrul 1T«. 
f Swiss Rank Corpora nun. u Unavailabl-. 


GERMANY ♦ 


July 24 


Price ; + «.»: tin.. Y in. 
Uni. 1 — : % I i 


tfcli - 

.MUmdz VemK-b..., 

BMW 

BASF 

Bayer— • •■MM*!**.!! 

buyer-Hypo. 

Bayer- Verein-fbV. 

Citilnt.5o1.viti 

Uimmerrt3KnU„. 

L’ont Ciumiui ■ 

Uanmet Ueiu 

tiesu>-a — 

Ueewt— 

iJeiii x-lic Bank-. 
Ureiilner Bank.... 
tiveiertvA 2emi.. 
f.iiteli'jffiiont.-.. 

Hnpau Lmvd i 

Haquiier- 

Heei4iit — 

HoescU. 


Horten.. 


Hall uivl -Salz„... 

Karslndt 

Kaulliof 

Ivioi-koer UMluU., 
KHti : 

firupp. _.i 

Liwle 

tim-entnau ICO....; 

Luttbanaa ■ 

JLA.N — ...1 


81.0-0.8' — 1 - 

479.0 31J; 5.4 

259.5-1.5 Z8.0t; 5.4 
141.7-1.5 18.78; 7.1 
la4.5 —0.4 :18.75; 6.9 
2-89.5-2.0 28.121 4.9 

324.5 -5.3 , 18 1 2.8 

157 • — 1 - 

240.4- 1.3 26.56’ 11.6 

7B.5-1.5 — . - 

321.0— 3.2 .28.12; 4.3 

256.5- 2.0 17 . 5.3 

161.0— 0.3 14 4.4 

301^-3.B 28.12: 4.7 

242.0 — 1.4 28.12 3.9 

192 -7 . 9.3b | 2.5 
2U8 -1 1 12 I 2.9 

122 id j- 1 114.04 3.8 

305.5 *16.72, 3.4 

127.5 — 1.8, iu./a 7.4 

47.4 -0.4 4 4.3 

140-5 -3.5 0.3b 3.5 
147 -3 14.0* 4.7 

329.5- 0.5.24.44 4.6 
24U.0 -2.5 18.7; 3.9 

92.0 h-0.3 


184.0— 2.5; ia/6, 1 5.1 
96-6 - 1 - 


Alaco&jnann | 

MeulUses 

Munch ener Hud] 

Neckermann | 

Preww* till lOCl 
Bhein WesUKIccJ 
schennj; 1 


iieuien*... ..... 

u *1 Zu.-ker 

I byrira A.li 

Varta 

Vfc'UA. 

Vera in. A Weal Bk 
Viiikpu-ncen. I 


265.5— 3.0; 25 | 4.7 

1.480 ^-ZS | 25 • 8.5 
106.7,-0.8 ; 9.36; **.4 
2*.6 ; — 1 ' 12 ; 2.9 

171.0 -fcu.3 .17.18i 5.0 

234 *-1 1 10 2.2 

580 -! 18 1.6 

150.0 -0-6 ! — I - 
122 -1 I — ’ - 
Idl.2 -0.3 25 I 6 9 

280.0 —2.9 .28.121 5-0 

289 —2 | 16 I 

U50.5, +0.7 ;2ti-5t 
121. U — 0.8 I IV. lb 7.0 
182.5 1 14 3.8 

126.5 - 1.0 j 12 4.7 
293 —2 IB 1 3.1 
230.5,-2.4! 25 • 5.4 


AMSTERDAM 


July 24 


Price 

Fla. 


+ ur I 


Uir.;Yl.|. 

% 


6.3 


AM KV lFlJ0j._.. 
Jimrimii iFr.nl>' 
Uijenkorl I 


BoIm West' m ( FKJ>[ 
st 1 erode 


Bnbnu fetl 
Binevier V IFI.2CBJ 

tnnaN.V. Bearer 1 

Kuro C",*niT*qFl nji 
Ui»tUinauiCrtFiDii 
rtelneken 1 Ki JS..I 
d.vjpoveu* 1 FIJOi.; 
Hunter U.iPi.lCOjJ 
K.L.M. iFi.liXh....! 

lm_ Mullny LiO) ‘ 

Maarten (Fl.lJl-.. 
N«l_ .Vftl I na.r FI lu. 
NedCrcd BMFIJO. 
SedMkimuFLW. 

iA»iFi.aj) 1 

Ouem.. 1 


Ahwin ifi.au , 105.5 —1.5 , i28l 

AksjiFIJO) i 29.8; + u.2| — j — 

A>uem BnklFi.nX; 363.5 ......... 235. 7.8 

83 3 ^ 6 Q 

75.9 +0.1 1 23.5 5.9 

94.0 • 26 5.5 

1L9.0|— 0.7 | 82i 6.9 

71.0 +0.4 26 7.3 

280; + l i 27.6 2.0 

133.0! +U.5 ; 47 5 1 6.6 
68.0;-0.2 1 B44>; 6.1 
36.5 +U.5! 20 5.5 
102.1.-0.1 ! 14 ! 1.4 
36.0 +0.4 j 
25.5-0.2 12 I 4.7 
195.5' +0.3 1 8 '5.1 
48.4i -0.3 j 19 I 7.8 

34.6 —0.3 I 12.5 3.6 
lOLS'-O^ I 48 4.7 

52.6 + u.l 21 8.0 

194.7,-0.3 ! 32 I 5.6 
156.11—1.7, 36 , 4.6 
29.4 +0.8 [ 23 
140.0 +0.5 I — 
36.71-0.2 ; - 
26.0,— o.t 17 
^9.6, -*-0.6 J - 


1 an Oianiereu....| 

I. SsOi.j 


TOKYO * 


July 2« 


“Price*; + or I Uiv.,1 nl, 
Yen - I « . fc 


322 

454 

673 

416 

558 

530 

246 

678 


A Mill Glass | 

Cau««n —j 

Cblnoo 

Dai Nippon Print 

rim Photo 

Hitachi 

H.inda Mmo™ ' 

HcnneFonL <1.160 

V. Iloh 242 

Ho-Yokjdo 1.440 

laces- I 666 

J.A.L. 12.640 

Kanwi Elect Pw 1 1.200 
KninaUu 339 

htilkftR 280 

nyiao-Cvmiuiu ... 4.100 
MaUnsInta Imt... 713 
UilMiLn-'hl Bank.. 
Uilsutilahl Heavy ‘ 
MiImiIubIu Corp.. 

Mli"ui ± Co. 1 

Mitnikoshi ‘ 

Nippxi lien io..... 1 1.460 
Nippon dbinpan..' 680 
Niaaui MuLun-..' 788 

Pioneer. ....1.75u 

Sanyo Electric....! 254 

aekisul PnHnh ' 879 

5hueido- ! 1,130 

**iy~ 11.660 

IXubo Marine.—] 242 
lafcedM Chemical 420 

itiK —|2,19J 

lebin- | 181 

I'okM Marine-— 489 
lotto Ktect Pow’t j 1,080 
t'okyo 5aoyo . — 327 

foray. 141 

Toshiba Carp-....] 147 
(■■Villa Midi r 1 898 


-5 

'Cl 2 
-6 
.-2 


I 


»-2 

1 + 10 


j 14 2.2 
12 ! 1.3 
25 I 1.9 
20 j 2.4 
18 1.6 
15 1 1.4 
• 12 > 2.4 
1 18 ! 1.6 
i 35 I l.S 
I 12 2.5 
I 30 ! 1.0 
■ 13 ! 1.0 


278 

130 

462 

322 

588 


i-10 
i+4 
— 1 
; + 50 

j— 6 

:-i 

+ 1 
1-6 
-3 
j— 5 
+20 
!-2 
+ 1 

|Ci°. 


-20 

+10 


. 10 s 4.2 
. 18 j 2.7 
i 15 ' 2.7 
I 35 0.4 
; 20 . 1.4 
| 10 1.8 

12 • 4.6 

13 , 1.4 

14 • 2.2 
! 20 . 1.7 
| 15 ' 0.5 
I 12 0.9 

16 I 1.0 

48 L4 

12 | 2.4 

30 | 1.7 

20 ■ 0.9 


1+10 


3° 

H 

;+3 


1.2 

2.3 
1.8 

0. 7 

4.1 

1.1 
3.7 

1. b 

3.4 

3.5 

1.1 


Source Ntkko Securities. Tokyo 
BRUSSELS/ LUXEMBOURG 


Jmy 24 


Price 

Krn. 


ArtMal — 12,400 

Beuert ••B" {2,020 

C.B.K. Cemeot-..i 1,120 

Orckeriil ; 430 

KBKa. 12.265 

Etectrobel - 6.600 

Fabr^ue .Nat. 2.795 

G.B.lnno- Hm 2,245 

Gevaeri 1,310 

Grpe Bn ix. Lamb. 1 1.546 

HnUuWeii- 2,300 

1 nten.-i.>iii 1.750 

Krediethank 16 . 850 

Lm ICuya.i; Uehte— 5.740 
Pau Holding— J2. 670 

Peunilna <3.775 

oocGen Uaogire-.l 2.945 
v;Uen BenrioneJ 1.950 

»fina 13.140 

x»v»\ 12.470 

traction Kio-t [2,540 

930 

Un Mln.il lu, 726 

f lei lie MontajaJ 1,490 


+ or 


Div. 

Fra. 

Net 


1 — 20 - 


116 

100 


+ 15 1177 

440 

-5 170 

150 

+8 86 

j 164;| 

P-25 W- 1 

!+io 


[-10 
+ 20 


1-15 

I — 10 
+ 20 
-55 
+ 10 
1—15 
+ 10 


142 

29U 

to3b 

\S2.6 b 

174 

20a 

I4u 

£1 5 

Ac lb| 

I7u 


50 


7.8 
b.o 
o.l 

6.7 

v.& 

10.7 

7.4 

8,1 

4.2 

5.7 

2.9 
4.0 

6.9 

7.2 
0.8 
8.6 

6.7 


6.9 


Pakhoeri (Fl 
Philips ■ Pi. lt>i 
iboScbVanFl. 


Btbecori'lJUi ! 173.51-0.2 A25t 


Holinco (FL cOi...[ 
ItoreoiolFI. WJ )... 1 

BoyalDtiirhiFIX' 

otavenlniq; 

SUfVtuGru iFlJdJi 
I'okyoPac. Ubla.« 
Unilever rFl.*3), 

V ikinvl(ea.Mti:t'j 


134.a' J. — 

laZ.6 : 59.3; 

133.7 -0.9 38./h, 
249.5+1.3 1 20 
136-1 ; -C7* 1 
131.6 -0.9 iso-aii 
121.6-0.9l 42. ' 
41 - MJ.HII 


Wfitl.l.'tr. nypi'fcj 393.5— i”i‘; 33 


6.5 


7.4 


3.7 

8.u 

8.0 

4.0 
0.6 
?.w 
1.2 

4.1 


COPENHAGEN * 


July 24 

Price 

fairunyr 

4- or 

Dir. 

Jr 

«a 

•I'M. 

% 

AiinetobiUMui.... 

135 

+ 1* 

11 

0.1 

titjruicirJl+T IV.. 

435 

+ 3 

15 

3.5 

tiau-kcUsnk... 

123 


12 

6.8 

Kn-l-VAiali Co 

166i* 

— 

12 

7.2 




372 J 

13 

10.0 

5.2 

FurPaoIr 

771, 




124 

+ U 

12 

8.9 


265 




iNcint KjUwi 

195 


12 

6.2 

Ulierat+ik 

801* 

+ 1‘* 




Pnvathanli 

•lay 



8.3 

Provmstwnlc 

1361* 


11 


doph. Beryn<^n„, 

4061; 

+ 2 

12 

3.0 

supertoe-.....-,.. 

1791*1-1* 

• * 

12 

6.7 


SWITZERLAND ® 


July E« 


+ or | Uiv.rfM. 


Aluminium...... .. 

BBC* A* -.... 

Clba GpUo tFr.K» 

Da. Part. Cctu 

Uo. lies;. 

G relit ?uwe, 


1.245 

Lo43 

1J150 

770 

680 

2.135 


klectrrmiut '1.600 


Fischer iGeoruci. ■ 665 15 

Hnffmaol’l toiv <70.250 L/. — 


IVx (small) m . -7.028 
lnterioo>l H,_.....'o,w25 
. I emioli iFr. ICM). 11.405 
.VeK'e (Fr. 590 

D-J. Il« j2,24Q 

■,>eriii > oaB.(F.j2>>jc.-45 


Pirelli 3ll'(F IiBi 

San-tox iFr.iaU)-.. 

Uo. Part Cortr.. 
XihiRtlier Cl FUX 
u.aer CUFt. 100) 
.wloaih it’J&UI... 
wi"? Bnk. F.IUU. 


1—10 


. (lieiFt2bO._i4.700 


I'nton Bank „.j 

Zurxsb Ina- 


3.075 

11.200 


1100 ] 1.6 
110 I 1.6 

SO I 2.6 

41 | 1.5 
11 &.& 2.5 


AUSTRALIA 


Juh 


If 


Anal. S i — 


ACM Iti lib L-euii - | 

Aorow AnstmiM ... — ! 

Anted Mnz.Tnlu. lmi».Si; 

Ampo* hvptamHnn. | 

Ampul I’etrriieiiiii ! 


-Imc. Ml 0 eni 7 «....-._ — .^j 


lw. Pulp Paper j}L. 
Aiaoe. Coo. Inditolnea-... ' 

.Vun.FniQilaurai to Vest 

A.N.I 

Aibllmco. 

AiW. Oil A Gas ..I 

Uanilhxi Creek 

Bine Mcmi'Inrt 

Uoueamnlie Coitwi 

BmnitHM Imlurtrie' ; 

LinAro Hill Pm[«apran 

BH ?outh 1 

Lurllim linital Brewarv....| 

L. J. COI|)» 

C-HJiSl) j 

Cock lx tin Omen 1 ' 

Ciinr.. Gnfctfielil# Aust | 

Cunz'm; UlotinU. - — 1 

Comam AiNtraiia...—— 

UunlcTi Ifubfcer (SIl... ...! 

BbCAJk | 

tfrier-omuh.. 


K. 2 . 1 odiirt has... 

Uem. Property Trust - — ! 

Ha men. ley 

Hca.'ker. 

1CI Aiutmlia. — 


iuteMJoppw, 

miner lqduiCclua _ I 


Jennlnei- 

Jonea (Davldx.. 

ueanant Oil.. 

Metals Kaptonuion-..-.. 

Mill HnMInca. 

il.vw Bmneriuni 

New* 

Nn.-tinlaa Interuntlnml... 
Ami b BrokenH'riinsa ttOt 

Uakbrutce. 

till Snatch 

Mltei BsploraUnii 

1 ’ii 'iieer Concrete. — J 

Ueeliiu It Oilman 

H. C. SlrisU 

3001 bland Mining j 

fcisplonu ion ! 

loom u#> 

Wan. hi* 

Wemern Mmmjj jS0coqu.,| 
Wisi|n-orlbs._ 


tO. 65 
10.B6 
12.11 
tl.32 
10.82 

71.25 

11.25 
11.60 
11.05 
tl.45 
10.43 
10.66 

10- 25 

11.19 
11.42 
11.77 
•17.68 

11.20 
11.72 
■ 2.02 
1 3.00 

11.25 
13.10 
12.40 
12.75 
11.50 
tl.33 
:0.92 
12.20 

12.75 

11- 61 

12.26 
10.74 
12.20 
10.16 
11.16 
11.16 
10.24 

10.32 
t2.23 
11.68 
tlL2S 

10.84 

11.35 

11.85 
10.14 
10.39 
11.54 
13.03 

10.76 

10.33 

10.36 
1 1.89 
t0.89 
11.52 
11.58 


-9.01 

1 + 0.02 


-0.03 
> 0.01 
>0.iU 
+ 0.02 
+0.IB 
!+ u»l 


OSLO 


July 21 


Pm*" ' + «a ( - "GiG:\ m. 


Krouei — 1 t 


Benson Bank ; 94.5' + l.S ! 8 

LVHTtvnn.nl : 62.5 — O.b — 

CrciliHnnk J 10B.S6; + 1.25 - IX 

liiHiin.* ...; £22.6. + 2.5 i 20 

hroiti6ka«eu^-J +0.5 11 

Xiirsii H vitmkr.ttj lt»3 ' + 3 -12 

Mmoimuhl I 86.25! t 1.23. 7 


9.6 


• 92 
; ‘JO 
■\uJi 
: & .1 

1 10 4 


BRAZIL 


J 111)1 <14 


I'l lee 
Lnu 


F i*i ~ rn 1 1 Vl.l. 

- un : ■. 


1+9.05 

+6.03 

i+d.Ou 


-D.0B 
1+0.10 
1+0.01 
'+0.01 
•+0.Q1 
[— il.lll 


1+0.01 
(+ '.01 
1+0.0 1 
+ 0.02 


t+0.01 

1+0.0 1 


1 - 0.02 

J+lT.Ol 


- 0.01 

1+0.01 


j-AOS 


PARIS 


July 24 


Kente +i- 


A)r loqu me. ...... 

.Votilbuite...^ 


iksiypiw 

o.-.N. Uervais.. 


UU.K. 

C.l.T. A lent m , 

Ciebancairti.- 
Club Alerter. 

G relit Com FF 1+ 1 

Creuaot UMre ! 

tiumez 

Fr. PetitHea 


Prt« 

1 + or 

Uir. 

Yl.i. 

FT". 

| — 

Fr. 

% 

I 740.1/ + 1.1 

41* 

0.6 

447 

+ 1 

41-16 

4.7 

331 

1—2 

16,5 

6.0 

575 

1-16 

76.25 

4.8 

492 

+ 4 

l«.c5 

2.9 

907 

i— 13 

42 

4.6 

545 

Ull 

1 +6 

40.& 

7.4 

575.8 +3.8 

31.5 

8.8 

1,104 

1+14 

7B.SU 

6.9 

350.! 

+ 4.5 

12 

5.4 

416rf-: 

11.26 

rt.V 

133/ 

|+(X2 

12 

9.0 

75 .: 

+ 1.3 



779uj'+6 

46.75 

4.3 

140.0 

;+o.4 

14.10 

10.1 

193.6 

1 + 0.1 

8.28 

4J2 


l metal 

Jacques floTOl—-. 
la&uye 


L'Otmi.—, ... 

tiddnunti 

Malhoos Phenu.. 
Ulchelm . 

MoW Hennessey . 

-Vloulilnex 

I'aribu. 

Pfc-hine>_.„ 

Pemvjil-Ui.xnl. ... 
P«ii>«it4>}troen..| 

Pot+aiQ 

liaillii T>-I| tuque., 

iteiluute. 

itbojic Pmuenc...! 

'intaun, j 

klk kunab-niH „J 

lUW j 

1 dnwn uique I 

ihnniiion Unmni.l 
Csimu I 


58.11 


156.51 +7.5 


202.5 

1.70S 

509 

1.35^ 

508 

159 

179.01 
87 

281 
438.61 
216 , 
452.0) 
561 

150.5 
1.708 
279.21 
78 A 

230.01 
22.5 


+2.1 


-3.9 


+2 
+9 
+ 10 
+6 
+ 4 . 
+ 1.1 
+2 
+3 
+ 1.6 
+ 10 
+ 1.9 
+ 6 


6.7 


ILffi 

15.37 

36.76) 

39.- 

s g .6&! 


9.8 


12.h) 

3 

1X3*11.1 

7.b, B.6 
7.ol c.7 
17.46! 3.9 


60 I 6.3 
30 I 5.4 

j » 8.6 

+ 2 14.55 9.7 

+ 18 39 2.2 

— 1.8 26.31 9.1 
+ 10 ' 26 fc; .+.3 

+ 1.5 (16, IK 6.6 

+0.2 - - 


STOCKHOLM 


July 24 


MILAN 


VIENNA 


July ri 


fiux ,. 




■ is* 1 1 

! V| : 


LDMlUIhUK... 

reroim»»er 

«Rll 

Tyui|*nt 

tej+ Uaimier .. 
Vrit Maamnir. . 


343 ,.... 
277 1—7 
6<4 —1 

91 

232 . + 1 
x30 


10 l 2.9 
81 ; 3.2 
SB 7.8 


Hi j 3.6 
10 | 4.5 


July E4 


Price 

[are 


A.NIC j 

iHat«ri 

Flat 

tin. Prut 

rinsldei 

Icaicomenil 

JUlUiJtsr. 

VJeilii 11 Miica. 
liciiiudliion 

Uil vet tl Hrir 

i"i rein v 

Pitelli Sia 

^nia Viacom I 


+ or] Div. Y7 

- I tare! 


:+i6.offl - - 


126.25- 

488.60; +13. 

1.814;+ 15 
1.518+18 
155.25' + 6. 

11.690: + 210 6001 5.2 
286,'+ 1j ^-1 
33 790 +390 1.200 
164 1 + 3 _ 

1. 005. OB' + 5.76, — 

1.645 1+18 130 

898m, + 13 S0| 

830 j + 60 — . 


Price 

Krone 


3.5 


AX* A Ab t Kr^kJ)...' 
Alla le.val UfKrSOj 
AoEAiKr^Ol. 

Atlas Copco (Kris 

Holora 

Lan If. 

Cel lu tow 

Klect7us‘B'(K(tu 

Hew"*** 'K* (Krtllf 

Usaene 

Faueraui_._ 

li mope* (lreol._. 
Uaj)ille»rii])ken- 

.Uambmi _.| 

116 Ouh UniKo. 

iutilm A.B.. | 

S.K.F. hr*.... 
ska mi KualuiUa... 
ramlrtlk -H'KiSCl 
Liitilehoim „.| 

Vnlra (Kr. j 


232 

191 

87.0! 

129 

6S.0| 

115 

199 


239 M 


ISO 

144 


+ or 


+2 
+ l‘ 
— O.B 


+ 0.S 
— 1 
3 


-3 

1 


tilv.; V.ii. 
Kr. I % 


6.6 

6 

6 

8 

4 

1/4 

5. /6| 

10 

6. -3 

5 


2.4 

5.3 

5.8 

4.6 

6.1 

5.6 

2.9 
4.2 
4.2 

4.4 


1.03 -4.01 ..la'll 
1.98 +-..7 J.l'. a.bri 
1.34 1 .. 10.37.77.51 
1.90 .+U.C7 j.Ov4.2l 
O.J8 . 5 „.ci.b.i4 
5.40 1 + 0.13 J.li 5-B- 
1.55 +y.iO'j.lt;IO.J2 

2.03 ti.SS:4.46 

5.60 O. 0 &.J .-1 8 . 1 '? 

1.2H ! .J.il : |4.Q6 


.tivniaOP > 

iVnic*. 'In Mm*"... 

UuiK-n Han l*X ... I 
■H'.tjo tlmeimOl 

tiija-- A UP..! 

1 Vi n>»ra- PP 

I’nvin ' 

> HIES Llll/. UP ...' 

Ump I'L ' 

Turnover: Cr.i'JUm. Vulunu- .IT.'Jiu. 
Source: K 10 dc Jutu-lra SE. 


JOHANNESBURG 

MINES 


July :« 

Kami 

+ 0P- 

Atutlo Amoncan Corpn. 

... «-10 

+ 0.113 

Charter Cunsolldated .. 

..... jjW 

-0 1 U 

East Driefonteln 

.... 13.5 

-9.15 

Elsbure 

:ik 


| Harmony — - 7 j* 

+n.M 

| Kinross 


+ D.&5 

Kloof 

..... 11.20 

+0.20 

Kuslcnburc Platinum .. 

I.M 


St. Helena 

JM.90 

-p Id 

Southvaal 

. .. 9.30 

+0-35 

Gold Fields SA 

.... 25 35 

+11.33 

Union Corporation 

..... 5 -W 

- +ens 

De Beers Deferred ..... 

.... 7.13 

-nfrl 

Blj-vonrtUtucht 

3.93 

+9 n> 

East Rand Pty. 

.... J-lJ 

+ 0.13 

Free Si aU; C.eduld 

..... 34.23 

+ 1 on 

President Brand 

1SJ!3 

+ 0.40 

President Slcyo 

IS sn 

+H.30 

SHlfontuln 

.... 5l*1 

+ B. 19 


3.90 

+ U.1U 

West Drtcfontcin 

.... 141.00 

+ 1.30 

Western Boldinas 

M.23 

+ 1.13 

Western Den> — 

. .. IS.30 


INDUSTRIALS 


AECI 

.... 2.93 


Anslo-Amer. Industrisl 

... 10-40 


Barlow Rand 

-4.113 

+11 in 

CNA Investments 

.... I.i5 

+ 11.02 

Carrie Finance 

ItJ.Dtxd 

Dc Beers Indusirial 

... tin.73 

-e .10 

Edcars Consollilaird in*, -.m 

— 0.(13 

Edgars Stores 

.... t27J0 

-U.30 

EvcrKeady SA 

. .. 2.1)3 

+o.ai 

Federal VolksbelRCEhnts .. 1.70 

+ 0.115 

Grpoicrmuns Stares ... 

. 2.39 

+ 0.05 

Guardian Assurance (S 1 

2.0.1 


Bulelts 

1.K3 

-0.05 

LTA 

. l.ffll 

-U.03 

McCarthy .Rodway — 

. fl«l 


NcdBank — - 

. 2 SO 


OK Bazaars 

. 7.30 


Premier- M lUlns 

. ta.79 

+nna 

Pretoria Cement 

. 


Prorea HohUnss 

. 1.33 

- 0.01 

Rand Mines Properties 

. 2. tlO 


Rembrandt Group 

> 3 AO 


Retro 

. u.4n 


Sage Holdings :... 

. l^n 


SAPPI 

. l’J7 


C. G. Smith Susar .... 

4.7ff 


SA Breweries 

1.42 

-oai 

TiRi'ts Oats and NatL Mlg. lo.en 


Unisec 

.... 1.20 


(Discount of 38.7%) 


Securities Band U.S450. 

701 

SPAIN 9 



Juh 1 21 

Per cm. 


Asland 

118 

+ 2 

Banco Bilbao 

KH 

- 6 

Banco (V'liiral - 

am 

- 6 

Banco Exterior 

J7S 

— 

Banco General 

2M 


Banco Grauada it.mhn 

150 

— 


303 I 

J10 -1 

57.3;- 1.0 

365 

110 4 b 
62.5 + 0.6 
273 | + 3 
73.0-0.5 
173 i+1 • 

73.0 

59 -1 
75.51+2.0 


9.6 ' 2.7 


4.7a 

4.S 

8 

5 


«— 

6 


5.6 


4.3 

7.3 


2.0 

6.2 

4.6 

6.8 


7.8 


Bunco tllupuno 
Banco inn. cat. njmn 
8. led. Medliemih'o .. 

Banco Puimlar 

Banco Santander < 2 Ml 
Banco Uroinjo U.DMl... 

Banco Vizcaya 

Bunco Zarascaunu .«... 

Bankunlun 

Banua Andalttclu 

Babcock Wilcox 

QG ......... ,.IUM U U. 

Drags das 

lunwtuntf 

B. I. Anurtmesas - 

Esnanola 2lnc 

Exp] Rio Tuho 
F ecsa (1,600) 

Pctxisa lUAin 
Gal. Prcciados 

GniDo Veluzouf 

Rldrala „.. IH 
lhcrducro M .... 

Olarra 

Papehran Reunldao 

PernliliL'r 

Pclrolcos 

Sarrlo Panaltra 

Sniuce 



Telefonica 

Tnrras Hastcnch 
Tubaeex 


237 

1M> 

206 

205 


- 3 

- 3 


- 6 

- T 

- S 

- 6 

- 4 


258 
241 
273 
152 
205 
» 

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Financial Times Tuesday July 25 1978 


27 


FARMING AND RAW MATERIALS 




Zambia 

backlog 

BY MICHAEL HOLMAN 

EFFORTS TO reduce the massive 
backlog of Zara bias copper are 
meeting with little success, 
according to industry sources. 
They say that about 110,000 
tonnes are held up at the mines, 
in transit and at the Tanzanian 
port of Dar es Salaam. 

Mr. John Mwanakatwe, Zam- 
bian finance minister, warned 
four weeks ago that the backlog, 

130.000 tonnes on June 10, had 
to be cleared “as a matter of 
utmost urgency," The country 
relies on copper for 95 per cent 
of its foreign exchange earnings. 

Although copper held at Dar 
es Salaam has fallen from 
5&000 tonnes to 35,000 tonnes, 
and mine stocks have fallen from 

43.000 tonnes to 40,000 tonnes, 
copper held in transit has risen 
from 29,000 to 33,000 tonnes. The 
cunvri backlog amounts to 17 
per cent of Zambia’s I97S pro- 
duction target of 650,000 tonnes. 

Railway and shipping- sources 
cite as the main reasons for the 
backlog, shortages of wagons and 
locomotives, lengthy turnround 
time of wagons, poor manage- 
ment of the Tanzania -Zambia 
Railway (Tazara), and poor pro- 
ductivity at Dar — which handles 
90 per cent of Zambia's trade. 

Tn addition to the copper, 
R7.000 tonnes of Zambian imports 
are held up at the port where 
the berthing delay is now 30 
days. 

The critical state of landlocked 


fails to clear 
of copper 


Zambia’s transport problems was 
noted at the recent World Rank 
sponsored meeting in Paris of 
the consultative group of 
nations. 

A World Bank paper presented 
to the group noted that Tazara 
wagon turnround time was 40 
days instead of the planned 22 
— nearly halving the line’s 


KITWE, July 24 

capacity. Locomotives in service 
on the line fell from 71 per cent 

?LJ olal in December 

1977 to 48 per cent in mid-May 
this year. 

For these reasons industry 
sources are pessimistic about an 
early resolution to a problem 
which has been dragging on for 
eight months. 


LME stocks down again 

BY JOHN EDWARDS, COMMODITIES EDITOR 

COPPER PRICES opened 483.300 tonnes. However the 
strongly on the London Metal stocks decline bad already been 
Exchange yesterday, mainly discounted. Also ignored was 
reflecting the move upwards on news that the talks m Geneva 
the New York market on Friday aimed at setting a new consulta- 
evening. tive study group for copper had 

However, London prices lost broken down without any 
ground in later -trading, despite agreement, 
another hefty fall in LME vare- ** n values opened lower 
house stocks, when New York following a fail in the Penang 
values .opened . lower than market over the weekend, 
expected. At the close copper cutting the Straits tin price by 
wi rebars were only £4.5 up at mS 20 to MS1.700 a picul — the 
£708.5 a tonne. - ne >f ceiling " price of the Inter- 

An announcement bv Asareo . Tin Agreement. But 

that it was imposing a 50 per SlSfleineJfraii th* ****«, l owe f 
cent cut in August shipments of ”U y ^ ? a 5 ket 

copper cathodes to European £37 - 5 down at 

customers from the Do smelter . _ ___ 

in Peru gave a temporary boost ^ ° f 280 

to values Rut later it u-» t0QQ ? s to a total of 2,595 tonnes 

pointed out ££ t£re haS been J" s ' n i£? ^?J nar | tet «**«* 
a 100 per cent cut in June and J, 0 s n8 fn nlPS-* 1 ?®** r, 0 * b * 

My Shi mao* fell bVlS .c SsE tonn" 

Copper stocks fell by 7,175 LME silver holdings rose by 
tonnes reducing total holdings to 260,000 to 13,180.000 ounces. 


World sugar futures 
down sharply 


BY OUR OWN CORRESPONDENT 


THE RENEWED vigour of 
sterling against the dollar and 
Friday's weak close In New 
York saw the London terminal 
market in sugar off to a lower 
start yesterday. The daily price 
for raws was cut again £2.50 a 
tonne to £82 — the lowest since 
December, 1972. 

World sugar futures prices 
dipped sharply and although 
recovering a little there was no 
fundamental news to provoke a 
true revival. 

The October position lost 
£3.10 a tonne on the day, 
closing at £82.075. 

Forward premiums were 
slimmed down, reflecting the 
general belief that the current 
surplus of sugar would continue 
to depress the market for some 
considerable time. 

The executive committee or 
the International Sugar Organi- 


sation meets on Friday to 
d ; scuss tactics. The EEC, which 
has still- to sign the - Interna- 
tional Sugar Agreement, has 
been asked to attend. 

The first export tender for 
new-crop EEC sugar is scheduled 
for Wednesday. 

Our correspondent In George- 
town reports: The Guyana sugar 
industry, hit by a record 135-day 
strike and mounting inflation, 
lost £3.4m last yeai'— the first 
full year of operation under 
State ownership. 

Gross revenue was £42.4m. but 
operating costs took $45 -8m, 80 
per cent of gross earnings went 
to employment and another 15 
per cent tq community costs. The 
industry was still able to contri- 
bute £40.5m towards the coun- 
try’s acute foreign exchange 
situation. • 


Fish catch by 
Peru to 
exceed target 

WASHINGTON, July 24. 
THE U.S. Agriculture Depart- 
ment said the Peruvian fish catch 
for industrial purposes to June 
15 totalled 1.1m tonnes with 
between 30 and 40 per cent of the 
total made up of anchovies. 

In a field report from Lima 
the USDA said that with weekly 
catches currently at about 50,000 
tonnes, the official forecast of 
15m tonnes for the year was 
likely to be exceeded. 

Some sources are projecting 
that up to 2m tonnes of fish for 
industrial uses will be landed by 
the end of the year. 

Reuter 


OILS AND FATS 

VISIBLE AND invisible stocks 
of the 17 major oils and fats will 
rise to a record 9.3m tonnes by 
the end of the 1973-79 season, 
according to a first tentative 
forecast by Oil World, the 
Hamburg-based weekly publica- 
tion. 

Reuter 


Plan to 
lift cobalt 
output 

By Our Own Correspondent 
ZAMBIAN COBALT production 
capacity will almo6t double in 
1979. from 2,200 tonnes at pre- 
sent to between 4,000 and 4500 
tonnes a year, say industry 
sources. 

Estimated 1978 production of 
1,700 tonnes will rise to between 
2500 and 3,000 tonnes next year, 
say the sources, as new capacity 

at the Chambeshi division of 

Roan Consolidated Mines (RCM) 
comes on stream, probably in 
February. Present output is 
from the plant at NchangaCon- 
soiidated Mines Rokana division 
which treats material from both 
companies. 

This month the Zambian state 
metals marketing company, 
Memaco, raised its cobalt price 
from $8.50 a pound to $1 2.50 a 
pound with effect from August 1, 
The metal is used for the 
manufacture of jet engines, 
permanent magnets and in 
chemical and paint industries 
The sources estimated 1978 
demand at about 27,000 tonnes 
(1977 — 23,000-24,000 tonnes), 
some 10,000 tonnes in excess of 
supply, and forecast an annual 
increase of 8 per cent in demand 
over the next four to five years. 

Zambia is the World’s second 
largest cobalt producer, after 
Zaire. Rut the invasion of 
Zaire's Shaba province will 
reduce output at the Kolwezi 
mines — which normally provide 
70 per cent of world cobalt 
supplies — to 8,000 tonnes this 
year, say industry sources here. 
This is half Kolwezi’s capacity. 

New price 
for tungsten 

By Our Commodities Editor 
A NEW official Quotation for 
tungsten concentrate' (wolfram, 
scheelite or artificial sebeetite) 
has been introduced this month. 

The International Tungsten 
Indicator, as it is known, is com- 
piled from reports of transactions 
sent in by both leading pro- 
ducers and consumers. Unlike 
the current free market 
quotation for wolfram, obtained 
from London merchants, ‘ the 
Indicator price includes spot and 
fixed price forward contract 
shipments. 

The idea is that the in- 
clusion of a much wider range 
of business, drawn from all over 
the world, will provide a more 
comprehensive quotation, less 
vulnerable to sudden 
fluctuations. 

Prices, cif port of destination, 
are reported twice a month in 
US. dollars per metric ton unit 
(22.04 pounds). 8he first price 
issued covering the first two 
weeks of July was $140.37 a tonne 
unit well above the present wol- 
fram free market price of S130- 
$135 per tonne Unit. 


BRAZILIAN COFFEE 


Frost not the only threat 


BY SUE BRANFORD. RECENTLY IN LONDRINA 


“THE RISK of a frost will be 
over only in September. Until 
then, the whole town is living 
in. suspense, for another blow 
like the one we received in 1975 
would put an end to coffee fann- 
ing in Parana." 

This is the opinion of Sr. 

Daniel Henrique de Andrade, 
formerly a small farmer and 
now manager of Bung y Bom's 
office in Londrina, or u Little 
London,” as it was nicknamed 
by European immigrants opening 
up the state of ParanS at the 
beginning of this century. 

Sr. Daniel explains that many 
of the bushes are young, as large 
areas were replanted after the 
“Big Frost** Bearing a little 
fruit for the first time this 
harvest, these bushes are 
extremely vulnerable to bad 
weather. A severe frost, or even 
cold weather, at about freezing 
point — accompanied by gale 
force winds — would wipe out 
whole plantations. 

Sr. Daniel, who has been 
observing Parana’s weather for 
30 years, says that all the serious 
frosts have occurred under a 
crescent-to-full moon. Now that 
ihq July 13-20 “risk week” has 
gone by without misfortunes, the 
next danger period will occur 
from August 11-18. 

Even without a frost, Parana's 
farmers have enough problems. 
This year’s long drought (which 
is. still not over despite 
occasional showers of rain), has 
taken its toll. It has brought 
down the Brazilian Coffee 
Institute’s estimate for this year's 
harvest from 55m bags (60 kilos 
each) to 4.8m bags In Parana 
and 3.2m to 7.2m in S&o Paolo. 
This has reduced the estimate 
for the national harvest from 
20.7m to 184m bags. 

Traders in Londrina say that, 
unofficially, IBC officials are now 
talking of as few as 4m bags for 
Parana. One experienced broker. 


MSrcio Tavares de Menezes, 
maintains that a truer figure 
would he 35m bags. 

The traders say that the 
drought has helped produce a 
fine-quality coffee, bat has 
increased the number of reject 
beans. This means that, whereas 
in a normal year, three bags of 
unshelled beans would produce 
one 60 kg bag of shelled coffee, 
the average yield has now 
dropped to 15 kg per bag and 
four bags are required to 


COFFEE FUTURES prices on 
the London market fell to new 
two-year lows yesterday as 
temperatures continued well 
above normal in Brazil's grow- 
ing areas. The strength of ster- 
ling was also thought to have 
encouraged the decline, which 
left September delivery coffee 
£42 Lower on the day at 
£1.093.5 a tonne. 


produce the same quantity of 
shelled coffee. 

Another new problem is laud 
depletion and the pressing need 
for fertilisers, which are largely 
imported and very expensive in 
Brazil. For over 150 years, 
farmers abandoned exhausted 
soils, moving on to cheap, virgin 
land and gradually occupying 
Brazil’s interior. travelling 
south-west, from Rio de Janeiro 
to Sao Paulo and. more recently, 
to Parana. 

Now this process has reached 
its economic and geographical 
limits, for land prices have 
rocketed with the increasing 
scarcity of fresh land and coffee 
cannot be cultivated in the 
colder, more southernly regions. 

A few fanners have swung 
north again, experimenting with 
coffee in tropical areas, such as 
Mato Grosso. Many, however, 
are trying to replace the fer- 


tility in their soils with the 
increased use of fertilisers. 

The impact of this year’s 
drought can be seen all too 
dramatically in Londrina. which 
was previously a prosperous 
town, proud of the amazing 
speed at which it had mush- 
roomed. reaching 160,000 inhabi- 
tants just 45 years after it was 
founded. 

Now, large shanty-towns have 
formed on its outskirts, filled 
with peasant farmers who have 
been driven off the land by the 
failure of their rice, maize and 
manioc crops. Scores of lorries 
draw* up at five o’clock in the 
morning to take some of these 
labourers off to the coffee plan- 
tations. where thev work a full 
dav to earn Cr$ 55 (£1.60). 

The harm caused bv the 
drought will be even greater on 
next year’s coffee crop, it is 
claimed. The bushes have not 
so routed as they shou-ld have, 
and many farmers are nredicting 
a 50 per cent cutback in next 
year’s crop. Sr. Wilson Baggio, 
president «,f the farmers’ associa- 
tion in Comutio Procupio in 
northern Pa rand, savs that, from 
thp 7;n Jo Sin bags originally 
estimated, the state will now be 
fortunate if it produces as many 
as 4m next year. And that is 
without a frost. 

Some farmers are beginning 
in nueslion th® nlantinc advice 
given bv the IBC. Rather than 
the old " eovas.” or holes, into 
which six or seven Plants were 
cultivated close together, the 
bushes are now placed in single 
lines, or in Eroups of Uvo. This 
technique helps the use of trac- 
tors in between the rows, and 
increases yields. 

However, some farmers are 
saying that the new method 
leaves the bush pxtremelv isola- 
ted and much more vulnerable 
to frosts, winds and droughts. 

■'is is too great a risk to run 


in Parana, where the weather t< 
highly unreliable. 

They also point out that the 
turnover of bushes is much 
greater under the new system. 
Whereas hushes planted 20 or 30 
years ago in the traditional 
fashion are still producing, if at 
a lower level, rep lan tins after 
eight or nine years is essential 
with the new technique. 

At the moment, private traders 
are buying up little coffee in 
Parana, because of slack world 
demand. Many farmers, needing 
cash, are celling in the IBC, 
which is buying up good quality 
coffee at the unprecedented rale 
of 40,000 hags per day. It i* 
thus thought that, by mid-Angus;, 
the IBC will have taken about 
2.5m to 2.7m hags of fine coffee 
out of the market. 

Traders say that IBC officials 
are hopeful that by then world 
trade will have picked up. If 
nol. they believe thar the IBC 
may well take emergency 
measures to speed up sates, even 
resorting once more to “ special 

contracts.” under which coffee 
is sold at lower prices than the 
minimum permitted by the In- 
stitute. 

Ironically. Braril itself has 
shown more clearly than any 
other country the falsity of the 
so-called “ law ni the inelasticity 
of coffee demand in prices.” 

Despite a steady no ;ml avion 
increase of about 2.5 per cent a 
year, Brazil's coffee consumption 
dropped from 7.5m bags in 1974 
to 6.4m bags in 1976. recovering 
somewhat last year ;«> 7.Um bags 

However, the recent downward 
trend in world consumption, 
which Tell from 56m bags in 1974 
fn 4S-50n? bags now, has shown 
that not only in Brazil can high 
prices break old iubils. Perhaps 
even more linn the passim; 
droughts and sporadic frosts, 
this new lesson threatens the 
future uf Parana’s farmers. 


Deer fanning— strictly for optimists 


BY CHRISTOPHER PARKES 

FARMING of deer for profit is 
strictly for optimists says a 
feasibility study just published 
by the North of Scotland College 
of Agriculture. 

' To establish a herd, farmers 
can buy young animals from 
country parks, zoos or other pro- 
ducers. However, the report 
notes dourly, it is not advisable 
for anyone to pay significantly 
more than their simple meat 
value for such foundation stock. 

While it is illegal to catch 
deer on the bill outside the open 
seasons, the report says a*jy deer 
can be taken on arable or per- 
manent pasture land or In wood- 
land at any time of year. 

■halves captured at one or two 


days old can be reared into fully 
domesticated stock. 

Biggest single investment for 
the would-be deer rancher is 
fencing. The stock have to be 
contained before they can be 
managed. And because deer can 
jump and even wriggle under 
obstacles placed between them 
and liberty, fences have to be 
high, tough and expensive. 

Starting on open hillside with 
a herd of 100 breeding hinds 
stocked at one animal to 2.5 
hectares, fencing would coat 
about £16.000. This cost of £155 
a hind drops to £110 with a 
herd of 200 females. 

Rearing youngsters appears 
fairly routine and the apparently 


eccentric practices recommended 
to help stockmen adapt to these 
unusual charges should not 
present many difficulties. How- 
ever, as they grow they have to 
be carefully trained to respond 
to their keepers’ call or whistle. 

And those which fail to learn 
the rigid discipline of living in 
the man-managed herd are fated 
to go young to the abattoir, 
that all the harassment and 
extra investment in time and 
special facilities can be quickly 
and amply compensated by 
premium prices from the luxuri- 
meat trade In West Germany 
and other wealthy parts of 
Europe. 

However, the figures gathered 


in the report are less hearten- 
ing. 

Venison prices have increased 
ten-fold over the past 1.3 years. 

The authors claim that over 
the first three years’ operation 
the cumulative deficit on a 100- 
hind deer herd reaches more 
than £23.000. 

” It would seem in current 
circumstances a combination of 
an optimistic outlook with ex- 
ceptionally favourable circum- 
stances ■ arc required for the 
establishment of a deer farming 
enterprise to offer an opportunity 
for financially attractive invest- 
ment.” they conclude. 


COMMODITY MARKET REPORTS AND PRICES 

_ . . i in* Va*+» nine f A Tl 1 ! TnrrtfnfPr 


BASE METALS 

COPPER— Higher on rt» London Mttil 
Mxi/hant,- with forward racial Initially 
mo v ins Cri«m £7711 lu £737 on Friday's 
N-rforntascw la Nvtr York More slipping 
ind losinr. praund on hcdKc selling to 

ns:. ' * “ — 


ora"i« j 

i+ 

_ I'. III. " 

(Jiuilb>-m 

rl tl* 

X | 

t 1 

L* 

i f 

! 

+ 10.5 

708 9 

1+4.5 

miiitthf-i 733-. 5 . 


729.5-30 +5 

L-ttr tn'iic 711.5 1 

+ 10 1 

— 

! 


707-8 '+!•! 7M.5 5.S+S.W 
luunib*..: 728-.fi 736-5 

■rtil’ui'ni; 708 l+lfl ™ ' 

\S. Smr.j — • I 65-64 •• 


lower than expected sod then moved 
down, helping Unv London price to ease 
ip I 72S. Bin the. market steadied on the 
tali’ Kerb to close ai £7305. Turnover 
30.125 touncs. ; __ „ . 

Amalgam nii- A Metal Trading reported 
that in ihi- mahrimi cash wirebai* traded 
at 1711.5. throe months E7S4.5. 35. 34J. 
34. 33.3. Cathodes three monifts £720. 2S.a. 
Kerbs: Wirebars Uwec mouths £7315. Si. 

3 3.3. 35. 315, 54. Afternoon: Kirrtara 
three months mo. 303. M. W. 28-5. «. 

29.3. 20. 29.5. Cathodes three months £726. 

Kerbs: Win- bars cash XTOs.3. three months 
£730. 303. 29. 30. 303. , _ _ _ 

TIN— Easier as forward meuJ started 
at £#360 following the decline in the East 
over tte weekend. Hedge selling depressed 
Hie price to £6.310 before bear covering 
and buying against physical business 
lifted the market to £6.340. Trading con- 
tinued around this level and the close on 


the Kerb was £0,335. Turnover 155 
tonnes. 


TIN 

*.01. 

OQli'i* 

+JX 

ij.m. [■+ 1™ 
UnoOlcM | — 
( 

High Or 
Cask. 

0" - 
6373-50 

-75 

6385 90 

*■ 

373 

6 tnomiiB. 

6355-50 

-77.5 

6355 70 -27-5 

Setticm't . 

6376 

-76 

— 

M.M. 

fiTAiirtanl 
Uuli.^ 

6370-5 

-76 

C385 90 

-57.5 

t ruodUi*. 

6320-30 

-77.5 

540-5 

— 50 

WMOTl'l . 

6375 

—75 

— 

..... 

until* K.. 

] c 1700 

-20 

— 

...... 

New tort 

— 



— 


of £55 down were registered in a hectic 
inM -afternoon period. Values fluctuated 
in a narrow range from then on and the 
market closed £40 down on balance. 


price at 3 a (same) cents a kg (buyer, 
August). ’ 



Ncu 

Xe6t‘tn»v«' 

Frerlou* \ 

BoEimo. 

KJiaJ 

Clow 

cio« 

itnuo 


I.G. Index Limited 01-351 3466. One month Gold 195-5-192-0. 
29 Lamont Road, London, SW10 OHS. 

I. Tax-free trading on commodity futures. . . •• 

3. The commodity futures market for the smaller investor. 


COMPANY NOTICES 



THE RANDFONTEIN ESTATES GOLD MINING COMPANY, ' 

WITWATERSRAND, L1MIT6D 
(Incorporated in the RennMic of Sooth Africa* 

ON SHARE V w5Ki5tNTS TO BEARER 

pursuant to the *5n»s5s oi%o a£w* 

Informed that the rate of e^a^M at wmai Mclia on 5rd_ Amnnt. 

are to be Gc* 0*5*1 Cd R» U* 9 |W ”J E I "SB iwn? United Kingdom Currency. 

ttjv* uss& rwrsat-'raa. vsjtq a**.* .* 

SJS; 51 "V'tS Lo^SoS^r^^^^-cc 1 . 37 ^. Solboru Viaduct. London 
EC1P 1AJ. Amount Payable 

per sn*ro 
lU.K. currency) 


120.3040 

16.0456 

102-2534 

21.6547 

80.6037 


WSSffiSST 

COUPONS must be ««ed In <^5'J^- d 0, * ( J? r ^5,mhi2uon l '%n "amT'w^tSSv ' 

oSirer R«col^O^«, arKl derogtrt HEfwimde ** r««*ul r ed- '.- 

(Saturday caeepfed) at least «**en dear oay* brOT hERS LIMITED, 

O. W.T'wi tuCS^ ^retary. 

“toatc. 

:CZM 3XE. 

r, 1S78. _ 

NO\ h . _ aoiotl „ of the dividend for use fur United Kfro«w«, »««* »rd 

the dwiwns IIjN'jrtfc- cleductta" Of IK 

fvr? jnw ir,An 
SHffT&k io TSSKWI cr &4W v... 


U5S25 .000,000 

7\% Convertible Subordinated Debentures due 1988/1992 

of 

ENNIA N.Y. 

established in The Hague, The Netherlands 
In iccordllKs with the provi.ioits in Ankle XX l of eh" trust Ag 

**?%?££ US. compile* with ,11 the obttgaoo- ^ *■ * 

Trait Agreement, 

1977 the eonvonion «» mma.nsd ^ m «H 1 

At Use December 1977. *»* oo«aitd,ng amount <* “ 

JUS25.00ff.000- . „ Mrfarffl an 1 tAumaanr 

(977 he found no occasion » make or perform 

or acts- ffte Trust*" 1 

N.V. NEDERLAWOSCH A DM IN JSTRATI £-EN TRUSTKANTOOR 


Amsterdam. 7th July 197® 


COROPEAN^ML |AN*» STKL 

TWENTY YEAHBONDS Of 
I9G7 DUE TST OCTOBER. T087 
Ti*c Commitfton 0/ .£gj: 

Kiamtiet armounccV-dwt » 

Sffljsftoo w 

redemption on Tst October. 

25th July, 1376. 



eVR, IBS- A^i^Menu^ 1 Three Spectacular 
Carte « y_ .Al l-»n an a 1.45 and 

Floor Shovp . T £^wkeswc rth 5 Frlenas, 
of JOhmw nawro TnaA. '' V 7 

■JSrSte* I-* 5 **- 


Morning; Standard cash £6J7D. three 
months £6.336. 25. 30. 20. 16. 15, 26. 3D. 
35. 30. 25. Kerbs: Standard three months 
£BJ36. 35. «A. 45. 40. Aflerooon: Standard 
cash £6.380. ihnre tnomhe £<1325. 40. Kerbs: 
Standard three months £6, MS. -M- 
LEAD — Utile changed alter ■ foamre- 
less day's trading. After start Inc at 
E3I4-X3T6. forward rw/al traded between 
£312 and £314 and dosed on the Kerb at 
S3J2.75. Tumowor 3,490 tonnes. 




ej-twoei 
Ncrvernoer^.. 
January — . 
March.. .—... 

May 

Jurv- 


1145 1150 -6U 1173 1155 
1092 1D95! — 42JI 1 155 -OBO 
1030-104 j! — 46^1 1 060 830 
1005 1006.-26.5i 030 hOO 
962 970 j— 2UI 990 860 
950 955 I-25.DI 965 940 
935 BAO —37.51 950 925 


LE-VD 


a.m. I ■ on p.nu ; t o> 
DfScla I — lOanOleui | — 


302.5 

312:5 

-02.5 


L' 

+lJi 
+ 23, 
+ 1.5, 


Sales; 5.G66 <3A00t lots of 5 tonnes. 

ICO Indicator prices for July 21 (U.S. 
reins per pound u Cotombian Mild 
Arabics* 188,00 • 167-OOii unwashed 

Arab leas 140.06 < samci; other mild 

Arsblcas 121.17 < 123-60 1; Robuslas ICA 
1876 122-50 0242151; Bobnstas ICA 1968 
123.73 Dariy average 1SL84 

024.631. 

ARAB I CAS. DnlL AusUSt 135JO-144.00. 
Oct. 125.04- 131.00, Dec 08.00- 123 JM; Feb. 
U2.00-118.0Q. April, June and August 
unquoted. Sales: NIL 



I k . 


302-3 ,+.5 

012-.6 i+1 


Ceab 

invoili-. 

e*c' m'ni , . 

L‘.-. -'i«u J — I 1 31-49 |_ 

Morning: cash 2303, 02.5, 03, three 
months £313. 14. 13. 125. 12. Kerb; 
three months £312.5, 13. Alternooo: three 
months £312.5. 12. 12.5. Kerb: three 
months 2312.5. 

ZINC — Steady on short covering and 
covering against physical Business but 
trading was light and forward metal 
moved in a narrow range. After starting 
a! £317-1319. it held between £316 and 
£318 and dosed oo the Kerb at £316.75. 
Turnover 2.600 tonnes. 


GRAINS 


The market opened S0-35p higher. Wheat 
saw reasons bid support on short covering 
initially, particularly in November which 
traded 40 up, but values eased during 
the afternoon session due to commercial 
selling to close 10-I5p lower. Bariev 10 
very ttun trading conditions saw some 
support but values eased on lack <rf buying 
Interest to close unchanged to 5p higher, 
ACL! reported. 


Sales; 427 (347» Iota of IS tonnes and 
48 (281 Of 5 loones. 

Physical dosing prices rbuyersi wen?: 
Spot 52p 152.751; August 54Jp (53.5;; 
Sept. 54.750 (S5J5J. 

SOYABEAN MEAL 

The market opened steady following the 
late recovery In Chicago markets on 
Friday. Firm sterling and continued 
liouldatloo 90oa weighed 00 prices and 
values declined to the day's lows in 
sympathy with disappointing Qticaso 
markets. At the close slop- loss selling 
drove prices to new lows. 


iVHEAl 


BARLEY 


MNC 

Lin, 1 

Offl.’BU 

t 

p-m. 

Uupfflia 

,1+or 


i 

, 306.5 

+4 

1: 

305-6 

1 

1 + 2.6 


| 316.5-7 

+4 

316-.6 

1+2.5 


306.5 

+4 

— 

. ...... 

I’ini.Waii — 


29.31 

1 


U’rlH 

Yerterday'.' + or lXBK*id»y , *l 
cjo-o [ — | cioro 


"Wpl. 

Nov. 

Jan. 

04.95 ! — u.IOi 79.63 
a?.. 0 i— His aa.45 
90.40 l — u. 10 85.33 

U3JJO 1—0.10 8"f.85 

B5.60 f — O.7o| 9~.ba 

r^b’.aa 

+ao5 

jy+v 

— 



XeM«niey, -f 
Ckw [ - 

burton 

Done 


fi|*rtonnp! 

107.7 08 0—0-30 

100.70-08^0 

J.tooer 

De-amber—. 
rebran;... 
April 

l>fi.90 16 . 0 -afiO 
172.7a ii£l — u.10 
1.6 Jj i«'-O.20, 
1)5 0> 18.2^-0.16 
iBi ■ 1751 — 0.76 
117. - O.li-0.5 

H9.S0 12.00 
IMI-IUI 

1 14-00 

AiiCTM 

— 


Sales: 74 (143) lots of 100 umneg. 


SUGAR 


* Cents per pound. T On previous 
official dose- 7WI per picul. 

Morning; three months £<17, 13, 17. 
16E Afternoon: three months £31“. 17 
17. I«j. Kerb; three months £316.3. 


SILVER 


Silver was fixed 2Jp an trance higher 
for spot delivery In the London bullion 
market yesterday at 28Qp. UE. cent 
catdvalnitB Of the firing levels were: 
Spot 553.6c, op 12.3c: three-month 664.7c, 
up 13 Jc; stx-mnmh 8765c, up i3Jc: and 
12 -month ESI .3c, UP 13.6c. The motal 
opened at 237J-288.1D (553i-&55c) and 
dosed at 36S-286P l5S6£-S52M). 


S ILVSH 
per 

trov u. 

Bullion 

fixing 

pricing 

0- « 

L.3LE. 

dare 


spot.— ... 

imunllb.. 

DMUllll... 

286p 

<s93.45p 
301. 2p 

+ 2.3 
+3.73 
+2^6 

285. Ip 
U32.6&P 

■ 

+ 2.0 
+2JS5 




~LME ~ Turnover 134 i‘U2» lots of 10.000 
ounces. Morning: Three months 284.0. 4.5. 
4.3. 4.4. 4. W.7. 3J. 3.4. Kerbs: Three 
Otoliths 203.6. 3-4. 3J. 3.6. 3.4. 3^. After- 
noon: Three month!. 29ft . 3 . 2.G. 2-5- 2.7, 2.4 
Kerbs: Three months 2-i, 2.S. 

COCOA 

Pricus flnemated in a modest range, 
jn rp M y under :hv influence of currency 
movements, cm and Dtdfos re period, 
irwlontay'-i +«J 

LTXXJA J Ck*e | - J lfone 


im rtrea.v^w.ff 

ilarob nnU-IB. 


il7Za.W9JJ klW)l174BjM7JB 


i/67.8-1742 

<L5 .m&jc-nzs 
>>raiH -,.. , + l-5-JWH).<.-inQ 
1688.0-1702 —0.3 -1107.U-16S5 


i7-v -1.5 

• a... IlhSfi. -BO. ' —1.0 


sales: 870 11.435) lots of 16 tonnes. 
iKernaUanai Cocas Orsanisatioa lU-S- 
coms per pound) — Diuly price July 22: 
145.47 1 146.38}. Indicator prices Julr 24: 
IS-day average ici^z <i4L7Bf; 22day 
average 341X9 < 141.621. 


COFFEE 


Badness do ne W heat: Sept. S5J0-S5.65. 
Nor. ss.05-57^0. Jan. 90^5 -so.m. March 
S3 .55-8110. May 05. 75-85. 75. Sales: 106 lots. 
Barley: SepL 79JB-79.65. Nov. 82.7M3.40. 
Jan. «5.45 ^a 30, March S8J04E.OO. Sales: 
49 lots. 

H&CA-5 Ex-farm spot prices, July 24. 
Feed barley: NE Scotland ftc.so. 

UK monetary coefficient Jar week 
tu. rinnine July 31 is expected to remain 
no changed. 

HGCA. Regional and UK average ex- 
farm spot prices for week ending Thurs- 
day J for 20. Feed wheat— S. East 06.80, 
Eastern 97.00. E. Midlands 9&30. W. Mid 
lands 06.80. N. Bast BSJO, N. West 07 00. 
UK:. 07.68. change: +130. manage: 2 ,282. 
Other milling wheat— Eastern 10L80. 
E. Mldlaads 100.0ft. N. East 161- Id. UK: 
101.60. chany: +220, tannage 376. Feed 
barter — S. West 80.70, Eastern 80 -SO. 
E. Midlands 79.00, W. Midlands T9 .bc. 
N. East 79 JO. N. West SL2C. Scotland 
80-80- UK.- bO JO. change -10. tonnage: 
3 32- 

MARK LAME— The market was un- 
responsive with occasional speculative 
trading in new crop pariUons. Mining 
wheat delivered London: Sect. 91.25. Oci.- 
Xov.-Dcc. 36.25. Unquoted wheal 
delivered E. .inglia: SepL S4.00. OcL- 
Nov.-Dec. bfLoO. Barley delivered E. 
Anglia: Sept. 79.00, OcL-Nov.-Dec. 1050. 

IMPORTED Win: CWBS No. 1. 131 
ncr ceiu, July and Ads. 03.25. Tilbury. 
U3. Dark Northern Spring No. 2. 14 per 
cem. Aug. SO .25, SepL 81.00, OcL Sfi.75. 
rransWpmcwt East Coast sellers. U-S. 
Hard Wlmer Ordinary, Australian, Argen- 
unc, Soviet and EEC grades unquoted. 

Maine: U&JFrettch July 10100, Aug. 
&50. SepL 100.00 tronffiEtmem Bast 
Coast sellers, 5. African white Aug. ®jk>, 
Uvtrpooi'Glasgov. s. African Yellow 
Aug. 69 JO Liverpool/Clasgow. 

Barley, Sernbnn, Oats: Unquoted. 

EEC IMPORT LEVIES- Effective for 
July 25. hi order current levy phis Ang., ■ 
Scpl and OcL premiums (prerioos la 
brackets >. All tn nnhs of accmmt per 
tomme: Cmureon wheat— 60^5. - rest nil 
(S3.4S, OJX 0J3. all). Durum m beat— 
138-57, rest nfl 03946. D&. 0«, 9-161. 
Rye— 55.83, r«t pfi <89^2, rest not. 
Barley— S6ir7, 31$, 3J«. 3 as (gun, its. 
3.18, 3-16|. Oats— 80.15. 0J6, 93*. 0 J6 
(81.50, rest nil*. Moire (Khar than hybrid 
ter seeding]— 88.07. real nil 187.72, rest 
ml). BoOcwtreai— M) oil rail alii. Millet— 
7S.U. rest ml (8e.:«. rest nllt. Crab 
SOfshwn— S8.S2, 0J6, 0,60, nil (6B.D2. 0,66. 
0^8, nil*. Fleur levies; Wheat or mixed 
wheat and rye Hear: 139.41 (142-41)'. Rye 
(Mur: 137.96 <137-961. 


LONDON DAILY PRICE (raw sugar) 
£52.06. (£8456) a tonne df for July- Ang. 
shjmnenL WMre sugar dally price was 
fixed at £95,84 t £96,061. 

The martot opened about 156 points 
down in the nearby positions but much 
greater loses were recorded In the 
forward accounts with October 1979 trading 
at 6.60 below pre- weekend- levels. Later. 
Comndarioa House stop-loss liquidation 
touched Off a farther fall of 100-158 point*. 
However, daring the afternoon, Increasing 
New York quotation enabled some of the 
losses to be recovered so that final prices 
were unchanged in the pears to 150 points 
higher than opening levels in the forward 
accounts. 




j 


Comm. 

Coin. 


Close 

Dane 


An*._ 

Out.--. 


JJa rob:, 
3iajr_. 


£ per Mine 

S1.B0-. 1.7S eun+i JO B4.m-t0.60 
•1X> 8.1U a&.l&-fc6uO tbJSj- UM 
rt-70- 4ji-5.rt-c.B« h7.sa-tfi.b0 
0 .66 S .60 2-95- 3 Jo SJX MM 

1.60 -jJ Jh «b.1B- 6 M B.6 J-.0.Q6 

9a.-PK.T6 66.60-88.7b 3S.60-K.ll0 
38.09 88.6 lt9.0D-«2.2a| 87.4a- 36A0 


Sales: 3,766 ' (3-575) Ins of » ? panes. 

Taio ana Lyle ex -re finery price for 
Eranhlued basis white sugar was £26445 
■same) a tonne for borne trade and 
£14250 (£144-60; for export. 

(Rteraathnwl Segar Agreement (U-S. 
rents per do and Job ana sowed Caribbean 
Pori). Prices for July 21: Daily 043 
(640), 15-day average 6.49 (643>. 

WO OL FUTURES 

LONDON— Tbe market was dull sod 
quiet, reflecting holiday conditions, Bachs 
reported. 

(Pence per kilo) 


Auatulim 
Grassy Wool 

Sfenent’ys 

doss 

t 01 

IWSUtSH 

Done 

Jniy , , 

UAober 

DaoesBbar w 

asy 

Juiy-^,__ 

t^^ebsr 

1*0. 

864-68.0 
Us J 48.0 
IIU-sBJ 
M.r46J1 
340 . 47 J 
24+.V-SO.O 
i-8. UJ 
W5.J 68.0 

mmbi 

-3.0 

-6.6 

-6.0 

-2J 

-2.5 

1 >|| 1 1 1 1 


Oct. 1SS-5-90.Q. — ; Dec. 3S9.5-90.C, 190.0. 
two. 

MEAT/VEGETABLES 

SMITHFIELD (pence per pound •— Beef 
Scottish killed sides 54.0 to 38.0: Eire 
hindquarters 67.0 to 6S.0. forequarters 
36.0 10 3S.0. 

Veal: English fats 62.0 to 70.0. Dmclt 
hinds and ends 82.0 to 57.0. 

Lamb: English small 5S.0 10 Kt 0. 
median) 56.0 to 60.0. heavy 56.0 to 49.0: 
Scottish medium 56 0 10 60.0. heavy S3.u 
to 58 0: Imported frozen: NZ PL 54.0 to 

53.0. 

For*: Englisb. under J09 16 7T.I1 to 44.0. 
100-120 lb 26.0 to «3.0. 120-160 lb 35.0 to 
41-0. 

MEAT COMMISSION— Average raisioek 
prices at representative markets on Mon • 
Sal. week ending July 22: CB caitic Tl.TSp 
per kg. l.tr. i-OJSi: UK sheep 141j?p per 
kg. Mi. d.c.w. «-l.6»: CB pips C2.«p per 
kg. Lw. t— 0.9). England and Wales— 
Cattle numbers down 4-0 per rent, average 
price 7L50p t— 0-54>: Sheep up 1.0 pit 
cent, average price 112. Op (—2.0); Pigs 
down LQ per cent, average price 62.6P 
f— 1.01. Scotland— Cattle numO^s up 3.2 
per cent, avenge price 72.4IP 1— o.46»: 
Sheep up 9.8 Der cent, average nrire 
132 ip (-O.41: Pigs up 0.2 per cent, 
average price 64.1c f+O.I). 

MEAT COMMISSION Average faistock 
prices at representative markets on 
July 24: SB Cattle 7L09p per kg.I.w. 
<— 1.93<; UK Sbeep 136.6c per kg.est.d.c.w, 
(—6.6): GB Plgfi 62.9P per kglw. mo 
change). 

Eonlwd and Wales — Cattle numbers np 
6.6 per cent, average price TObup 1— 1310»: 
Sheep op 52.3 per cent, average price 
136JBp 1 — B_51 : Pigs up per cent, 
average price 62Sp f— 0.1>. 

Scotland — Cattle numbers down 16.6 per 
cent, average price 7L97D f— 0.20>: Sheep 
bp KL3 per cent, average pnre J3l.4p 
t— 2A»: Pigs up 30.T per rent, average 
price B8.2P t+0.4>. 

COVENT GARDEN (Prices In sterling 
per package except where stated 1: 
Imported produce: Oranges— S. African: 
Navels 4.00-5.08: Brazilian: 4.2O-5.30: 
Californian: 6.00-6.50. Lemons— Italian: 
100T20S new crop 4^0-4.50: Spa dm: 
Trays 1 .60-1^0. large boxes 3.MW.4D; 
S. Atrican - 4.50-5.40. Grapdruli— S. 
African: 27/72 3.46-4^0: Jaffa: 4its 4.48. 
Mandarins— Brazilian: 00-4.50. Apples— 
French: Golden Dellcioos 20-lb S4s 4.00- 

4.30, 72s A 50: w. Aosiralidn: Granny 
Smith 8,404>J50; Tasmanian: Slurmor 
Pippins 9.00 9.40, Croftoos 10.40. Demo- 
crats 19.40: S. African: Granny Smith 

5.30, Golden Delicious 9.6D-0.9O. York 
Imperial 10-50; Chilean: Granny smith 

7.00- 7.30'. New Zealand: stunner Pippins 
163 9.20. 175 B30. Red Dougberty 10.30- 
1930. Granny Smith 0.5OS.7O: Italian: 
Rome Beamy per pound ojo, Golden 
DeUoous 0.16-030. Pears— Victorian: 
40-lb Josephines 10 30. Winter Nells 9.30: 
Per pound French: Dr. Guvot 26-lb box 
0.13: Spanish: Umonera ose. Peaches— 
Italian: 11 trays J 30-3.00; French: 1.40- 
3.40. Grapes— Per pound Cyprus: 
Cardinal 0.20-0.25. Sultana 933. Plums— 
Spanish: S kilos Santa Rosa t >0-2. so. 
Burbanks 2.00-2.40: liailap: Florenuas 
29-lb 3.00. Golden per pound 0.15-0.1*. 

Eng:bh prudnee— Potatoes— Per K-ib 
1.06-1.46. Letter o — Per 12 0.90. Cos 0.00. 
Webbs 0-W. Rhubarb— i Per pound, out- 
door 0.05, Cucumbers P er tray 12.24s 

1.00- 1-20. Mushrooms — Per pound 0.50- 
0.60. Apples— Per pound Blunder's 0. lb- 
0210. Crenadler BJ5. Tomatoes— Per 12*10 
EnrUtsh I.B0-L20. Cabbages— Per crate 

2.00. Celery— Per 12-TSs 2.00-2 20. Straw 
bcrelea— Per 1-lb D.1»-0J£L CanllDowcrs — 
Per 13 Lin coin 1AO-220. Broad Beans— 
Per pound 0.11-0.12. Pom- -P er pouud 
0.10-0-11. Cherries— Per pound Black 
040-0.50, white 0.20-0^0. Gooseberries— 
Per pound 033. Levellers 0^5-0.33. Beet- 
root— Per ZS-Jb 2.50-1.50. Cumts—Pcr 
28- lb 1JJ9-L30. Capslctmts— Per pound 
0.20. Coargcttcs— Per pound 0-15-0.16. 
Black/Red Currant*— Per pound 0.40, 
Onlens— Per bag 2.60. 


PRICE CHANGES 

Prirv per tonne unless otherwise Stated- 
Nominal. t New crop, i Unquoted. 



Hecala 1 

•Vlniiiiiiiiiin IS6B0 'L&tiO 

Free market 1 -1 1 sl.U4S-66 :>10Z"-50 

C<ipt«r -aah W.Bar 708.5 T « 't'i05.2‘) 
S nTwitbr ’to. .lu. IC72B 75 +5.0 I1T7B3 25 

L'uJj ii-705 ■ + 5.25 ft 99.0 

i month* 4o. do. C7 26.25; + 5.7S 719.5 

Urtid .Troy 195.125,^3^5, 185 «5 

Leal Cash. ft'302.5 1+0.5 |i 307.75 

1 iiiumh- 'Co 12.261+ 1.0 (1317.575 

Xk-kei C2 566 ! JLs.iov, 

Free 31srK«icif>(U’i;r i-72 I *1-88 
| 1.87 i-O.5! 1.95 


PlsOnum trovoz.. 

eixe 

fl33 

Free Market- 

C132.4 

+ 1.5 1*- 13 1.4 

(jnlcksiiver (76lh.i 

<125.3C 


liver CrtJV cat— 

286 

n-a.9 i2BB.ai> 

5.iDumha. 

293.45 

+ 3.15|296.9 

fin Cash. ,.....^....1 

.0 387.6 

-37.51-0. 765 

’ mum hi 

6,542.9'— 30.0 -e-l:22^ 

Tungsten (2 

S 140.37 


tl Liu nun tfsoNlhi’li 

.130-36 

>13 ' *5 

4i«t’ 'Mli 

Coi>5.5 

+ 2.5 j, 90S 625 

4 month*. ........ 

■^16.25 

+ 2.6 313.75 


$65l)-Htf 


011b 


i 

(Avon at (Phil) 

S6B0/> 

— *670 

ftrcnimiouL^ 

Uc5d 

k '*4 

Unneesl Crwls ivi. 

t'3-*2 

'c 68 

Palm Malayan 

0578y 

-3.0 :e625 

Seeds 


i 

C«>p)M PhiUip 

+455;- 

'5470 

Soysliesn 


+ 6.0 ,8278.65 

Grains 


; 

Usriey’KGC 

* 


Hume Fuuins, 

t'82.45 

+0.35182 25 

Msire 

1 


h'rcvtcb X<k 6 Am £2U2 

1 103.5 

K-j. 1 Hert 

t93.26.lH. 1.5 t96 1 

Ko.£ BnnlVV imci 



tiiBiK-b MiHiu-’t 131.25 

+ 0.25!-- 105 

(.<»+»* vliipnirDt ... 

C 1.831 

;i. 1.903 

Fuuire >ept 

, Cl. 750.5 

1 1-1. 706.5 

CuDee Futon-. 



^!*— 

jcl 095.5 

— 42.0]i 1.461.5 

iiouon'A Index... 

70.65. 

‘73.16 

tiuua-r kihr*. 

;52 

— 0.75^58.26, 

•o^ar tKa.it j.. 

2.D 

— 2.J I -vo 

ftisiliilis -4- |;i i(i.. 

283 



h August, m June-August. 11 July-Srpi. 
pJuiy-Aog. <1 Sept, p August-Srpt. r Per 
too. z indicator price cJJ. per 10 kilos. 


INDICES 


COTTON 


ROBUST A5 once more declined to 
register new lows after initial steadiness. 
Dread Burnham Lambert reported, a 
L imit-down opening in New York provoked 
cop- Jess aqridalM In Lc«fon and loirs 


RUBBER 


UNCHANGED opening on me London 
physical market. Very quiet throughout 
tbu day. dosing slightly sluadlcr. Lewd 
and Peal reported a Malaysian sod own 


Solos: S 09) lots of 1,509 kg. 

SYDNEY GREASY— tin order buyer, 
seller, business, sates.) Mien Con Iraq: 
OCL S444. 046J). 344 J-344J, S ; Due. 351,6, 
USA aMs.ll, 4: March 33! JO. 357.4, 
3m .0-357,0, 5; May 369.0, 390^. 960.1-360.1. 
ft July 385.Q, 36^2. S6i5A6Bj. 1; Ocl 
SS0.0. 379X1, 3GBJ3G9.5, li Dec. 37BJ. 
JHA mmiW, Total sales; 14. 

new Zealand crossbreds. Claw 
fin order, buyer, seller, IwslQes&v soks); 
pec. ; March 19LW5.9. — ; 

May ' 1S1S6T.0, —i Jpiy M7.48SA — 7 


LIVERPOOL COTTON— Spot and ship- 
ment sales am ousted u> 163 tonnes. W. F. 
Tattorsalts reports. Moat users continued 
to operate sparingly. Interest ranged 
over a wide variety of American typo 
styles, with attention chiefly centred no 
Colombian and other South American 
growths as well as Central and East 
African cotton. 


FINANCIAL TIMES 


July 2tjJut> 2b|.ilinili u;i^ ini 

334.8 J | '35,8 • ; 246.53 j 245.81 
tBaseT” July 1. 19j2=i00i 

REUTER’S 


July 2+ J illy Si 'll, nil n lwrta, 

1416.4 |_W 17.3 1492.3 J laffS^ 
(base: September 15. 1931—1001 


DOW JONES 

jiuv , Mi4iih] Tern 


Dow 

Jones 

JlllV 

21' 



rut tin* 

558.03; 


20 


MOODY’S 




Jn \ 

UofiLh 

Y< 

Mo&iy, 

21 

3) 

4D' 

V 


mI*- 1 i-mmii » 1 7.4 9 14 7 [92 1 . 4^6 U 
r December 3i'l93l=l00i 


U.S. palm 
oil imports 
to revive 


KUALA LUMPUR. July 24. 
U.S. INTEREST io reflnod 
Malaysian pa/m oil is expected (o 
revive towards the final quarter 
of this year, trade sources said. 

U.S. importers have expressed 
interest in acquiring up 10 30.000 
tonnes of palm oil for shipment 
later this year, they claimed, but 
are reluctant to commit them- 
selves until the price, currently 
$595 a tonne for September 
shipment, falls. 

A shortage of palm oil due to 
a severe drought in the first 
quarter and consequent market 
supply problems as stocks 
dwindled has seen the price rise 
sharply from $J90 a tonne for 
March shipment lust February. 

As paim nil production 
improves, enabling a more 
competitive price compared with, 
for example, soya oil. exports to 
crude and refined palm oil to the 
U.S. are expected to rise- to 1977 
levels of al least 20.000 tonnes 
a month from the current 
estimated 10,000 tonne level. 

In the first four months nr this 
year crude palm oil output fell 
to 367.000 tunnes from 490.000 
in the same 1977 period. 

At 26 cents a lb for October 
shipment, palm oil is still con- 
siderably more expensive than 
the 23 cents charged for soya oil. 
although the differential has 
narrowed From about 6 cents 
earlier this year, the sources 
noted. 

In the January-April period, 
crude and refined palm oil 
exports to the U.S. slumped to 
8.583 and. 31.722 t/innes respec- 
tively from ) 5.342 and 40,207 
tonnes in 1977, official figures 
show- 

In 1977 as a whole, the U.S. 
took about 12 per cent of 
Malaysia's total 1.3m tonnes of 
palm oil exports. 

Reuter 


JUTE 


DUNDEE JUTE quiet. FT ln-5 c BDd t 
UK for Sepi.-Ort. basis torrent freight: 
BWB and BTS £S3 b. BWC and BTC £346. 
BWD and BTD £238. Calcutta gflod* 
mdiansadL Quotations tor July shipment: 
40 inch 10 « SB 0. TJ oz £7611 per 100 
yards. Aug. £989-1761. Sent. £981-f753. 
“B"’ twills 126.78, £27.13, £27.41. Y«ro 
quiet 


GRIMSBY FISN— Supply good, demand 
fair. Prices at ship's side lunerow^tli 
per stunt: Shelf evl Dta-LiM). '-Ud lings 
i2.4DJ3.ao; large hadOork JJ UU4.50. 
medium £3.29-0 80. small I2.B8-CJ 0H: large 
plaleo £L80-£5.4D. BHUlum H.00-H M, best 
Email £3 do-£3 Kd: mednnn skram-d dwHsli 
I7.H; largo lemon soles £340, Oh-dJlim 
£4.76; saitiu £Uo-£i.5ff, 


Pakistan ends 
rice export 
trade cartels 

KARACHI. July 24.* 
PAKISTAN HAS introduced 
measures to end cartels in the 
rice export trade, Commerce. 
Minister Zabid Sarfraz said here. 

The measures deal with tender, 
ing for individual lots, the fixing 
of export prices and Inspection 
and loading of export cargoes’, 
and will help boost Pakistan's 
exports, he added. 

Rice is Pakistan's largest 
foreign exchange earning com- 
modity. with exports in the year 
to -Tune 197S of 803,000 tons and 
a 1978-79 target of 
Reuter < 


( 





28 


Financial Times Tuesday July 25“19?S‘ 


STOCK EXCHANGE REPORT 



Equities confident ahead of Thursday’s Dividend Bill 

Long tap exhaustion underpins Gilts— Golds surge on 


Account Dealing Dates 
Option 

'Firm Declara- Last Account 
Dealings tions Dealings Day 
JulylU July 20 July 21 Aug. 1 
July 24 Aug. It Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug- 18 Aug. 30 

' '■ New time " dealings may take place 
frem 9 JO a.m. two business days earlier. 

The upward movement in oil 
main sectors of the stock market 
continued yesterday at the start 
of a new Account Equities dis- 
played some uncertainty before 
resuming their rising tendency 
and closing at the day’s highest 
Gilt-edged securities Impressed 
again ahead of, and after, the 
announcement that official 
supplies of the long tap had been 
exhausted and South African 
Gnld shares bounded forward 

a-jain on the buoyant bullion 

price and the lower investment 

currency premium. 

Lending industrials initially 
cased x\ liilc digesting week-end 
comment on the coming Dividend 
Gill but rallied before noon and 
subsequently extended the upturn. 
Institutional sources appeared 
reluctant to chase prices higher 
but sufficient interest was forth- 
coming and led lo a rise of 4.7 
more in the F.T. 30-share index to 
4!>3.!». after -an early reaction to 
477.S. 

Details of the Treasury's divi- 
dend and controls paper came too 
late for an immediate market 
assessment and business after- 
hours was subdued. Earlier, the 
Stores' section had benefited from 
the effects of peak consumer 
spending but Oils were hampered 
throughout by the report that the 
Government wanted a bigger share 
of North Sea oil profits. 

Short-dated British Funds burst 
forward when investment buying 
revived despite continuing tight 
conditions in money markets. In 
the laie afternoon, the longs 
featured following exhaustion of 
the long tap and at both ends of 
the market the closing tone was 
described as very firm; the K.T. 
Government Securities index 
settled 0.21 up nt 70.119 — its best 
for over two months. 

Gold shares were not outdone, 
the strong bullion price — it closed 
just short of the highest-ever Urel 
—and the fall in the investment 
dollar premium producing another 
rise in the F.T. Gold share index 
or ->3 to ISO .3. 

Sterling’s firmness in foreign 
exchange markets made for 
easiness in lhe investment 
currency premium which, follow- 
ing scattered arbitrage offerings 
released by transactions in over- 
seas securities, fell to 101) per 
cent be Tore rallying to close a net 
41 points lower at m3 per cent. 
Yesterday’s SE conversion factor 
was O.b'oSS (0.8575). 

Banks dip and rally 

A penny or so cheaper at the 
outset in the wake of last Friday's 
disappointing interim . profits 
from Lloyds, the major clearers 
picked up as the day progressed 


and closed slightly firmer fur 
choice. Lloyds touched 2t>0p 
before finishing a net 1} dearer 
at 262p xd. while NatWest, the 
next to report half-yearly figures 
today, ended 3 to the good at 
278 p. after 274p. Barclays 
hardened a similar amount to 
328p. after 324 p and Midland 
improved 2 to 3G5p, after SS2p. 
Overseas issues were raised. 
Grind lays hardened 2 to 120p in 
front of today’s interim results 
and Standard Chartered closed 
12 up at 402 p. Bankers’ NY 
cheapened to £28} on domestic 
and investment currency 
influences. 

Ha mb m Life. 348p, were 
notable for an above-average gain 
of 13 fn firm Insurances. 

Breweries closed on a firm note, 
while Distillers rase 5 more to 
l!)2p on further consideration of 
the planned price increases. 

In quietly linn Buildings, 
further speculative demand lert 
Brown and Jackson 4 to the good 
at lofip and Watts Blake Bcarnc 
improved (5 to 119p in a thin 
market. Comfocn put on 4 lo 34p 
following the increased interim 
profits, and Ormc Developments 
closed similarly better at 47p on 
the announcement that 4m shares 
(22 per cent) had been sold to 
Saint Piran at 55p per share. BPB 
improved 7 to 230p in late dealings 
after the announcement that its 
wholly-owned subsidiary. British 
Gypsum, is to increase the price 
of gypsum-related products. 
Tunnel Cement “ B ” firmed 9 to 
2Ss>p and Blue Circle 3 to 253p, 
while Huveringham added 7 to S3 p 
in a thin market. Elsewhere, 
Wcttem Brothers. at 90 p. 
recovered all of Friday’s fall of 11 
which followed the news that the 
bid from W. and J. Glossop had 
lapsed. 

ICI remained a quietly firm 
market and improved 3 to 39Ip 
after 394p. Small demand in a 
thin market lifted Farm Feed 6 
to 3Sp. but Enalon Plastics shed 4 
to 42p reflecting small offerings in 
Friday’s late dealings. 

Stores good again 

Stores started the new Account 
in the same buoyant fashion as 
they had finished the old. Open- 
ing higher in continuing response 
to the current peak level of con- 
sumer spending, prices made 
further good progress as buyers 
reappeared on consideration of 
the sector's dividend potential, 
ftlarlw and Spencer firmed 4 more 
in IHfip as did Mothercarc. to 17Sp. 
while House or Fraser put on 6 
to J47p. Gussies A rose 8 to 300p. 
after 302p, following weekend 
Press comment. Combined Eng- 
lish edged forward a penny to 
lOlp; the announcement that 
agreement had been reached for 
the disposal of its loss-making 
Belgian subsidiary came well after 
market hours. Other Press-inspired 
improvements of around 3 were 
seen in Raybeck. 91 p, and MFI 
Furniture. Hop. while an invest- 
ment recommendation brought 


gains or 4 and a respectively in 
Fairdale Textile ordinary and the 
“A” at the common level of 23p. 
Empire gained 7 to lGttp and Elys 
(Wimbledon) hardened a more lo 
the latter still on bid hopes. 
Firm lateiy following excellent 
results and a proposed 300 per 
cent scrip issue. Wadis jumped 23 
more to lS5p id. K added 4 to 
71p in Shoes. 

Secondary issues made the run- 
ning in firm Electricals. Pet&ow 
were prominent at ll2p. up 12. ex 
the scrip issue, while investment 
demand left United Scientific 10 
higher at 31Sp. Among the leaders, 
GEC moved up 4 more at 276p. 

John Brown, a further 8 higher 
at a 1978 peak of 418p, continued 
to be bought on the belief that 
the group will be able to benefit 
from the Government's new divi- 


the Interim figures with a 
reaction of 4 to 70p. 

Awaiting today’s Preliminary 
figures. Wheeler's Restaurants 
rose 15 to 355p. Elsewhere m 
Hotels and Caterers, Epicure 
hardened 1! to 15 Jp and Brent 
Walker 5 to G4p. Queen's Moat 
Houses became active and 
hardened 1} to 43p following 
Press comment 

Peerage jump 

Miscellaneous Industrials sow a 
continuation of last Friday's firm- 
ness which followed the Govern- 
ment’s proposals on future wage 
and dividend policies. Notable 
Features outside of the leaders 
included Peerage of Birmingham, 
which jumped 16 to 60p in 
response to a bid approach. 
Weekend Press comment drew 


360 



300 

290 


28 O 1 


1 

r~ 








1977 


1978 


^■Contracting & 
Construction 


F.T- Actuaries Index 
-J 1 — - — -j j 


NOV DEC JAN FEB MAR APR MAY JUN JUL 


dend proposals. Elsewhere in firm 
Engineerings, Davy International 
gained 6 to 270p in front of 
today's preliminary results and 
Staveley Industries put on 7 to 
20lp ahead of tomorrow’s AGM. 
Continuing to reflect last week's 
good interim performance, Bdl- 
lough gained 12 more at 155p xd, 
while improvements of 7 were 
recorded in Alcan Aluminium. 
137p, Edbro. I9Sp, and Jones and 
Shipman, 143p. In response to 
Press comment. Acrow, 114p. and 
the A. Hip. put on 2 and 4 
respectively and Alollns appre- 
ciated G to 135p. Williams and 
James came in for support at SSp, 
up 4. but disappointing annual 
earnings unsettled Neepsend 
which, after 48p, closed a penny 
easier on balance at 45p. 

Bluebird Confectionery figured 
prominently in firm Foods, dos- 
ing 11 io the good at S4p ex the 
scrip issue following a weekend 
Press mention. Small buying in 
a restricted market lifted Batleys 
of York 7 to 67p, while renewed 
speculative attention developed 
in Avana. 2\ harder at 45p, and 
Associated Fisheries. 4 higher at 
47p. Still reflecting bid hopes, 
Bernard Matthews improved 10 
to I67p. Jameson’s Chocolates 
registered disappointment with 


buyers' attention to Booker 
McConnell which rose 12 to Z37p, 
while Boosey and Hawfces firmed 
8 to J73p and Silentnight added 
7 to Sap for the same reason. 
Gotnmc, . u further 5 harder at 
77p, were also helped by Invest- 
ment comment and AAH added 
4 io I07p following the results. 
Further consideration of the 
record earnings helped Initial 
Services advance 6! to 82 p and 
similar improvements were 
recorded in Centreway, 242p, and 
De La Rue. 367p. Following 
details of the completed deal 
with Dawnay Day. Pauls and 
Whites closed 4 higher at 120p. 
after 123p. By way of contract, 
Siebe Gorman declined 4 to ISOp 
on the static profits and Wilson 
Watton dipped 3 to 37p, after 
56p. Of the leaders, Glaxo 
improved 5 to 5$0p and (Jnilevcr 
recovered from early nervousness 
to finish 2 better at 330p, after 
522 p. 

Following last Friday's laic 
reaction on the company's bid 
denial, to end with a net gain 
of 2. Flight Refuelling: staged a 
good revival following weekend 
Press comment and closed 10 
higher at a HITS peak of ISOp. 
Dourly rose 4 to 240p for a similar 
reason, but Airflow Streamlines 


finished C5 cheaper at 41p ex the 
scrip issue. 

Selected Newspapers made 
headway on spasmodic _demand. 
Associated up 11 at 177p. and 
Daily Mail A, up 10 at 330p. 
'gained ground on the upgrading 
of recoverable oil reserves in the 
Argyll Field. Others to make pro- 
gress included Horae Counties. 10 
lo the good at S2p and Indepen- 
dent, 5 up at !50p. 

Dealings were resumed in the 
shares of S. Pearson and Pearson 
Longman following publication of 
details of the former's offer to 
buy the 36 per cent of the latter's 
shares it does not already own. 
Suspended at I94p on Friday 
ahead of the news. Pearson Long- 
man opened at 244p before end- 
ing at 243 d. while S. Pearson 
opened at 222p and closed at 223p 
compared with Friday's price at 
suspension of 229p: yesterday's 
closing price For S. Pearson puts 
a value of 255p on each Pearson 
Longman share. Elsewhere, 
Waimoughs put on 6 to a 1978 

peak of 92p. but Delyn shed 3 to 
}2p on small selling in a limited 
market. 

Interest broadened in a firm 
Property sector, but the leaders 
closed fractionally below the best. 
Land Securities improved 4 to 221 p 
and 3IEPC a couple oF pence to 
ISOp after 132p. English put on 
4 to 46p on Press suggestions That 
the Dutch Group Weceldhave have 
agreed terms of 55p per share and 
Stock Conversion added 6 to 264p. 
the latter still influenced by a 
broker's circular and in anticipa- 
tion of tomorrow's annual results. 
Demand developed for British 
Land, 2J up at 37lp: the 12 per 
cent Convertible rose 7 points to 
£14B. 

Oils dip and rally 

Dull at the outset on Govern- 
ment plans for a substantial tax 
increase on oil from the North 
Sea. leading Oils recovered from 
the initial mark-down and closed 
with only modest falls. British 
Petroleum touched S60p before 
recovering to S70p. down S on 
balance, ‘while Shell recovered 
from 348p to end unchanged on 
the day at 55Sp. Burmah. up 5 at 
73p. reflected hopes far a share in 
the profit from the Bank of 
England’s sale of BP stock. 

Gill and Uuffus. 9 up at 146p. 
provided the sole noteworthy 
movement in Overseas Traders. 

Investment Trusts closed 
slightly firmer in places despite 
the easier opening on Wall Street. 
Noteworthy movements in Finan- 
cials were confined to speculative 
rises of 3 in Fitzroy Investment, at 
24n. and Haw Par. at 54p. 

Shippings had an isolated late 
feature in Furness Withy which 
jumped 19 to 244p on small buying 
in a restricted market 

Tobaccos made a firm showing 
with BAT Industries Deferred out- 
standing at 276p. up 11. 

Activity in Plantations was 
mainly restricted to a small flurry 


in Guthrie which dosed 11 to the 
good at 3B3p. 

Supported by i he weekend 
advance in the bullion price. 
South African gold shares were 
very firm and the Gold Mines 
index advanced for the seventh 
successive trading day, maintain- 
ing the level or June, 197G. It 
was up 5.3 at 180.3. 

The bullion price closed at its 
second highest level ever at 
Si 95.125 an ounce, for a rise on 
Friday's close o>f $323. 

There were gains throughout 
the list but sterling prices were 
held back by the fall in the invest- 
ment dollar premium. The market 
started higher following vigorous 
after-hours activity on . Friday. 
There was continual U.S. interest, 
while London buying was noted 
in the morning. 

Among the heavily- priced issues 
Randfontein and West Dries, were 
both £1 higher at £36 i and £23 
respectively. Hartebeest firmed 
:• to £14J. FS Geduld were J 
harder at £I9J and W. Holdings 
rose J to £I9L Among stocks 
especially sensitive to a rise in 
the bullion price Libanon gained 
21 to 570p and VcnterspOsl moved 
17 higher to 260p. 

The strength of gold shares 
spilled over into .South African 
Financials where Amgold 
advanced I to £lSi. De Beers, 
although stronger in dollar terras, 
were unchanged at 394p because 
of the premium. 

The premium aiMi affected 
Australian stocks, which started 
strongly following the advance in 
Sydney overnight — but then 
drifted as the premium moved 
lower— be To re steadying towards 
the close. The undertone remained 
firm and Pancontinental finished 
£ higher at £14, while other 
uranium-related stocks like Fcbo* 
Wallsend and EZ Industries 
closed 10 harder at 540 and 255 
respectively. 

Among London Financials there 
was a slightly easier tone, with 
the exception of Consolidated 
Gold Fields, whose gold interests 
prompted a rise of 2 lo ISSp, 
after l&Op. 

Coppers. Rhodesians and Irish- 
Americans were quiet and there 
was little business in Tins where 
Malaysia -domiciled stocks moved 
lower with the premium. In the 
domestic tin mining sector. Saint 
Piran finished beneath their best 
at 5op, up 1, after the purchase 
of a stake in Orme Developments, 
while Geevor closed 5 firmer at 
135 in from of today’s results. 


RISES AND FALLS 
YESTERDAY 


British Funds 

Corpus. Dam. and 
Foreign Bonds ... .... 

rmfustriafs 

Financial and Prop. ... 

flits — 

Plantation 

Mines 

Recent Issues 


Up Down same 
M — 13 


I? 2 45 

528 238 782 

199 45 m 

6 25 

4 21 

34 
25 


3 

7 

68 26 

8 7 


Totals 894 320 IJ05 


FINANCIAL TIMES STOCK INDICES 

I 

■j 



July ! 

Julv 

— j 3» ! 

Cl < 

30 i_ 

Uavernmeut iec*-..-.-.l 

70.78 

70.70j 


‘Jiily 

1* 


2nty fJiilylXjfli 

LA ■ la S 


fixed tatemb 
IminitrtiLt OnUnwy..- 

Gnat Mine* 

tint. Dir. V ir Id. ...... .. 

KnrnlxiBO." liWJuilM* 1 

IVk Rnilmner ;i*t» 

Uailing* inoriieit 

Equity turnover £*»*■■■ 

Kniittv hanjx tm inie-.. . - 

10 am 4I7.S. 


483.9; 
leas 
5. SO 

lew 

S.Ot 

4.932 


479.2 

1750 

5.54 

16.81. 

7.34 

4.428 

103.54 


470.4, 

170.7 

5.64' 

17.14. 

"79. 

4.567 

73.77. 


71.641 

487.7" 

164.4: 

5.M) 

17.E5; 

7.74 

4.583; 

76-84 


71. 
478.4! 

9.65, 

17.1Qi 

7,81: 

4.757 

85.84 


71.-4* 1 
479.3' 
ifeUr 
&.»: 
16.B& 
7 M. 
4.53V 
66.07 


67.88 
437 9 
113.4 
6.49 
16.38 
8.84 
5,1X6 
48.69 


17.652 15.933 15.572 17. 15 1 14. 764 14.444 
1 pat 4-0.2. . 


It am 4W.7. Noun 4423. 

I pm 483.3, a pm *S2JI. 
la ten index 01*2«6 IB. 

■ a,wd an 31 per cent cnpontllM 
SUB m ££rs,.,, ,5 l-.jrf IU. 1*3. 11 OA !■..* 

Mines 12. 9 33. SB Activity July-Dee. IN-. 


Gotti 


HIGHS AND LOWS 


S.E- ACTIVITY 


1473 


[ jiihi* L't'imdhnuvi j 


High 


LuOr 


|,IO 


Duet. dec*...' 78.58 
! (Aril 


fixed Ini—. 

1ml. Util 

Gfiid Ulmn. 


81.27 

(Jl) 

497.3 

*•!» 

1B0.5 

iM;7l 


68.79 

l&.bl 

7a73 

453.4 

P-* 

150.5 

iMi 


II lab 

‘ ; rortft ' ti i«-kiRe*) _ 

i9il.'5S; • vSil/Ij' : in.lu-'tnra,.. 

BO. 53 

iS.i.'iri 


July 

24 


i Jniy 


. 150.4 . 
i2B.-ll.47.! 

549.2 

. 1 14 

442.3 


49.4 

45.5 

in- 10 VI ■ 


ppmulaiHic. 

r>9XK- 

li 

iitir-K.im-i- 

liblii-truo-.. 

’tvnui!i»n... 

I, 


177.2 

163.1 
55.9 

118.5 

158.3 
- 157JS 

37.X 

104.1 


132.2 

152.1 
58.4 

100.8 

163.4 

153.1 
5S.0 

101.5 


NEW HIGHS AND LOWS FOR 1978 


The toUOMina secont.es euoted >•.* ** 
5hare intormdlron Service vcsirtour 
ansined new Miani and Lows wr 19. a. 

NEW HIGHS (226) 

BRITISH FUNDS «3I 
AMERICANS <11 
CANADIANS *1) 

BANKS 1 21 
BEERS iZJ 
BUILDINGS .121 
CHEMICALS iSl 
DRAPERY AND STOKES .25) 
ELECTRICALS .O' 
ENGINEERING t2S- 
FOODS <S1 
HOTELS IS> 

INDUSTRIALS 1301 
INSURANCE 111 
MOTORS IS) 

NEWSPAPERS .2 
PAPER AND PRINTING 111 
PROPERTY .SI 


SHOES IT) 

WSSk% 

TRUSTS ISO) 

OILS TT> 

OVERSEAS TRADERS CO 
RUM IRS >T) 

TEAS 12) 

MINES 124) . 

NSW LOWS <7) 

CHEMICALS (2) 

Ci&j Gteuv S'^xCon* 19S2-9S 

tnaian p,as,l fJ, C | NI1 | WN G m 

SWLe W HK.«U.» FOO|)B 41> 

W.inan jna pmi.D 

INDUSTRIALS 

W.llon WJlloo • 

PAPER ID 

De>*n 

MINES n» 

Jantar 


LONDON TRADED OPTIONS 




tVlH-rr 

Jmiunrv 

Ajinl 


Optirii 

1 

i t.Mlnu 

ffTi.r 

V.il. 

ufft-r 

V.*L _ 

rimuiig 

tilTi-v 




7b0 

145 

_ 

165 

_ 

— • 

— 

873 y 

HP 

800 

100 

— 

1=5 

- - 

140 

— 


BP 

8b0 

65 


93 

-- 

106 



UP 

900 

58 

1 

62 


80 


.. 

L.in. rni.-ni 

140 

IS 

— 

20 


2G 

-- 

lSlp 


160 

7'- 

— 

12 


>6 




160 

38 

3 

37 

4 

44 

6 

189p 

foil-. l.«-l.l 

180 

20 

34 

24 

17 

32 

i 

.. 


200 

11 

SI 

15 

52 


— 



100 

ib 

25 

.6'.; 

— 


— 

- ISOp 


110 

16 


181; 

• — 

23 


M | 

Craiilsuiilb 

ISO 

9 

3 

13 


16 is 


Mi 


150 

5 

11 

8 

— 

11*; 

-- 


r.EC 

220 

62 

— 

68 

— 


— 

. 276p 

ti i;o 

240 

44 

4-. ■ 

52 

— 

67 

— 


ntvC 

2bO 

28 

5 

58 

-- 

44 

5 


GKC 

280 

151: 

6 

L6l = 

1 

55 

5 

.1 

Rnuvl Jlrl. 

100 

18 

15 

22 

25 

25 

5 

. X14p 


110 

9‘a 

— 

14*; 

— 

16 

- - 



120 

51; 

56 

9 

44 

— • 



in . 

550 

69 


70 

4 • 

73 

— 

391p 

IU 

560 

41 

4 

SO 

2 ! 

54 

8 


ICI 

3yO 

21 

29 

51 

65 ! 

36 ' 

62 


ICI 1 

420 

7 . 

89 

15 | 

1 ; 

- ! 

- 

.. 


180 

44 • 

50 

48 , 

— 

52'; , 

S 

1 221p 


200 

25 

15 

31 

8 

36 

- 


Land be.-', ! 

220 | 

mi ; 

68 

I7>s 


23i; 

— 


ILariv .V hp-.[ 

120 

49 1 

a 

51 

-- 

53 

— 

166p 


140 

29 ■ 

7 

35 ; 

2 

J7 i 

— 


3Jarfc>.V£*/ J 

160 | 

12 '2 . 

91 

)7I S . 

40 

23 , 

1 


SHiell | 

500 1 

75 , 


82 

11 ■ 

90 

-- 

55Bp 

SlK-U 

550 i 

58 ; 

— 

51 

18 • 

55 

s 

„ 

Shril : 

600 < 

14 • 

5 

28 

i ; 

55 . 



Tolu Is 



517 


273 


105 



A FINANCXALTIMES SURVEY 

WORLD RAILWAYS 

August 25 1978 

The Financial Times proposes to publish a survey on World Rail- 
ways. The provisional editorial synopsis is set out below. 

INTRODUCTION In spite of the world depression, railway investment 
continues at an estimated level of £4bn a year and many countries are 
either expanding existing or building new* railways. The attractions of 
the rail solution to various transport problems. 

THIS RAILWAY INDUSTRY In the developed world the industry is 
marketing its skills, products and experience to governments in the 
developing world, where most of the big. new rail projects are. A look 
at some of the companies and products involved. 

EUROPEAN AND NORTH AMERICAN RAILWAYS These have been 
plagued with financial and re-investment problems caused by the rapid 
growth in private car ownership, but this has not prevented them from 
developing new technology. 

URBAN RAILWAYS These are a principal feature of the present rail 
buildjng boom and there are a large number of schemes under con- 
struction or planned. 

A look at some of the larger schemes presently under way or out to 
tender, including those in: 

MEXICO CITY 

HONG KONG 

TAIWAN 

CARACAS, VENEZUELA 

MIDDLE EAST DEVELOPMENTS AND THE AFGHAN RAIL PLAN 
. BRAZIL 

LONDON, NEWCASTLE, GLASGOW AND LIVERPOOL 

ELECTRIFICATION OF RAILWAYS This is likely to gather pace in 
the next decade as part of the solution to declining oil resources. 

CONSULTANCY SKILLS IN RAILWAY CONSTRUCTION Design and 
management in construction, as well as in wider transport problems, 
are on offer from a wide variety of private companies. 

RAIL FREIGHT Like the rail passenger business, this has suffered badly 
from road-based competition. There are signs of growth, however, 
although approaches vary from traditional marshalling operations to 
reliance on train-load and containerised systems. 

For further information on advertising rates in this Survey 
please contact: Ron Mann 
Financial Times, Bracken House 
10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext. 240 

HNANCIALTIMHS 

EUROPE^ BUSINESS NEWSFftPER 

The content and publication dales af Surveys in the Financial Times 
arc subject to change at the discretion of thq b'diior. 



OPTIONS 

DEALING DATES CoraJ Leisure. Burinah Oil 

First Last Last For British Land, Unilever, Allied 

Deal- Deal- Declara- Settle- Retailers, Raybeck, Wettern 
ings ings tiou' raent Bros., English Property, Lonrho, 

July is July 31 OcL12 Oet.24 UDT and Cartier Snperfoods. 

Aug. 7 Aug. 14 Oct 26 Nov. 7 while doubles were arranged in 

Aug. 15 Aug. 29 Nov. 9 Nov. 21 Premier Consolidated Oil, 

For rate indications see end of British Land. Shell Transport 
.Share In/onnaft'on Service and Howard Machinery. A short 
Money was given for the call dated call was taken out in 
in Shell Transport, John Laing, J. Brown. 


ACTIVE STOCKS 


So. 


Denomina- 

of 

Clorina 

Chance 

197S 

1978 

Stock 

lion 

marks price (pi 

on day 

hiuh 

low 

ICI - 

£1 

15 

391 

+ 3 

396 

328 

BP 

£1 

12 

870 

- S 

SDfi 

720 

Shell Transport... 

25p 

12 

5j8 

— 

586 

484 

Marks Ji. Spencer 

25p 

11 

166 

+' 4 

166 

135 

Distillers 

aOp 

«! 

192 

+ 5 

192 

163 

CEC 

2ip 

M 

276 

+ 4 

278 

233 

Assc. Newspapers 

2.1 p 

S 

177 

+ U 

17S 

130 

BATs Defd 

25P 

8 

276 

+ 11 

296 

227 

Barclays Bank ... 

II 

S 

328 

+ 3 

3 58 

296 

Boots 

2-»P 

8 

212 

+ 2 

231 

184 

Burmah Oil 

£1 

S 

73 

+ 5 

73 

42 

GUS A 

23p 

.8 

300 

+ 8 

312 

256 

Royal Insurance... 

25p 

S 

330 

+ 5 

425 

343 

Unilever 

2ap 

S 

530 

+ 2 

54S 

476 

British Land 

2Sp 

7 

37] 

+ 2! 

39 

28 


RECENT ISSUES 


EQUITIES 


Iwiic 

Priwi 

l-t 


= 3 =.1 £ S 


law 


r- i 


Slock 


i 

Hijfli ; L.- 1 V 


rf-jim 


i hi 

z > * - 

7- r 3 


3 ■r'i 

J 


75 

K.P. 

30 -h 

S2 : 


lUmriiHlI ft'.U.i 

88 ! 

55 

F.I\ 

31iBi 

'lb | 

7t 


73 | 


F.F. 

- | 

!»«• 

io 

'Kiurny 

13 | 

100 

F.r. 

5/7 1 

i*y | 

L-*v; 


164 

85 

F.l*. 

24-0. 




87 

<64 

F.I*. 


-w : 



35 : 


: £4.0 1 

VW2.4I; 

+ 1* !*2.G4 
-l i 4.65: 
«} 2.0 


3.11 7. 
3.1: 5. 

sTo 2. 

3.0 8. 

2.3 8. 


7 4,7 
,0l 6.5 

.4! 15.6 
• l 1 6.1 
.7 7.6 


FIXED INTEREST STOCKS 



i — I — 


’ * 1 t.e, 

■ * : f.i* 

U98 ilioO 
tfl 0.4 F.I*. 
J 100 F.I*. 

ii !eio 
100p j K.P. 
tlOu ! F.P. 
n eaj.'Sb F. 

J' - !Tp. 

F.P. 

k.p. 
F.P. 
F.P, 


«l 


86I2I 9t>l«p Streamlines 103, P** 

I •<"| I . i ! U»tuci t*tvt 

ia,8 iHiri! fill.' Kemiien 9^ Pret 

iJBiQ 61 U i - u - |ilam«t lifj Ue»l. l*Sfl 

I da I, | W iBlmiinftluun V«r Kale 86-S& 

j _ SOMj 60? I4 Conr. lM-w 199i 

1 7/9 ICtig U>4, Ka t Anali. Water 7^ Hoi. Pret. Ufcj 

;16/8 IU4p IOIi-|ticulCMa>t*4l ia-.OtflreltiSU^liimlCuDiPrtl. 

[ _ Wljililinbiiivb V«t. Kale 19W 

P28i7 08lj Meier? 1 * Pret. 1885 

26(8 28M SjlslKalrtietv lifc. Ueti. 

181/7 96p|J « tloHliajp. I<*6 Prtf 

I — 90j. >'i|-i\lin4iAlrl 05fe Prri 

2t«7 10&OP lOlp iMi.ier «Fi lli Pref. . 

I — Bfi bo : 12^ Partly C.»nr. t'ns. Ln. Wlft' 

I 9/8 Ori j 'Oi 'Mtirvit'FemM' IO^IP mI c,»o. f'«v> 

1 _ S*7|« 37|< Peil«.w 10^ Piel 

*109 j F.P. 21.7 I lu»i Im;|.' o„„. ii* 

£09>«, f.P. - ■ k*> , «t. Km*. Ilol. I3w "... 

I98VC4& 20/10. 44 14 45 >-..iljen.»-..«i ISf* lie>|. lap*, 

CB9 iJtBO 81i7 , tO,: 4) lytie-sle ll;- 9 Hoi. IHer 

5100 1 r'.l*. — , SJolj 1 ii.im lull. fin. 7^ 1...111 . I03X 

£901,. F.P. ; — ^ •Wsp'W'mi.Uv.Ki |li l .nnl<K> 18?3 

t9Bi; Uki IS 9 i> IV i-i Kent Whim u~ |ih.. ... 

9&l'. 04|' * ••um -4 k V,-. Hi*-trery a» Ptrf 


95i 2I . 

■' «e,V. 

: 92c 1 

61*4 ■*■** 
90 -lg 

60714- 

*•.'»*' 

■ 103f >1 

| 9949' 

9ttls' 

23is 

1 S9k .— 

’ lOlir 

as -1 

. 94 1» 

’ 97, * .... 

107|J 

99 Je 

43 V 

49i, -c l« 
S9ei { 

.*99 s® — rv 

! r*b .... 
9Bp. .. . 



ii 

RIGHTS” 

OFFERS 


■ 


L9ia 

Slock 




SA!.?5 Nil I 16/BJ 
5 • Mi ! 2Bi7 
28 K.P. : 18i7| 


16 

14ln 

56 

108 

It 

70 

33 

60 


F.P. t 26,7 
26.71 
S/B 
14/7 
4f8 
10/6 
O.O] 

28 7 


p.r. 

.Ml 

F.P. 

.Ml 

Nil 

Ml 

Ml 


15/8 
18/8 
16/6 
18i6 

16ib 

l « . 
4/K| Ur 

1/91 
21/S 
1(0 


51pm[ iiipm'ANZ™ 

i'ipnijdiipiiiiBrtiiKHhl Pivcesren 

561j iV* 2 |Uruuke Tool Eng 

UJliin 1 IlFijrfii; Dari mxutb invs.. 

1 01 11 in I64 1 -1 11 i Blawick .Hopvw 

lTpni 1 lUpnV Head Inin >lme i Ciuiins.. 

Ur | 

17pm; H pm 1 LhC. I '..... 

U|Hn, 9pm! Leech (Win.'i..,,.., 

[4A|hii l^pm Mini'll 1 W. h'.,„ 


6'S| 30,. ml ^|imi -nU-iifTe .-.i^Kman. 


28 pm! — 2 

•i 4i.mj + li5 
,.i 37 ;+ *a 

.18*2)411 ...... 

fAS-i. 

,.-124ie ! + ti, 

16 ini 1' 

11pm 

14p.ti.- — *r 


Hcr.unaBtran dale usually las <la* tor deallne Iree n? stamp ilnty n Kiunre* 
oasen an Dronwcrus enimate. u A maimed dividend and .yield, u kq recast dividend- 
cover based on prenoiB year's earrurus. r Dividend and yield based un orasuec-riB 
or o/hri ofticla- osnmaim lot W"t y Gross 1 f- (eu/vs s^vumwi / t'jivn , -((«■» 
lor t,miveraiuD of shares uM nuw ranking lor dividend or ranklni only for resuicred 
niYideitris. 1 Pliii-irm price to uublii. i>- Petite unless othenv'se miliculefl. 3 tssued 
hy lehdv-r. UOiTvred lo holdure ol Ordnury shares as t " n<hia " •* lvri-rt 
by way o> capiiaUwnon. Hininnun lender price. 85 Relnimduv-ed. Ufl issued 
hi connection with njgryanniation nwrner or tehe-over 1ll| Imroducuon. rj Issued 
to former Prcf-ys’iice huider*. ■ Alloimcni leiler« (or fully-ualdi. • Provisional 
or partly-paid allotment loiters. * With warrants. 


FT> ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


Index 

No. 


CAPITAL GOODS! 172) 

Building Mate ri als (28) — — 

Coniracting-Construcfian (27).. 

Electricals (151 


Engineering Contractors (14) | 

Mechanical Bng toeeringfnfl 

Metals and Metal FonmngUQ 

CONSUMER GOODS : 

(DURABLE) (52) 


Ll Electronics. Radio TV (15). 

Household Goods 1 12). 


Motors and Distributors (25) . 

CONSUMER GOODS 

(NON-DURABLEX174) 

Breweries (14) 

Wines and Spirits (©. 


Entertainment, Catering (17) . 

Food Manufacturing (21) 

Food Retailing 1151- 


Newspapers, Publishing 03) 

Packaging and Paper (15) — 

Stores (39i 

Textiles (25) 


Tobaccos 0) 

T oys a nd Games (6) 

OTHER GROUPS (97). 

Chemicals I IS)-. 


Pharmaceutical Products CD- 

Office Equipment (8) 

Shipping (10). 

Miscellaneous (55) 


INDUSTRIAL GROUP (4fl5)> 


Oils 1 5), 


500 SHARE INDEX- 


FINANCIAL GROirpflM). 

BankstB) 

Discount Houses (lOl 

Hire Purchase i5) 

Insurance (Life; (10).. 


Insurance (Composite) CD - 

Insurance Brokers (10). 

Herchant Banks (14) — 

Property (31) 

MiscelianecusCO 


Investment Trusts (50). 
Mining Finance (4) 

Overseas Traders (IS), 


ALL-SHARE OTDEX(67»- 


221.28 


19834 

349.54 

475.74 

326.44 

178.76 

16639 

203.91 

24333 

179.24 

127.00 


209.44 

228.62 


271.45 

257.41 

19936 

21539 

416.72 

136.00 

195.70 

179.07 

253.02 


111.04 


20235 


29L74 

263.69 

12939 

41L86 

212.20 


21735 


4g.72 


240.41 


16736 


188.77 

203.45 


159.12 

24Q£2 

12830 


346.43 

8022 

242.42 


107.76 


223.98 

10L22 


324.08 


22173 


on., July 24, 1978 

Fri. 
July ■ 
21 

Thun. 

July 

SO 

Wed. 

juJr 

ill 

B 

'Kin 

Year 

ago 

(approx.) 

„ 

Est 

Karninft 

Gross 

Div. 

£9L 

P/E 






Day’a 

Yield* 

Yield% 

Ratio 

Index 

Index 

Index 

Index 

Index 

Change 

% 

(Max.) 

Carp. 

TnSTi 

IACT 
at 34%1 

(Net) 

Corp. 

TkEV 

No. 

No. 

No. 

Na 

No. 

+0.9 

17.18 

555 

8.05 

219.26 

216.05 

214.46 

215.® 

177.75 

+0.8 

1751 

559 

8.07 

19672 

194.17 

193.00 

193.78 

.147® 

+13 

19.97 

. 435 

7.28 

34437 

34149 

339.49 

34139 

241.75 

+11 

14.47 

3.94 

9.76 

47054 

460.89 

457.60 

463.62 

361® 

+0J 

18.27 

621 

739 

32627 

32109 

317 JO 

31848 

257.40 

+A.9 

18l25 

601. 

735 

177.14 

17431 

172A7 

17357 

158.26 

+0.4 

17J9 

8.46 

7.93 

165.68 

16458 

16337 

16455 

«.41 

+Q& 

17.02 

5.23 

8.24 

202.78 

298.62 

19625 

197.73 

245® ' 

+0.6 

15.43 

4.20 

9.16 


235.85 

232.42 

234.78 

16733 

+1.4 

16.46 

736 

• 838 

176.85 

175.62 

173.98 

17645 

mu 

+03 

19.63 

' 637 

7.10 

126.64 

124.48 

123.42 

123=67 


+1.4 

1532 

5.72 

8.73 

29652 

2)258 

20LZL 

202.67 


+1.6 

14.94 

5.95 

9.52 

224.95 

21955 

220.43 

229.67 


+2.4 

15.77 

■ 533 

9.62 

265.18 

258.79 

25850 

26Q.90 


+L0 

35.29 

675 

937 

254.77 

250 AO. 

247.1* 

249.64 

■ Wfli ■ 

.+1.1 

18.93 

555 

698 

197.42 

197.74 

19630 

197.49 

l.'All 

+0.4 

14.08 

.4.78 

986 

215.00 

26a 88 

204.19 

20669 

170® 

+0.8 

9.67 

. 3.00- 

14.76 

41359 

402.75 

397.26 

35S.02 

17238 

+0.1 

19.24 

7.80 

685 

135.88 

134.03 

73423 

135.47 

290.96 

+2.0 

10.98 

436 

1338 

19L92 

IK.01 

183.89 

185.44 

116® 

+03 

1833 

7.73 

7.00 

17810 

177.40 

17676 

178.11 

142.49 

+2.1 

23.68 

7.40 

SM 

247.77 

24670 


24658 

153.02 

-0.4 

1831 

5.73 

667 

11144 

107.69 


10756 

19831 

+0.9 

3534 

5.72 

• 8.27 

200.81 

190.44 

197.09 

198.64 

176® 

+0.6 

16.97 

5.99 

aoo 

FTTH 

285.98 

285.17 

287.05 

9620 

+03 

10.96 

3.89 

1135 


259.76 

257.90 

S9.80 

600 

+1.0 

18.49 

17.66 

5.87 

7.43 

640 


12756 

124.71 

128J8 

103.® 

+13 

7.00 

405.83 

402.64 


40257 

47606 

+13 

16.87 

624 

7.90 

20958 

20699 


20645 

17232 

IE3 


gq 

■331 

i^AJ. 




17625 ’ 

IBEHI 


EE3 

m±-M 

rrmi 

R:;-:-¥^-Ri 

Elvlrl 

E!V>Va 

final 

IRDJ 


■till 


EUll 



hi ki 

20250 

IKSOI 

warn 

Em 



145.65 

164.90 

162.91 | 

164.78 

134.® 

+0.4 


600 

625 

188.08 

189.85 

189.23 

19050 

155.47 

-0.7 

■9 

830 

— . 

204.80 

204.49 


204® 

166® 

+L2 

12.41 

• 538 

1132 

15738 

35737 

152.91 

352® 

■127.79 

+13 



649 

— 

■33655 

73722 

133.94 

23618 

202.41 

+1.1 

- _ 

664 

— 

12713 

13.74 

12358 

125.65 

109.05 

+03 

1359 

'433 

1034 

34535 

34035 


339.86 

297.51 


a 

610 

— 

«U7 

7M4 


79® 

64® 



' 3.08 

67.83 

237.75 

235.47 


234.91 

178.45 


i*e3 

7.75 

5.52 

E33 


10430 

10551 

89.58 

+03 

330 

434 

3234 

22337 

229.44 

219.05 

22052 

17686 

-03 

17.43 

6.87 

698 

10132 

99.65 

97.® 

98.77 

92® 

+L6 

16.16 

658 

7.60 

318.90 

31935 

317.43 

31621 

269.46 

ELS 


5.46 

— 

219.86 

21687 

215.15J 

21678 

184® 


FIXED INTEREST PRICE INDICES 


British Government 

m 

Day's 

change 

% 

xd adj. 
To-day 

xd adj. 

1878 
to dale 

1 

Under S years 

105.63 

+030 

- 


2 


U4.83 




3 

Over 15 years 

1ZL64 

+628 


1 

4 

irredeemables 

127® 

+050 


734 

5 

All stocks 

31359 

+039 


637 


FIXED INTEREST 
YIELDS - 

Br. Govt. Av. Cross Red. 


Low 5 years. 

Coupons 15 rears. 

25 yean. 

Medium 5 years. 

Coupons . 15 rears. 

25 years., 

High 5 yean. 

Coupons - 15 years. 

25 years. 

Irredeemables 


Mon. 

July 

S4 


8.70 

10.79 

1130 


11.H 

1199 

12.18 


1L44 

1233 

32.76 


1135 


Frl. 

July 

21 


873 

1084 

1154 


1135 

32.06 

1234 


1134 

3236 

12.78 


1161 


Year 

««o 

fapprox.} 


7.78 

11.58 

1234 


2033 

12.44 

1339 


1133 

1336 

1380 


12.71 




Alnoday. July 2d 

Friday 

Julv 

21 

Thun. 

July 

20 

Wed. 

'Sr 

Tuc». 

July 

IS 

fi 



Y«r 

*K“ 

(■P|>KI^). 

Index 

Xn. 

YioJii 

br 

a 

15 

20-yr. Red. Deb & Loans (15) 

67.00 

tl3.08 

56.91 

66.69 

67.02 

66.99 

56.94 

56.88 

96^0 

58.87 

16 

Investment Trust Prefs. (15) 

50.82 

13.84 

60,82 

50.77 

6L04 

61. 66 

51.51 

31.55 

16.58 

50.61 

17 

Coral, and lndl. Prefs. (20) 

69.79 

13.27 

69.50 

69.50 

69.99 

70.04 

70.04 

70.02 

70-04 

68.37 


A Jlsi oF uw consume ms is available from the Publishers, Uw Financial Times, Bracken House. Caamm Street. 
London. EC4P 4BY. price ISp, by post 22p. 


Co 





















































































































Miiii! 


INSURANCE, PROPERTY 

BONDS 


Abbey Life Assurance Co. Ltd. General Portfolio Life Ills. C. Ltd.? Npj Pe nB i 0M ... 

MH. Paul ^ilmrcfinihLBrt. ni.ainant icuinmni'mi. u .. .. Muwjetneirl Ltd.- 


AUTHORISED UNIT TRUSTS 


Abbe? Unit Tst., Mfirs. Ud. lal 


iTZnBO.iiaH'hcuxeRd Avlmbuj}. 


G art mo n» Fund Managers V laifg) Perpetual Unit Trust Mngtnt.? la) 


Equity Fund IBS. 5 

Equity Acl * 1U 

Property Ml 148 7 

Property iw U4.8 

Sclu-liw ford 90 6 

ConWUhlo Fund : 151 2 

T.Monry Fund r»t f. 

Pew. Property 174.8 

Pens SrteviHc fib 

Prim Security . _ JJ6 9 

I’m*. Maiused 178.1 

.Pens Equity 161.4 

ffProp Fd Scr.4 ... 0273 

VM#n. Pti.Mcr. 4 133.8 

*EOTHrKrt.Scr.4. S5.0 

<Konv Frt.ser.4 112.1 

VMonry Fd. Scr 4 . 109.6 


0l r B,U W 7 3,BTl .-hun-hSt.D^STr 


»9 _ 

lit - 

1566 — 

MB .... _ 

954 _.... _ 

13*2 . — 


Portfolio Fund 1 Z3&0 I . 

Portfolio Capital .. W9 - “I ■ 

Gresham Life Ass. Sec. Lid. 


Hutiuital fond . _ (14*5 jja 7| i _ 
PttCK July 1 riealin K ' Au'sii'sl 1. 


— 2 rriiure of Wales Hd„ B’moulh. tw» 7S7W5 I?*?. Z f* land Ins - ^0. (UJi.1 Ltd.? 

— ii .L. Cash Fund 0 • 102.31 ... I Mj'HlandHuuae Southend SSI 2.1s OTIC 


«LE>Win'FliBd....b07« Itttt N«n MM 

C.l. Gilt fond fins ma.. _ XmaJIOirFd.... _ W4 

fi.L. lull. Fund 1210. 1213 .. . — Ttrhn..J ,, c> Fd . 974 

l!I.rp«*.Fund |96S Ml.*.. . _ Extra i,n.Fd. S75 

Growth & Sec. Life Ass. Soc. Ltd.? F^Ea«Kd d _ ..." io?9 

Weir Bank. Bray-on Thames. Bert*. ocauaaiH 'l 1 11 Ed*- < Fd. ...... 1831 

Flexible Fmaww-J U.0O4 I _ «*- Iwiwwl Fd . ,)%9 

asaasrsduM “» h- = s*’** Unta " 

C.&S. super Fd- .-t €7JM I .. . __ rOBoxa.NumuhNRia: 


14651 . .. 
WJ +2.4 
1025 + LB 
9Z.1 +Q 4 
1Mb -02 
J336 +17 


Allied Hanrbro Group? lal Ig) 
Hamlirn Ilv4* . Huliun. Brenru-ovi F.«*+’if. 
01 rm 2851 or M remit end i08tti 211458 
Balanced Farida 

Allied la 671 71 0 *01 

Bni.Iuily.Fund 64 2 6871+0 9 

(Ink fc Inc. 37.9 40.M +0 4 

F.Iret A Ind. Dev 342 36 M +05 

Allied fapil.il ... 73 1 78a +0 7 


nanism • St.llun Ase.KClAKBI*. 
5 3 428 irWlnn-nv.inT..i ... [29.5 
3 31 *U gtibri) T*r i , 5tl 
iJl 42* jUnunwIilj *Jhan* 766 0 
).4| 4.21 FjiItj Ip'-oiqc T.4 _ 23 9 
III Far I-MI Tnirt 17 7 
II . Kublnr.am-TQ ... 591 
JncOfwFim.L ... 75 0 


01 5833531 4SlIurtRt.lli1i1i 1 >iin Thames MfU2fiK8 

31 7T -0 34 003 KpidualilpUth- 1404 04] ...J 355 . ■ 

l“| *2.1 IS Piccadilly Unit T. Mgrs. Lid.? laubi ^ ^ Vl J£. f#;i ^ u ,«nN«im 
40? 3)6 y |,ard 4' , cH'C aBaLbqdnrtttnnKVa ^RWOBni AIvvjimhT fond t J. 

63 6 *04 825 

80 6+0 8 614 


Kryselfx Mugi.. Jersey Ltd. 

Ill Mm 3fl. S3 IlHirr Jer-.-y. iKn- IKJ-MJTW? 


S&Bitei-V'B* SIS H - SSbSksSAShMjr ™ll?j : .. \~ ^ 0rwich l ’ nio " Insurance Groups 

GJSr&E ssj m -r ■55asr?JKf ll » 1 ^ 

3LnoLriiMiM».w r* °' oi*WBBe imu “T-” ^jSSfcrtej W&lt) Z 

.7.'J Z Hambro Life Assurance Limited V JSffiuiSijSf id**'** ■"“ Z 

....1 7 Old Park Lane. London. W1 0l-iH9«BL . , 

Pboemx Assurance Co. Ltd. 


Aiiiedi-apii.il ... 1731 

liambro Fund -M6.1 

Huntbro AK 1 . fh |i» n 

litre roe MmtU 

Hleh Yield Fd. : 171 J 

High Income 166.7 

A 11 fo Inc (38 7 


H3.H +1 1 

130 it +1 4 


iril ^oil lS JKn*3lWun^ 'iwo S3tS'| 3 33 < - *P.Ta «1170 121 0! - 1 413 

$1 5 *4 ■ GIM»s 4 Antony) Unit TsL Mgs. Ltd. W ?■. * s* 

to 5 * s? VBSVtf' ,:,,d Jei " n '- " R mo - 5SSSi?i«ui-:w 5 13 -oil 230 *** •'««““ * 

+07 434 «».%*;. Ineunu-.... 141 9 44.91+0.41 8“ Practical Invest. Co. Ltd. If lykei Australian Selection Fond NV 

+ i i 'fjl A *j l*niwihrr,. 138 0 01 jq .1 J w .. D . . ^ nijelfflon Vi<rkr1 UpivyruinlliCH. fu In^h VwihC Ic 

+1* 4.41 laiA.G. Far Eafl'_ [25Z 27 -0.^ 030 nlJ-' ,«ti i 7? I'ull.w-.l.^ lS. Kt-.d SI . <«!««■> , ■. 

Dinline 'Tues. *tW«3. Ptacllwl July W - gg 5 167.U 4^3 L st , Slljr ^ • H « M I | - 1 

.o+f •»* G«veU I John IV . .tecum. I nil* IW2* 236JJ . .. t 421 %ei Vwrt Valiw Jufr »• 

73 , London Wail, K f S. 01-5885820 Provincial LiTe I ov. Co. LULV Bant of America International S_A. 

S*hldr. July 14 . 11401 147.71 | 1B7 222.plshnp*Rale. El'2. OI-317I8V.T3 ;cf» Knuhiani llm-al Luvmliounr Il-D. 

iWAceuml-rtrt E6R4 17jF.5l. -1 187 Prohl.e^mu 1»4 «5| +L7I 3K WWibvm lm-..»e IS1SB930 W5j| I 7.74 

_ '•evi dealim; day July M HiKh Income .|ll*8 122J| +0 5| 726 l-nri-i ^1 July 30. Nrxl xui> doV July 26 


13 99 15B5«-9( 


2S| Extra Ineciw (287 

Small iVtFrl.. • »S 

t'apilal Fund ...IC 8 

cm Ini. Ems 4r A.*e»i 
??» FrtuleFUnd .[346 
*" Arrujmllr. Fund. — |W 0 
Id. TeehiinlwLv Fund -[564 
Far Easi Fd . - 278 


308! +031 
«l3 -1 0 
45 71 +02 
443m +0 B 
JM1+IJ.6 
64 41 +d 5 
60*(-r!Jl 

30 .0d +0.7 
261^-01 


%i‘i hs«el lalnr ini' Bi. 


•Equity Fd. Arc 
VFUMlnt Arc . 
YGtd.Mann-Fd.Ac 

*1 nll-M nil FfLArm 


7631 +0.7J 
71 M +0.7 

a4dj+oij 


JB ArbuLhmn Seouritles iCJ.I Limited 
1*.(*. f6 >\‘JM. Sl H eller J»*rte|f n'il4 72177 
3 3> yap.Tj .J.t— , J1J.70 1210| ..l 413 

1 27 Vi! •h'uhni! title AuKujI 1. 

100 fliM Ali.ll.l.'l il l< ,|116.0 123 0] . . .| 3 05 

230 Seat >fh- AUSU+I .1. 


Next >uh. AUSUkl :i. 

Australian Selection Fund XV 


•Plop Fd Ace 

VMpl«ll1T..Vca 
Equity Pen Kd Arc 
Fixed I Pet|«\cc_ 

Old Mon Prn.Arr, 

JoUJJn-PuKdArr 
Prop. Pen. Arv. 

ST pic InvP'cnAi-r 

AftusV Life Assurance LULf 


McedlnLUcp 

foully 

PrapcTt#’. ^ . — 

Manaeodi'ep 

Menaced Acc.. . 

Overseas 

Gilt Edced - - 

American Act....... 

Pen.FJ Dep.Cap 

Peo.FJ Den-Aec. _ . 
Pen. Prop. Cap. 


Aiw Hx. Alma Ril, Rcigaie. Ret Rale 40101. Pen Prop Are 


Pen. Mas. Cap 

Fen. Man. .Acc. 

Pen. Gill Ed*, cap.. 

: - 52- 3l l SSt '***■■ 533 3 StI I - p^nyFund..:..:. 

•••• — •KS'nS’^S' — Property Fund I A I. 

— aM iin«® , | “ Aeni-ullurBl Fnnd. 

. ... - S"- Cap — | ... - _ Ann.-. Fund lAi. . ... 

..... Pmi. D.A.F. Acc 183 5 I -I — ■ Abbey Nat. Fund 

-J - Hearts of Oak Benefit Society AW***" 1 ?™ «a.. 

15-17. Tavlauck Plaee, WC1H USM oi-3ff7aoco ini-S^raFd^ l 

01-74SDU1 HeartaoIOak [363 3* H - . | — Equity Fund ! 

j _ Hill Samuel LUe Assnr. Lld.W §SSwr&SS M> *“ ' 

1 — N‘EA Twr n Aiddiaeombe Rd, Crnj’. 0I^HB4355 Money Ftindi At. “ 


23JS 13221 
112 1866 
63.0 171.6 

ST J£S 

W.3 1X73. 

M.6 • Ul-2 
82 1034 

,X0 134 8 

W.7 - 157.6 
M.2 215 .0 

116 2775 

012 217.1 

660 . 2IHL0 
ZLS 1283 
mi 1353 
241 1307 

WA Mi’ 

. 102.0 
1835 


.. | — F«*nM*le\ 

r-vi'i i+8-i.-s 

, . ... KvispIci In: t 
. I mi ted Ki-ivh-i Kuni|y 
n'04 72177 Japan Cih Fund 
l an Kw*>lc>J.i|ui, 
..l 4 13 Ctnl. Asia I- 


1.-L33S lai: 
i p. m a is;-! . ’ 

f6 64 7 461 : 

. C394 445 - ; 

UiTM sal . I 
if. 14 18 153J; . . [ 

034 33 -JiO. 


>02 Gsvett iJohnW 
73, London Wall. F.C Z 


King & Shaxson Mery. 

] I'hant.c I'm-.- J, lli'Ii.-* ■** 

\ alley list* -<i 11-ier I’nri. <■ 

I Thfimai SI reel. Inn.l.i-., I.> ' 
• illt F und i.lervei > |lS93 1 

iiiKTruuiioi:', ii»5 
illii i'mi. <>'uvm.*.i..>i£9J6 1 


r»ei • - uWi i 
rii.i .i-MU i iiG-K 
M ,|M;;-W8 
> Jim : i:co 


01-5885820 Provincial Life lav. Co. Ltd.V 


Bank of America International S.A. ISeriiiiu*^ T 'kib m 

3S Himiinurd llm-al. Lun-mhoun! H.D. i-irdlntl _. (5185 2 


1814 IE 241 

185 23 185 S7! 


4- 1. Kicy William 81 . E>.'4P All R 

nS !, i:'“-- -11131 11931+1-31 - Met. mTu fi’c-dly..’ KLs *4 45:41 5U J.'dv 1R - . 005] 

SPE. ™ A« 77.4 1 , 1 — CKeneas Eamincs.e8 4 623d +0 5l *64 lAcenm l niKi. Z13 . 

EbrPh.Eq.te 176 6 803) .. . J — Evj«. Smlrrtfls?_^^7J a9^ +2.4 501 Uiwlwr Jul»2l _ 957 

„ (Aecuoi. I ansi .994 

Prop. Equity & Life Ass. Co.V Anderson Unit Trust Managers Ltd. LnASraUjulv in . 69 9 

l^‘.T°^ r<lTlJ ? rM!t - W I H:L ' S - ' M-436M57 I5AFenehiireli5LEC3MGLVA BQBB3I n>1 ^'^ ' ' ,” 4 


> “ Specialist Funds 

Smaller L'eV Wd. _ 136 8 
+. 2nd Smlr. Co's Fd- 455 

01-0388878 Recwerysii*. bz 

*13* — MeLMiui-C-dlj.-KL* 


196 Grievesqn Management Co. Ltd- PmAi vwifnHa Mnffre- LHLV ladbUCI b '«»r bnte id u-dn &. S. .vwrm iajI 'i+- an. f«- 

147 59 Gresham Si. EC2P2DS. IIIWWl „ Tl Ueiamler f-d. KOnn 

Rnrrtncinfi lulv'4 t7fULft ?n8ufl I 4.93 Holhotn Bar*. Ecl.u 2Mi 0]-WbS22- i.urni 

4H SESjfiWttfZ-Bt 2 34^ r.::::| 4.c prudmiiai pa#5 13651+1J| 4.4I B^nque Brnxcllrs Lambert iw.y 

5"S lAcrum nitei , . y ..^pS.o atu !!™1 7*6 Quiller M a n ag em ent Co. LULV la. Hue lie l,i Heyenre B 10<h> lirns*«-Ii Klilnt 


Klein wort Benson Limited 


BarrlPElouJulylS I 
+05 469 fAccuoi- 1 nilri...._ M l 
+0 7 4.B8 Blna-HAd July -20 

I +Q.C 5.7* lAseum l-'niu.,. ..... 
+0 4 5 12 Endeni July IB. _ . 

+0 5 a m lAeeum l niisi. ._ . 
+2!4 501 U/wKsir .July 21 „ 

litecum. I oiiai .j 


215.U ... 
222.7] ... 
1002*8 ... 
104 n .... 
73 W ... 
76.71 . . 


L9* TbcStlc. FtechaaBe. EC2X 1HP 014*104177 Rvnta Fun 1 ILF..... )1*94 


S'. Fa-n, hurcli si . P ‘3 
KuniHe..( Jn». C f 10S2 • 

i.uemn-y luc . HI 62 S' 

I hi Ao-unt 79 5 04 III 

KHFurEuii F-J ! Sl*Sl?J4e ; 

hill nil F-und . i SI . ••-11 hi I 


i 775 Kll Jipjll Mind. 


— Heart* of Oak Benefit Society 


AMEV Managed 
AMEVMKdT-B-- 
AMEV Money Krf. 

AUEV Equity Fd 
AMEV Fixed InL 
AMEV Prop. Fd ._ 

AMEVMRlLPen.Fd. 

AMEV MM.Pn. B- 

Flejuplan 

Arrow Life Assurance 13-17, Tavistock Place, wciH osu 01-3*7 sk 

30. Uxbridge Road. W.ltL 01-7-asm H«*7teoIOali P65 38-M - I — 

so Jdk.Fd.Cp urn. .1*2.4 *771 i _ Hill Samuel LUe Assnr. Lld-V 

■Pen-Mgd-Fd— FJ..lll3J MM 4 - fflSS5fi2Sl!fA“ffi9 

Barclays Life Assnr. Co. Ltd. BMSfc]T h “ 

232 Roralohd Rd.. E.7. 01-534 5344 ltanaced Series C 

-Barrlaybonds* 124.2 UOJ! — Money Unit* 

Equity ... 117 1 1233+0 4 — Money Sane* A 

Giliederd„ U0* 116.7+0.4 — FbtedlnL Scr. A 

Property — 1842. 109.7 +0.1 — Pn». Managed Cap- 

Managed 1899 115.7 +05 — Pit*. Mans Red Are 

Money 98 9 1042 — Pn*. GTeedTcbp. 

MoiLPeaaAeeum. _ 98.1 1053 ... — Pa*. Gtaed. Acc. 

■Do. Initial 95.7 1002 _ Pen*. Equity Cep 

RIH EdaPensJtec— 96.4 1013 . _ Pens. Equity Arc 

Do. Initial 935 985 .... — Pns.Kxd.lnLCep 

■Money Pena. Ace. .. 100 8 186.2 — m+ExdJnLAcc 

Do. Inilial |97.4 inj fcj Pens. Prop. Cap 

■Curronl unit value July 26 Pens Prop. Acc 

Beehive Life Assnr. Co. Lld.9 Imperial Ufe Ass. Co. of Canada 
7 1. Lombard SL.EC3. nuiwi+« ImperioJ Howe. Guildford. 7UH 

w *’ 1 1 - “mSjJJ ■ i!id : 

Canada Life Assurance Co. Unit uabed Portfolio 

2A HI FA SL. Potters Bar. Hens. P Bar 51 122 Bf-? * — 1 — 

til I - Smwiz p Su = 

Reum. Fed. July G.. | 173 ] 1 — Equity fond (oils * IOJlSI | — 


IL Silk. Prop Bd l 182.* 1 I _ 

_ £*> foully Bd . 752 I | _ 

_ FlcxMonej- > | 1*9 6 |."| „ 

Z Property Growth Assnr. Co. Ltd.? 


Ulra House. Croydon, CHS 1LU 

Property Fund U2 5 

Property Fund 1 A 1. . 1*0.9 - 

Aeni-ullarul Fund. . 7629 

Asm:. Fund 1A1 756 4 

Abbey Nat. Fund- 154.1 

Abbey NaL Fd 1 Ai . 153.9 

lmesuneol FuotL_. 675 


162 M _ 

107.4 . . _ 

17*6+01, — 

1031+0.4 _ 

300 4 +0 4 — 

127.2 __ 

loza _ 
97 6 +0.1 _ 

14*4 . . _ 


Actuarial Fund 

Cil(-edsed Fuad 

U'll-Edcad Fd.iAi. 
•Retire Annuiiy 
•Domed. Annfr.... . 


+20 — 
+2 % - 


+ 0.61 — 

+0 6 — 


IGA Fenrhurrh SL EC3M SAA 6230331 r'Lis. i-. J ,.Z RfllWlrcHw .Tnnhndce Wells. KL08K =71 

Andman t'.T. — fso.0 53.9] —.4 42b Cuardian Royal Ex. Unit Mgrs. Ltd. Up ~ unlt ,. Fd . »* ni | 520 iw.'SSTSrthwB'm u'w?” 

. . . ,, . - . fiyai Euhuitr. EQF3DN. D1-Q89011 ScJdordeT. lAif i «0 I-52 n ■ ... , , ,. A u 

Ansoacher Unit Mgmt. Co. Ltd. lagiRuanlliillTat. |9Z4 95.71+031 42* SeklordcT Inc |42 9 459) +0.n 5*9 Barclays Unicorn lot. il-O. Manl Ltd. 

: Noble SUEC2V7JA. Oi^nmra Hatderson AdminstratioaiV lailcRgl Ridfieficld Management Lid. iThi-BiavSi-iinusU>.io.M wm-wrui 

Joe Mmlhly Fund .[1660 1760[ ... . [ 9*3 Premier (,'T 'AdnuiL, 5 Royleisi] Rood. Hutton. hS-40 Keirnedc^L Manebcaicr 0B1S38&5SI 'mrnni Au+i FUl. . [» 7 57flMf .. . 160 

Arbntbiiot Securities Ltd. (aMc> "«"■ SBSfftTJp'igM . . I ** !S ■ RS Z I" 

J7. Queen St. London EC4R 1BY 01-230 5381 S* 1 c^Sh Inc 1447 «7«+0 5l 3J7 rudKer, * ld 1 newne ' ,l - 0 W ' 10 71 £■ [»'• Inoou.- .. MS 41 .... 8 *0 

Ertro income Fd ... 1104.9 itt.| +o 113 JR- “ g] SI ^ 3 H? Rothschild Asset Management (gi RS iiw.^iu7 u ‘,i " »4 za^ ]" 3 

MB lo 1 3! t««»fcA»s e L+ _g3 6 35H+IUI 5.99 ■JMO.Cwehruisenn. Aylesbury. U24SMI ™ f 1 , J 1 ®’ . . 

598 +8i m Fwh \ c.Equitv Fund .11715 18Z.4J +1 1| 3.13 Bishopsgatc Commodity Ser. Ltd. 

+oj High Income 6L5 Mfl+jg Jff. XjT. fop Jl«+ TM [1112 1IBM ~0.4[ 2 So ■ - -- 

if m C»&M Extra I nr _ [563 59M +05| 8*3 N C. IncJSe Fund 149 9 159H+lfl 721 

214 +0 4 Sector Funds N.C. lull. Fd 'Im-il912 971ul-a?| 156 

ui ' ctd Financial & ITU. _ .053 2691 +0 R 426 N.C. lull. Fd .Act i|92 4 983| -DM 156 


"■■j IS as322fi^'lisfl I IS Barclays linicarn InL iCb. Is.) Ltd. | sVtSf^ Ua..i Vi 

■4 273 Ijuadrunl Inrnme Jl+45 1284«q J 822 i I'huriuc • 'rOM. RL H>dtcr. Jtxy OTCH 7.77-1 f -I'mfi-utf- . HM. 1 19 M XlCi-f-Ot 5-; 

• -1 « Reliance Unit Mgre. Lt<M» iher+eu+lroiuiL- ...146* «.M . . I U» ’hll ■*>' +- UnJwi ls.UI... ,Tb a:..: . 

Mri Ltd RrJtanrcHw.TonhndreWe^Ku 0«r_==7t t-SSSSMSSf “B&H m . 8M Lloyds Bk- iC.I.i U,-T Mgrs. 

-Kul.w-rt 10 In- and Withhnlrtiuu Uv-i |>n K,,- Ipr.-KL llrliei . J.T-+-* 


>•: jjj. 9 -o 

• 323 

:. j ni 

163 

• 1.93 
-c:tl C7J 

I C 7a 
-.’•i- 133 
-S.-iX' s-u 


5*9 Barclayii Unicorn lot. tl. O. Manl Ltd. uq ds I 


bi'U dc.ililiK ■ I. lie Au.'.ll'l 


I ExtralneoaicFd 


fifth lur. Fund 
•lAcnun. linLti 
i8V-**- WdndUte 
Preference Fund— 

lAmtra rnllsi 

Capital Fund. . 

Commodity Fund 
lAcrurn. I'oitei. 
il0h.W-drwLU.i 
KlnXProp.Fd. 
Olanlfi Fund ^ 
lAccum. UdILm. 

G rwlh FuocL. 

i Acc urn. UbjUi 
S maller Co’s Fd. 
Eastern It lull Fd. 
ifibWdrwLUis.! 

Foreign Fd 

~ Amrr 6 Ini. Fd. 


Imperial Life Asa. Co. of Canada Provincial Life Ass 

Imperial Rom*. Guildford. 71255 +++ ooin,*.,,. rr-~ 

SMgfcf-K • m --I - gSSSnfnSi 

Peas.Fd.Juij te-.g*, [- Proa^hFd.-.U, 


neum. reo. July t*..| urn 1 | — Equity Fuitd V&3 -1013}... 

Cannon Assn ranee Ltd-f Irish LUe Assurance Co. Ltd. 

1. Olympic Wy . Wembley HA80NB 01-002 8878 1L Finsbury Square, EC3. 01- 


* .Vanuhln Lid. 

— All W Iher Ac Uts. 129.7 136.61 .. .. — 

— 9A11 Weather Cap . 12L9 it bj _ 

— Olnv Fd.uis. 134.9“ _ 

— Pension Fd. Vis.. ... 130.6 Z.. — 

— < Orn. Pens. Fd 3477 , _ 

— fmr. Pn*. Cap. ft . 133 0 - 

— Man. Pens. Fd.. . 1433 — 

— Man. Pens. Cap. Ul . 13L7 ... — 

— Prop pens. Fd 147.1 — 

— Prop. reus. Cap. L'U 1336 .... _ 

— BdRj. Sac. Pen. lit 131.7 .. .. — 

— Ride. Soc. Cap. Ut_ 120.6 .... — 

* Provincial Life Assurance Co. Ltd. 

1253 2St tttehopegale. E.C2. ■ 01-247653: 

— Piw. Menaced Fd. 113.1 .119 21 — 

Prov. Cash Fd 1B4 9 .llQ 3 _ 

Rill Fund 2D. 1164 124.7t +05 — 

— Property Fond fi g ioi gI _ 

— Equity Fund 97* mot . ... — 

— Fxd. InL Fuad 942 9*3 — 


112.4 +D3 1125 
445 +0 J 9 25 
59C +0.3 9 2S 

59.1 +03 925 


2B.M +0 5 

227] +0.4 


5 to Financial & ITU .053 

55 (UI6Nal Res p3 

5 30 Internal Inul 

I . ... 3 04 Cebet. 1875 

1+0.3 278 international. . . [35* 
+0 4 278 WtldWidv JuI.vM.f75* 

+0 7 263 Oversea* foods 

+0 6 263 AMtraJian >365 

1 +0 7 421 European *1 4 

+0 5 114 FsrfoM 770 

i +0.4 134 North Anh-r 40 0 

180 MAJuGn, JulySI . 123 7 

I —0.3 1 09 CtM.lm.T6m.Up 53.9 


urulniilb issued el *11“ an 
2M Rothschild * Lowndes 5Igmt. iai Bridge Management Ltd. 

163 St SwiihlnsLaru*. Wn EC4. 01-826 4-L58 j>n j^,, sw Grand fajnian. I'avman Is 

447 NtmCLExcmM.. (0230 130 Of . 1 3 « N l«..hi June'ai . 1 V15569 | .... [ - 

PTti-es on July 1.. Neil dealing Aue *5. lWi HiinC Kong 

4 77 Rowan Unit Trnst MngL Ltd-Viai SroponFiIJulj » - I 886 


Lloyds International Mgmnt, S..4. 

_ 7 Rue ilu Ithuni- !•».■ It-t 17i :-.-i: -i.-w.J U 

840 Llujlfslli! lirunlh.lNiaH Wt! . 163 

9 DO Lluulslnl liu-nn«-.i Kl 'B: S) i4K, , 6 JO 

1.40 

M & G Group 

* „ Tluvr Wu3'-.. Tinit-r II.M r*~RiSte' '' ! + 7»' i\P 
All jiiI n-.lulv Ik . 1M-CM 3!>j| , -• 

— And Ks. Jill* 19. 51S219 IK, . 

- , l.nlilllv Jtllt IS 111 ■-■*51 1051^ 1 

.20* 1+ljn.l - ... 129 D 154 -' ,c - *?-7 


4a jBaSar.JZZ.IW «.°J +04J 4rt R«wan Unit Trust MngL LULVin. N-PP-nFajul, w > «*1 - I 

114 Far East 77 0 824n ... 4.00 niyGaieHse . Fitw burr Sq . ETC 01-006 1 nea m m w ~ , 

L14 North Amer 40 0 42.Bc -0* 144 » mcrican JuVv 20 1675 7051 097 Britannia Tst. Mngmt. |CI\ Lid. 

iS &m 7 HS3 lo\ aSSuSLiWia J690 138 ;l ORa.h.S..S«.II..licr.Jur S ey. UVH 

in UIM.lliKT6m.gp 53.9 567 -0.3 127 lllrh VIH.ImI, 21 IS4 2 5711 788 

„ , HUf Satnuef Unit Tst -Wgrs.t fat iK 70 

S 45B W Ubt.EC=P=LX 014WWII -fej- Si5 Y^F.'r? 7.' 

rS- iblBnUshTniw 11547 16551 +20) 533 I Acrum. L Oils.. ~ . 1*72 10Z.1| jeme. EIhTO Td .Bl5 .14*7 

340 02+01 2 98 Royal TsL Cw. Fd. MgTS. Ltd. Uuusl STkIVIl- .. C 222 214 ... 

‘sfOlSl 4 72 M.Jennyn Street. 5 tt* I. 01-S382K H.yh Ini Stl.^Tsu 101 

3 wS^D5 4 77 Copual Fd 1685 7231... I 3 60 1 Jt IteTUr DeiuwilM^I Fda. 

‘glai 5 7 g ^ c jSwiRLd^? S juJ 3 I s fnungh< T a? w;:.^3^ .ia ! 

-3L? +0.1I B25 Ssn-t & Prosper croup v,lur Jul > »• **" ' t * al ' u * Ju '> x 

— 4. Great St Helena London FC3P 3FJ» B«>wn Shipley Tst CO. Ueiwyl 

U2 16. Uhn-anpher Street, E.C*. 0I-247‘JS*3 6S."3 Ouceu St. Edinburgh EH2 4NX - PO. HucMKt Su llelter. Jervey l».w: 

8.17 Intel. In v. Fund . . |B9.B 96.6af +0 J[ 678 Deoliugd la: 01-554 8898 or 031-228 7351 Sterling Bund Kd. ,.|£10Z2 10.27|+OD7| 

I'M Kcy Fund Managere Ltd. lalfgl Save & Prosper Securities Ltd_P Bnllerflcld Management Co. Lid 


HUf Satnuef Unit Tst. .Vgrs.t fai 


foully Units 
Properly Units, 
foully BoudiExec 
Prop. Bond/ Ex ee 
Sal BdJExee/UolL 
Deposit Bond 
Equity Ace uni 
Property Ac rum 
Mlted. A crum. 

2nd foully 
2nd Property 
2nd Managed 
2nd Deposit 
2nd Gil 
2ndfo. PeateAcc 
TndPrpJHina/Ace. 
2nd N£d- PenolAcc 
2nd Uep. Pens,' Are: 


1003 +05 — 

110.9 ... — 

1033 +02 — 

2626 — 

928 .. .. — 

1024 +0.5 — 

114.7 .. .. — 

105.7 +02 — 

184 9 . .. — 

91.1 .. . — 
41 0 +0.5 — 

»fl ...... - 


Id. Prudential Pensions Limited $ - - 

01-828 B2S3 Bc.|born Bara.EClN2NH. 111-4069222 

ea@B=M-.fl|E aH - rl E jgisgi® 

:*!i — Reliance Mntoal wrdu.,dc- tSt.. I 49* 

King ft'shnaw Ud. - ■ in* , ™ B f : ^ n 

fo^ h SS>tl04:« 10189 l+TiT^ 33 R0thBchUd A®* 4 Management Co. 

Langham Life Assurance Co. Ud. *ext Sub. Day September L Do. Aecurn^.^.^zm .222^. -I 433 

Longham Ha. Hobnbrook Dr,NW4. 01-2U3S2U Royal Insurance Group 

LmBWA-PlatL-lteJS - 65J| I - New Hall Place. LtverpnoL 0512274422 

TProp Bond .u4I8* 14931 [ — Roral<UiiPldFii rtit L 144 Q 1 ft. BlshopniJfllf.t.Ci 

Wisp \SP} Man Fdp5.9 wSI .. . | - W5 i --1 “ B'gnlt Pr.-iUlyia.»lB3.6 

Legal & General (Unit Assnr.i Ltd. f*?® * ** rosp « r i Gr °“ p, V n-|iM o 

Klngswaod Don lie, JGngxwood. TadwortJg S ^^* ns - Lnfo^. EX3P ^P 01-5S4 8888 

Surrey EtaOBEU. Burph Heath 53458 gal- for. Fd- — 1293 1369 +0.1 — . Next HJb. day 'July 

‘.'ash Initial *5 7- 106*1+01 _ Pro^-^ Fd-* 153.9 ■■ - „ „ „ , 

Do.Accum. 97.6- 1028... - * 1J — Bridge Fund Manaj 

S u )S™S! al ZZ: Ho * ini :ii z Jttpe^Fd-rrSa §49 Z 

FHKUniUal U7.7 -m3 +0.2 — Fqait^Fen^Fd 186.b 197.0 +15 — Am-rafcmi & Gen t 25 3 

Do Adcutil 1201 ms 4-D 2 — ^^P-tVissJ^d.* Z22.B 23$ 2 - .. — Jpcoioe ^ 5J.J 

Inti IbMal Z_1M3.H5A+13 - SSlTTE - Si tSa +Db — *8 7 

DaAcmm. U0* 1062 +14 _ lKpoaIS!a*.FdJ~ (Ml . , M**! - 2 3&a 

Manaced Initial... - 119.9 1263 +08 - 164° 

Do. Ac rum. 1223 -12BB-+0B _ tWeekly dealings. SJTSt f 1*6 

grt^myhtiual — W2 ? 1845 +0.1 -- Schroder Life GroupV ‘ Deiding = Tn'eL''twed i 

LefTol aCeneniillhiU PeMUnslLld. Emerprlo* House. PorUnnouth. 070527733. 11/12'. 

e»BMruhiiiiL Mt 181.51 ... i — foully July ib 1 230.0^ — Britannia Trust Ma 

126 6 Z 3 Lon dec Wall Building 

U46 — London EC2U5QL 

1552 " ;;; — Assets 1722 

1423 — Capital Arc 154 0 

145.1 .... — Comm* Ind — l J56.6 


ttfilEv- \%a SSI 85 ) “ Klngsomod I 

^ _ ?-srM32£”‘ 

Capital Life .\sBnrance¥ 

roniston House, itapel -\sh Wlon 0902 2851 1 Do Arc urn "" 

fo>- Invest Fd. 1 100.94 f I — Fixed Initial- 

Pacemakerlav.Fd. | 101.07 I ._.[ — Do.Accum. 


n ■■ m Inti Initial JBSO . 1B56 +L 

Charterhouse Magna Gp.P DaAccum. 100* is&a +1 

18, Chequers Sq„ Uxbridge UR8 I NE 52181 Mansned IniUol... . 119.9 163 +0 

rhithae Energy -....07.6 3961 .... - no Acni m. ...... — 1223 •iajB-+0 

Hirthw.Mouv ..294 310 .... _ fooperty Initial — W2 1M5 +0. 

(tfuthw. Uinai-H< XX 6 an t Do. A Crum. ......... 181 2 106.6 . . 

Oirtbse foully™;' 34 8 36.6 !. " - L< *»1 ft Geimnl rtkjli PeualMSI°l.ld. 

Magna Bid -Soc 1336 — Exempt Cash IniL.. 964 1815 ... 

Magna Manaced.. . 150.6 .. - Do Aceum..._ ...... W0 3*32 

City of Westminster Assnr. Co. Ltd. DoAram! ml ub5 

Rliuuiead House. 6 Whitehorse Road. ^*?P r R * w! lo,t JSf K5! 

W^S"f^L_» 05 61.61 grfSfiiL'hffife "■ 


Archway Unit TbL Mgs. Ltd.* faiicl ; ■* 

317. Hiefa Hoi born. WC1V7NL 0I-S31 £33. E ' 2P “!r?, , 

Archway Fund 1*2.9 88*1 I 6.03 5 ^4 

Prices at July =0. Next sub. day July 27. {gjS5|i S tSw"—™ 

Barclays Unicorn Ud. laUgRRO . {SnS^IiTram 
I'mrorn Ha 232 Romford lid. E7 01-5345544 4 W lor note TniB —1267 * 2* 
Unicorn America.. 133.9 3651-0.4 1.22 iblScruruvTruM -S3 2 56 

Da.Aun.Acc 77.7 Bfi i +at, 3 75 ( b) High V i eld Tsi_ . [295 -3L 

1 Do. Auil Inc.. . .... U2 Ubd +05 175 (nleLV lane) 

l83:8S!$«Lz:6a T t -iSl^J 

I Da. Extra Jncwne - 281 303 +0.2 817 Intel. Inv. Fund . . |B9.B 

SH- 3 o cm Key Fund Manager 

Do. General- 32 1 340+03 tOB ffl. Shfk Si.. ECL'V HI E. 

Do. Growth Acc. 415 4«.« +0 J 435 Xey Euergj In Fd _ 78.8 

Do. Income Tst 85 4 . 92jid +L0 636 Key Equity* Gen... 695 

•Da PK A'n&TBL 133.7 1«)1| 523 *Bey foompi Fd. .. 1510 

Prices al June 30. Next sub. day July 31. fo> Income Fund.. 79.7 

DaRrcoray. 143* 4691 +051 557 Roy Fixed i nt. Fd... 60 6 

Do Trance Fund.. 1150 124.3d +1.4 5 04 .Itey Small Cn'sFd..|992 

Do widtcideTst .. U* 53 sd -6 23* Kleinwort Beoson 1 

BtsUu-PdJnc 643 67M +4# 7 4 96 fTpllZZh cT Vru 

Da Ace urn 73 6 76 51 +0 q 4.96 SL - 


1655 +2 0 
340 0* +03 
. 838 -04 

31*e -02 
996 +0 5 
* 2B6 +DJ 


» July IB 11640 ira» ... 438 onRjiih. il. «. ll.-licr. Jersey. a'-H ~J 1 3 4 

■rati™"®* SO H 7*8 >acrltog ItroatniaAlel Fd*. 

K- IQ i7fl7 - S3 7a 414 tarpiinh Ihum , 133 7 3y4[ ... . 3 00 

.14*1:..:.. iSS 


Samuel Montagu Ldn. Agts. 

1 H. ind Howl n : 

\~,t|nv.l lul+IO 111-46 SC M«-J ZTl 
janfi->i jnii- 1:, . ;*jh«i: ra y.r^ , i l: 
iiti.ni Jui' is . Iv iuh . tzi 

1 IT.IiTm-v Jnlv 12 ItS 12 5 Mi ; 6 75 

IIIiiV< r <.Juh I2.|C11I7 12 JcH . , — 

Murray. Johnstone ilm. Advincr* 

IKl !!•■!*■ St .iaa-om.1'.' •*+; ‘ ZZZ 

-Ilnnf<4t 1-11 l $l'«76 90 ' | — 

■Murrai t-uml . l 5» Mit9o | - 1 — 

•\.\\ Jui:- 


_ ‘ Nrgit KA. 

i'itli if! T»1 l ... "|Sl'St26 '554 . I - l«a lioulr- :>nl l!,» -.1 l.u..-uii-i.r: 

InUfiKh int T-u . ..PLM17 . Jill [ 9.0 N \V luliJI . . . { SUM l JO l-.’.” - 

Value Jul* 31. Next ilenliiu: July *1 

Brown Shipley Tst. Co. (Jersey) Lid. h.ua. -i it.-rim„i., ih,i.-v . h , m 
P O. Hut SAB. Su I letter. Jersey «i,M 74777. NAY July H .. [l5 Iri - 

s.eri,naHi. m iKd...|Uft22 10.Z7|+007| 13 75 Phoenlx .merualionol 

Butterfield Management Co. Ud. ^ IVB . 

I’ ll, tax 195. Hamilton. Bermuda. Inter lullur Fund 152 J4 2 


r. 1434 46M+0J 

Fund.. 1150 124.3d +L 
iTm-.lM* 53M-0 

4£ —..|H3 672* -MJ 

73 6 76 5| +0 I 


34 71+031 62* «M1«Sl.,BCW8J£ 
44. U +D 4 435 Ke»' foeru- In Fd _[7&8 

23id +L0{ 636 Key Equity* Gen... 695 
523 «ey Exempt Fd...KlJ 
b. flay July 31. • Key Income Fund.. W.7 
46M+03I 557 Kay Fixed Int. Fd. .. U6 
4.M+1-4 3 04 .for Small Co's Fd.. [992 


Si „ „ - loieruallanal foods 

7B.B 83.fi! +® M 3.28 rpnlthi 07 1 

695 73 "B +0.7I 4 64 , ¥7;““ 

I?,® im J .. J 631 univ:G^«bZrr:l«o 


31. Key Income Fund.. 79.7 B4.R +051 *14 : r Z . 

557 Kay Fixed InL FU.. |M 6 64.M .. .H 12*5 tnerrmdnjt Incarae Fond 

5.04 .Itey Small Co's Fd..|992 105S+12| 595. High-Yield 154.4 

£3* Kleinwort Benson Unit Managers? H1 * h tucome Funds 

2S 20. Fenchurcb SL. ELC3. OI4C3BOOO High»«uro -MS 8 

KB. I nil Fd Inc ..1866 93.« J 5.49 InrOH * W 3 7 

!*) 6K-B. I'niiFVLAr _ 1881 1173 ,1 5 49 L'.K. Fund* - 

12aM pFd.lni-.Tai. H3 59 M — J 4.62 l' K Equity JM.9 

S? - 50j .....1 - Orrneu FundMz) . 


W lid +0 II 3 08 ; 
2861+0 N 3 94 I 
74.3 +0 ll 1.95 


Huitnum foully .. .C30 
Bull roc- In ■ro me _p.97 


i*» Ilm 77. sc (Mrr I x-n. ,.u,' t-i 
I nter luillur foml |12 J4 2 £21 


7J8 Quest Fund MnKranL (Jersey i Ltd. 




1377 
1203 


1301 +1.3 
1327 +13 
123.9 +0.2 
126.5 +D2 


Do.Accum | Tit a £a 3 :"Z| 433 L & C Unit Trust Management Ltd-T Europe — 1898 x*2 * 05 1 

Next sub. day Augurt 2. The Slock &hangc. BC2S 1HP. OlSm 3300 f, B P an |3S l jj fj 

Btsbopsgate Progressive MgmL Caf HcISii* Geri Fd:|«» 7 lS.^ " "J 179 1795 854i 3 71 

BLBishopBgate.KCA 01-5888280 Lawson Secs. Ltd. Wallet . foES?!!® — — R?1 ^3 ^{1 

j’ih, l i ia "SS'7 7«3 1 to F7, Queen's Si. London EC4R 1 BY. 01-2365=81 FiwwiOl'secs: — |» 4 78fl+o:i| 

B'gawlnLJulyH'.'i'pSo 1853 ~Z.\ 481 ffi" 0 ' SlaenaU. -gM J2.1J J 6.« Funds 

lAccuoLiJuly 1! .. .J192B 28*5 — ■ I LSI JS7 J frff Meet IntMuaL — 12614 27S^+Dd 

Next nub. day -July 2S. -August L ■ ^Srowthfond B7I 6t.6j+0 7f 2.B sdect Income .. |S4 0 • M.9| +0.*| 


Next Nib. day -July 25 —August L - 

Bridge Fund Managersf<a)(c) 

King William SL. EC4 ROAR 01-8234 

American* Cent .1253 26.7) 1 

Income- 50.9 55.4 6 

Capital I uc.t 3*8 39J 3 

Do Acer *8.7 43J .... X 

Rxemptt 1340 1430a 5. 

Intcrntl. Inc-t 1*9 1*0 3. 

Do.Aec.t- - 3*6 MIL— -J 3. 

Dealing -Tucs. twed. tThurs. Prices J 
11/12'] 3. 


1KU Lawson Secte Ltd. Vfalie) KSS^ W ::.ZZg6 

iS a i 3-5 37. Queen's Sl . London KC4R1BY. 01-2365281 Financial Secs.—. 4 

1 ARaw. Mai mate. ..139* 4211 J *48 Hlgb^Ilaftiinni Fmak 

if gasisasr-^ 


„„ ilAccum. L'uiui i 

•CrwihFund .. 171 

■lArcum Tails) 629 

ttGIll and Warrant 37 7 

fAmencao Fd 24 0 

pAccum Unilsi... . 24 9 

L« —High Yield 446 

*46 *nAccuitl Unite! - 625 


61.6 +0 7 275 

67! +Lt 275 
40.7* ...... 189 

2*1 049 

271 ...... 0.44 

47! 1170 

671 1170 


in Scotblts Securities Ltd.9 

°49 cmAu, has all 


74.11+011 *-w fTirv-s dl July 17. Next sub doy August JU. |*.n K->+UM.SI IMiu-r.Ji'Isv ".'bit J7;;i 

5*51+061 7.11 Capital Inlenrational S. A. ‘ '■ i _ 

37 rue Nuirr- 1 umr. Uiieralwun: uu,-»i lull lu, j {,iq i J _ 

Htd +0 7] 859 Flinil.l Jl'SI7 II [+0.1B] — Prin*-. ui July 12 N*-%t ■|,-+l in'" .'■■■> I j 

4*9( +oi| fl.73 Charterhouse Japhet ■ Richmond Life Am. Ud. 

'ansi ,« cl am >• Palerouslcr Kuw. Et'-f. 01^48 .W» Js. .Mho! Strcrl . I KHula -., I H. i+JIJuM 

4*21 +051 4-97 Ailiropa D^W MM .sflieS.li.-rTmsi DOG 3 SUt •! 0, - 

w-ji+nM xtt 157 llichniunil Runal.'l? 176 9 IH2J +i»-, M 72 

x!»3 23 ai? SIffiS '■" ill In.. Platinum IU1 124 4 Util+ii - 

P'2 £“ nrful ..- . “a 546 r- Ilohi Kd 108 7 1HJM V - 

SL5I-061 125 Emparor I- uud — • " r., im.tm 97'iCM.. 1756 1S4 9. -J -S( U -.3 

HlS|KiDD. , ia(1 ||l^)u3 4L24| 

“2 tnH 3*9 CTive investments (Jersey) Lid. Rothschild Asset Management tC.I.) 
78 ? 3.00 PO Box 320,51. Heller. Jersey. 05343TM1. Jw B"" ™ Sl n ' 1 ? ,,1R a V>“ 

fl!^8!i! Fd ffiViSfi 10 it! I 1100 «t &-«' JffiS ' 1«| ' . 5 M 

275.8) +D8j 220 OtwOdt Fd.WW.t.ilD.l* 1U17| .. .| J1.00 m -,| n) | Kd T jiji 1 J9I + DC+ I3» 

56.91+0.41 736 Cernhill Ins. cGuemsey ) Lid. wCSmCnFdJnM. H59 1552] . [ 3 25 

LP PO Bax 157. Sl- Peter Part ^Guernsey Me WrCOrndh t ' U601 276kj ' : P 73 

n*d+0J| 3*6 ratal Man Fd 11640 17B5| | — ■|>nce>. no Juli 4 Next rti-alir.g July Jtl 


.i>;. i+:;Ja:i 

|il .»■ Tl*- Silwr Trust DOS 3 113^'lu, - 

5!? Iticlimun.1 Ruml.'l7 1769 186 2 Jj * <* I'J 72 

5 {? Ini. P lalinum tkl 124 9 Uld •',( — 

»■* r- i iui 108 7 iM4' . 1 - 

ll'.lm 37-tCB-L. 175 6 124 S'. »«J 4| 11 13 

Rothschild Asset Management lC.1.1 

+ci I*.'.' Bux IB Sl Julnnx ft liucr-ise;-' "tRI 


3.J3 peal. 2 m on. Tuea. TTWed. tThurs. —Fn. 
^ Legal &- General Tyndall Fund¥ 

337 ' X* Canjrnge Road. Bristol. 027232241 


Scotbrts __|389 41 8nf +0 Jl 3*6 ratal Man Kd.... 

M2fczzz-.ll JS 

333:::::) W SSJSiS.f 

Prices si July 12. Next cub. day July 2f 


PO. Box 3012 Nacsna. Bahamas 

7 33 Delta Inv. July 11 -IH73 1«2| J 

26 Dentseber Investment-Trust 


■Managed Fund .... 1717 

foully Fuad. ......590 

JarmUn'l Knud -739 

Money Fund 121^ 

dull Fuad . _ 622 

TULA Fund IM.7 

Petts.Magd.rap *17.1 
Fnu.Mngd Arc.,, 12L7 
Pens. Money Cap.., »67 
Ttm Uonrr Arc. . 48 5 
Pens Equity- rap ... 55 1 
Pens. Equity .ter. .. 573 


io| - 


fond currently closed lo new imestment. 
Perforin Unite | 3)1* 1 —• -1 — 


Exempt Cash IulL..Nb 4 1815 ... — Equ iiy J uly IB — 

Do A tti/m.. W0 1*32 — fouity 2-iuly lft 

Exempt Eqty toll— 121.9 13.4 — Equity 3 July 1 

Do Acctun. 123.9 1385 - Vised Int. July ML.. 

Exempt Fixed lalt 109 6 115.4 . .. — FixoJ Int.3 July 18. 

014849684. DnTAecuia Ul.* 1173 .... — Int. UL July 1*.... 

Legal & General Prop. Fd. Mgrs. Ltd S^-3j^ri8.- 
ll.tjtteen Victoria SL.BC4N4TP 012488678 ^openy July; 18 

- SEpii 

Life Assnr. Co. of Pennsylvania MnPncpBJuiy w. 
38-S- New Bend St,WX70K<2. 01*03305 

W COP Unite. ,|»7 1036) | 

Lloyd* BIl Unit TsL Mngrs. Ltd. .. Prop. Pea cap a 

7L Lora hard SL. EC3. 01^23 lSfi B 

Exempt 19*7 103*| | 7.» j3SS?Kn. a£b 


Britannia Trust Management (a) (g) 

3 London Wj]] Buildings, London Wall. 


337 Dis. July 12 157 2 60*| .. 

July (AccunL I'nitsi f71 8 7*S , 

Next sun. day Aug 1* 
/«, Leonine Administration Ltd. 

ZDukcSL. London V1US1P. 0 




5 33 Schlesinger Trust Mngrs. Lid. la) Wlfortlarh as® Robertas v 6- m «oou Frankfurt 


.140, South Snect, Dorking. 
Am. Exempt tZL9 


City of Westminster Assnr. Soc. Ltd. Exempt —19*7 103*1 1 7.9s m^KaAcc.'b 

Telephone 01 -6B4 9664 Lloyds life Assurance Oversoas4 

CjS‘i n , l K ■ — (Sr 6 " 1 Z s 0 - ctihon si. eoa 4 mx 'Scottish Widows' Group 

proper* unite ^ po <4 1 - PO Box MB. Edinburgh EHI65RU. 031-8556000 

Commercial Union Group oS^Sfjt 1 ^ imj lib Z invjnyforteii, ««■ ' 

SLIMfh\ i.undcTshaft.fXl O1-2W 7500 Jiv^. 12*3 JJJ2 - i nv . piy. Series 2 

VrAnAel’l July 22 l 5514 1. I - SSj-A^j.ivjSro 147* 156 6'" : - ra«.CashJu | y2 | 

ta Annuity Uw _ 1 17 99 l - I - BS-9 SB! Z - 

Confederation Life Insurance Co. London Indemnity &Gnf. Ins. Co. Ltd. Mgd penJuiyia 
SO. LTmnrery Ume. WL2A1HE 01-242(082 loan. The KorbuiT. heading 383511. Solar Life Assurance Limited 


Loudon EC2M5QL 

.4ssete 722 

Capilal Acc 540 

Comm * Ind L 56.6 

Foromodity 813 

Domeuic 38 0_ 

EunM 11*7 

Extra racome 398 

Far East 22.6 

Financial Secs- — §5.1 
Gold * General... .. UH0 
Growth- ... BL7 
Inc * Growth — _ 74 2 

lull Growth _ 665 

Jj|i>esC Til .Shares . 48.1 

Ulnerate. *23 

N a* High Inc W3 

New Issue.., — 35* 

North American — 296 

Professional 5153 

Property Shares ._. 13 8 

Shield 473 

Status Oiange 313 

Univ Energy — ^.|332 


««5 lJSSSK h i21r 


01+08 047W0470 fooDItt J753 +«J| 5*1 Extra Toe. TaL 1 

7771+05 534 LcoAceitm.. |B22 8*5] +C3| 458 income Dirt 

5*1 +o 7 3.85 -Lloyds Bk. Unit Tst. Mngrs. Ltd.? (a) me. 10% wdrwi— 
IteBtetnir'x DepL. GonashySe* " 

S7a ln'2 Worthing. Wfstfosaex. 01^01288 

[Si Tg I Sg FirstiBalncd-i ..[512 55.81 +*.41 4.47 “ HYraW'-! "" 

42.4 +0.4 934 r~'*~(s43 SS Xn^ 273 5^*5 iUT ™*- 

243 +0.1 - 2.97 fm ^orn P , tel Sl to'd 273 Pwwtj^hare*- 

a OB +0 5 456 Sl tS a 12 Spectetsit-TH 


*2.9 +0. 
243 +8 
7B®M +0 , 
1086b +4. 
87.5 +0. 
79 8 +0 

1 705 +S- 

51 Bn -rt. 
452 +T 


lit 5 m Thud i I ncomer. — 

+08 I® Do. i Acnim. i 

+0b 7§ fourth iExlnc.1 

Ifl.5 223 Dd 'Awtim.1. 


If RSttlSSi-K 

Ml 1 

S SS lMC.Gnh.DiN. n*.6 


313 +0J 
434 +0.) 
31.4 +o; 
527a . 

2*7 +0J 


ilf.lnll Fd T .. 5131 1?9)*BC' 3 2 j 

d SnCoFdJ rM. 1464 15521 . 3 Zb 

III' Oomiwdih* -U6 3 144 <! . ! ««T 

i*iC DirCamdty t 52601 27 66] : P 73 

■ITircs no Juli Next rii-3lir.it July Ji! 
•Pnce* uii July 21 Next dc.ilm; A 11 Kite t 7. 

Rovaj Trust <Cli Fd. Mgt. Ltd. 

)*l» tai I IN. RoraJ TiL )lw..J v rM.-i. UUMSTWI 
HT.1nfl.Fd.. . lit '.99 32 971j . . | J« 

R.T. inl'l iJrt >Fd. |?1 4s; 1 321 

ITIix-s at July 14 Next dejliui: AU2»d 1. 

Save & Prosper International 

IValinc to: 

37 ttra.id SI.. SI llelier Jersey 0534-2131: 


(0306)86441 fOnccnlra. 1 DM2833 2l«j-010) — . _ , 

2S3J -o.2t 2* inuRenteufonds. ,|dhu4b 7ti5o(-o 2o| — Sare & Prosper International 

i£ ?n BS *"‘5 r r nli “ e “? 1 InV ‘ Fd ' SSSSlS.* IMier Jersey OXH 
429 PO. Box #3713. Nassau. Bahamas. nnllx r Br-nmln+ir/ itnA 

9« NAY July IK IR-34J6 152* I - },£ ^SStSf^!S& ^ 73| [ 

S TsLMgUrsyitd. ^ «| 

\ g PO Box 73. St. Heller Jersey «SMaw« SSuSSSAi-t' 379 dioN&ttt 

E.DXC.T. 1122.0 330.01 1 3-M Sepro-f 1455 • 1590; .. ..! 


I'X IMIar-drnaaa'uuled Hut* 
Dlr.Fsd.Int"„..[917 9 7S 

InlcruoL Gr.*; ... 1 43 B.K +0 15 

Kjr Euxlcrn«{ . . 4532 -WOiil ! 

North Amcni-ao't 379 4 JOj.tiLM 


M2 Eurobond Holdings N.V. s^i«*^BaraiB«ri Fund. 

2*8 +0.4 Hnsxclwlutaiate aa WtH.-mrtJid. Curarte® i-JSSEl wS!S3:“ SIS 15^+1 

302 -0 1 2.49 foadtw Agratei IideL IS Chrastrolirr St, EC2. Commad.— . _ 120 B 1273^ 

+03 .5*2 TcL 91-2-n 7Sft Telex: CT1448A Sl Fixed— .,.1131 11571 

211 1 -rO 2 5 82 hAV per shore July .21 5US2020 PnCL-» on July 2f “July tl* "Vu 


302^-01 
24.0| +03l 


IBB 3J, 3.43. Lloyd’ 8 Life Unit Tst. Mngrs. Ltd. 120.Cbeapaidr.KCa. 

Tl 72rW, Gatehouae Rd . Aylesbury. 02985041 Cartel Jub'M I1M.6 1W3 i 

Si Si 512 wtt tey- r: iuti. au-i « i;srja r -ii,: = S{ 

3J.5 -02 184 M & G Groop? (yHcHz) lAremu Unilai _ 2791 289 

ral tns 3 76 Three OBays. Tower IfiU. EC3R 8BQ 0IIB6 4588 GtmeralJuly 10._._ 833 867' 
?*“ 4 '?-?l 2.76 «H> ,i« xml Exchange Dealing lAeeum. loilai) 183 9 10*. 


J. Henry Schroder Wagg & Co. Ltd.? F. & C. Mgmt. Ltd. lay. Advisers 

120, Cbeapaide. KCi , 01-^403434 'rnj£»£2! 1 * PounU>cy H* 11 - R ' 4R 08 A - 


See also St. 
American. 


m jtssasasb^* 

The British Life Office Ltd.? (a) ffll^'^ZzBi 

Reliance Hst.Tunbridec Wells, Kt. 088322271 1 A crura. L'nltal B5* 

BL British LUe 151.4 54.4] +0.71 5.65 Compound Growth p87,< 

B L Balanced* W7.3 5051 J 561 Converauw GrowlW653 

BLDividmd- |42 4 454] J 920 Conversioa lac.— ..te4 

•Prices July 19. Nett tfealfaj: July ** Dividend — — _ 11*! 


dfouiiy Fund. . IK.; 160 2 .. 

VM-inwnl fond.. . 177 7 1865 

aTIPFUfUt- 3754 - 

Flos L Pea. Mncd.. 72.6 761 . 

SixflgtLMneH m 726 762 

Group Mncrt Pen. . IS* 8 

Fixed Int. Pen 199 7 

fonityfoiLxivin 2246 

Property Iv-nwon 139.4 

Comb ill Insurance Co. LttL 


— Munev Manager - DAO S3 * 2-3 ” ltHP>Elv 

— MM. Flexible 30.2 3lS +d3 - “ 

— Fixed IntumL 0*2 • M l] ...-T — 


Brown Shipley & Co. Ltd.? 


nziisx*.:zm - 5*ii :.:.i - SISSSS? 5 

The London & Manchester Ass. Gp.? solar Equity*. 
The fo-iw Folkestone. Kent. 0308 57333 fejar Fxd Jnl. S„ 


Place London E.CJN 6TT 01242JSWI>I FaundrrsCl. EC2 


Compound Growth. (187,9 
Conversion Growlbj653 
Convert 00 lac. _..[W 4 

Dividend Ills 

i.Accum. Unitei__ 224.6 
European 1504 


83 7a +0.7 
91.4 +08 
1171 +0.7 
705 +0 3 
69.7 +02 
127.4 +4J.9 


' 177 Europe July 13 — 

t 77 lAcrtun I'nitsi 

r«7 ■PentChnrFtUylB 
1*7 *KpecE*.July4. 
sir -Recovery July 4 


-For tax exempt fund* only 


234 S , -®2.i 8 ? 0 . . , no, 4I.LaMottoSL.SL Heller,, 

2. 36 CenLFd. July 1B....-1 SUR5 99 1+0.08] — s. VI L __ |B2 

6 V, Fidelity MgmL & Res. (Bda.) Ltd. £*<”.. _ gw 

3 62 PO. Box 6T0. Hamilton. Bermoda j 0 y pd Jerxor 108 

IJS. Fidelity An. An.. [ SUF26.10 ]...,{ — lotal Fd l.xiehni . 510 92 

Fidelity Int fond J SVS2247 — -forEartFund 100 

Jr*} Fidelity foe. Pd f 51 '553.39 I - ■ ( — 'Next sub. day 

«« Fidelity WrldFd.. I JUS1534 |-OOS] — . . f , _ 

i:S 

Waterloo Hse . Don SI..S1. Helier. Jersey. . „ m 


Sl Fixed— .,.11131 11971 III 61 

Prices on July 24 "July !•> •••July 20. 
ttleekl) tieuliiiip. 

Schlesinger international Mcgt. Ltd. 
4l.LaMoIleSL.SL Heller, Jersey «<M73irW. 

KAIL ..182 S7 ... | 833 

S A (VI. 0 57 0 92 ... J 4S9 

Gill Fd 3D J3 2 .1 1135 

loti Fd Jerver IDE 113 . . 325 

loul Fri Lxiehn- . S10 92 1L49 - 

•for East fond 100 13= 236 

•Next sub. day July 3SL 


.510 92 1L49I J 

IlOO 13=1 ... . ; 

sub. day July 3SL 


— | BS L'nite Julv 34. _. 
“ I Doi.Xcc.lJufy24. - 


243 71+10.4J 
303T)+1L9( 


'^SSW»ase±z:Bi 


'32. ComhilLF t'3- 


Cap (Irmvth fond, 
OV lex Exempt Fil . 
0 Exempt Prop Fd. 
OlrtepL Inv. TsL FA 
Flexible fond , • .. 


(11-3265410 luv. Trust Fund 


i'np.KeL>. Mia IS... 126 0 — J .... J — Property Fund 

iiSsr^aa-fc .« 4 - » * ® 


Credit dr Commerce Insurance pm-fonaion—-, 234* 

ISO.Reqent S(. London W1R5FE 01-4387081 Couv. Deposit' 12*3 1J4- 

f*CMnsd.Fd.. .„p220 132.0] ... | - lg 1 

Crown life Assurance Co. Ltd.? Family bj - 86- •_ . M5 7 — 

Crown Life Use. WokloB.UlOl IXW M8K 50BS JS l m? i 

M«n C ;dfofoAcc.,|iM.o ra S2523M? 5 ? i” 

MnoK'dFd lni-m... 1M0 U*-3 ♦«-« 660 irop+rtyBd- .1592 


JKVSi *rr ^5 ^l 01 ^] ? su ‘o A=Thou^ HorahooL 


Property Bd— 1592 

Bx Yield Fd. Bd.* .. n* 

• ■(, Recowery Fd. Bd * 533 

,2t American Fd. Bd *■ 52.9 
Japan Fd. Bd.*.- — 57.1 
Prices on -July 9. •*. 


MonR'ri Fd InlL — 104* 109.7 + 0B — Ex^ Yield Fd.Bd. ; ..M13 . ' 

KqmtrJ-d Ai-r. .. »2 10*4 ... — R«o»ery Fd. Bd • S3J 

EquID'Pd. lni-m. . - W.2 .1*4.4 - 826 American Fd. Bd -.152-9 

EQuItyHI Imt 99 0 104* +0.1 — Japan Fd. Bd.' (571 

Frapc riy F, l rtcc 96.0 2020 +g l ~ Prices on -July H. -July 

RSIK {Sir *5 ’ 1M5 Zoi ™ Merchant Investors Asi 

Si ffi42 s:™ Se slw !;. ireydon i54i 

aMtrAr» fc ^ 

Fxd lnl Kil I nun. 988 103 1 *02 12 64 ^ nity Peas. 167 4 

mttSfc'g,! KI 

Money Kt. Acs-.,- 963 1DJ2 -- ~ — 129.1 

Matte+Fd.lnrm.... J62 JS IX-dOxII P ens 140.7 

PiaL Fd.lnrnt . — 10W 110 6 +0 4 *33 MjulUlW i 105 6 

Crown Bit. lnv.'A,.]l563 — --—I ~ Manaced Pen* 1*7* 

Crusader Insurance Co. Ltd! rSi SawSe£ 

V, nruln Hi+isr. Tower PI, EC3. 01403 803 1 

filh. Prop. July4—,|70.9 8*4] | - NEL Pens lW Ltd. 

Eagle Star Insnr/Midland Ass. ttSZ&ZSSF™’' 

t.Thre*lnex^IleSt,EC2. 01-5881212 Nclex Eq. Acram. - 11*2 1 

Eagle Mid Units. .153 a 55*] +05] 610 Note* Money Cap ^ 62.6 

Equity & Law Life Ass. Soc. Ltd.? Mciex GUjIlne Cup. m.o . 

Amershiun Bnad. Rich Wycombe 0*94 333T7 Keloj G th luc Acc - gJ 

^,n F :«S i|3 r ® KR tSjllr- 

a s «JS¥r tw -:.|sLB iil+o-3 = • 


SirtiirC.vihS 
Solar Inti. S . 

Solar Managed P 
Solar Property 
Solar foully P. 

Solar Fxd. InL P 
Solar Cash P 
Solar I nil. P. 

Sen Alliance Fund Mangmt Ltd. 

Sun Alliance House. I torahom. 040351141 
Exp.Fa.InL July 12.10519 159 4] — I - 

Int. Bn. July IB, - I E14.06 | 1 — 

Son Alliance Linked Life las. Ud. 


Oceanic Trusts <ai *i _ 

Fi nan rial—-. s5 7 

General — ...... 190 - 

Growth Acrom. ._ 4*2 490 +02 5 07 General 1711 

Growth Into me 368 391 +D.i 5.07 lAeeum. Unltei_ — 2b6.2 

Hntblnrom* 2*5 323 +02 9 48 Hi eh Incane .,,1014 

I.T.U 21.9 233+02 3.40 lAeeum. Umtei 170.7 

Index.. — 25 0 *273n +0.2 425 Japan Income 164.8 

Overseas., 19.7 ZLLs 306 i Ac cum. Unite] 165.5 

Performance .— 5*4 631 +03 436 M annum 212.8 

Recovery 21* *231+03 60S f.tecuJA Dallai 26*6 

ExxnpL July 1 p*9 59^ ....Tj 530 Mirfland_— 172* 

Canada LUe Unit TsL Mngrs. Lid.? fiS ^° l !"rr 

ao Hleh SL. Potters Bar. Hens P. Bar St 122 1 Accmy -J-’nlUi B5 

Bnar*a=-BM *taao hi SsS6aa=H| 


3 H lAeeum. Unite) 3 13-1 

AM FarEaateni 58.5 

lAeeum. Uoi iai— . 64.1 

4 U Fund te Inv. TsU_ 635 

5 20 l Acc nra Unltsi — _ 77.7 


Scottish Equitable Fnd. Mgrs. Lid.? ^ /* ??? .. . . . . . 

*33 MS^drowsfo.E^nburah tat-fiasiOl §96 I “ “J I 

7*1 Income Unite (496 5Z* { 5« Series D lAntAu + U7»ri ( .. | - 

704 ccum. — ” y -Wednesday: First Viking Commodity Trusts 

II .»“«•" u« w Sili■asra^A's , 'fe^^^i c. ud . 


Enterprise Hottec. PerunMuUi. 0T0S27T< 

lnlernallonal Funds 

£fouil> [118.5 126« .. _ 

SEquity ... 1352 141fl . _ 

f Fixed Innuvtt 1374 JJ6.3] . . _ 
SFixcd Interx-sL. . 104.9 111*1 . — 

LMabaccd . . „ 1305 HOB 1 . . . — 

VOanaKed U88 1263^ , . — 


+0 6 *34 PO Bnx5U. BckJbry. Hse_EC.+. 01-3366000 53. Pull MalL London SW17 5JH 

+oi 2U SehogC aplIal Fd. 2 gfl +07] 3fi Krt. Vtk. Cm. T«. , .«* 0 35M 

fo.6 4 49 SebasJncomeFd._ro.l 32.6) +0.4] *07 Pit. YJL.XHxLOp.ni . P5 0 80 5] 

+0.B 4 49 Security SelecUon Ltd. Fleming Japan Fnnd SA. 

+25 5M t-meolii'a Inn Fialda. WCS. 01-831 0B3B-D 37. n,e Notee-Dame. Luxeratemn: 

tig ss S5ia?afcfc Li ^ "-*£2“ 1 


oi-raoTBST J * Beni > Schroder Wags & Co. Ltd. 

1 310* 130. i.TieapnlflH. E.C2. tii-.+rt UKO 

150 Cheap S July 2J ... il'SU 75 I .. ! 2.47 
TrulaliterJuiw.-vi SUS121.37 [ - 

.\stanKrt JulylP, Sl'^lSW ltd -0 54 2.S3 

Da rime Fnd . . SA1B7 1 9S* , . I 520 
, Japan Fd. July 13. 5L'S7J8 79Lej . ] 050 


12*71 +l.fl - 

lUtt - 

114.9] — 

114.61 +0 Tl — 


X„ filed on -July ft. -July M. —Jul 

- Merchant Investors Assurance 

r« 125. Wish Strew, troydon. 01-e 

- iw-- W41 

Property Pena. .. - “J- 1 

gag’K«zzz 3f* :z 

l n K-Msi-:; :::: 

ITJ Deposit — 

8J3 Deposit foaa.— W-7 

* Manured. 105» 

Manaced Pena. — 137-S 

lolL Equity-. 187.7 


rai-aa.-idii." . i _ ' 1 ted Hi sh SL. Potters Bar. Herts P. Bar 5 U 22 1 AKorai'nltei JHZ5 

aassEjassj 11 ml » 

RjUMucn = RftStadM 11^3 is 

raSrrratiraSrVd ' io2 b ‘ 114 6 +0 7 Z Capel (James) MngL Ltd.? Trustee W8J 

l£5SrtfoSd™- 97* Mil ...» - 100 Old Broad SL.EC3N1BQ 01-5886010 287& ] 

iES^cd Fund.. |IlC5 m+0«| - C^tei 04* 90 « J 4« 1486 

Son Life of Canada (VJL) Ltd. n^ « Juiri*- N«t tterfo? AucU i JUfl 


176S -1.5 
227.73 +1.8 
287d +2,2 
183.7] +0.3 


17ttf +O.S 
2226] +13] 


i£ S“™« ™ S-nnudn. 

3.6B 45, GlinrfocMSq.. Edinburg* 031-Z2W327I NAV June 30,., SUS183 76 | ] — 

3.68 tSImrt Amntcaa Pud • f »r — ■ 1,1 

25J Standanl Units — (6*0 698] ...I 1J9 G - T - Waaa K c menl Ltd. 


2-S Aceum. Unite 'RTl 753 

Wtlndrtroai Unite ,{527 55.1 

SH -Stenmri Brttteh Capiul fond London Acente ten 

xm Standard H35J. 14*61 J 4 30 Anchor ■B'Unlla . RtNIfi laii 

4” Acetim l'nite.. |l54S. IM.oJ ] 430 ^borGIMEdcc „ksM 980. 

421 Denllns iFn- -Wed. Anchor InLFd__ gt-SlU 4|li 

.... _ Anchor In. Jxy. Tst. BB0 79 1 

San Alliance Fund Mugt. Ltd. Berry PacFd. \ SUS49D5 




Sentry .Yssnrance International Ltd. 

PO. Box :C6. HamiLun 5. Bemuda 
ManORmlFund («."!«« . | — 

Singer & FriedJander Ldn. Agccts 


. 16 Piuxbuiy - L'lrrus, lamHon 1X7. 131. CannnnKt, EL'4 


Tel: Dt-GB 8131. TIJl: B8810U 


I +1.4| 639 
+id 639 


Ihrluilanite 

Tnk}-oTN July 3 - 


M26B1 2TMl-i:<IJ 6 20 
SUS37 00 ( I X b8 


014BOM71 SSgSSuM«ii-.- 

::z - fisgaSfttzz 


(MSM 33377 NelexGlh luc Acc. 

| 71 _ Nel M«l. FiLfop— 

_ NelUxd. Fd Acr,. 
+ 03 I — Next Sl 


. Managed Fund .. ]U05 U*4( +0 6] — Capital IB»A 

~joli- £E Son Life of Canada fU-BLJ Ltd. on* Jtilym K« 

1-888 B1 71 ^apJeLr: MJDKd. .-} 134.7 1+0^1 — Mi Ibunr Bouse. Newcas 

— ~ Maple U. Bray 1 1295 I +M — Caritol 1693 

~ Portal. Pil ha... — I 2033 (. — .1 — • Do.Accum. Unite _)B3J) 

— Target Life Assurance Co. Ltd. - Do. High Yield in* 

■-■■■ = 

" _ Man. Fund Inc__. 195 6 U0 6J — Charities Official I 

~Z Z' Mae fond Ace 1183 1245 — 77 Locdun Walt. EC2N 1 1 

— grop-Fd'K 1088 ,,„ n u ' ,£ ' — , Income July IS 1334.3 

-->• ~ & rnttas iff 2 105.9 - * Dn3uih - wulah 

Pep. Fd. Acc. Inc. , 95* — Chazterhonse Japhi 

Z M6 +05 =' 1 . Paternoster Raw, K"4. 

It'S ReLPIanMaeAcc.. 12*4 WJ — CJ.Inleroall K6 

ZqjA ~ ReLPtanMan Cap, U60 .3S.1 — AMUieUalts 


De Accure Unite ,(5X6 5*3 f *27 

Next d e ali n g data date July 2* 
Charities Official Invest. Fd? 

TT London Walt. EC3N1DB, 01-5881815 


(lUnaulh. Only available to Reg. Chanties. 
Charterhoasc Japhci? 


td-V I an el 1 5.T. Dollar K4 1 JUS7 38 I 

iM-rimnKi GT-Pm.-iricKd, f' JUK15 01 I+U03 : 

Deallnsy: 0280 5W l ^ 1 . . . . . .“I 

4LR +0 3j 3 58 Gartmore Invest. Ud. Ldn. Agts. 

Sa ^"3 IS S.SLMuryAie.Umdon.ECa. 013831 

-,,;a +0 -"l ? !? Gartmore fowl Mart- (Far Eadi Ud. 


J +2.4 — 

1 Money Cap M.6 *§*] +0* — 

1 Him AtfM7 • 78 21 +1+ — 
, GUI {net up-lM.a . S-| — 

.ara luc Acc -{513 \ jg+z-T — 

K.I.Fd.fop-,feo . — 

ted. Fd Acr., |48* +0-2| — 

Next Sub. day July 2S. 

Far New Court Property *ee aider 
ReebxchUd Asset HuMrarnt 


R^MtSn.PfoZMU3 feaw ;i:s -• ]. Paternoster Row, ecj. 

RSxS5SKSuA«rarp*4 13 j 3 ~ CJ.Iuteroun 123 6 

KtSSS^Cap-lmo .ga - Ac Jfnl ts 27 6 

GUt Peru Arc — IS*-} HfrSl I — CJ- Incoine. 33.4 

Gilt Pea-Cap |l22.6 . 129l| \ — CJ Euro Fro 2*6 

-Transin tersattonal Life Ins. Co. Ltd. cj. fa tot. Tat „ 2at 


teSHSUcrhU IJX ZSZZL.'S* 1 tl!SS HW . WKSSSlrJ- s l+o3 M 

Cariiol Unit Fd. Itfgrs. Ltd.? (aXc) ManuUfe Management Ltd. ffiof L — — ' - — 

Milburn House. NewcasUe^ipon-Tyne 21165 SL Gpctge’a Way. Steven ase. 043B58ID1 Target FIubscuI—IUO ’ fab 3 +05 

Cariiol — 1693 71.8 | 4 00 Growth Units [52.4 552] . ,| 4J5 TarB«t EqnilF. 

Do.Accum Unite fi.^ .,-4 4.00 JHayntrwer Management Co. Ltd. 

Rrah Yleld,.--|«15 . 44 Oj j *27 14/lBGrostiBmSL. ECOVTAU. 0140B8080 Target Gilt FwSd 

DftAccwt^teJ5I6 SAfl-.y.] *27 JnconreJaly 18,_,,)10S9 U13j J *36 Target Growth 

N«t deahM d«o dote July 28. Ccoeral Joly 1*. . 703 7*0| \ 5 49 TmSet.lnU.... 

Chanties Official Invest. Fd? Meretuy Fond Managers Ltd. . 5*JaS5t UMa 

I!i2j!fc!« ,n utu . 01 - s f 8 ’” 5 30. Gresham SLEC2P2EB. 01-800 43SS T«?iS July 

SSbiJcli »r«astti« mi =• *»Sf=-=Hi..dHa|« ssssotom >aa its 

• *5S especial Site.... J19 6 aul 1 Bambn pacific Pond MgmL Ltd. 

Charterhonse Japhet? iStSuSiSr ™4 1 fflD is. Target Tat. Mgrs. (Scotland! lajlbl 2I1U. Cop naught Cenlre. Hong Kong 

1. Paternoster Row, SC4. 01-2483890 ArcnLUte. JaneXO - H53 266 ij 456 IB. Athol Crescent, EdntX 031-229883U2 Far Eart July 19„_.|JKH2*i UiM ... . I — 

CJ.Intetnnn figf ’ 25 U I 201 Midland Bank Group Tnr-Ret Amer£«let2B0 ' 301x4 -02| 141 JapanFund „|H'SU3 867]..,] — 

$$ :::::: Voit T™* Managers Ltd.? (a) THjiTW-io-f -te-f 23fli8l ,Stt Bambros (Guernsey 1 IMJ 


1296 Stronghold Management Limited 

2 14 ro.Boxat5.si Heller. Jurs— . reiM-Tl-WO 
Cottimndiiy Trust- |91.10 95 95] .. . I — 

Surinvesl (Jersey! lJd. ixt 
1 zq Queens u+e Dun Rd. St. llwlirr l« 'ioG42TJ49 


571 American Ind TN . £020 3371-007] — 

O.bB Copp+rTrOHi . til 01 llZoj-0Lt( — ■ 

LOS Jap. Index T»t .. C1227 12 52J-0C5 — 


ma 

2967} 

122.il +05 


ill Tffl.'jl 


L -1664a , . 
32U+0.3 

- M 5 J 

2U\ 


3 SB Gartmore Invest. Ud. Ldn. Agts. TSB Unit Trust Managers (CXl Ltd. 

eS SL. Mary Axe. London. EC5. 01 2833531 Rncolelte RdL.SL. Saviour. Jet w?y. ttK V "nw+l 

«'c? Gartmore food Msgt. (Far fort 1 Ud. Jersey fond ...1466 49 0ii . | 490 

xci 1503 HulrhlMD Itee. 1H Hareoqrt Rd 1 11 Kpni; ijuernwy Fund . .1466 34 0*7, I 4 40 
S5i HK* Par. U.Tkt... iniKJm LBH-8B13J 220 Pricea on July 1R Next sun d:»y July 2G. 

7S N American Trt. .... I rsjuc lifisd ] 150 Tokyo Pacific Boldines N.V. 

loti. Bond Farid. . In-aim | 5.70 | Dliln l., Management fo N V, Curaco. • 

3 38 Gartmare lumtmnil Mag* Ltd. __ _ NAV nor share Juli' 17 SL'KBIJK +U ’ij. - 

438 P.fl. Box 32, Douclox. loM 0GS4339M ^ s ' D ' : 

8JJ Gartmore Jnii. inc. m.2 - 2261 | sow Tokyo Pacific HIdgs. 1 Seaboard » N.V. - 

L2JM Gaitmara Inti. Crtb[663 70. fro* | 3.00 , - L ^ 


2 Bream Bldns, EC41NV. 
Tubp Invert Fd... 193 0 
Tnlip Manrd. Fd — 1142 

Man. Bond Fd 11*1 

Man-Pen Fd.Ciip.. 121.4 
I Man. Pen. Fd. Acc. . 129.0 
(Maned Inv Pd 1»U _ 978 
iMrucdJitvfo.tcc— J97.9 


01-4050497) .Accunl L'nite - 


434 fnuilwcwd House. SUver Street. Head 


Extra Income Fd._]! 


6 1 1U. LUHUdiiwu vemre. nuns itunh 

031-229882112 Far EaM. July 19 |SHK12% UU] ... . ) — 

Wli4 -021 141 Japan Fund ,[515*23 167] .... | — 

64.2} toil ills Hambros (Guernsey) Ltd J 


434 ShrfneiasiaRD. 
356 irommodltj *Gen..f 
356 Do Aecum t 


Hambro Fnnd Mgrs. iC.L) Ltd. 


15L4 +2.1 - 
1302 +L6 — 
124J +L6 — 

127.7 +L9 — 
■135.7 *2.0 — 
102.9 +1J - 

103.0 +13 — 


356 irommoditj It Gen, .[72.0 

-. ... .-I 356 Dn Aecum 82 9 . 

Prices July IS. Next deaUng July 20 broveth. Z — 372 

Do Acetnn. 40 0 

Chieftain Trust Managers U(L?<*Ug) capital zs.7 

11 NewSt.EC2M4TP. 01-2832ffl2 R?,^5? lnL 

American Nrtt32 25. « -0J! 162 Kl? Aeeur^~* raS 

fittSaHcbr jam IS 

Basic Rearae. TM.I&5 ■ 295] +01] 422 ijibYIrfS - ” 


Tel- 07427880 Trades Union Unit Tst. Managers? pa BoxfiRCuerase- 

3 iff 100. Wood Street. KC2. 01-8288011 (' |. Fund 1417 150.< 

Sk §na TL‘L'TJlily3 J48 6 5L8f | 536 lnl nl. Bond JUS 18557 108 M 

J *© Transatlantic and Gen. Secs. Ca? ' jSt^SS? -a- jus me 3 “m 

[g ja Sl -BD Nrvr London Rd. L'belnwford 0245 51651 InL Sica. - B* JUSlLU 111 


COMPANY NOTICES 


rrident Life Assurance Co. Ltd.? — * — .. 

Hensinde House, uioueeater 0452 38S41 Confederation Funds Mgt Ltd.? tai Ro6% luM ." 

Uanaced— [122.9 JN2 I — SO Chancery Lane.WC2A IBE 01-242 0282 Do Aecum •„ J1D09 10*5].. 

ltd. Med . — U464 Iglj | — Growth Fund — )42A 44-5! - I 426 'Prim at June 30. Next dealing J- 

Squilyr American -SI - I Cosmopolitan Fund Managers. Miaatw Faad Mauagtrs Ltd. 


ZZfl Do. Acrunj 513 

+01 l 422 Hush Yield M22 


luity fond ,.(1U* 

ieia. .13376 



High Yield 3376 

Jilt Edced 320.9 

Honey — . 1712 

Iniernaltenul.J lg-J 

Fterfll 125.0 

Growth Cap 1233 

Irowlb Acc. 32J 2 
Pens. Mned Cap.-, Ilf? 
Pena. Mngd. Acl._ 116 * 
Penx-Gtd Dep-cop.. 1KJ 
takOd DrbAct.. 1866 


- 90M -0.4] — 
135.1+0.9] — 

m— -4 - 


Cosmopolitan Fund Managers. p * , “ w maoagfrs lw. 

5^1^^5991^^358525. «*®to r -AnhurSL. E C4R9BH. 
Co amopola. Glh.Fd. |I7.6 Z90] 1 485 ii mater JulyBl [363 382) +201 

Crescent Unit TsL Mgrs. Ltd. fw> fiSTtt ui 1 

4 MelriDc Croc, EdinbuiEh 3. U31-2SM4831 u ®?* Trust MgemnL Lid. 

CrearoM cS -B3 2*B -0^437 OU Q*** street. SWIM BIG. 0.-83 

I'm. InteraatT. B&8 £5.3 -0 4] R75 M LA Unite )4I4 43 51 | 


6.43 Borhiran July 20 
6.43 lAernrn, Unite 1, 
225 Sarh.Ezjx-laot’23 
2.25 Buckra July 20 
»n lAeeum. Unite) 
a 25 Colemo July2l 
S % 1 Acctun Units) 
5.46 Fombtd July 10 
3L (Aecum. Unite) 

7 Glen July 18, _ 
lAcevrn. U niter 

Martboru July ' 
lAeeum Unite) 
536 Van.Gwth.Julyia 
683 lAeeum L'nite) 
Van Tty July 18 


5 45 Prices on July' 19 Next deal rail July 2H 
I® Henderson Baring Fnnd Mgrs. Ltd. 

4.99 603. Gammon House. lions font 

Japan Fd July 19,. tStraLffl at) J - 
B *" Burins Hend. B«m 1 Fd July 20 SL'K10 009- 
Exclusive of any prelim ch.vrsn. 


1 Intlmln Management *'<* N V . iTcnem. 

L Ltd. NAY per shore July 17 St’S+i 6W +<? IL 

,B , _ Tyndall Group 

_ P.n. Bax 1256 Hamilton 5. Bermuda. 2-27C0 
OierwaaJuly 10- Bl'KUT U4n9 . . I 6M 

(Acrum L'nitei. lY. SI BS 1W . [ — 

id. 3-Wav lnl June 22 ,!tVSil5 2^1 .. ] - 

IH8)-24Sfi| 2 New S lA I irlh-r. Jersey 0354 .77331 

3 70 TOFSLJuIj 20 . l7 50 8 IDvi' . . 6 D 

8 58 I tecum siurcvi .. 0200 . 12 99 ... 

2 50 American Julytai. 835 B95 . ... 2C 

s as 1 At cum sharer - 335 895 

250 Jer+ej Fd. Joly 10 . 1962 Mae . . 75 

jul ■ 2ti iNun+l 'lf.I'ui . 277 4 294.2 . . — 

' . I Jilt Fund Juli 2d 1076 1096 . 10 9 

[rs. Ltd. i Arcum Shares) . 139.0 1«1 61 . . — 


Ytrtori Hause.UoneLax. Inleol Wau-flCS-* 241 IL 
MJnncedJulyau. .11302 1372] . | 

I 1 Id. Intni. MnpnnL iC.l.t Ltd. 

W. Mxlrihier Sln.-ct Sl ilelx-r. J cr.+.-> 

V I B. fond . . . |SI“A9» lfL31| . I 8.14 


FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION 

LIMITED 

lUfcnrporalcd in tho Renublic of South Africa; 

DIVIDEND NO. 12 

A hnji dividend I No. 123 teSj/ta relccct'oi * if>* 'rear *nd«l 

lor the vear 12 ernte ilS-7 — 11 center. h 0 f ,he 

Com pan, W 

e fe£i , EEB« t saBr SK,rtar,rt {Earni “ 

be made In United « 1 "adorn, ‘urrenev at »he r »le oi c |n , he event 

in*- Company a banfcers on 5tn Seotcmbcr, t sra. proyiocu ( elchianJW on 

: -awa 

facpteniorr. 19.8. . .h. ra to of IS?* and 

south Alrrctn w I from the div.dcna wftbre 

United KiMdoni Income T»x wu» « 

Mra 

5— — 


ifc-Gtd Dep,4cc, J866 1I2.9J — 

is. Ppiy Cap.— . 113.0 114.3.— . — 

Ip& Ace.^,-, U77 724 71 - 

L Band 362 3821 .... — 

if, G- 1- Bond... 97.5 ~ I..-4 — 

■(.aril vain* for £100 tnreinrusL 


rymlftll Assnrsrace/FensStmsV 

I* CanyriBehOAd, Bristol ■ 0272 323U 

Sfflfc: jg| z:: z 

©cmdJuly3i - - 1 

Property July ® — 

Dcpocii J uly 2U .... 1280 — — 

J-Way Fen. July 20, 14*0 — 

ITseasInv July SO . W3 — 

(Op Pn.LWJulyS — W92 — 

DuJEquIlyJulj 3_„ J57" — 

Do Bond July H — - 1770 .. .. — 

Do. Prop. July 3. ... B6.6 ~ 

Vanbrugh Lffn Agatiraace 

11^13 Madilon SL.Ldn.WlRSLA. 01-40949S3 

Uaiueed Fd. [148 8 . 1558] +6-3] — 

EquSfo -Z 2315 2505 +19. - 

InLil. Fund loS 1W8 -12 — 

Fixed lnleralFd,- 167.5 176.4 *05 - 

PrupertyTd ,.1410 M95 . , — , 

r*»»Cpund ,.(1142 225 4] +0.1 — 

Vanbrugh Pensions Limited ' 
tl^3 Maddux St, Ldn WUtOLA 01rt9948Q3 

fttaniwod W2 . 

Equily _ mmmm |Zfl3 6 1M.3I t-v.W — 

HxpdlnlerexL — 196.9 102 ll +05] — 


«0‘ — Crescent Growth „ 1273 2&B -02) 427 Old qjroea street. SW1 H 0JG. 014307333. jAwii Lnil£ 

»J,7 — rre*. Intenutl. 5*8 63.1 -O.d *75 Ml*AUnlte ]4X4 43 51 | 434 WiekTJuly 20. 

iai =' gaSSiS*— £1 -HSigl fS Vait Trast MaDa « ers¥ tf!3SS !3r» 

108.4 ..... — Tokyo pHl 25.91-03 2 02 1 CopthjJI Aye . EC2R 7B U. 01JU64003 Do.Accum.., 

119.7 \Z i — Discretionary Unit Fond Managers Mutual iiS'Stlfni^B ^9 r.36 Tyndall Managers Ltd.? 

a:S2S». is 81 il i& SSS&S^Sff- m 

tmmhm — D1 « :Inc « n,t — W 17 - 2 1783]..,^ 530 National and Commercial lAeeum. uSw. — uu iff 

TDrimxsV E. F. Winchester Fnnd MngL LUL 31. SL Andrew Square. Edinburgh 081 -S5B 0151 SSceiSfL^nJlS 1»2 Iff 

“‘“‘L+ra, U “ J " T 7' BS . 01+«K=1R7 IK5.6 W 'SKr'lSS XU 

H272 32211 Great Win cheater- 1171 .ISM | 521 -BHJ S&2 "1 6x3 'Accuiil Unite*- -- 1564 lb< 

5 j — CLWinch-ec cyucmP-92. 20fl J 426 — - Rl? 2 ala Int fora. July 10,, 247.6 • -26< 

6 , „ „ _ . M A WJ . 'AMWalllter„ .JB5.4 M2\ .1 3*4 lAeeum L'DUSi . - 275 6 » 

Emson it Dudley Tst. Mngnmt Lid. Notional Provident Inv. Mngrs. Ltd.? fief July' IB 

SO. Arlington SL. &V.J. 01*97551 AS. GraCBchimrh St . 62.3P3HH 013034200 ' 


8 Ba, f“ Del * Co ' tGnernsey) LttL »i 

IS 8 Lehebvre SL, Peler Purl l.'uernsey. 1.1. . , „ 

3„ Guernsey Tat [IS4.7 165 5J+?0( 352 Vailed States Tst. I /Hi. Adi'. C* 

E i-s ■“ ^ ,, 4 » , 

3.46 37. Ruo Notre-DaRie. Luxembnurc Ju >. 

I,::. SS6 imswn luq-oosi - „ „ „ , . ^ 

:::: *S International Pacific Inv. MngL Ltd. tcf°' ^ 0 -*v 

5®1 Pil Box R237. 66, Pill SI. Sydney. Aurt. fom Bd Juli "l Sl'vuJS 1 / 

■■' ' |!j Jmrelin Equity Tsl |5.\2.09 219^ ...l — Enyy lnL July 21 SUS1932 l+il'*! 

841 J-E.T. Managers (Jersej'i Ltd. MwEhdFdSSVio nsuu S7 “uj '..'lo: 

M Bux 184. Ro>nl TcL Use. JerseyOKM 27441 .... 

j--,™., Jersey Kvtrai Ts..|i7»o issoi . | - Warburg Invest. Mngl. Jrsy. Lti 

831 -V-. at June 30. Next sUh. day July 31. t I'hanniUTosv Sl Hcl:r+.Js? t-'I iCKIt 

«3 j^netnigg ^co.Ltd. affafiss-Bs? i rs j . 

. ... +_ 4flUi Floor. roanaui:ht n-nlre. Hone Kons Metals Trt July 131 £3.3 69 12.1fll-0?i| , 

7.87 JartineErta.TiL-1 111093 94 | „J 250 TUT July H. . tl'lBM 10» ... 

_ JardllK J fBi.Fd.- ...j 3HK36270 -9-Cj 890 TMTUft. July 14 U036 10 faJJ . . 

7,7 Jardlne SEA | SUS1732 +0.43^ 100 .. _ "it 


30, liresham Siren. EOl 

Cam Bd Juli 22 S 

Enfiy.lnL July 21 Sl 
i,'r SLSFd JuneHii. S 
MerrEsdFdJuIylB OSH 


iren.tLii u. 

22 Sl'ypJS - 

21 SUS19.12 T'JUi - 

«.*»). SI'S? 08 . - 

ilyio nsuu U23 ■■ 0291 


me Ertn. Til _ SHK293 94 2! 

me J'pn.Fd,' ... JHK36270 -9-C 8' 

IneSfeA SUS1732 +0.43 11 

Ine Hem.IuL,. S1IK10 55 — 

'arificSecn ... yiLUP UK - 

X'kV 1,1,1 . < l.-Bl.l 


- Warburg Invest. Magi. Jrsy. Ltd. 

1- 1 UhannKlTtn-,. SL Hcl:r+, Jsi L'l iL+14 T,*7-iI 

CMF I Jrf. June 2P_. BI**tLL35 1217] . « _ 

i.'SITLiif Juno 2/ £12.77 13 1C ( — 

Metals Trt July 3i Ql 89 lilffl-UM _ 

2 50 TUT July H. . tlxiBM 10» ... — 

890 T.MT Ltd. July 14 U836 10 faj] . . _ 


0JJf234200 '""unv 

EmfCQ Dudley Trt.. (665 71.5] ...... I 3 80 N IP L GthuUnTiT'.'lwTi 4&1M 430 “"Bm* 

Etjuitas Sec&. Ltd. la) (g). HmSHSa&t J| =' » 

SEEr*"*** ' 7151 P, T^ 1 '' : S^^^ert» EJ ulyV“ 

Iiuixiaic lor.D #JOi„ ..j -J.w Trie^ n J n l, li ««. d+almC JuK- 2* Do Accum . . . 85 S 

Equity & Law Un. Tr. M.? (ahbHcHD National WestndnstertNaJ ■ «* 

Aiomham RtL. High Wycombe. 04M33377 361. Clwapside. EC2V 6EL'. 01-00 0060 Financial FVn> .. 161 

EquJD & Law I6J.9 1U\ +0.4] 4 OB GapHal (Accuoix,, |6*9 722] +05 4.14 PuAccuav. - 195 

TS+krotinirirHi i'„t+ w«+ IM tJi $ xlr * , * r . — ..{66 5 7TH+8S, 766 High Inc. Pnpntj,. 62 7 

Franuinglon Lnit Mgt Lid. fai Financial {35.2 37 H +<)j 528 International. 30.B 

5-7. Ireland Yard. EC4B5DH. 01-24*6971 GrowUilnv._ p.o 9*3+83 506 Special Site (323 

aanfc“*h sj-m » eaaa=>i-K-» 


260 “»)»- -1+ 

2.60 tAcdpn Wall Group 


_ Jarrtlne Hem.Itu I S1IK10S5 

7 ni Inti forilic Seen ...piOZD UM j 
_ NAV July 14 -Equivalent SUSTBl 

548 -Vexl Hin .filly J(. 


World Wide Growth Management^ 
Jita. Himlev.ird Rmal. Uivx-mUiur^. 
Wurldvndv Uth Fd] SU.S15 57 J ... .J — 


ft] +01, 

40 Jl +03 


l«fi) 0 0lf fl ^ a 1 67 -’ 7U] +0.4] 

3mm +L« _ Fnunlington L’uit Mgt. Ltd. fai 
“ 5-7. Ireland Yard. EC4B5DH. 01-2, 


01-2486971 Growth Inv, 
+> dl 1 1x1 Iwop?.— ~ 


I Capital Trt- — 1 177 8 

IncooeTM 005.4 


tqo L'nicmalFdidi 


Mead Otlitc and RrfliSICfK) Oiftcc: 

srtraftBai 

ZDOQ.) 

SJlh Jutv. to*®- 


Guaranteed «c '1^ Ra.«‘ table. g T Unil Managers Ltd.? 

Welfare Insurance Co. Ud.? l&rinsbuiyCirtu*BC2M7DIi 

rtic Lvm. follt«.tnii», KwtL 030337333 n.T. i.‘i»p Inc _ . .1864 Ql< 

MuncrraakerFd. ..| USD . I _. . I — . Do. Are,. U03? 110J 

for other funds, plenie reler 10 The Urodon * G.T.Inc.Ftt Ua»...|363.0 ,174.' 


Muuvhcrtar Group. 
iVindsor Life Assnr. Co. Ltd, 
topi A Inert Hpr- Sheet SL.’tUndeor 68144 
Life Ini. Plomfc- 692- 72.BJ — — 

■llture Axsil ulhiai. 19.80 — 

Fumir A-Ad-Gtht b». . «M — - 

Bd. A»ad. Pent , M t25.H — — 

f-lui. lav. ilruwlh .-J1U.9 200.91 — ■ — 


CT. l'S.*-Gea . 145* 

G T. Japan * Gen, . 33JA 
4GL PCfte-K-v Fd. ^ 134 6 
G.T Int'l Fund 132.9 
G-T. Four YdiiFd-— 154.2 . 

G. & A. Trust «i. tg) 
5. Ka> Ici gh RcL, Rrentupod 
C.LA |33J 


3L? (aHbHcHzl National * ft] 32 

ibe. 04M33377 I6l. CTieapade. EC2V 6EL 1 . 01-606 0060. Financial IVn> .. 161 17 1 +0.1 5.29. 

722 +05 4.W Do Arcunv. - 195 203+01 - 

715 +»& 766 Hifh Ine Pnpntj,. 62 7 6741+05 8M 

37 Bn 528 Imeniaiional. 30.B - 33.ll -0.* 277 

99.6 +8 J 5 96 Special Sits {323 - 3451+05 5.10 

toa sa TSB Unit Trusts iy> ■ ■ 

_ Ma 655(+0J| 2M 2I.rhanUyWu.Andmvr.Hanl* 030462188 

IR NEL Trust Managers lid.? faXg) Dealinss u> 02M re«M 

•Jf M^fouraDorid^urrey »ll MGsagaL^ «3 +0.7 3.75 

Tr ' §21 SIS S3 ;ft S b a'^::: K S SS Vi 

4671+061 4ix rar Net? Court Fund Managers Lid. TSEScotush,. 09 6 900 +0.1 2.78 

- ufj+gJI 4 21 *6 RothKkiU Asset KanafctDesl iwfojwiim. 906 96.4] +0J] 278 

UL9 Norwich Colon Insurance Group lb) Ulster Bank? (a) 

l£l Ol^sasi.-U ®^J 4 -IS? r r , ‘*.N*tl3MC («I3 22300 WunnR SI red. Bellrnt. 0S3235231 

919| ....J* 3 40 i WU 5 T ~ rd 1*® 1 3iW| ,4 '*3] 492 (b)Utelcr Growth. |381 41 0] +0JJ 5J5 

KSi K2E.1 l,nil Tro « & .MgntL lul 

is s j ?m i^towSSJ!foL , '^a' 7EB «fliifla H f»p I Kwwiiiiimsi EC4R»AR oi^a-Bei 

5S Pearl Inv. - 32J S3+03 721 S lt ' 1 * 1 r urth - Fnd - - 3IJ -0 1 424 

3415 — . ISO Pearl Unit MB ®3 0 !oj 4.91 ^.Aaeum. 134-9 3*fl -0.1| 424 

57.6] J 720 .ATteiiw IS, 499| +0^ 4.91 Wider Growth Fund 

Pelican Units Admin. Ltd. IgMxl Kine wiiii n , sl ft 4K0 \r nostssi 

+»■ FruinutnSr.lIaqtliertVX 0E1-2366685 Incrano L rate _,^„|302' 318-01] 424 

355] r05| 4*7 # Pelican Unns»^.]».4 925] +0,9] 522 _A£VUfa Unite™ — ,lj<.9 36 « -oil 424. 


40 a +0 j 985 iTtrex da not tnrlnde 5 premium, except where liidii-utis) +, and arc In p«-nil- utiIex*ntherL;+« 
46 C +04 — indirated. Yield* % inhmcn in hfl roluiaoi all™* far all huyihn evpt ‘nter A 'Hfe-iv! nncet 
172 +0.1 5.29 include xllexpeases. I* Ta-dar'x prtvvs r Yield bawd nn utter price d ErninjiiW 5 Tim!:> x 
20g +01 — OpvninB price, h DlrtnhuUon lire id I'.K. taxex p tvnodltf premium Ira uraiwi- plan... * oinsle 

6741+05 800 premium insurance x Offered prow includes all expense* exivpi areniv rnmnu-rim. 

33.1 —0.4 277 V Ottered price includes nil uxpenrev 11 liauclit thrnuiih mana^erv r lTe'iou+ any'. ;irn<n. 

345] +05 5.10 ¥ Net oMuaq rcalteed capital rains unlcn& indii-atetl by ♦. 9 Gui'i-nro) f t+*f-p»;iirli.-vl. 

t 1 idd hi'lnre Jer+i-y lav. t fo xulutivi-ravn 


= KSSKMB ■ 8MS m vaat 


! +«5( (ffl king William St ET4RDAR 
In i 5J3 FVrarxH*c Fund. .1152.0 161.0) 
*8 3 721 5 raicrGrth. Fnd- IS2 . 31 

Taj 4.91 »"-AeeuBL 134.9 3* 

+0 S 4.91 wider Growth Fund 
• 'SHU Kine William St. FC4KP.YR 
061-2368885 income l'nite (302 31 

922j +0-.91 5.02 _ Arana. Vmu — 1 — ,[39.9 36 


01^234961 
1.0*4 ... -| 4 66 
31. B -0 ll 42* 
361-8.1 424 


O1-RS340S) 
-01] 424 
-OJ] 424 j 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01 -'253 1101. 
Index Guide as al 18th July, 1978 (Base TOO a 114.1. 77) 

Clive Fixed Interest Capital U'9.77 

Clive Fixed Interest Income 115.70 


CORAL INDEX: Close 4SIMS5 


INSURANCE BASE RATES 

t Properly Growth lo; 

t Vanbrugh Guaranteed 

t Adilm?* ihowii under Iniuramv .md Prnpvrur Ttnnil Till)!*.* 






EXPORTERS- 


CASH FLOW 
GUARANTEED 


FT SHARE INFORMATION SERVICE 


Financial Times Tuesday Jtdy 25 1S78 
FOOD, GROCERIES— c&nt 


153 ] 

JBpb lam ! 


|e nrf W* ! 

| - 1 vt -Crt avps 


Contact-B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus House. Now England Road. 
Brighton BN! 4GX Tel: (0273] 606700 

Birmingham. Cardiff, lands. 

London. Minehastmr 


BONDS & RAILS— Cont 


High Low 


+ or Dhr. r < Rei 

— Gross YirW 


38 821. _ . . 

91 79 DoffmctlOfi 83 +4 941 

395 265 Japan 4pc 10 Ar__ -390 _ 

87 681; DoOpcHMS 69nl ...... 

lhO 140 Pern Ass -3pc 190 

75p 75p MlSUpcigeO 75 md i 

SW SW; TurinSpc 1901 S9fe fl" *58 

DM91 DM81 Tnnn®2peI9K_ DM91 10.70 

I 97 94 Uruguay l^pe 97 3»af 3.80 

L’-S. S & DM prices exclude inv. 5 premium 


W faaasEf i 


83 +i> 

83 +4 

390 ...... 

69*d ...... 

340 


BANKS & HP— Continued CHEMICALS, PLASTICS-Cont. 

urn | Stack | Price | + -"1 *t Icki|SJlp/Ej HbJTLtrl Stock | Price $ ]c*t|g*'s| 


BRITISH FUNDS 


• 1978 

High Low ; 


I- Yield 
I — | Int. 1 Serf. 


AMERICANS 


m 


'‘Shorts” toes up to Five Years) 


i.ut5pc 76-183 


sssa. 


c : 943, Treasury 3pei9ft 

7Pr. 95*n EIc«n<:-l*d>e7+.13 — 

1M» 9ft Treasury 
56 !; 944 * Qcctn« 3 >iK 78 . 79 — 
103 ^ 9 bA rreasinr 9 pclP 0 ®»~. 
102VL 97*3 Treosut>9'a>c'a0tt— 
95*s 92% Trca'arrJ i pc 77-80_ 


MA 5.M 

I01,£ 1136 

95 A 3.14 

95\% +/» 4.43 


1978 

High Low 


1*3 I + ori ,Wv 

HlRh Low Stack } Pnce I - I Net CYi 

235 172 NstBkAnstSAl. 217 -3 KJW* * 

81. 66 Nat Corn. Grp. 72 -1 T2.63 4,6 

293 250 SaLWesttl 27B +3 1149 HZ 

445 350 Schraders £1 405 1155 — 

" 190 SewnmbeMCU. 215 - 1334 — 

.. 70 SojthSt.Vab— 76 — 5.01 - 

427 378 Stavfd Chart £1. 402 4-12 1935 q3.* 

59 8% Trade Dw- 5130. 59 Q55c X* 

356 290 1’U«JPW£1_ 31M -ft M5.81 _ 

48 32 IJXT. 44 _ _ 

£154* "Wella FarEo$5 — £214* -% SL-W - 
6G Wmtrustajp 70 +1 103 — 

Hire Purchase, etc. 


ENGINEERING— Continued 

_ . i t*. -1 n.-v 1 llH 


5.01 _ 10.rt - 


+12 1935 


4> 396 328 fop.CbCT.3_— 

5 9 49 4H 2 Da*-JPL£1 

5.7 77 62 fcu-PP nt — 

— 116 91 Lapcteiuisrfp- 

— £3ft £2ft SooIlH.Kt.80_ 

— 91 72 RjsuWp. 

5.1 210 1«0 Ransom Wm. lOp 


1C0% 10.46 10.' 

■ 951; 3.65 6. 

97$ +A 9.19 10.' 
98% ■+% 9 Jhb 10 j 


19% 13>2 ASA — 

6ft 60% AMF5%Conv.Hr„ 

31 22 Amnfl 

32 21% -American Express. 

33 1 ; 11 Amer. Medic. Int— 

15% 969p Asuroloc 

29% 13% RdsrlnioLCcTp.Sl_ 


1+ or} Dir. | |TH 
E | — Gross |Ctr|Gr's 

19% +% 80 c 

60l a 5% 

2K-5 SL75 
B%d -h SL40 


SHIS 




32% 22 Beads 
23L’ 13 fiats 


23% -1% 64c 
17% -% '90c 
29%-% S2J28 
18% -1 1100 


!1G% 103,% Exchequer 13pc ISSiBt 100* +,i 1249 10.92 ft? 7T* "f 

“m $; ♦* ii m SS btS iHSaifi ■■ Ss :!f. 

lRa-a.SS iSSfsS 3Z mgt *+M • 
gj gjlwse'lffi — 52 !!2 tk SJEuSfcrz: w£4l 


100% 441* Esch.9>2pcl9Bl. 

37$ 85-^ Exch. 3pclS81_- . 

97i 95V* Tre* Variable Hli}.. 


• 731* ire* xaname 

211 1&% Exch. 12%pc lSOia...^ 

49-; 91- TreaiSjpcWab 

82% TrearurrSpcRga: 

315“; 106% Treasure l&^io 

9^ Treas. Variable 

c o-'.g 89S; TreasQij'B 1 4pc , KL_ 

100% 91% Exch. 6% pc 1931 

94% 91% Ewh9%pe]S82A 


Up! II fgS8sSEfa=: 
ss! s gg u s 


ss »’ u& 

JSib HS 


335 8.10 - 

12.96 1124 £ 
1029 1146 
om in tn low 


|TA|IS 51% 29 lOtritlodiST 

'tk 3.92 


765p Cinys/erJ6%__ 

13»a CilterpM 

733p CStylnr.SLSS 

14% Dc.Cm.Prt.asi_ 
12% Ctteate-P.Sl 


89% Exch.81»pc 1983 91 

8 r% 79%kxch3pcB3 80A: 

114% 100%[Treasurjl2pcIW3ff— ( loz. 
lOdj 89% u - — i — 


i-12pcl983H_ 102% +% 
f9*cW__ 92% [+% 


1.W -p: -,7" 

954 1105 ^ 

3.73 R22 iS, 3*? 

1LM lia ® & 
9.97 HU® S. 


OilS 

n Zell $5 

r-HannnwS. 

iCrp.sa50_ 


38% -1 5100 
10*4 -% 40c 

' 12x0 70c 

56% -2% SLQQ 
42% -% S2.40 
38%jd -% S250 
45 bI -Vt SL80 
2 5%m -% 5220 
38% — i 94c 
8&3p -A SLOG 
19%-% SI. 06 
11% -% 3100 
19% -% S2 
16hJ -% SLOO 
30%xa -h 5335 
233 -h 5132 


n»' m» jSS ' 1 * SS Bt= 

SBSS 8 KI SIS rai I W S Sfei: 

88% 1+% 


45^i 43 EichlOpcWiMpd.* 
S9% W% Funding 
°b~~ 86* a TreusuryffaKHWCtt. 


E7% 77 1 * Fundi nijSapeT&aTt 
7°% Treasury 7%pc 'BiOSft. 

60% l>nn.'9»it3pc7Ma 

75% b4i* TrtMfnry 5« '36R9 — 
115% 101% rreasur-'lSpclOMa- 

89% 7 r* ; Treasury RiffT90a 

lllui; 92ij Treasury I !%prl991._ 


80% +% 
M +% 


6.65 9 62 28% 11% First Chicago 

963 1072 32% 20% FlnorCorp.S%_ — 

827 1025 41% 26% Ford Motor El 

111 1092 25% 16% GAXS 

469 843 «% 2ft toLESeetSHa— 


782 10.04 24% 15h 


105*4 +% 1239 ma 50 


+% 1030 1133 iff? 750p 


HcDejxrellSL50 | 


Ss? -V H90 

45% -i «SL4( 
30% -% 5225 
23% - % SL84 
35% -% S320 
104ad -% SUO 

lfe SL20 

ZnA -1 SL20 
35*a -1 S3 20 
21% -% 5250 
41 -1% 5220 
&h-H SIM 
47% -i 5220 

12% 50.68 

212 -2 SU.52 
45% -1% 53.00 
+% 25c 

* -24 90c 
-% 5L60 
-% 5208 


6V>. i/*a i reason ch* ci aua c* auu ujs a’.i ...._ — _ 

1061; 92% Treasury ]|%pel»L_ 97 +% 12J7 1229 ^4% 171 IRM^ora.a 

7>% 63- Fimdinco%pe ‘87-91 1*_ 67% +% 878 1080 52% 34 tn?erai]l-RS2 

vsi » b^WsBsae*- *®- «. sn as SSi ml 


%% B4% [Treasury lOpc IflW. 85*’«t +J 4 

1U ) 97*4 |E*ch HUpcVO 1 9fisl|+% 

Over Fifteen Years 

100 % |+% 


85*;«tl +*« 1160 1209 


9M+% 1237 | 1241 28 



117% +% 
98%«d +% 
El% +% 
96 +J 4 
45% +% 
86m +% 
103% +% 

81% +h 
120 +% 
107 +% 

i 8 s:s 

63% +% 
123< 

98% +*4 
80% *h 
88 +% 
36% +% 
70% +% 
49% 4% 
65al +% 
96% +% 


12,41 28 18 Kaiser ALPj_„ 

32 20 Mari Han. USS7.50 

41% 26% Morgan »JR USSI5 
1246 17% 12 Natton Simon Inc. SL 
1119 18% 13% 0wcns-IU.S3.lS_ 
1264 21% 14% Qua ter Oats US$5. 
3269 27% 15% Reliance SOS„ 
3253 3D** 16*4 Rep- N.Y. Carp. J5. 
12-87 17% 11 Rpmnrdg - . 
1246 22*4 14% ffichdsiL-MrrlLSl** 

9.72 576p 255p Saul (B. F.)SL, 

1224 Iff. Shell Oil J1 

1255 19% 11% Singer (510) 

11.98 36% 22% Sperry Rand S0.50. 

32.85 35*; 18% TRWluc.$l% 

32.61 27% 18% Tecoeco 

9.61161 131 Do llWiLiiStk.91-®. 
3262 975p 505p resoraElUSSOJff,-. 
1231 22 16% TM3rtiS6S 

1202 40 22% Time Inc. 

3173 13% 865p TransanericaSl— 
1286 38% 21% UUlTech.$US5_- 

1256 24!j 37% US. Steel SI 

1208 17 11% WoolworthsS3*’_ 

1237 46 28% XemCorpiSll_ 

10.87 975p 385p Xonics Inc. IOe 

1203 14 Iff, (Zapata Corp. 25c 


9.72 576p 255 
I 3224 28% Iff 
1255 19% 11^ 
1198 36% 22% 
,12.85 33*s IBS, 


14% -% 
16% -% 
19 -% 

27% 

14%-% 

^ i 

¥ * 


-11J522D 


804p -33 
20%+% 52 
34 -% 51 
12^ -% 80c 

35% -% 5200 
21% ^2 SI 60 
14% -% SL40 
«% -1 5200 
‘675p +5 71jC 
12% -% s3flc 


-% 5160 

Zi kS 


S£ List Premium 51%% {based an $USL 


Conversion factor 0.6589 (0£57S 


Undated 

37% I 30% [fonsolsipc 3 

37% 29*4 fear Loan 3 -dc« 

39*4 33 fc’onv.ffspc flAfl. 

28% 23% treasury 3pc6B Alt 


32%ri +% 1242 
31% +% 1119 


CANADIANS 


27% 19% Consols 2 *mk 
24 19% (Treasury Sjo 


35% +% 1021 
24< +% 1252 
20% +% 1205 
20% +% 1245 


INTERNATIONAL BANK ^ 

SB | 82*’ |5pc Stock 7782 ( 83% | [ 5.97 | 9.93 / 

CORPORATION LOANS l 


®8% 93% |Bimbam9%pc7Ml_ 

94% 8S% Etatoi7%pc7Ml 

107 llG0%kLC ISarX* 


£39 — it’ 10% |BtMontrealS2 

®S — lft 102 BtNm-aScot 

— 42% 3ft Bell Canada SS— 

205 — 23 12 BowVaUeytU 

245 — i23j 825p BrascanJI 

*212 14 CanJa^-Bk. S2 

kjir 14,« 955p CatPacificSS 

*ln 37U 50% Do.4pcDeb.D00- 

597 1 993 21% 10% GaifCniCarUl 

3 ,/ 1 . 630p 315p Hawke- Sd-Canfl- 

28% 16% HollingerSS, 

IS 16,i n*4 Hudson's Bay || 

3Pa 24% HixLB.OiHj.S2J’— 
9.98 j 1163 14% 11% Imperial 


16 1 7 « -h si: 

15.1 J-*. 9 

ifi 3 * *4 54. 
22 % +% 12 * 
107^ -% SL 
20%xd -A SI. 
MIbhI -,i 9 

31%xtl -% 

19% -% SL 


207 1100** OLC I3aa 
112 100*4 Do.Cljpcl 

. 97% 90%’ GlaspnS%l 

5S 90% Herts. 5*4jK 


I 8.74 11.941 15% 945p toco 


2228 2288 


9; W% Herts. 3%pc lUDi Wk 5.79 

99*’ 97% DrerenofS.pc-J6.7B_ 99* 4 5.79 

102*2 90% DaiSpcHWH -94* 2 1051 


91*2 1011 11.82 28= 

90% 5.79 10.90 74 

99% 5.79 915 25 


585p Ini. Nat Gas Jl 

6K* Massey F«y 

21% Pacific Pet 51 


74p 50p Place Has SL 
23 15 RjoAleom.- 


__ ?U*2 Ua»«pC»HH - — 

29% 25% Dn ffipclrrad 26% -S 1351 - 20« 13? SeKramO>.CSl_ 

99% 91 Urn. Corp.9%pc 84-85- 93 1025 1124 955p Tor. Dom. Bk. 51 I t 

97% 94% LCCSpb-TS-S 95% 6JZ7 1015 l5?|®pfr5«CM.Pip?r.| 

92-> 84% Do .1*s>c "i7-8l 84% 6.49 11.35 c p ir«t rronJjm ns^e, « 

S7 ’ 7ff; 79% +1 6.92 10.15 S.E- List Premxnm 51%% (I 

69 65% lh’5*apc *854)7 6B* 2 +% aiO 1130 

73 66 Dotupc '88-90 67* a +1 10.02 13-94 

•26i’ 22i z Po.3pc-3J.AfL 23** +% 1334 - RANKS AND HI1 

93% 91 Middx. 5**pc 1980 91% 5.72 10.75 HU 

94-% Newcastle 9%pc 7880- 95l z 9.69 11.63 »» I I 

06% 100% Warwick 12*’% 19W— 101*’ 1231 1166 nipt. Low | Stock | Pric 

286 1184 l-WZSAJ 1276 

COMONWEALTH & AFRICAN LOANS S*^feS?&8aS 


U-46 24 14 V% Royal mci^ul k — 

20 * 13*s SeJOTmOo.CSl- l8’,|-% 

ss msstv= v *ii i 


RioAleom [ 

RcwalBk.Can.S2 — | 


19% -h SL 

SSOp 4 

28% 52 

154-1% 6 
32 -VSL 
13 -% 86. 
12% — *2 8 

630p 6 

820p -U3 - 
27% — *> 9Li 
67 p -3 - 

24% -% SLI 
m «n 


1025 1124 
627 10J5 
6.49 1135 


S.E. List Premiom 51%% (based on $2.17 


BANKS AND HIRE PURC 


.«9!’ 94% Newcastle 9%pc7M0- 
106% 100% Warwick 1980 — 


1-1 S 


10ft 95*s %jjt-5>a*e i>78 

4>% 92% Do. 5*y»e 77-80 

. 8£% 82% DoSsicBl-ffi 


99lr 96% N2.-ipcT6.7a 

‘Sh*; 92% Po-fipcTMO 


+,V V. 

93% +% 5.88 10. 
84 +% I 6.68 31. 


87% 81% Dn.7i’pc , 8M6._.-_- 
W; 92 Sh.flncaffzpcTML 
50 SUiRhodff; 


051, <!2 
7C 50 
80 


9ft +% 
95 +>2 
824 +% 


fifldivrc 293 210 Alexanders D.D 242 1433 ~ 

£135 £90*2 Alcemene FLlOO 030% tQ&A 21 

555 9.83 334 269 Allen HareyD. 295 hl92 — 

5.88 3038 204 150 Allied Irish 204 +4 75 - 

6.68 11.46 165 150 Artwthnol L El._ 155 10.08 — 

409 954 *20*2 £13% Bank Amer JL565- £18% -% TO4c — 

6.48 11.04 395 315 Bk. Ireland £1 — 395 15.00 

9.17 10.99 £181 037 Do. lOpcConv.... £381 . — <210% 


HUlhod3jpc 15.70- 55 

Cm. 6pcTB8l | 82 j 

LOANS 

Foblic Board and Knd. 


95 % +•$ hoj6 un a 


Bk-Lwuni ID I 


_ 170 150 BklemmlUKia 160 

__ 575 380 BtN.SLW.SA2... 565 

315 255 BankScdlandD 282 


£32% £21% Bankers K.Y$10. £28% -% 
358 296 Barclays El 328 +3 


W'; 5GU Acne ML 5pc 5389 

90% 8D% ilranJOi.’pcTO* 

7; »* 26*’ Metttlr.3pC‘B‘ 

339 107 lTS.MC.9pe 198= 

95*; 87 Dp. without WarnmUs.- 


358 296 Barclays El 

230 200 Brown Shipley a_. 
Z73 232 Cater^derD- 
823 I 77 7? 82 67 ClireDtsnt20D_ 


228 927 

253 -2 hl6.9 
77 4.78 


82 i-h 13.09 13501 *230)171 JCoaiT .AoiiSAU. 214 Jt<j 

29 +** 1077 12.47 *£19 £12% ConTsbk DttlOS.. £17% -% ft 


~|qs% 


Financial 


89t 2 r..:|l023 | 12.90 1 25 


|Ch«n.HbtKrl(M OB ftl2%| 

Conuthian I0p„ 24 0.7 


18 h’onnthian I0p„ 
£13%brd France fra 
7 |Dawes(C.Ri.._ 


- 107*4(101 iFniSpClSfll 102*’«d 112.68 31.80 E123K90 IWsdietoaUftCD £11 

. 110 102 jlM Hpe 79 10i* 2 13.83 13.10 83 |58 (F. C. Finance 75 


24 0.7 

£23*2 -% 0987% 


114% 1Q2*.’ IV- MpclQ. 

Z? 791’ iCFVff’PcEMKHiM: 


S!-j 73% lx. l?4tt’Dh. HI-S4 .... 
t: 8°*; Do. lru^pc L'tis La 86 _ 


106 

82% 

76% -% 

93 

93 


11334 12.69 3*4 
656 1L20 1 

830 12.00 lffj 


1156 1L90 196 

1L91 1230 50 


1% First Not. 10p 

1; Do. Wrrts.‘i5-83. 
9*2 fTaser.Ans.IOp_ 
157 Gerrard Natril 


.1191 1230 50 37 Gibbs t«U 

. 12.43 1260 255 195 CilleUBros.£l_ 


+3 8.17 
220 


71-j 62 Pn?jpeAnb.*»«_ 

F’ : ; j 7>% Po.'tac'.V 91-84 

81% {63 DnjftpiLn.TCS? 


64*4 +% 1154 13.00 29 
64*2 1L79 13.00 120 


76*’ 1231 13.00 260 185 'luinoessFVat._ 

69i 3 1256 13.40 217 155 Hambros 

mo fll Hill Samuel. 


FOREIGN BONDS & RAILS 


+ or | Dir. r >| Red 
— I Gross I Yidd 



15.13 

0.13 

+2 275 

tlO.O 

+2 961 
1 4.90 



financial times 


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6 THE MOST 
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Tuesday July 25 1978 


Fruehauf 


DcrDh.-nuNafc6v.EiTi«rJ 


Oil tax increase ‘could hit 


North Sea production 9 


BY RAY DAFTER, ENERGY CORRESPONDENT 


THE OFFSHORE oil industry to be announced by Treasury and been pressing for a change in Magnus Field against the 
yesterday warned that future Department of Energy ministers Petroleum Revue ... Tax whi.h Corporation Tax biU on its 
exploration and production effort within a week. according to Lord Kearton, the highly profitable Forties Field 

in the North Sea eouid he Although none of the com- corporation’s chairman and chief venture. 

restricted if the Government panies would comment indi- executive, it too lenient to There are two other PRT 
goes ahead with its plan to in- vidualiy on the Government’s companies. concessions that could be 

crease oil taxation. tax proposals, one of the major So the Government is planning amended. The first entitles eom- 

“It is madness" said Mr. North Sea operating groups to introduce legislation to panies to produce up to lm tons 
George Williams, director general warned that it would be re- increase the basic rate of the tax of oil a year up to a cumulative 


Brooke 
Bond 
in £20im 
bid for 
Bushells 


THE LEX COLUMN 


How to 


dividend cover 


. n ■- 

* f •* * 


.J-il i * 

,41 U* 


DUMICUS Tough' luck on Distillers. GEC. — — ™ 

Dowty and all those other com- £ 47 to 4^9 “JJJ* 

panies which have completed inaex rQse interest rates. 

By James Forth & Andrew Taylor their financial year and had 

hoped to be able to make some 


long tap before , long hut there 
seems to he no' huny to .cut 


of the UK. Offshore Operators* evaluating its development plans —at present 45 per cent levied maximum of 10m tons before RJ?nnK « tsa\t> Liebi" has k*nd of supplementary payment 

Association. He said the offshore in the light of changing off- on specially defined profits— to making them liable for tax pay- f^W-pd a £20 cash takeover under the new dividend regime, 

industry viewed the reported shorepobc.es. between 50 and 80 per cent. At ments, The second is a safeguard ^"f^BushS Th e news ?rem he Treasury is 

Plans for amending the Petro- The Government, on the other the same time it is proposing provision which essentially , MdiBg Australian tea processors 52 toe dividend cover safe- 

leu m Revenue Tax as an "alami- hand, is concerned about howto amend some of the con- assures companies a return of , . 5jcrj.ibu.ors i n a major “at if tnc dttiaena cover 

ins and adverse development." slowly taxation is taking effect cessions which are used oy com- 30 per cent on capital expendi-l ““ -.j. 1 — w. * auard does become law. it will 


Oil tax 


■T “«»•*» I | IWM I 


move to reduce its dependence *» 


profitable fields had been found. Shell/Esso's small Auk find. their investment in a field before take from North Sea -profits p percent stake* in the parent rp-t/nf the Treasury's ex- 

U said. Within Whitehall it is pointed paying tbetax. It is understood would be about 70 per cent It ‘ per cent staKe m ™ pareni .The rest of the Treasurj _s ex- 


he said. Within Whitehall it is pointed paying tbetax. It is understood would be about 

- Companies were expected to out that negligible Petroleum the Government is planning is understood 


recent S™uP- 


planatory gloss is deliberately 


search for smaller, less attractive Revenue Tax was paid in the substantially to reduce the sire calculations in Whitehall show f h s °J ™id»d ?he imprecise. It has recognised the 1 

fields at a time when taxation 1977-7S financial year. In the of this allowance, which was Government revenue will fall 'V* ane □ pro meo line foJ[y 0 f attempting to laydown 

might increase, when the British current year the tax is expected dsigned to take account of the slightly short of Ibis percentage. 5ir “ p uk and AustrelLaii -overn- a standard method of calculat- „ 
National Oil Corporation was to account for £170m of the large amount of pre-production Consequently, the proposed hodiS-no? least from the ine dividend cover, and has in- H 

being -riven greater influence. £550ra Government revenue from expenditure and interest pay- changes will probably have a v^ e ri„«»rm n i„ m n»ri 0 n-ct« m 

oe.ng given S rea ™ iUons we c £ the North ^ w!lich wiU also me P Qts faced by companies. two-fold purpose: to raise the “J*"*?"*** 11 ^vestment stead Plumped for a astern 

». “The Govern- include Corporation Tax and Lord Kearton has pointed out general level of taxation and to Review Board. which will be based on the 


er-AcnjAMEs 


"ALL-SHA 1 
-f— f-INDEX- 


and when licence conditions were the North sea. wmen wm also ments faced oy companies. two-iom purpose, to raise me - - . 

becoming tougher. “The Govern- include Corporation Tax and Lord Kearton has pointed out general level of taxation and to Ke JIJ*i w airp-iHw h«n whl , U1 “ . based on tne 

ment appeal to be almost Royalties. that compaoies exploiting the reduce the delays before PRT offer bas already been annual accounts of each ind 

encouragmg oil companies to For weU over a year the first batch of North Sea fields payments take effect. SSudm? th? !ar?e BusS vidual candi , date L f ? r che <Uvt 


JASONDJFMAMJJ 

1977 1978 


Reaction from the oil- Com- 
panies to reports that the Gov- 
ernment wjH shortly seek to in- 
crease the take from Petroleum 
Revenue Tax was predictably 
hostile \-ester day ^-However mar- 
ket reaction was cool. Bf^ shares 
touched a low for the day. of 
S6Qp, before closing just 8p 
down at S70p. And though Shell 
traded as low as 548. the clos- 
ing price was' an unchanged 
55Sp. 


encouraging Oil companies 10 rui »cu 0L «uiui oca unus __ini-lnrt«n-T thP laroe Bushells! 

run away from the North Sea." Treasury, Inland Revenue and are able to use tax concessions However, the changes wall an 1 ? c A , i,~ 0 fa ;Jf » hoMinoc dend cover loophole. 


in a wav i rora rnp i\onn sea, iicoduiJi mrauu ai^ auic uocj iuulcmiuuo **«*** & \«» — — - i _ ^ _ ■ i . 

Oil companies and their repre- the Department of Energy have to help pay for the development rebitire either a special clause in j 


- - ■■■■■> The principal company to.be 
affected by any change in PRT 
^ —and the one which the present 

exchange markets dominated jbq VCS gj-g primarily directed 


Continued from Page 1 


Post 

Office 


up from £55. 7m in 1969 — 28 
per cent of total depreciation on 
an historic cost basis — to 
£350.6m last year, or 90 per cent 
of total depreciation. 

If this extra charge to expen- 


Murray denies ‘revolt’ 
over social contract 


BY CHRISTIAN TYLER, LABOUR EDITOR 


and Oxley family trust holdings de ™ c .°J\ e , r ™f 0 ‘‘' iro c . sentiment in the financial against— vi-ould be BP. . In the 
— controlling slightly more than Pnnided the figures have maj-jjgts yesterday. The dollar current vear it will nrobahlv 
51 per cent of the Bushells been calculated on a consistent ^ ^ aUn£ , hitting Go^nnSr less 

parent group. basis over the relevant penod new lou .. at?a ; nst the Jananese SwL unvernm em le ss 

This is the third time in about (since December 1972) it will a _ H Th / <;„,!« Prane^while a ? ld ^ o n ro ™* 

a year that Brooke Bond has not matter what accounting [d - ^ fjnishrd t^v in respect^of the North 

moved to tidy up its holdings in treatment a comnanv uses to d Sea. But the big slug will come 

| Australian companies. calculate deoreciation tax or ^ her at The pound next year, when the payment 

Last year it spent almost nt hpp variihlp Tn rhf»orv ^ a sood day ’ touchin S SI.93S5 will accelerate to around £lbn. 
£900.000 to buy out minority annroarh should wont at one point and on a trade to continue thereafter at about 

stakes in Seakist the food ^hhTpnnnn-h ProJirfiS weighted basis sterling rose to that level. Estimates by out- 
lmporters and distributors, and reasonably enough. Provided »*__ Tnnrwiatinn of 1 npr «iriorc ihnut fh*» nneidhi a 
the Brooke Bond Monbulk meat the sums are consistent, profits 

business. progress ought to be reflected ^ ent smLe beoinnlOc of on BP earning* nbcessanly 

The major share of Brooke at the attributable level — and June - va *T- For exa “ s,J 5' 

Bond's overseas earnings has it is that progress which All of this was good news for calculates, on the basis of a BO 
t raditionally been senerated in mat ters. rather than the the gilt-edged market in particu- ^ c ” lt PR ^ that 

Africa -largely Kenya - and abso|ute Qf divide nd lar.Not surprisinglythe long c }^ nt *** ™ d 

„ .. iNlVPr Thp Trpasurv rAPnpnisPc tan T^vphanuor 11 nor nonf drop SOIHP I3p per Share tO 


But these are generally c P ver - The Treasury recognises tap. Exchequer 12 per cent “ J nd Tl8p hS re Govetl 
regarded to be politically un- that it is going to have to adopt 2003/17. was finally exhausted JSS™. _}* JJ”* 

stable areas and ' Brooke Bond a common sense approach to in the middle of the afternoon. 


tion charged by the Post office October General Election was Yesterdays meeting, attended tnnflf , d Nadine snmp MPs 
is more than twice the level shaken yesterday by reports of by the Prime Minister, accepted J onea ’ jcaaing some flip p nntrol 
charged by the South of Scotland a trade union revolt on pay. a number of amendments to the to the conclusion that the docu- kmuuvi 
Flertripitv Board — 40 ner cent document and was unanimouslv ment is now sufficiently bland Mr. H. t. 


ST-Tta iSW ™ B nt j ‘ in 

of extraordinary items. The it seems as if most of the p p> 


Electricity Board-40 per cent It eilOBP „ <ld th9t ,. nion document and was unanimously ment is now sufficiently bland Mr. H. F. Somerville, Brooke rule wiU be: if in doubt, try it speculative operators that piled .But the word from BP is that 

—a level which the Price Com- h ad Ins'sted at *, meet- ^at it should be recomended to to have a good chance of shaping Bond finance director, said yes- 0 ut . int0 ^ gilt-edged market after 3)1 these numbers are on \bv 

j leaaers naa ms Stea at a meet- ..... 'mi/-' T ,K n .<-v .liu^nti fprriav: **\Ve flrp nerfprtlv hannv __ t.ii«UBCu uiaiml ouer .. .. . 


mission criticised in 
earlier this month. 


Of the “ social contract Labour ' s ele<:tioI, mwU ^ t0 - 


committee;' the TUC-Labour LAour TLTC leaders made it clear 


the Party liaison TmmZtXC tMi *«* «»»" ^ uli « c - y«rerd 

ina«f re SmhPr Wat fn r r h0U finance e some r eferen ce to free collec- rt •, to disci 

defended the pocedure on the committee's 1118 jo/m?v 1 ^a-reed . ^ m front of their Parliamen- ‘" u,vlll f l V “ U1 »??*- ana 10 ts in lain, n couia oe institulions, could soon start ^-vTnff ^ V>iTit7rai» "o»r«n 

foThnSowini* le5,ened 1116 neBd SSS2S? "" Senew ^ m^rhifeh^ Ve^do^umen 1 ; ^dCaJinet colleges and ^Europe 6 and^rS ^Pted to provide for deferred nibbUng atythe medium * 

"sirS™ dismissed the re- “d*Iter 'ST. ■—« America/^ ^ *2 KKnSS JS ^ ^ ^ent L yeUo como: 

rem derisions of the Union of Government plans for a James Callaghan, Mr. Murray counci ^- H e sa j d Busheiis con- uinaend cover, ~ although they might wait until , instance the oil companies 

Post nffice Workers not to re- P ermanent incomes policy. and jjr. Ron Hayward, Labour Protests about the 5 per cent trolled about 45 per cent of the thou " h ]t felt tha ^ such a tTeat_ after the final call on Friday is wou i d certainly press for an 

sume Sundav working or to allow When the suggestion reached Party general secretary, with the Government ceiling on pay rises Australian tea market and had a ment was not reall y appropriate 0 ut of the way. inters -illowiin«r enmnen- 

a reduction' in Postal tariffs at Congress House. Mr. Len Murray, greatest possible show of unity, and Ministers' unencouraging 20 per cent share of the coffee for the business. An attempt to , . . t t m i n tho 

Christmas as unimportant He TOC general secret^, rushed Various changes were response to union demands for market. ?uild sUtutory restrictions on WiLS 5? £ 


terday: "We are perfectly happy " ^ LUC th _ f th 

with Die Duality of our African However in practice there are last month’s package have gn s,ae * suggesung inai ine 
and Asian profits but do recog- obvious drawbacks. Take a com-' liquidated their positions and company has a reasonable idea 
nise that there has been concern pany which, for one reason or there is a far firmer underlying .JV, Jj:® , *. 


,v,_ Whim tiisc LiiaL uicic naa ureu uiurau E““.' ‘«i w* uic*c u a aox iuuiw uiiucii/iug 

PaDbrt 5 « Lnt lS on “ «" “■* h»« “een another, paid little tax in 1973 tone to , the market The ™"H"g , 

5t«io front of tteir Par “ame» taoktog » J^gttaa ?ur Pcse and lots io 197S. It could be institution* could soon start 


minute hitches, the document ra ^ 


and Mr. Ron Hayward, Labour Protests about the 5 per cent 


had ben ken to begin these ser- out a statement describing the aODroved 
*- J ~ — — — “completely ,,n - - - - 


vires to demonstrate the Post report as 
Office’s greater responsiveness to founded." 
the customer, but the union bad ** n 0 such 


yesterday The a cut to toe working week by The offer price values Busheiis loose accounting practices is tn e ouuook for xnc gui-eagea lib per cent 

UQ - threshold for the punative per way of compensation are. how- at £20.7m which appears to be boU nd to lead to distortions- 

sonal wealth tax has been fixed ever - 5lk ely to be subsumed by a substantial premium over net anrf «»n „ rnv jd. v «t a „nth** There are signs that foreign measures could 


In the short term, at least sate for any reduction in tho 
the outlook for the gilt-edged 175 per cent capital expendi- 
market is fairly reassuring, ture allowance. The suggested 


premium 


and will provide yet another 


also cause some 


No such phrase was proposed at £150,000 of assets. Formerly toe need to demonstrate labour tangible assets. In Bushells’ last incenrivp { £ r comnanipc to Dick mone - v ^ moving back into gilts particular headaches for other 

.... I .e .L. 1 i. 1 I. e, BA nnn .i limtv ftc cvmhnhspil hv the apmimtc rVinto u-au chnun I iniellDVe iwr cumpames III P 1Uv ..J tha etmuinth n( elarliBii eno. Ht. CUall 


feared that it might lead to b y any member of the liaison it was bitten as £100.000. with “fY « symbolised by the accounts those were shown at and the strength of sterling sug- companies, like StaeU, with 

renewed losses on the postal side CO mittee for inclusion in the pay another £50,000 to cover owner- Laison committee s statement £14.2ra “loose uieir accuunung b ^ the Government’s pay profitable fields still in course 

** Tmava ip tin U**i if iron fin Til IT .a .l . . . . . __ . ... ■ . 1 tnA «rAAn 4 a AT mmr ■Jl 4 fi . C 1 IIIIIIL I Hs . _ _ . . . _ 


“There is no way you can put section of the statement at any ship of a private bouse. 

a gun to peoples heads and time." it said. References to the National problem of howto react to the B^eUs’ earned pre-tax profits! , 

!K C nCa phHsfm?! According to Transport House Enterprise Board were changed White Paper's talks of transition | of £3 72m - ; | Varllt trOged 

inings uxe aunaay anu L.nri5unai. an(J tfae the statement on to incorporate a welcome to the to a permanent incomes policy, 

W OlK. . ,, ... ...I MTO’. avmiTcinn intn tVu» in tho nf mnciHanhla nnt 


This will leave the TUC’s L lQ toe year to March 31. 1978. | P olicie s. 


Tho H! cm, to with tho Pnct pay in toe new social contract NEB’s excursion into the manu- in the face of considerable rank 

nffiolf wnrkotv document Into the Eighties: an facture of silicon chips and a and file resentment of a fourth 

nnHot whioif hV Agreement, still talks about the statement of priorities in the use year of wage restraint dictated 

in hw! 0 h C 5o» mu nm»nf intf ned for a broad understanding of North Sea oil revenue was from above, till after the 

coJ£?J 18 ™ ^ I tn L 0° pay each year between a firmed up. election. 


b gests that the Government’s pay profitable fields still in course 
policy is being favourably of development. The only cer- 
viewed overseas. Against this taimy at this stage is that there 
background the authorities are is tittle likelihood of anything 
foreign likely to introduce another happening before an election. 


to bring new equipment into 
service, was “ leading to an in- 
creasingly serious loss of business 
and damage to future prospects.” 
Sir William said that no costing 
of the dispute had yet been made. 
A report from the Government- 
appointed arbitrator. Lord 
McCarthy, is expected shortly. 

Decline 

The major success which 
emerges from the report is the 
virtual doubling of profits in the 
postal business. This was due 
largely to a cut in the loss in 


UK jobs up by 28,000 
during first quarter 


Robertson 

executive 

‘sacked’ 



By Andrew Tayk> r 
A BOARDROOM row at Robert- 
son Foods surfaced last mgbt 


UK TODAY 
DRY, sunny intervals. 

London, SJ5L. Cent S„ E. England, 
E. Anglia, E. Midlands, Channel 
Islands 

Dry. cloudy. Max. 21C (70F). 


when Mr. NeU Robertson vice w> Midland^ s.W„ Cent. N, 


chairman, said that be bad been 
sacked by tbe company and was 


N.E. England 
Dry, occasional rain. 


Gtimley & son 
Leisure department 
would like to hear 
from companies 


BY DAVID FREUD 


proposing “to institute u cisizn for 1*7^ 1 op /rop* 

0Q ** &dViW wS'iT ^England. Lakes, 
Of his solicitor. -p c w Cbbii.biI 


Mr Robertson said that he was Isle of ^ Scotland > 

v.« lit. W- Ireland 


£5.$m last year, a doubling of AN EXTRA 28.000 Jobs were related to a rise in employment domestic product increased by tosmlssed b J tte 3™“? - ° f Cloudy, some rain. Max. 16C- 

incoine from overseas mail (from created in the UK tn the first There was a slight Increase in the 1 per cent, acocrdmg to Central sewna cousm rar. 1?c <61F ^3 F) . 

£5.1) m to f 1 1.5m. and a doubling three months of the year, con- number out of work this month. Statistical Office seasonally era , cn Borders, Cent Highlands, Moray 

of the income received from firming the upturn in the labour although the total still stands at adjusted figures. SSVridav W annuai meeun S Flrth 

aaenc yserviccs (such as selling market suggested by the monthly 63.600 below September’s post- The employment figures take .Tnhn Bradhtirv comnanv Sunny intervals, rain. Max, 

television licences i from £5.lm unemployment statistics. war peak. much longer to compile than isc (64F). 

in 1976-n to £11.5m last year. T n a parliamentary written The 28.000 increase in the those for unemployment and at j breakfast cereals N.E. Scotland. Orkney, Shetland 

following a renegotiation of the aQ6 ° e r, Mr. John Golding. * uinb v f r 3 . obs i0 tbe January- behind® ** t<? ?rouP. confirmed that Mr. R^SSl- Sunny cloudy. Max. 15C (59F). 

rates charged to Government Emp i 0 vment Under-SecretarJ. March period was a togger figure besboutsix months be^nd. ^ , eft thg WIlipaI!y after N.W. Scotiand 

However. inland letters caid there were 22.672.000 people toan the 22,000 decrease in the However, the uffures for d isaereeraent on policy. Cloudy, rain. Max. 14C (57F). 

continued to decline, from a f^ e „Voio™nt i^ Ma^h af?er numbers out of work. In the unemployment are not always a Thp ^hertwn familv holdines OutinnU- rh- na.^in 

sr?ASSKSi l r n i976 - 77 tooae sjsffvsSi Sd 1 was p j s?*j?b w s«££ ap ffi _ 0utlook - cbrfDeeab i e - 

Telegrams also continued to JJ2e55°!f the^eem’be? j °bs. in spite of a 12.600 drop In figures reflect a number of fac- ? J? r | h tban 50 per tent of BUS1NBS CENTRES 

make a loss, though slightly less increase on 016 ^ ec * ra oer agure. ^ numbers registered as tors and can be distorted, for tn - ^l_. p J-L n3re5 ; ~ “T~ 

than last year, at £8^m as This the first confirmation that unemployed. instance, by social phenomena mi<w” JSSSL 

against £9.Sm in the previous the steady drop in the number The upturn in the labour mar- such as changes in the number j i ’c •? -c *p 

year. Sir William repeated his of unemployed between Sep- ket in the first three months nf people wanting to work. LODUIlueu irom x age 1 £ xl Z? Madrid sail 

pledge that the service would tember and June has been occurred at a time when gross Unemployment debate. Page 11 BaSram s inn Melbourne c 2 I S 

be kept going, and that an ' ” " 


new projects 
(such as) 


Outlook: Changeable. 


BUSINBS CENTRES 


For Sale 
The Hill Valley 
Golf and Country Club 
Whitchurch .Shropshire 


Y'daj Vday 

midday 

-C m F -C *P 

Amstdm. F 21 70 Madrid S 33 SI 

Athens F 27 81 Manchmr. C 16 81 

Bahrain s 3S 100 Melbourne C 7 AS 

Barcelona S 56 79 Milan s 28 79 

Belfast P 15 58 Montreal s 20 58 

Belgrade K 21 70 Moscow R IS 59 

Berlin F 24 73 Munich S 23 « 


attempt would be made to have 
it cover Its costs. 

The Giro banking service, 
which has increased its services 
over the past year by taking on 
new current account facilities, 
made a record surplus of £2iim. 
up from £2.1m jn the previous- 
year. It has proposed a dividend 
of £2.2m. in line with its live-year 
dividend target agreed with the 
Government. 

The profit was welcomed by 


Lucas wins £2.26m support 
for electric vehicle development 


Dollar 


This superb complex built in 1975 in the 
finest Shropshire countryside bn a ISO acre 
freehold site overlooking the Cheshire plain. 


official reserves by approaduns Bnnshm. P 18 84 Newcastle c 17 w 

Rlhn in thP l-.Jt month 5 S 13 84 New York S 25 77 

in tne last month. Brussels F 24 75 Oslo R 18 « 

1 he rise in sterling also helped Budapest f 22 72 Paris f as 73 

the gilt-edged market where the 5 ii 2 £?, nh 5 ii 2 

price of long-dated stock rose Sir I u S toggle I Ts « 

by i in the aftermath of the ebicaso s s « RiodeJ'o s 27 si 


F 22 72 Paris F 33 73 

S 11 71 Penh S 14 57 

S 32 90 Praioie S 22 72 

S 17 63 Reykjavik S 16 81 

S 22 73 RiodeJ'o S 2“ 8l 

F 2a 77 Rome S 27 81 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


1 S S SBUp I 3 

Vvnicb had been widely expected, onbiio k 17 tfil Stockholm f 20 


Tbe extent of tbe dollar's Edinhuren f 17 « stTasbrs- s 2a 79 

problems is shown by its decline £^ , “ rt ® ^ ^ 11 5 

of 17J per cent so far this year cisskow r is -tsIt?! avi? f a » 


An outstanding 6884 yard 18 hole 
championship course. • 

A 2600 yard 9 hole course and practice 
area. 

A magnificent new clubhouse and 
180 seat restaurant with 4 separate bars 
and function suite. 

Planning permission for a hotel, squash 
courts and swimming pool. 


,1 luuiu ~ — . — -7 — wild a aupport pro- tnree-year programme, in wnicn _ — y — ner cent aeainst 

without the engineers pro- gr3mme for Lucas Industries, the it will be investing about £4m tur . nf j2 1 LfhCiI the German D-mark, 

ductivity record. Midlands motor components com- itself, is to develoD an electric L_ e 0 .-. .. veblc es a year 0v ? r Tn tho is mnn« 


Helsinki $ 50 69 Tokro 

H. Rons S 36 96 Toronto 

Jo'bure S 29 65, Vitnna 

Lisbon s 31 S3 1 Warsaw 

Londoa C 19 66 Xu neb 

Luxe mb’s F 22 72 


F 29 
S 33 91 
S 21 70 
S 23 73 
S 19 66 
S 23 73 


Uvity recoru- Midlands motor components com- itself, is to develop an electric ^ th ™7™, L a -n5 « In toe 18 months since the 

Id pai15 ’ has bcen Wor king in drive System which can be *1. dollar started to come under 

some of the benefits of Improved Beld for 12 years. incorporated in standard produc- exnerienrp 53 ^ pressure, the declines have been 

Lucas bas become the most tion chassis on normal assembly SJJ nence f Pmt1ng Mndl ' 27 and 131 per cent respect 

Post Office engineers jn the shape vocal prota3on , st m the country lines. Dons - tref v . 


HOUDAY RESORTS 


□□Ss ley 

□□ 021^236 8236 


1L£Sr$* nSSHS^ai P t a ho Q l LI!?™; .The difficulty it faces is in Vauxbaii CF vans are being _ Charles Smith adds from Alicia 


V’day Vdir 

midday midday 

•C ‘F »C ‘F 

S 23 77 Jersey C Ifl fl] 

S 29 S4 Las Pirns. S M 93 

S 23 72 Locarno S 23 77 


"■ aulomaUns the .sEfewAtauI Tokjro: Japa^se I S ZtSIL 

a*s55- as s?sr r ■ r nttal ~ — ** - ^ s? ? s i & 

stan next month, will emphasise been fairly limited. It put £2m in small batches, which means under the Science and Tech- recent mea<mrp-j curbed by s ^ 0wrie 

sswa HFb's sins 


arnmintment of Mr. F.| battery, and more recently gave But Lucas believes that It should payback through a fevy d?p?Sd I S ^irplS ^ih Sie SSTSPSU £ 13 %\VZ5k* 


” MJd° at ^ aas £5r ~ cS ' n — s 

0 A * qouj F— Fair. C— Cloudy. R>— Rj 


: spool C 15 39 Luxor S 39 102 

dean S 24 75 Majorca S 29 St 

lOwii: F 17 S3 Matifia S 27 SI 

aWnca. S 27 St Malta S 2S S3 

c Town C 13 33 Nairufai C 19 

lu S 27 81 Naples S 27 Si 

irovaik S 24 75 Nice S 24 73 

0 S 31 S9 Nicosia S 30 96 

wne* S 51 82 Orot-io S 34 73 

ichal S 27 61 Rhodi-S S 2S S2 

raliar S 2fi 7B Salzburg S 23 73 

irnsty F IK 61 TanjjlPr S 3a 95 

druofc S 24 n TenviiTe S 32 Bn 

Inverness C la a Tunis S 23 82 ^ 

or Mac C 13 39 Valencia S 28 34 ■ — ■ 

nbm F 22 72 Venice S 25 77 Reslxten.il at lie Post oiBcc, ponied by St. Ch-menf* Press for and 'pahUsbcd 

> h « , or ?, y the FUMBctai TIbms Lid., Bracken House, Cannon Sirnci. London. BtSlF 4BY. 

Fair. C— Cloudy. R-Baln. S— Sunny. V G H © Tbe Financial -Ttacs LOL, »« 









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