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Premier 
continues 
U.S. air 




over buying 
mission power 

iiooflic 6 falls 9 


more than £100m 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


' By jlirek Martin, U.S. Editor j * 

MR. .1 AMES’ cSSSgSn' 8Y M'CHA|LLAfFER T Y IN LONDON AND JUR 
□ntied here today :o probe both \ Washington 
potential -American miinufac - 1 

turers of and cusmoiers for the > THE Anylu-Ar.ivric.in double lav approved in full. 


BY MICHAEL LAFFERTY IN LONDON AND JURESt MARTIN IN 
WASHINGTON 


D -i;.!, +U~ ninilm in i*r. „ ,uirers or anc cusinoier* tor lui-ima Auyiu-^i.i.-nc.in tiouoje iav approved in luii- 

British Shipbuilders cost tnc taxpayer more than ilOUBl in Its Iirst nine ! nev.' generation . of commercial! treaty will probably have to be Nor did there appear to-be. any 


Rhodesian Church and political 
leaders have reacted angrily to 
the killing of 12 British mis- 
sionary.-- families ■ near the 
. eastern - border with Mozam- 
bique. 

The 12 dead were hacked and 
battered to death with axes; logs, 
bay.cmets and clubs. The military 
command said Zimbabwe African 
National Liberation Army guer- 
rillas were .responsible. 

The Right Rev Paul Burrough, 
Anglican Bishop of Mashonaiand, 
sahLBritain should revert to gun- 
boat diplomacy 7 and send in 
troops to deal with those re- 
sponsible .for the mission 
massacre. Page 2 


• SALARIES of Britain’s execu- 

tives have a lower purchasing 
power than almost all their col- 
leagues in other industrial coun- 
tries and it is getting worse, a 
survey by Employment Condi- 
tions Abroad, published today, 
says. Back Page 1 

• OVERTIME in manufacturing 
industry is at the highest level 
since summer 1974 because of 
the recent upturn in economic 
activity. Back Page 

• RENEWED upsurge in bank 
lending to the UK private secror 
is confirmed today by the latest 
breakdown published by the 
Bank uf England. Back page and 
Lex 


that Mr. James 
should raise the 


months of existence, according to internal, unaudited figures considered by aircraft. 'renegotiated if. as expected, the intention that air. James 

thp eornoratinn’c Rnarri at pnd nf lact wopL- Immediately after his arrival [ U.S. Senate moves to approve the Callaghan should raise the 

me corporation S fMJaru at UlC eua. OI last WcBK. here yesterday afternoon, Mr. {pact tomorrow after deletion of matter during his present visit 

At the same time, the Govern- After being submitted to British ing programme. Callaghan met Mr. Frank! its most controversial clause. to the U.S. 

mem is considering a novel plan Shipbuilders, the target must be However, a variation of this Borman., the former astronaut ! This is clause 9.4. which would Tht* likelihood that U.S. states 
lo finance the building of war- disclosed to Parliament. is now under negotiation J who now hearts Eastern Airlines, i 'exempt British companies from will be able to continue levying 

shins almost on a 'buildim; for iTnrtpr ih* i»rm« nr ihp Art between the corporation the which has contracted to fly the: the unitary tax legation unitary taxation on British corn- 


ships almost on a "building for Under the terms of the Act, between the corporation the which has contracted to fly the: the unitary tax 1« 
stock ’ principle. This could re- the target must result in an Department of Industry, and the European Airous. J operated by several U.S. 


panics — in ehect taxing a propor- 


indiea to the financial problem the builders breakinc even in the would be mane to find overseas 1 the UK wnich wouiu guarantee uapnai mu me «uunm*- .-vs tar as tsnnsn industry is 

Government faces in steering the current financial vear buyers. the future of the Rolls-Royce Hrat ion was prepared to accept concerned, clause 9.4 is critical 

industry through one of the An Mddert difiieftitv the mn- This system is successfully RB211-535 engine in a new I deletion of the offending clause, to the treaty. If the treaty goes 

deepest recessions It has known, fni mi S employed hy the Italian Govern- Boeing 757 jetliner. jthv Senate voted tu reconsider through without this provision 

Actual losses for the nine- ^knni in the UK^ aDnlic^ ment, but Defence officials have This evening he is to dine at the treaU > l would be a severe blow to 

month oeriod ^ believed to be Sn fSm successor to iuade !t cU?3r lbat such a P r °- lhe British embassy with Mr. In London. Treasury officials UK companies operating in the 

gramme would require funds out- Sanford McDonnell and Mr. have indicated that there has U.S.’. the von federation said. 

2 of v?.Mi the existing Defence vote. Robert Jackson of McDonnell- ! been no deal with the Americans British industry would then 

SnVSfllo? £^ l !E« e OTS f?TL With the "Oia* price of a Douglas, whose own Advanced ; over accepting deletion Of clause press fn r renegotiation. “We 

lions member companies is still (o be round to cirtunu .nt this - . u-.., .l . T^chnnin^ie.-*! Medium Range : 9.4. Official tv Britain is still shall bo keivain-j v.-rv i-incn 


Douglas, whose own Advanced over accepting deletion of clause press for renegotiation. 


_ U.S. interest 


Argentina beat Holland 3-1 with 
two goals in extra time to win 
• . the World Cup final. Feature, 
Page;8 

-■ Murder hunt 

Rival j»angs of white and Asian 
; youths clashed in London's East 
End yesterday, soon after a 
: Bengali man died In hospital 

£ after being attacked. The Murder 
TSqaad . is searching for three 
white youths. 

: Peace efforts 

Egypt and the U.S. are 
collaborating closely in efforts to 
persuade Israel to take a more 
7’ v . fl^dbJe approach to. peace nego- 
“ ~ ttaltens* .Meanwhile* the Israeli 
- . .Cabin# • -lias rejected * outright 
Egyptian proposals calling for 
ii; immediate withdrawal of Israeli 
troops from the West Bank and 
, Ga^gprip. Page 2 

t A^ssin suspect 

' • : assassination of North 

Yemeni"' President Ahmed 
.Hosseipal-Gashrm Is believed 
to have been masterminded by 
LL-Cok-Abdullah Abdel Aalera, 
wira.escaped to Aden about four 
weeks- ago after his insurrection 
in the' Tiaz area was crushed. 
— Tage 2 


rate 'rise 5 


ions memoer companies is sni u oe rouna io circumvent mis - - Technological Medium Range; 9.4. Officially Britain is still shall be keeping a verv close 

ssse: ~ g® hopins ihat ** uea,y wm be * simaiio "-' 

out of work E? sfcafeS New York move on 


A, pmciSLls killed 

If Nlne lDdohesian officials, prepar- 
‘ ! \ M iht/for'.. a meeting in Bali, 

between -President Suharto and 


1 . Singapore & rnme jamisusj .cct? 
•: \ ’ is ’ . Kuan ' 'Yew - : -were killed when 
l 1. • S ' their .helicopter .crashed shortly 
' ; « after "taking off from Bedugal 

?; ; A k ;■ Victors, legacy . 

1 ''SJ-Ati Victor, the giraffe who died after 
- ■ doing the .sirilts while ; mating, 

. .. -jr ' has left behind a -daughter. The 
% . ... baby giraffe, Victoria, wag born 

at BSarkwell Park -zoo at the 
weekend, . 


>1 ^ ’ 


• 71 

.V , : 


f..y. 




Improper pasties 

Cornish pasties from Devon-' 
shire are not all they- should be. 
The Devonshire trading stan- 
dards officer says .that almost 60 
per- cent- erf. the county’s pasties 
contained- less, than the regula- 
tion minimum amount of. meat. 

Briefly... 

A major oil well fire in Kuwait’s 
Hajro ffe/d is not expected to 
affect exports or crude oil pro- 
duction, 

Afghanistan's new .regime has 
released about LOOO political- 
prisoners. 

FlUpino police and soldiers 
found carrying firearms off duty 
will be liable to death by firing 
squad.. 

Weekly £50,-000 Premium- Bond 
prize won -by bond 5DR. 989701. 
Winner lives in Dundee. 

Italian 'Communist Party says it 
would prefer a man outside the 
ranks of the ruling Christian 
Democrats as the country's new 
president - 

An Ulster Defence Regiment 
Private was killed in an explo- 
sion- white on- duty in Co. 
Fermanagh. 

Britons travelling to Europe in 
minibuses have been warned 
that -they may be turned back 
if their vehicles are not fitted 
with, tachographs. . 


• .FURTHER increases in short- 
term interest rates in-- 'the U.S.. 
including a possible rise to 9 per 
cent in commercial prime lend- 
ing rates this week, are being 
predicted 0 a Wail Street 
Back Page 

0 LIKELY help that the UK 
economy will receive from off- 
shore oil and gas production this 
year has been further down- 
graded in a report published 
today. Back page 

• INDUSTRY paid 37 per cent 
more in real terms for .-every 
tonne of freight moved by road 
ip . 1976 than it did a decade 
earlier. Transport * 2000, a 
pressure group, said. Page 37 

LABOUR v 

• PRODUCTION at iincwith 
colliery, Derbyshire, where- 700 
men work, is to stop on JuljrSS: 
because coal, has run out There 
will be no redundancies. 

, 

• WORKERS would expect- simi- 
lar Increases if the Government 
implements the 70 per cent pay 
rises for nationalised industry 
chairmen proposed by the Boyle 
review ou top salaries, union 
leaders said. Page 4 

• - SHOP stewards at Westland 
Aircraft’s helicopter plant, Yeovil, 


discuss the company’s warning 
that it plans to dismiss workers.. 
Page 4 

• BRITISH. LEYLAND has put 
an incentive scheme to unions 
in a move to raise flagging out- 
put Page 4 

Warning on 
inflation 

• SLIGHT acceleration in the 
rate of price inflation back into 
double figures during the first 
half of next year is forecast 
today. Page 4 

Q BEER drinkers in Britain 
downed 112m fewer pints last 
year than in 1976 _ — the first 
annua! fhll since 395S. Page 3 

• FISHING agreement iD Europe 
could come before the end of 
the year if other countries, 
realised it did not matter 
whether there was an election or 
not, Mr. John Silkin. Agriculture 
Minister, said. 

Liquor company 
to sack 100 

• AUGUSTUS BARNETT, cut- 
price liquor concern, is to under- 
take restructuring involving the 
loss of about 100 johs. Page 4 

• pan AMERICAN expressed 
dissatisfaction with price-fixing 
arrangements of the International 
Air Transport Association. Page 2 

• THREE-MILLIONTH Ford car 

built at Halewood. Merseyside, 
will- roll off the production lines 
tomorrow. 

• NORCROS profit to March 31 
was a record £14.5ni (£l-m). 
Page 36 


say that lhe long building European cooperation 
periods required give a great ^ ,r - T°m McCaffrey, tii. Pnrno 
deal of flexibility about com pie- Minister's Press sccretury de- 
tion dates, as well as ultimate c,med *} S 

nvenprchin Of ti20 diSCUSslODh tO Orttfi. H.P 

On/» f- ffri* th» Wnwoi they had been “frank" but 

the Royal were p;irt Q f. t be longer term 


In addition tu straightforward 01 PU , r 2 15 aavocaies p„ r ‘ “ ~ “ Jn^DL-ration 

losses, which wili presumably be ^ - Sriotte ? required *rive a^real E Mr! Tom McCaffrey. Uie Prime 

wniten off by the Government, f |iif AT xvArLr penoas requireu give a o«ar , p secretary de- 

Uie shipyards benefited last year VJUl U1 WUIJV deal of flexibility about ^.raple- eiined to^' ^ dSoVe details 

from the £65m Shipbuilding The Goverament faces a long owneSffiT* ** ** ulUmate of the discussions to date. He 

iniervention Fund, which pro- and costly haul in pulling British , said thev had been “ frank " but 

vided a straight subsidy on most shipbuilders back into the black. 7 *2!®.,,** tiie _ Koya : were pJrt of. the longer term 

of the orders booked in that According to the corporation's requirements no J consultative process in which 

period. 1977 review of affairs published ??5® sa “!L ves scl Mr. Callaghan is taking a per- 

Precisely what proportion of at the turn of the year, its tiP fi s proviuing the best export soual interest because of the 

the £55m relates to the first member companies made a pre- possibilities. great implications for the future 

nine-month period is unknown, tax profit of £2.9m on a turnover This is particularly true of 1 of the British aerospace in- 
but it would certainly be the of £713m in the year to March fast, offshore and fishery protee- dustry. 
lion's share. 31, 1977. tioc patrol vessels and the Navy 

The Government's first problem At the end of March, the has b * en lind *r pressure for 
in responding to the corporation's corporation had a merchant ship sotn e to adopt a faster, more 1/ 1311 IS i C 
deep-seated difficulties is to set order book of 1.5m gross tons- veratfle design in this class to wnnin 


BY DAVID LASCELLES 


NEW YORK, June 25. 


Future 


d;#y, which means by Saturday, forward the RoyaJ Navy's hnlid- a paap! vessel or vessels. 


dustry. . NEW YORK state assembly approved a Bill tr. establish :.n 

has overwhelmingly approved insurance-free trade zone for the 
TT’jsfffitr'ia changes in legislation enabling city, where underwriters will l;e 

F L3 II ISiC an insurance exchange similar to able to write largo and cumpli- 

«- th * u.nntrt Dloyd’s of London to be eslab- ca ted risks, free from ;ho conti-il 

rh. S nroM.lr ' hsbed in New York city. Barring nf the state’s tight insurance Jaws. 
^h.S?nF ,n \v-c! U r rnuintf^and unforeseen difficulties the Both innovations arc primarily 
lrSent f Giscard ‘dTsSn- o d f exchange should begin business aimed at reviving New York’s 
Franc d e e at die Europe^summit | 

meeting m Bremen next month. The next step will be to draw Sr'oaoitl.1 a n5 husfness in rcceat 
The Gennan Government, m up a charier for the exchange for veara di» roaiv'ncMjf? lSSih 
particular has made no bones approval hy the state authorities. - e ™ J- p f 

of its belief that the entire! There should be few problems slate s we^ealoua super 


future of the European aero- 1 over this, though, since the 


It is hoped that ibe new 


Brezhnev warns UJS. over 

JLUVAUUVI ntuuia W,V1 wjw >««?«»»• , 4 * 

’■ _ _ . _ M . itself in iitile more , ban a minor, Jt has a]so bpen widely wel- are also keen to bring to 'New 

- H -L, 1 •__!__ * ill, _ sub^ontrartor Status ,n sptie of , corned by the insurant industry. York of the business which 

B 4f\C* Ay BlWlliTC! %A/1 R «ll H hBIYBO lhe Ube Ol RolisRoy te _ engines, 1 1T1 gp !te somc , reservations they believe is enjoved unfairly 

GMIsCi IIHBvj WHO v/lulm ss. ss? ur * wi s -over <10^. ^ 


•, Ve ^ B n ri H?M i ?^r^?ni fi r r i S T rln,en( ! aQt . 0f lrsarai ; ee ’ , world, principally the brokers. 

trill S ' 11 ^ 3 , s a L“ bt?en U,d . tl -Y wel * are also keen to bring to New 

subcontractor status ,n spite of , corned by the msuranre inaustry. York som.? of the business which 

SiS \ r .-- ft ' f some M«wations they believe is enjoyed unfairly 
in any venture with a ^.ant such I0Ver details. by Lloyd’s. They argue that 

aS Boeing. J mil li.-ilf (ilP 


%Y OUR OWN CORRESPONDENT 


MOSCOW. June 25. 


nise 


t. Ho\\ 6 vi?r. Luropi.an q * • pr- worlds liisurun f, t? ^jusln^ss 

- %Y OU R OWN CORBESPONDENT MOSCOW. JUn e 25. COmprOOl ISC ***£ •■fj 

PRESIDENT BREZHNEV of lhe remarks to discussing recent it will not object, as it had done Airbus— would, ii is generally The exchange ttlile'i is Hoselv plimirrv 

Soviet Union today reiterated Soviet proposals for reducing its hitherto, to Chinese purchases agreed, leave no role for a modelled on *Liavd’<? " will coni- Johii Bloarc writes* Llovd’s of 
his Government's warning to the conventional forces in Europe, of defensive military equipment Eritish engine manufacturer. , syndicates of both l>n>k»ra Tendon’s u s ittornev Lehoeuf 
U.S.a^inst seeking dose, forma! Jurek Martin write from from Western Eurbpean coun- McDonneH Dojpte^ whu* V ^onS^ers! It win deal ^ Leibv «*S IlJSTII 
ties with China. Washington: Mr. Brezhnev's tries and to its acquisition of produce* fer fewer commercial prlmarily in reinsurance, foreign watcbinc the ore cress of New- 


er details. by Lloyd's. They argue that 

although possibly half the 
a world’s insurance business is 

L^OSHDrOlt9lS0 generated by the US., only a 

fraction of it is handled in the 
The exchange, which is closely country 


■quipment Eritish engine manufacrarer. syD( jj cate3 of both brokers London's U.S. attorney . Lehoeut 

ian coun- McDonntl! Dousias - V '^ 1CI ] | 3n d underwriters. It will deal Lamb Leibv and Macrae, is 

R^fno W whir h ' Primarily in reinsurance, foreign watching the progress of New 


This is a short-sighted and a^thSr“Tttem pf personaiif to — SS fffttecSr. 


Peking, 


current 


to both the British and the' at leasT SSOm-^with probably 10 insufficient information for it 
European dilemma (syndicates putting up each to form a view, privately it is 

Mr. Callaghan is due to have I — permitting an annua! under- disconcerled by the latest 
breakfast tomorrow morning writing turnover of up to development, 
with President Carter. Accord- So far it has said that the 

ing to Mr. McCaffrey, the two Although this is a minute sum reason given for New' York’s 


The state assembly has also modelled on Lloyd’s." 


dangerous policy. Its architects discredit Dr. Brzezmski- rplfnn ing to Mr. McCaffrey, the two Although this is a minute sum reason g 

may bitterly regret it. The New York Times reported leaders will be discussing the compared with the industry's move — 

The Soviet leadership has been today that the Administration TT ninT , rvm*» and Tanan “ forthcoming economic summit in total turnover, the scheme’s "is not 

alarmed and angered by the trip had taken the basic policy ro^riv in our mrinn-c interost” 801111 ncxt mcnU i- lhe several backers expect it to grow’ fast reason 

last month to Peking by Dr. decision to improve Telations nS iLS stata of East-West rebtions. and as rhe exchange finds its fc-et. Insurance 

■Zbigniew Brzezinski, National with China before Dr. Braerinski J ^ “fi .. Africa. The state assembly has also modelled 

Security Adviser to President went to Peking and that this f^ aC t o thS S“blera- : 

°£ er * -v „ „ h £« e C °53? d W ^ iwSmff cSSSlce 

Mr. Brzezsinsfci. who has been Chinese leadeship. o/ extensive trade and com- 

sharply criticised by the Kremlin The establishment of full mercial relations but not at 
in recent weeks as a “ cold war diplomatic relations with Peking, Government level, 
warrior," has talked candidly w-hich would presumably mean j^nre immediate] v Dr 

about how he believes the U.S. the end of U.S. political and Brzezinski has appeared to use' 
hand in dealing with the defence arrangements with u China, card " as a way of 
Kremlin would be strengthened Taiwan, is still clearly some exerting pressure to curb Soviet 
if : Washington had formal diplo- way off. activities in Africa, 

malic relations with Peking. . such a -step, which is fraught In the past week, however, the 

In spite of the warning in the with domestic political prob- U.S. has appeared more intent 
speech, Mr. Brezhnev’s general lems, is unlikely to be made on cooling off the recent war of 
tone in his address was notice- until next year at the earliest words with the- Soviet Union, a 
ably saore moderate than recent and might well be delayed until development which is seen here 
Kremlin pronouncements on its a second term for Mr. Carter, as a reassertion of the influence 
relations with the U.S. Mi. if he is re-elected. on policy-making of Mr. Cyrus 

Brezhnev devoted much of his The U.S. has told Peking that Vance, Secretary of State. 


closely 


Changes at Shell UK to ease 
burden on CBI president 


CONTENTS OF TODAY’S ISSUE 



Overseas • news - 

World trade news -3 

Home hews— general 4 

— labour 4 

Technical page 6 

Management page * 


Arts page ; 

Leader page 

UK companies “2 

International companies ... 3i 

Foreign Exchanges : 

Mining Notebook — 


r.u.. 35 

...... a 


FEATURES js 

The European ball-taring ^ * 

industry 10 FT SURVEY 

„ ljiiA- TTntfed Arab Emirates ... 11-34 

Russian progress in Wller waxm ^ 


Amwbttnwnts 
BoHdtng Motes ,. M 
Busloesmun’s Diary 
Contracts ^ Tenders 

CroHword .... 

Entertainment Coldo 
tfoaorial Dlanr 
insurance. 

Lcuers 


flir - M WoathCf 

r**. rT ~~ — 8 World Ecdu. inn. ... 

Lanrtiard jg BMC Lending Rates 

ESSIES r- J, 


World tran. n 

Base Leadina Rates « 

ANNUAL STATEMEIriS 


Parliament Diary .- w ANNUAL =»*« 
share fnformntiaa «-® Jaba Brw» - 
Snort - « — « PR05PEC 


Sport - 

Today's Events — 
tv Radio — ■ 
Unit Trust* 


juuu 

4 PROSPECTUSES 

a Allied Uattier S 


•35 UHAE imta 

For" latest Share t"* 3 01 * 46 


BY RAY DAFTER, ENERGY CORRESPONDENT 

>THE. ROYAL Dutch/Shell group 
has mado top-level management 
changes in the Shell UK company 
to ailow Mr. John Greenborougb, 

.its chief executive, more time for 
his work as president of the Con- 
federation of British Industry. 

: Mr. Greenborougb .will con- 
tinue to be a deputy chairman 
qf -Shell -UK but his position as 
chief executive will be taken by; 

Mr. John Raisman, at present a 
managing director with responsi- 
bility for the company’s supply, 
refitting and marketing activities. 

-In -other changes, that will also 
take effect on Saturday, Mr. Rais- 
man -will become a deputy -chair- 
man and will succeed Mr. Green- 
borough as Shell International „ a - <v 

Petroleum’s regional co-ordinator ureenoo 

for the UK and Ireland. Mr. as deputy 
Desmond Watkins, formerly 
president of Shell in Venezuela, enormous pre 
will take Mr. Raisman’s position system.” 
as managing director. Although he 

The management reshuffle was be involved ii 
foreshadowed by Mr. Green- making -be is a 
borough in May last year when, entirely from d 
after consultation with the Royal ment in the con 
Dutch/Shell group’s board, he “I expect to i 
accepted the position as CBTs pf my time wori 
deputy president. For the past he said. " It is t 
six months he has combined bis rote, no matte 
role as CBI president with .that director-general 
as head of a company with a Mr. Greenbo 
EL4bn turnover. issues domtnati 

-'“You cannot effectively do presidential yea 
justice to" two .jobs," he said at pay determin 
the weekend. M lt has been an part of our ; 



Mr. Greenborougb: staying 
as deputy chairman. 

enormous pressure on the 
system.” 

Although he will continue to 
be involved in Shell's policy- 
making be is cutting himself off 
entirely from day-to-day manage- 
ment in the company. 

“I expect to spend 80 per cent 
of my time working for the CBI," 
he said. " It is a very demanding 
rote, no matter bow good the 
director-general is.” 

Mr. Greenborough saw four 
issues dominating his next two 
presidential years: the future of 
pay determination — >*' a vital 
part of our social infrastruc- 


ture growing industrial 
democracy; adapting to a possible 
changed political climate — “'and 
that might happen. irrespective of 
who wins the next election and 
giving the CBi a greater repre- 
sentation m .Europe, 

At Shell, Mr. Raisman has the 
task of completing the com- 
pany’s recovery towards profit- 
ability. Last year Shell UK lost 
£11.3m as- against a deficit of 
£32m in 1876. The enforced 
closure of n* North Sea produc- 
tion platform last year, heavy 
investment associated with off- 
shore development, and weak 
trading conditio** In the UK 
were blamed for the loss. 

Mr. Raisman, who was born 
in India in 1929. joined Shell in 
1953. He has held marketing and 
executive positions in Brazil, 
Central America, Turkey, Hol- 
land and Japan. From i.970 to 
1974 he was president of Shell 
Sekiyu KK before returning to 
Holland to become bead of 
European trading and marketing. 
He was appointed a managing 
director of Shell UK in July last 
year. 

Mr. Greenborough ’s plans, once 
bis tern as CBl.presMent expires 
in 1980. are not known. He will 
he 56 next week and he is 
already eligible for retirement 
from Shell as a result of his 
long overseas service. 

- Men and Matters Page 10 



:- Our job is to advise on 
• . . the. choice of majiufacturiny 
ond warehousing Jocatioos. 
How we approach the' 

• complexities of this subject 
tare explained in a guide 


'The Choice. o£ Locations^ b ^ . 
which^^V^aihJe itpon'tequest - 
Kichard Ellis, '■ 'V ';V ' Tr: v 
Ghait ei : ed -Surveyors, j-j ' $£ / V 
6/10 Bniton St, London WLX SDLJ 
Telephone: 01-490-7151; c V 


Richard 1 

Chartered Surveyors 








2 


financial Times .j&siaag - ^ 


Notice of Redemption 

Santa Fe International Finance Corporation 


9%% Guaranteed Bonds doe 1986 


NOTICE Is Heresy GrvBN that, pursuant to the provisions of the Indenture dated as of July IS, 1976 among Santa Fe International Finance S 
Corporation Santa Fe International Corporation and The Chase Manhattan Bank (National Association), as Trustee, 13,000,000 in principal I 
amount of the above Bonds will be redeemed through operation of the Sinking Fund on July IS, 1978 at the principal amount thereof together with j 
accrued interest thereon to said redemption date. 


The serial Bombers of the Definitive Bonds to be redeemed, all bearing the prefix M, me as foHows 


7 

1324 

2842 

4174 

5685 

7096 

8656 

10185 

11741 

12857 

14153 

26 

1330 

2855 

4178 

5690 

7104 

8658 

10192 

11749 

12858 

14155 

33 

1357 

2866 

4185 

5700 

7115 

8672 

10193 

11750 

12860 

14178 

38 

1359 

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5716 

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11752 

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14183 

49 

1364 

2873 

4204 

5732 

7144 

6686 

10195 

11757 

12877 

14187 

58 

1366 

£881 

4205 

5752 

7145 

8694 

10197 

11764 

12884 

14189 

61 

1374 

2882 

4219 

5754 

7152 

8697 

10204 

71785 

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85 

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5755 

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72 

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4231 

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10219 

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12890 

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78 

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4234 

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7183 

8705 

102S9 

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12893 

14213 

87 

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21130 
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21147 
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21 158 
21173 
2H85 
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21187 
21180 
21139 
21190 
21195 
21200 
21205 
21212 
21213 
21228 
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21244 
21247 
21250 
21259 


21264 

21269 

21282 

21293 

212S8 

21308 

21317 

21318 
21327 
21353 
21357 
21370 
21383 
21395 
21402 
21411 
21424 
2 1429 
21433 
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21465 

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21508 
21555 
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22329 

22332 

22340 

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23464 

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Interest on said Bonds shall cease to accrue on the redemption date and on said dale the redemption price will become due and payable on each 
of said Bonds called for redemption. 

Payment of the Bonds to be redeemed will be made upon presentation and surrender thereof, together with all coupons appurtenant thereto 
maturing subsequent to the redemption date, at The Chase Manhattan Bank (National Association) in the Borough or.Manhatian.TheCitvof New 
York. or. at the option of the holder, at the offices of The Chase Manhattan Bank (National Association) in Frankfurt/Main. London and Park, and 
at the offices of Nedcrlandsc Credicibank N.V., in Amsterdam, Banquc dc Commerce S.A.. in Brussels, Swiss Bank Corporation, in Basel and 
Zurich, and Banque Internationale a Luxembourg S.V. in Luxembourg. Such Bonds and coupons should be surrendered at the office of the Chase 
Manhattan Bank. N.A., Corporate Bond Redemptions. 1 New York Plaza, 14ih Floor New York, New York 10015 or, at the option of the holder at 


The Chase Manhattan Bank, NA. 
P.O. Box 440 

Woolgate House. Coleman Street. 
London EC2P 2HD, England 

The Chase Manhattan Bank, N-A. 
Main Office 
41 Rue Cambon 
Paris IER, France 


Banque Internationale a Luxembourg S.A_ 
2, Boulevard Royal 
Luxembourg. Luxembourg 


Nederlandse C rediet bank N.V. 
Hcrengracht 458 
P.O. Box 941 

Amsterdam. The Netherlands 


The Chase Manhattan Bank, N.A. 
Frankfurt Branch 
P.O. Box 4428 
Taunusanlagc 11 

Frankfurt/ Main I, Germany 6000 


Swiss Bank Corporation 
1 Aescbcnvorsiadi 
CH— W51 
Basel, Switzerland 


Banque de Commerce S.A. 
51/52 Avenue des Arts 
Brussels, Belgium 


Swiss Bank Corporation 

Par3deplai2 6 

8022, ZQrich, Switzerland 


Coupons which shall mature on said redemption date should be detached and surrendered for payment in the usual manner. 


Dated: Jane 12, 1978 


SANTA FE INTERNATIONAL FINANCE CORPORATION 
By The Chase Manhattan Bank (National Association) 

as Trustee 


APO 



Edited by Denys Sutton 


THE WORLD'S LEADING 
MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £2.00 Annual Subscription £25.00 (Inland) 

Overseas subscription Q8M USA & Canada Air Assisted s56 

Apollo Magazine, Bracken House, 10, Cannon Street. London, EC4P *BY, Tel: 01-248 $CQ0 


OVERSEAS NEWS 



- r*V ‘ ' '• l£i.4_V"X ■.T/v - 


Rhodesian 
anger over 
mission 


By Our Own Correspondent 
SALISBURY, Jane 25 
RHODESIAN political anti 


Church leaders have reacted 
with shock and anger at the 
killing of 12 British mis> 
sionary families at a remote 
mission station near the 
country's eastern border with 
Mozambique. 

The military command and 
black staff and pupils at the 
mission said that Zimbabwe 
African National Liberation 
Army guerrillas were respon- 
sible. The army supports 
Mr. Robert Mugabe, co-leader 

with Sir. Joshua Nkozno, of the 

Patriotic Front. 

The dead included three 
men, four women and five 
children who were hacked and 
battered to death with axes, 
bayonets, clubs and logs. 

Bishop Abel Muzarewa, Uie 
current chairman of Rhodesia's 
ruling Executive Council, said 
atrocities against children and 
defenceless people, whether 
they were black or white, 
should be deplored. “ 1 believe 
this kind of thing goes ou all 
the time, except it seems to 
be more news if it is white 
people. As far as I am con- 
cerned there Is no part in the 
war for the killing of children, 
black or white." 

Chief Jeremiah Chi ran. an- 
other Executive Council mem- 
ber, described the killings as 
the tragic activity of cowards 
and criminals. He said such 
incidents would only serve to 
strengthen the resolve of the 
country to defeat those bent on 
violence. 

The Right Rev Paul Bur- 
rough. Anglican Bishop of 
Mashonlaud. said Britain 
should revert to gunboat 
diplomacy and send in troops 
to deal with those responsible 
for the mission massacre. As 
a human being, he had a deep 
wish for Britain to assert her- 
self especially where British 
nationals were concerned. 

Mr. John Deary, chairman of 
the Roman Catholic Justice and 
Peace Commission, said such 
acts of brutality were past ex- 
planation and understanding. 

Reuter reports from Maputo: 
Mr. Mugabe denied today that 
his men killed the 12 Brilains 
and said the Salisbury Govern- 
ment was responsible. A 
statement issued by Mr. 
Mugabe’s Zimbabwe African 
National Union (ZAXU) said 
the missionaries and their 
families were murdered to 
divert world attention from a 
barbarous Rhodesian raid into 
Mozambique last week in 
which 17 black refugees and 
•two Belgians were killed. 



press 


BY ROGER MATTHEWS 


CAIRQ, June' 25. 


to persuade Israel to adopt a Israeli cabinet. way..:.', front ■..■. General Ahmed 

more flexible approach toward* - For this reason Mr. Sadat-and JEUdavri who becomes head of 
Middle East peace negotiations; jfl* ••forefl'gn minister,:- Mr. army tr ainin g and organisation. 
After a meeting -this weekend Mnhawmi w! Ibrahim KatoeJ, wiH yritile . General. Abd-Rabtmabi 
between President Anwar Sadat .gjgt'-riile but the possibility of, a Hafez .assumes . command pf the 
and Mr. Hermann Eills. the u -&' meeting between Egyptian .- and second' arm'; in piaceof General 
ambassador, it was . announced; TaJ^envoys in Etaripe next Fouad .Am : Xlhaly who takes' the 
that within the next two days ^^^ _ -V .. post of .director.. of adntinistrar 

Egypt would have completed a. ... Egyptian officials even refuge tiqn.^; g _ . J,. [. _ 

detailed plan under which that the meeting may panlelvvrttes from TelAviv: 

occupied West Bank would -g^SLr between Mr, Kamel, Israel Cabmet today rejected 
1 rSySu SS ^tiight ; the pm- 

to Egypt. \i*< rs>«4* posals, ..as, published Ju .the 


Sadat 

Israel! replies to two questions »“ -r, which: called find an in&hediate 

on the future, of the occupied^ However, M ■ ftmtoa 

territories that had been snb-.^uaHyco^de^tt^fc -.Sa^t’s tbe WeatCjBank and. the 
mitted by the U.S. ;• ^-proposals for an Gm Stnj* ancUhe sfcrtofnego- 

Although senior Egyptian >to the ■ West B attic and Gaza Wu 'tiatiohs; : taking, into • ' account 
officials have accepted for some be rejected by tne..isr?eys., y.-- rsraeL^s. rsecrylty ‘ requirements, 
time that real progress towards r. - Tn - a . move . -, ap par&nay-.onjy. . afteWsachv with drawal has 
a Middle East settlement, can not. .unrelated to either, the overal) been effected. ' **This Tr&6eh to 
be made while Mr.- MenahemySEddle East situation or. tajrepresnrfra -ionsideiabi&laarden- 
Berin remains prime minister of -President Sadat’s domestic lingv-uf'.lhe i original Egyptian 
Israel, they a re fully prepared ; [difficulties, the commanders • of -stand* ■ * : ' ■ 


Zambia lqokingfor 
$lbn more in aid 


BY MICHAEL HOLMAN 


LUSAKA, June. Sf. ■ 


ZAMBLAN SENIOR officials, arifl^ 7 Zambia's traditional - aid 
some 20 donor countries and:.^onors, including B ritain , the 
International organisations begin ;tJVS., Canada, and members -of 
a three-day meeting on Tuesday :the European. Community,, will 
: to discuss further aid to Zambia’s attend, as well as Japan and 
. hard-pressed economy. -.I'iJaudi Arabia. 

The meeting, to be chaired b ffy- Zambian officials say thatlthey 
World Bank Vice President Mt^jirtsb. to avoid r&ecHeduling or 

W. Wapenhams. represents tbd; ^- yi:? 

; next stage of a large Western?.:-.; - ’ ’. 

I backed rescue operation which 1 .; Negotiations for a substantial 
i began in March with an Inter-v'.Sandi Arabian loan, to Zambia 
national Monetary Fund credit: have reached . an -advanced - 
: of S390m over two years. stage, according to . Informed 

Last month President Kenneth;^ sources in .Lusaka, / ou£ 

Kaunda returned from London.- eorrespon dedt writes.; XT conk 
and Washington with pledges of? ' eluded, it would be 'Saudi' 
£15m from Britain (in addition r. Arabia’s first bilateral ■ aid: 
to the existing £17m programme . venture in ' Southern 7; r» 4 J 
for 1978-79) and $100m ftom the'- Central Africa and -to seen by,-- 
UJS. over three years. A further ‘/diplomatic sources aSram tSw^ 
SSOm from West Germany awattir^k^tloii of • grovrihgr-.SittiK^ 
ratification. -A .concern about '.political 

After this week's meeting.- afcv developments in the tegiettA- 
which the Zambian delegation / ! - Earlier this month* '.'the' 
will be led by the Minister country opened a mission in- 
Finance, Mr. John Mwanakatwfe; Lusaka, followlng A Vtoit fd 
further meetings are likely “ ' ' 



confirmed 


' Jeddah in May by the -Zambian - 
order to review progress . an*-; Foreign Minister, J)r. /Sitdke 


assess aid allocations onde .fcwale. 

Zambia's third national develop A 

ment plan is published later 
year. 

There is no official aid ts 
but privately Zambian offi 
hope that the Paris meeting 


deferment of . r the country's 
external debts; .totalling' -seme 
51 J 2 bn. although ^<ypfenratic 


Lisbon-Angola 
co-operation 
pact expected 


By Jimmy Bums 


LISBON, June 25 
PRESIDENTS Ramalho Eanes 
of Portugal and Agostinho 
Neto of Angola are expected to 
sign a treaty of co-operation 
and friendship tomorrow, at 
the end of a three-day meeting 
in Bihsao, capita! of Guinea- 
Blssao. 

The treaty will pave the way 
for increased trade and will 
pledge future co-operatlou 
between the two countries In 
the technical, scientific and 
cultural fields. 

According to sources close 
to the talks, the two Presidents 
have also reached agreement 
making possible the return to 
Angola of a number of Portu- 
guese skilled workers who left 
Africa after Portugal’s military 
withdrawal. 

There bas been discussion 
here about the extent to which 
the U.S. Administration briered 
President Eanes before the 
Bissao talks. Increased co-oper- 
ation between Portugal and 
Angola would appear to fall 
within -the context of the posi- 
tive approach to Africa under- 
lined by Mr. Cyrus Vance, ILS. 
Secretary or State, last week. 

It was confirmed yesterday 
tbat before leaving for Bissao, 
President Eanes received Mr. 
Richard Bloomfield tbe U.S. 
ambassador to Portugal. 


hope that the Paris meeting -swurees say- ' . that ':- tentative 
help push the total including lie 'approacl^ : -\vere jjBaae. .earner 
IMF credit, to between S80(fin Ws -year to . btrtfr ^the ^BrittaSh 
iaud DA Gdyfe'chStetits. V '• 

-- v, v: f/A'*- 

/• I" ’ - t : *»4. 


and 81,000m. 


Bonn andParispreparmg 
joint policy on 



• V : - WASHINGTON, June 26. 
THE .- JXS, Federal • - Aviation 
Authority (FAAj confirmed here 
today - thai • i£L- Super. DOS jet* 
Ilflersjr m atrafactured by/ McDon- 
nell Douglas between’ 1966 and 
wotrtd. -be. subject to a 
special jnspecti on. .because of 
suspected Tmetal-Tafigue in the 
mala wing-epan. ..... 

•;* The bffictal iald that the FAA's 
western 7 Tegtonaf :' . headquarters 
had racentiy issuetl the so-called 
“ mandato ry, ajrworthiiress. direc- 
tiye^ whieh requires the manu- 
ract^rlt^grtmd'. the aircraft 
forr inspection and, if necessary, 
repaira-'TWs .wiU be r done ■ 'pro- 
gr^seivgly,. with' . each ..airliner 

fbOTqrS.^-dependirtg orr'ftjf'age.* . 

' The FAA Apnkesmar »: r stressed 
that: the" directive ‘’ sounds worse 
than it actually -to,” and was not 
uncommon . in ' aircraft .which 
have. . logged considerable flying 
time. . . Passtotgers.'.f fiyiag . . in 
Super DCSef-of the 62-6^ : series 
—were , in "ht^. danger,' -he said. 
While the wing- oii the aircraft 
was constructed ip such a fashion 
that' .strengthening : .could, 'if 
necessary, be. eaaly affected: 

-. .A s . the Inspeetibh _ . deem 

‘haul will be ajnmKtetf: .over. ; a 
period of time, f no' disriiptipns 
to * '* i-afrUhe ' "*4*“*"** * 


are 




under fire from 


Soviet Union 
shifts position 
over Cyprus 


ANKARA, June 25. 


IN AN apparent shift in policy 
on Cyprus the Soviet Union 
today backed Turkey’s position 
that the island's problems 
should be solved through talks 
between the two communities 
there. 

A joint communique issued 
at the end of a four-day official 
visit to the Soviet Union by 
the Turkish Premier, Mr. Bulent 
Ecevit, said the two sides 
agreed the difficulties should be 
approached through positive 
and const ructive talks between 
the Turkisb-Cypriot and Greek 
Cypriot communities.” 

The Soviet Union has pre- 
viously called for an 1 Inter- 
national conference on the 
question of Cyprus, which was 
invaded by Turkish, troops In 
1974. The communique sug- 
gested a shift towards the posi- 
tion of Turkey, which has been 
urging, a resumption or long- 
stalled intereo minimal talks on 
the basis of recent constitu- 
tional and territorial proposals 
prepared by the Turkish side. 
Reuter. 

Editorial comment. Page 10 


BY ADRIAN DICKS . BONN, ^lhie 55.-7 

WEST GERMAN * and ' French however; . :'the importance . of . it 
views on widening the zone of strengthened snake in wringing 
.currency stability In Europe are greater' stability, to -life .U.S. 

! dose enough for the two coun- dollar,:.-which goes some fray to- 
! tries to be preparing joint pro- wards. •. acknowledging jVKerva- 
I posals to lay before the European tionsfdlt in Whitehall abefbt any 
Community summit In Bremen fresh European initiativ^t-over 
on July 6, the German Press monetary matters that might .be 
reported this week-end. construed .. as : confrontation^, by 

Agreement in', principle °n theU,^- ■: /■_' ^ 
several features of tbe enlarged Tbe pamhurg talks, with wfi|ch4 
“snake" were reported to have the French President was - 
been reached on Friday, when ported to.be very satisfied, app 
President Giscard d'Estaing paid to have brought the French, and 
a brief visit? to Chancellor German Heads of Government 
Helmut Schmidt in Hamburg, even rioser.' 'German ministers 
Although details of the two openly express admiration for 
leadres* talks have not been the economic reform programme 
published, they.' are understood for M.ORaymond Barre. the 
to have discussed the possible French Prime Minister, vfnile hej 
role of a joint : European inter went out of his way last week, to. 
vention fund to support the express sympathy over difficult 
working of the " snake." ties ui the .way of German, 

German officials also rtress, eeononlic policy. ... i 


v By-Stcwart'''nemcng V. 

; . ;-.IhE®W^GRK,. ^.une. 25. 
WTFH 'ATn-rtical inef&og -of the 
fiXechSYft L-andygeneral- assembly 
of the >lntenmtioniI Air -Trans- 
pbtt Association due: on Friday., 
i Pan American > World : , Airways 
[has- again ^expressed': dtosatisfac- 
tiOn •’ Witif- '. the ' international 


^nt^s^^jrlce-fi^ing^^arrange- 
inento. •; ; 


. An jariine'^^pfcesi^an . today 
dismisses suggestldffK _ T that .ihe 
company had decided- to quit 
LATA hilt he made dear that 
Pan^Am had strong: reservation s 
labour tht:' pricing aspect of 
ItAXA's' opdJa tio na. ' - 
\Tbe reseifyaflons were; voiced 
at . the ; wedkend by Pan Aru's 
president; HLr^Wtiliam Seawell. 
Mr.' Seawell v said bis 'company 
might qutf lATA unless its Tare- 
ffsing agreements- were restruc- 
tured.' - • v / 


Officer ‘’behindN. 



BY IHSAN H1JAZI 


BEIRUT, June 25. 


AN ESCAPED army officer is 
believed by Informed diplomatic 
sources here to be the master- 
mind of the assassination in 
Sanaa yesterday of the North 
Yemeni President LL-CoL 
Ahmad Hussain al-GhasmL 
The sources identified the 
officer as. LL-Col. - Abdullah 
Abdul al-Aaiem, who escaped 
to Aden some four weeks ago 
after his insurrection in rbe Taiz 
area in the southern pari of the 
■country was crushed by forces 
loyal to al-Ghasmi. 

The Government in Aden has 


issued a strong denial ;of : the 
Sanaa claim .that it was behJdcL 
al-Ghs$nu‘s - assassination. -. An 
announcement,, on Aden radto 
said the South Yemeni regime 
bad nothing, .whatsoever to do 
with the "■ \ : 

The' Sanaa authorities yester- 
day charged 'tfiat' the.' 1 regime of 
President - Salim. Robaya Ali in 
Aden ;was responsible for the 
murder.:, - According-- . to -this 
account.-' "atGfiaami was , killed 
when he reeaived a special, envoy 
of President Salim Rob ay a Ali 
who . was.',, carrying a booby- 
trapped briefcase which explode dr 


when he opened' it, killing, both 
men-'; - • ,.. ", • 

. - President ‘ at-Ghasini’s- assassi- 
nation came only , two months 
after his band-picked constituent 
assembly elected - him. President 
and eight months after his prede-' 
cessor. President Ibrahim al- 
HamdL '.- Was murdered in 
mysterious circumstances. -. - 
:.In ihe wake of al-Hamdi’s 
a^assraatitm, aWShasmi beaded a 
three^mas'- Preside attol : Council 
whiOh also'lhsluded 'Lt-CoI. al- 
Asleixu thenJfcommander of the 
parachuilfe.Vl'bhtpfi •" and' Prime 
Miirister.'AraeL'Aziz Abdel Ghani.. 


An mterestininstahility 


by donna thoHas, RECEntly,ih sanaa 


NORTH YEMEN will never he 
allowed - to develop because 
other powers have a vested 
interest in our Instability/ 1 was 
the prophetic and - bitter 
comment of- a senior civil 
servant in Sanaa last week. 
Saturday's assassination of 
President Ahmad Husain aV 
Ghasmi, only- months after the 
assassination of President 
Ibrahim al-Hamdl, was a strong 
possibility — an abortive attack 
on al-Ghasmi’s life was made 
only a couple of weeks after be 
took power to October last year. 

The powers to whom 'the 
Yemeni civil servant was refer- 
ring are the Yemen ‘ Arab 
Republic’s . immediate neigh- 
bours, the wealthy right-wing 
kingdom of Sandi Arabia to the 
north and the impoverished but 
highly politicised Communist 
People’s Democratic Republic of 
tbe Ycman .to -the south. 'What 
each fears is tbe possibility of 
the Yemen Arab Republic 


(YARK VitB .'/to 6m people,. icdm^ aB .ffle' business com- 
swingtog, decisively m favour of - mtinlty to recnverii®.' Its confl- 
the otheri'v;:,^. ^ V.idenqe-. after ^he-assasrination of 

Yemen’s amhxuous Ive-j^ar plan. 


strong. 'Kw™ Yemen’s -arnSruoIis flve-y^ar plan, 

ment tto^ r ^hed.t(J ■^^V^jptoBted^to'-Nay^ber last year. 

king ('] T £ - £’£h& plan ' pfbpOsed an invest- 

HencCf Saudi 1 : Arabia 3_a gg 7ss*-. meii.t^bf $3.6bn; -with the public 

1 iMmiYionfe nn * (ihsmn'A m 


>Ma flUlL XVHTYiUA. . 

u o»u > w k . **"•””?* t*~'- iH«.*aus aeuvoris investment would 

removal ifia al-Haadi ndt SQ-lgng ; be funded . • by. the? Sl^bn-worth 
after tolfcof doser woperatWB . orf .a°httai : remittances flowing: 
between : -t£e- two - Yemeas. . Iv.is :ihto. r >forth '' Yemen - from the 
also thpugbf : m; :Sanaa;' : nhatc-expati^/^worfers* in . : Sandi 
Lt-CoL- '-j Ahdtilldi r[ AMUl ValjAiabia.:.' : : - 7, fr ■ : : 

Aale'm,' -wJtpVfled i to Aden tojst . ^ -.,u- 

Pr^ide^'^-alHShfeuii/s. . d^th.- ***** 



V 





•; r Fiflaficiat’ Olm es Monday June 26 1978 


'.^Sv 

* C v 

W<v 

, -o* 

jC":'- •>■<•; 

.**/'* 

L; ^ -I 

~ . »•- ,v 




Qc-s 

fonfW 


5 A [ v nr*! 

t i t .-» 
i *■ J *;»; i 

j - - :J.rs. 

Pj;: i.ia. 


■nicnW^ 



TRADE NEWS 


Holland favours aircraft 
co-operation with France 


. -BY CHARLES BATCHELOR IN AMSTERDAM 

HOLLAND is in favour of closer, with- Germai 
■ :ltoks--*etween' the . Dun* and alternative. 
"Preach v aircraft industries. Ministry sal 


complementing the co-operation the B-10. Government assistance 


with- Germany rather than as an 
alternative. the . Economics 

. ... — -„^ a> Ministry said. • . 

according to the - Economics .-prance is wttling-to take a 
Minister Mr. Gijs Van Aardehhe. risl£ -bearing share in the develop- 
ilhe Prench view Dutch partici- “ ent of - Super F ; K and has 
. patlon.ih. the. development of tlL rni.ia^ 106, which 

Airbus. B-10 project as essentS «° uld - be ^odj&ed to B® ™ the 
if . .France is to join with the SfjJJ aircraft » ***■• :Van Aardenne 

Fo^jrvin^roSicin^the^uDer 2f - British Aerospace were to 
MS* §hort-h P aulje? g W 5R **** H* 1« ; into. Production 

: £ ' sote fo ’ the- standina PariZ-f this wou1 ^ H * potential 
ittehtaty committee oh economic Cora P e ^ 0r ^ or the- Super F-2S*s 
affairs ■ - on e ? 0nQxme market. Development of the 

“The failure Th a vwjsi-i S® -14 .® wouId rim counter to 

5 SSMB? 4cvel0pment 

Fd^^Bremen C £ e i°" *J" -f, he Parliamentary committee 
■•rOKKe rs -Bremen factory, • and will ne^t • week' discuss fK« 

• Minister’s notTSri a dSSL m 

-■*? '* e J™ ai1 side of the Airbus B-lO by the Govern. 

SSSwiRiSm hfw r S. chnii L t ‘ ment ^ ejected Portly. 

'into question the Dutch A Fofeker spokesman said the 

.. But' "the Dutch Government that the Government woufd 
sees closer links with Franw » uinn«M c.u » — . -■ — .■ ■ 


AMSTERDAM. June 25. 

will be needed with the expected 
participation costs of FI lQOm 
l$45m). 

Fokker supplies the moveable 
wing parts For the present 
Airbus generation and has 
already done much development 
work on the shorter wing 
required for the B-JO. 

Fokker would be quite happy 
for more partners in the Super 
F-28 project. The present F-2S, 
which is a smaller aircraft, 
involves Holland, Germany and 
the UK. 

But while it is true that 
Fokker is looking for an engine 
for the new aircraft at present, 
its thinking is more on the lines 
of a Rolls-Royce engine, or of a 
joint Rolls - Boyce - Japanese 
engine. 

Rolls-Royce already has an 
engine on paper but has recently 
begun preparing a new design 
together with Ishikawajima- 


njjriiua n-eavy luuinineb ui 

Japan at Fokker’s suggestion. 


Brazil aluminium deal signed 


BY DIANA SMITH 

BRAZILIAN -and' Japanese part- 
ners in . the Albras-AJunorte 
aluminium-alumina project have 
now signed the formal agree- 
ments establishing their joint 
venture. 

Brazil's national mining con- 
glomerate -Companhia -Vale do 
Rio Doce (CVRD) will hold 51 
per cent of Albras (primary 
aluminium) and 60 per cent of 
Alunorte (alumina). NALCO 
(Nippon Amazon Aluminium 
Company) will bold 49 and 40 
- per cent respectively. 

NALCO is a joint enterprise 
in 'which the Japanese Govern- 
ment holds 40 per cent and the 
Light Metal Smelters' Associa- 
tion of Japan, and major Japan- 


ese aluminum product con- 
sumers the remainder. 

The projects are located in the 
state of Para in northern Brazil. 
Bauxite will be supplied by the 
Trombetas mines of Para, in 
which CVRD bolds 31 per cent 
(forecast output 4.5m tonnes a 
year). 

The Albras plant requires a 
total investment of $955m. the 
Alunorte plant, $409m. Initial 
output, starting in 1981, will be 
40,000 tonnes from Albras (rising 
to a maximum of 320,000 tonnes 
a year), and 135,000 tonnes of 
alumina from Alunorte. (rising 
to the maximum -.of 800,000 
tonnes in 1982). 

Electrical energy- for the pro- 


RIO DE JANEIRO, June 25. 

jects will he supplied by the 
mammoth Tucurui hydroelectric 
scheme planned for Para state, 
requiring an Investment of close 
to S2bn, to which a consortium 
of French banks led by Credit 
Commercial will contribute 
8250m for purchases of equip- 
ment from Creusot-Loire and 
other French concerns. 

Brazil's National Economic 
Development Bank (BNDEi, 
which, after long hesitation, 
agreed to finance 8513m of the 
Albras-Alunorte Investment, held 
back its approval because It felt 
too many concessions were being 
made to the Japanese partners. 

These reservations have been 
echoed by private Brazilian; 
aluminium producers like 1 


Lower beer 
imports for 
third year 
running 

By John Moor* 

LESS than one in 25 pints of 
beer drunk in the UK i-omes 
from overseas. And 1977 was The 
third sucessive year that beer 
imports have declined But beer 
drinkers in Britain downed 112m 
fewer pints (some 389,189 bulk 
barrels) than iu 1976, the first 
annual fail in beer drinking 
since 1958 

Latest statistics published to- 
day by the Brewers' Society 
show that beer imports last year 
dropped 17 per cent lo 156m hulk 
barrels (some 34 per cent less 
thaD 1973's peak figure) Over 
two-thirds of the beer imported 
came from the Republic of 
Ireland and was mostly stout. 

On tbe employment front the 
number of women worktng in 
pubs rose by 5 per cent to 

161.000, while the overall total 
of employees in the brewing 
industry rose by 3 per cent, to 

239.000. 

The amount the Government 
collected last year in beer duty 
and VAT rose by IS per cent to 
£1.16m. Beer taxes in the early 
months oF 1978 were on average 
of 9*p on the price of a pint, 
says the Society'. 

But although the overall trend 
in beer consumption is down, the 
number of full on-licences given 
to pubs and hotels increased by 
666 lo 74,322. 


HK watch sales up 

Hong Kong's export of watches 
and clocks in the first quarter of 
this year rose to £75.71m. a jump 
of more than 60 per cent over 
the £47m achieved in tbe similar 
period last year. The U.S. and 
West Germany were the biggest 
markets, followed by the UK 
which bought £3.7m worth, an 
increase of 63 per cent over the 
same period last year. Sales to 
the U.S. were up 77 per cent and 
those to West Germany by 74 per 
cent. 


WORLD SHIPPING 


Casualty on the S. African route 


BY JOHN STEWART IN CAPETOWN 


A COMBINATION of intense 
competition, depressed trading 
conditions and soaring costs in 
seaborne cargo trades between 
Europe and South Africa has 
claimed; its - first victim, 
i Enterprise Container Lines 
i(ECL), the Norwegian-controlled 
general' purpose cargo liner 
operator, will discontinue its 
South wrica-Europe container 
service and its operation will be 
absorbed by the Conference 
Lines. It will, however, be paid 
commission on cargo it con- 
tributes to the Conference and 
continue its bulk cargo service. 

ECL, . controlled by the 
Skjelbred family in Norway, had 
been active on South Africa- 
Europe trades for about five 
years , and provided a regular 
fortnightly service which 
flourished in the period 1974- 
1975 when it won solid support 
from many shippers and 
receivers who were impressed 


with its highly competitive 
freight rates. 

It was one of the first- liner 
operators to introduce users to 
the intricacies of containerisa- 
tion with its mixed-configuration 
freighters which carried 300-500 
boxes in addition to normal 
break-bulk cargoes. 

The disappearance of ECL 
reflects tough trading conditions, 
in which only owners with fat 
liquidity cushioning can be 
expected to survive. 

Non-conference cargo liner 
operators trading on the spot 
market may be just about cover- 
ing operating costs but are 
unlikely to be covering depreci- 
ation or interest charges. 

Owners under pressure to sell 
off ships to meet debt and 
interest commitments have to 
face the added hardship that 
second-hand prices have fallen 
nearly 30 per cent in the past 
year. 


The passing of ECL reflects, 
above all, the mounting 
ascendancy of conference lines 
since their switch-over in June 
last year to an integrated con- 
tainer service. 

While conference was In the 
painful throes of transition to 
new handling techniques and 
while Southampton’s .'container 
port was strike-bound (for 10 
months), ECL, a non-conference 
operator, was able to provide 
what was really a valuable back- 
up service. 

But now that conference ha$ 
overcome most of its teething 
troubles and is providing a fast, 
regular door-to-door service at 
what one conference ship-owner 
describes as the “cheapest rates 
in the world," outsiders cannot 
match the conference service, at 
least not at viable rates of 
freight. 

Conference members predict 
that, as soon as the consortium's 


CAPE TOWN, June 25.. 

four RoRo ships are com* 
missioned, probably sometime 
next year, even residual cargo 
trades which Polish, Spanish and 
Portuguese lines are presently 
surviving on, will disappear. This 
will mean that South African 
shippers' and receivers’ require- 
ments will be served in excess bf 
So per cent by conference ships. 

In the view of users both in 
South Africa and abroad this 
really amounts to a kind of 
Government-sanctioned cartel. 
As such it is the target of con- 
stant criticism by shippers' 
councils who say that, because of 
conference's special relationship 
with the South African govern- 
ment under tbe Ocean Freight 
Agreement, it is not possible to 
negotiate meaningfully with 
shipowners. European shippers 
accuse South Africa of using the 
OFA as a device to protect 
domestic industry and boost 
exports. 


SHIPPING REPORT 

Dry bulk rates declining 

BY OUR SHIPPING CORRESPONDENT 

FREIGHT rams for dry bulk tion in surplus ships in the Gulf, 
carriers continued their predict- has taken the rate for a small 
able, seasonal decline last week JL 1 - 23 and Eor a 

as tbe volume of grain move- t0 , 1 v on 

ment slowed down, but this yLCCs are 6 avatiablefor loading 

Ifrio?sH S or n,J Vrnnrt a h',nS ak hn1t in the Gulf duriQ S July and with 
f second-hand bulk some of vessels effectively 

carriers. laid up, brokers believe owners 

It is too early to say whether *111 be unwilling to accept 
ship values will eventually follow charters until rates further 
the market downwards, but the improve. 

sale last week of the fiye-year-old r n the Mediterranean, the 
26,000 dwt Cunard Chieftain for picture last week was tbe reverse 
S4.6m-S200.000 better than for 0 f that in tbe Gulf, with an 
her sister-ship a week earlier— excess of tonnage allowing 
is evidence of sustained confi- charters to chase rates down* 
dence. . wards. 

In the oil tanker markets. There is not much activity in 
brokers are somewhat puzzled the sale and purchase side of 
by a rare improvement in freight the tanker market, although 
rates for very large and ultra- Bibby Line of Britain sold an 
large crude carriers. Inquiry eight-year-old combination car- 
from oil companies in tbe V.S. her of 113,000 dwt, the Ocean 
and Europe was strong last week Bridge, to the C. Y. Tung group 
and this, combined with a reduc- of Hong Kong for 838m 


£12m refinery orders 

BY RAY DAFTER, ENERGY CORRESPONDENT 


BRITISH companies have won 
over £12m worth of orders in 
Yugoslavia where they will pro- 
vide consultative, and managerial 
services, as well as equipment, 
for the construction of an oil 
refinery catalytic cracking 
complex. 

Foster "Wheeler of Reading, 
Berkshire, has been awarded a 
contract for tbe engineering 
design, procurement; construc- 
tion. supervisory' and commis- 
sioning services by Naftgas 
Rafinerija Nafte Pancevo of 
Yugoslavia. The UK company 
was chosen from a short list of 
four major international engin- 
eering groups. 

The overall cost of the oil up- 
grading facilities is about £29m, 
of which the value of Foster 
Wheeler’s services, together with 
UK-supplied equipment, is put at 
£12 .2m. A Eurodollar loan for 
85 per cent of the total — -backed 


by the Export Credits Guarantee 
Department — is being provided 
by Barclays International in 
association with other banks. A 
similar syndicated Eurodollar 
loan will cover the balance. 

Work on site will begin this 
autumn and the project is 
expected to take three years to 
complete. 

Foster Wheeler’s U.S. parent, 
Foster Wheeler Corporation, is 
to finance and own a $25m 
(£13.5m) electricity generating 
plant on the island of Kauai. 
Hawaii; a power station to be 
fuelled by bagasse, the fibrous 
residue of milled sugar cane. 
Lihue Plantation Company is to 
provide tbe fuel and operate the 
facility, while Kauai Electric will 
purchase and distribute the 
power. The plant, representing 
the largest single construction 
job in Kauai's bistory, is ex- 
pected to be producing electri- 
city by late 19RO. 



. Votorantium, who maintain.! 





(Advertisement) 

PH Contracts 

relation will, on the one hand. 


•••: • . . • /• : 7 v v : v- .... v.- . 





• Ari order from Russia* for an 
hydraulic vibration system 
valued at £2.7m has been secured 
by Derritron in conjunction with 
■Servotest of Peri vale, Middlesex. 
Tbe. contract is to supply a com- 
plete laboratory system for earth- 
quake : simulation. Increasing 
earthquake activity has been 
causing world-wide concern, and 
this equipment will make a signifi- 
cant contribution to research into 
ways of minimising their harmful 
effects. 

• A £lm order by Argentina for 
giant- dumper trucks has been 
won by a British Leyland com- 
pany,-; The 12 vehicles will be 
built'- by Aveling Barford, of 
Grantham, Lines., a member of 
SP Industries. 

• _ General Automation has 
recehrptfc 'a contract valued at 
about £800,000 to supply all mini- 
computer hardware, 'standard 
system 'software, and engineering 
-support to the" Chinese _ Govern- 
ment -. Radio Administration, 
Taipei,' Taiwan, 

• Automatic equipment worth 
fl.lmr for 70 poultry houses 
capable of breeding and rearing 


7m chicks each year is to be sup- 
plied to Iran by the Norwich- 
based company of Agro. 

• Salgo Engineering Inter- 
national has signed a -contract 
with General Ceramics ’ (UAK) 
in Sharjah, UAE, valued at 
£2.5m. Tbe contract is -for the 
design and supply of a complete 
vitreous china Sanitaryware 
manufacturing facility VJn that 
country. 

• Cryopiants of Edmonton. 
North London, lias £$oa. a 
£400,000 contract to' q&pply a 
nitrogen generator for. .the 
State Fertiliser Mapofacturing 
Corporation. Sapugaskanda, Sri 
Lanka. General contractor for the 
project is- Kellogg- International 
Corporation. The fertiliser 
production, is dne to start at the 
new facility in; 1979. 

• Whessoe Systems and Controls 
of Darlington, have negotiated a 
contract valued in tbe region of 
£200,000 to supply their 
Whessmatic 500 telemetering 
system and tank level gauging on 
a number of oil storage tanks at 
the Kaduna Refinery of the 
Nigerian National Petroleum 
Corporation. 


World Economic Indicators 


Holland* 

W. Germany 


France* 

Japan 

Belgidra * X 


UNEMPLOYMENT 
Jun.78 May 78 

1.364.6 1,366.4 

5.7 5.7 

May 78 Apr. 78 

2023 202.0 

5.1 5.1 

912.9 1,000.4 

4.0 4 A 

6.149.0 5,983ft 

63 6.0 

Apr. 78 Mar. 78 

7.105.7 1,086.1 

5.1 5J> 

1.230.0 1,410.0 

23 2.6 

280 2 284.1 

11.4 113 

tan. 78 Oct. 77 

1.520.0 1,598.0 

8.0 8.0 

* Seasonally adjusted. 


Apr. 78 
1387-1 
S3 
Mar. 78 
2003 
5.0 
1,098.9 
4.9 

6.148.0 
63 

Feb. 78 
1,0503 
4.9 

1.360.0 
2.5 

290.9 
113 
Jo!. 77 

1.692.0 
83 


Jun.77 

13523 

5.7 
May 77 

2023 
5.1 
946.4 
43 : 

6.780.0 

6.9 
Apr. 77 
1,039.4 

4.9 

1.060.0 

1.9 " 
2523 ' 

9.7 
Jan. *77 
1,459.0 ; 

63 


Under the 
provisions of the 
GanungActl968 
a licence has 
been granted for 

THERTTZ 
CASINO 
atTheRitzHotel, 
Piccadilly, 
LondonWl 
opening 
28th June, 1978. 

Members only. 


I solve Japan's aluminium supply 
, problems at low cost to the 
Japanese, drawing on subsidised 
Brazilian electricity, whereas the 
■'cost of Japanese electric energy 
Mis the most aggravating factor 
| of production costs and. on the 
Mother, enable NALCO to form an 
l aluminium cartel of producers 
l and distributors, at Brazil's 
“ expense. 

Such arguments are strenuously 
refuted by tbe Brazilian Govem- 
j ment. which mainlains that tbe 
n copibiaed projects of Trombetas, 
, Tiicurul; .Albras aod Alunorte 
; will greatly benefit Para, one of 
\ the nation’s most underdeveloped 
5 areas, and turn Brazil, in the 
1 foreseeable future, from an 
c aluminium importer into a major 
» exporter, thus saving foreign 
currency. 

5 V 

j Ultimatum to 
l Ja'pan on 
S stetel project 

1 By Our, Own Correspondent 
RIO DE JANEIRO. June 25. 
THE BANK of Tokyo. Long Term 
Credit Bank of Japan and the 
Dai-IcM Kangyo Bank are still 
refusing to lay out. in one go, 
tbe 8700m to which they have 
committed themselves as financ- 
ing for the Brazilian-Japanese- 
Italian Tubarao steel project des- 
tined to be set up to Espirito 
Santo state. 

‘ Under the terras of the memo- 
randum of agreement signed 
between Brazil's steel agency, 
Siderbras, Italy's Finsider and 
: Kawasaki Steel of Japan, tbe 
Japanese partners, who have a 
333 per cent share in tbe 
Tubarao venture, undertook to 
■persuade Japanese banks to pro- 
vide $700m of the total S2.6bn 
investment required. 

So far, the Brazilians have 
been unable to persuade the 
.. Japanese bankers to commit 
themselves lo more than a $180ra 
- tranche, to^be delivered in the 
next few weeks, or to clearly lay 
"[down terms of. payment and 
interest rates for the full amount. 
... After two days of inconclusive 
;meetitngs in Brasilia last week 
with the Japanese bankers, the 
Brazilian Government negotia- 
tors. led by the Trade aod 
Industry Minister, Sr. _ Angelo 
Calmon de Sa, have laid down 
an. ultimatum. 

■' If a positive answer — involving 
delivery of the full $700m, plus 
watertight details on terms of 
' payment, interest and repayment 
of principal — is not forthcoming 
by July 31. Brazil will “review 
'the entire part of the agreement 
involving Japan." ■ 


Optimism on 
electronics 

; . Financial Times Reporter 
THE LATEST round of talks 
■between the British and Japanese 
electronics industries, which 
ended last week, has created 
some optimism that Japan’s 
policy of orderly marketing is 
being helpful in curbing imports. 

The talks, led by Lord Thomy- 
croft on the British side and 
Mr. N. Yoshii for the Japanese, 
led to a confirmation of this 
policy by Japan and assurances 
in particular on small screen 
black and white television sets. 

. However, tbe most significant 
development was. broad agree- 
ment on closer commercial co- 
operation between the two indus- 
tries, which could lead to 
Japanese companies importing 
British electronic components. 

Mr. MiehacI Meacher, Under 
Secretary -orstaie for Trade, said 
this development could provide 
“an . exciting opportunity ” for 
the UK industry. 


ORB’S ECONOMIC JOURNAL 


Labor’s relative share in 
Japan is due to maintain 

rising keynote in future s 


Preface 

Tbe Japanese economy 
appears to have entered a 
transitional stage after tbe halt 
of the long period of its high 
growth. 

In the high growth period for 
years after the end of World 
War II, the high increase of the 
reaJ income of wage earners 
was conspicuous. As a result, it 
was possible for the Govern- 
ment to avert the intensification 
of the income distribution 
problem, at least for the time 
being, by dividing increased 
income. 

However, the situation has 
made a notable change. Now 
that the economic growth pace 
has begun to slow down per- 
ceptibly, the upswing of in- 
come bas started to dwindle. 
At the same time, the tempo of 
the income growth has become 
conspicuously lopsided. 
Against this background, the 
income distribution problem 
has come rapidly into the 
limelight. 

Labor's relative share 

Labor’s relative share is 
generally taken as an indicator 
of the ratio of labor's income 
(receivable personal income) 
to value added. 

Inasmuch as labor’s income 
includes in its composition 
personal income from unincor- 
porated enterprises (including 
income of family workers), 
however, it is liable to 
represent a different value, 
depending on tbe process of 
handling such personal income 
from unincorporated enter- 
prises. 

In this report, it is assumed 
that labor's relative share of 
personal income from unin- 
corporated enterprises is equal 
in value to labor’s relative 
share of other sectors. 

In comparing labor's relative 
share in major industrial 
countries, the share on a 
national izicome basis stood at 

81 per cent for the United 
States (1976), 85 per cent for 
the United Kingdom (1976) and 

82 per cent for France (1975). In 
contrast, comparable share 
registered 74 per cent for 
Japan (fiscal 1976). 

However, labor's relative 
share' is regulated to a great 
extent by such factors as the 
industrial structure and the 
corporate capital composition. 

Particularly in the case of 
Japan, the rate of dependence 
on borrowed capital on the 
part of enterprises markedly 
heightened during the high 
economic growth period, com- 
pared with other countries. 
Consequently, the financial 


expense increased sharply. 
Under its impact, labor’s 
relative share resultantly 
declined. This point deserves 
specific attention. Naturally, 
the level of labor’s relative 
share cannot be simply and 
directly linked with the 
problems of fair distribution 
and wage levels. 

In other words, it cannot be 
said that the levels of fair dis- 
tribution and wages in Japan 
are lower simply because of 
the low level of wages. . 

Influencing factors 

According to Industrial 
Statistics compiled by the 
Ministry of International Trade 
& Industry, labor's relative 
share of workshops (with over 
SO workers on payrolls) in the 
manufacturing sector: total 
cash pay divided by the net 
amount of value added) has 
begun to follow an uptrend 
from around 1971 after the 
continued slowdown until 1970. 

Considered primarily 
responsible for the changing 
trend of labor’s relative share 
are two major factors: 

—The fluctuation of major 
component factors of labor’s 
relative share particularly 
wages and labor productivity 
(that is, cyclical factors). 

—The changing pattern of the 
types and scales of industries 
in the manufacturing sector 
(that is, structural factors). 

With reference to the first 
group of factors, the following 
formula is considered reason- 
ably available by taking tbe 
net amount of value added as 
V, the labor expense as W, 
prices as P. production as O and 
the number of employees as L: 

W/V =W/L— (V/P*0 x O/L x P) 

^Reference: W/V= la bar’s rela- 
tive share: W/L=wage: V/P*0 
= ratio of value added: 0/L= 
labor productivity: P=prices) 

In other words, labor’s rela- 
tive share tends to increase (or 
decrease) when wages ad- 
vance (or decline). It also 
tends to rise (or dip) when the 
rate of value added, labor 
productivityand prices rise (or 
sag). ‘ 

In this connection, principal 
factors working to cause the 
fluctuations of labor’s relative 
share since 1966 are roughly as 
follows: 

l) The advance of wages has 
functioned, to raise labor's 
relative share by 7-10 per cent 
since 1966, except in 1973 and 
1974. 

2i The impact of the price 
advance was not particularly 


heavy, except in 1973 and 1974. 

3) The effect of the changing 
pattern of the rate of value 
added served to raise labor’s 
relative share by around 4-5 
per cent because of the soaring 
C 06 t of raw and processed 
materials for about two years 
following the oil crisis in late 
1973. As a whole, however, it 
had no vital influence. 

4) In contrast, the influence 
of labor productivity ou course 
of labor’s relative share 
sharply fluctuated in different 
years. 

It thus is noted that the 
upswings of wages and labor 
productivity have had a great 
influence in changing the 
course of labor's relative 
share. In this process, the 
elevation of wages has con- 


to the second factor respon- 
sible for the fluctuation of 
labor’s relative share. The 
sizes of labor’s relative share 
are widely different according 
to tbe types ' of industries 
against the background of 
disparity in labor productivity 
(See Table). At the same time, 
labor's relative share is liable 
to be higher in minor enter- 
prises and lower in major 
industries. 

Under such circumstances, 
labor's relative share as a 
whole is apt to be influenced 
by the changes in the scale and 
structure phases of industries 
concerned. However, the 
change of the industrial struc- 
ture has not be exercising a 
particularly strong influence 
on the fluctuation of labor’s 
relative share in recent years. 

In this connection, let us 
estimate labor’s relative share 
in 1976 on the basis of the in- 


Labor’s Relative Share by Industries (%)* 

Tran&- 


Calendar 




COflli 


Elec- 

port mi' 

Cneml 

year 

r.Mg. 

Food 

Tewiiie 

ail 

Sieel 

tries 

cnincry 

cot 

7«6S 

39.3 

31.2 

47 2 

»6.9 

J4.9 

36.8 

38 3 

?4 6 

IVSi 

344 

30.3 

47 2 

79 9 

42.2 

3>.i 

343 


IW 

3J8 

;&6 

43 0 

' 16 4 

3S e 

32.5 

34 6 

-I 5 

1*6? 

33 8 

2«.0 

44 r 

15 S 

42 4 

33.3 

32 9 

JO 9 

w 

33J 

S* 5 

46 0 

16.4 

3’ 1 

21 9 

35 7 

l« 3 

i«;o 

W.7 

23 J 

4t 1 

76.5 

37.1 

330 

34 S 

20.4 

IVI 

3«a 

29- 3 

48. 4 

16 4 

4J7 

37.0 

37 8 

Jl 7 

ivz... 

37 7 

26.1 

48/ 

79 S 

*2 B 

36.4 

39 5 

T) 2 

im 

3S5 

30.« 

41.6 

15.5 

2J.4 

37 9 

395 

6 

IfW 

37.3 

309 

5J.S 

J3.4 

34.9 

4T.3 

430 

:•.« 9 

1975 

05 

32.7 

55.9 

18 7 

51.3 

48.7 

4*0 

2* 5 

1976 

40. B 

29.1 

50.3 

15.2 


«5 

47.7 

29.3 


•Work '.now with o\per 30 workers on payrolls, 
source: Tne Ministry ol international Trooe & Inausrry 


tinued to boost labor’s relative 
share by 7-10 per cent almost 
without a break, except in 1973 
and 1974. 

On tbe other hand, the in- 
creasing tempo of labor 
productivity has changed 
markedly in accordance with 
the trend of business. It tins 
may be said that the fluctua- 
tion of labor’s relative share 
has been more decisively 
regulated by the change of 
labor productivity. For 
example, labor’s relative share 
advanced in 1974 and 1975 
when labor productivity 
declined under the impact of 
the recession. 

As stated, labor’s relative 
share has tended to decline 
during the period of business 
upswing and to advance during 
the period of business down- 
swing. It thus has followed a 
course contrary to the general 
business cycles. 

A decline of labor produc- 
tivity usually stems from the 
gap in the process of adjust- 
ment of production and em- 
ployment in a recession period. 

This serves to indicate that 
enterprises have managed to 
maintain employment during 
the recession period by coping 
with the decline of labor 
productivity by elevating 
labor’s relative share. 

Reference may be made next 


dustrial structure as it stood in 
1975. Assuming that there were 
no changes in the composition 
of the industrial structure in 
the interim, labor's relative 
share is estimated to have 
stood at 41.0 per cent in 1976. 

Assuming that there were 
some notable change in the 
scale of component industries 
in the interim, on the other 
hand, it is estimated to have 
registered 40.8 per cent in 3976. 
The actual size of labor's 


relative share in 1S7B 
registered 40.8 per cent. R Unis 
stood virtually at the same 
level as the comparable sizes 
estimated under the foregoing 
two assumptions. 

Future problems 

Labor’s relative share in 
Japan thus has been showing 
signs of advancing in recent 
years on the basis of the gap in 
the advances of labor 
productivity and wages. The 
rising tempo of wages is ex- 
pected to s low down in the 
future. However, the advance 
of wages is likely to continue 
at least at the same rate as the 
hike of consumer prices. 

In contrast, labor produc- 
tivity is destined to continue a 
steady upswing in the future 
from a long-range standpoint 
along with tbe progress of 
technological innovation and 
the intensification of the in- 
dustrial structure. 

From a medium-range 
viewpoint, however, the 
current surplus of the labor 
force is not expected to be 
rapidly rectified in view of the 
established employment 
practice in this country and 
unless domestic business starts 
a swift recovery. 

In view of attendant circum- 
stances, however, the trend of 
labor's relative share starting 
to decline because of a sharp 
upswing of labor productivity, 
as was the case during the 
high economic growth period, 
is likely to weaken from a 
medium-range viewpoint. 
Instead, labor’s relative share 
is bound to fallow a steady 
rising keynote. 

In view of the growing need to 
maintain employment at a 
proper level, it is deemed 
essential for enterprises to pay 
close attention to the policy for 
replenishing internal reserves. 


k A We have your interests at heart 

^SDAl-ICHI KANGYO BANK 

London Brandi: Fifth Floor, P B O BWb-- 1 ZM 38 Ltadenholl Sireci, 

London EG 3 V 4 PA, England Tel. 10 U 283-0979 . 

Head Offica: 6 - 2 . Marunouehi 1 -chom*. Oiryooa-ku. Tofcvo KW. Jaoan Branch* and 
Aganctoat: Now York. Lm AraHM. Oirae'dwt. Taipoi. SwlI. Slnnaoore RapraMmsthra 
OHieai it: Chicago, Houston, Toronto. Sici PWo. '■> *>co Cn } -. Cvaui Fra.iciun, Pans. 
Beirut Jakarta. Sydney SubMjUnn at: ChiMoo. AmuciBam, ZOnen. London, Hong Kong 
Affitiand and Aaocinad Conw«* H,Q l1f J ‘« W,T °- London. Lu.rmburg. Hong Kong, 

Bangtail. Sinsenore, Kuala Lumpur. Jskw ta. Manila. Melbourne. Sydney. 








■ * Financial Times. Monday June 2$ 



‘■-- rT ~' "• /5f-“.5Vr2CiX!' , SSr 

.'■.y ; 


Inflation rate 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


A SLIGHT acceleration in tfae Loebl looking for a surplus of J f 
rate of price inflation back into £500m in 1978 as a whole. Both 
double figures during the first brokers expect there will be a 
half of next year is forecast surplus next year with figures of 
today in two stockbrokers’ £30Gm and £ljbn respectively, 
reviews. A relatively pessimistic view 

The brokers— Wood llacken- of the prospects for interest rates 
zie. and Montagu Loebl, Stanley and the gilt-edged market is 

taken by Montagu Loebl. 

" AiLhougb short-term interest 
rates may fall slightly in the 

next two or three months, the 
Wood Mackenzie expects a rise d€ * l, t n * A QOt “ pccled 10 be 

Kkol «n-n« itnmMli.. nrAftllrt SU0Stantl3l. 

“The ratchet effect of the 
artificial manipulation of interest 
ntes will probably mean that 
Minimum Lending Rate will have 
to go above 10 per cent before 
the end of 197S-79. may be up to 
12 per cenL” 

The brokers are relatively 


Cluff Oil 

recruits 

Linning 

By Ray Daftcr, 

Energy Correspondent 

CLUFF OIL, a British independ- 
ent oil company, has recruited 
Mr. Matt Linning* formerly a 
general manager of BP Petroleum 


— both expect a buoyant level 
of output for the rest of this 
year with some slowdown in the 
rate of growth during 1979. 


in real gross domestic product 
of 3.7 per cent in the year to 
the second half of 1978 and 
of 2.2 per cent in tbe following 
12 months. 

On inflation. Montagu Loebl 
expects a rise in the 12 -month 
rate of increase to ll per cent 


in the first hair of next year. hearish a f)out long-term interest 
com oared with lest than S per 


rates as well. They suggest that 
domestic credit expansion in 
] 978-79 will exceed the ceiling 
of £ 8 bn by E750m. 

The most bearish factor is 
to be the size of the 
around 10 per cent for a short borrowing requirement with life 
period in mid-1979 before assurance companies and pension 
declining later. funds having to Invest around 

On the current account, Wood £4 1 bn in gilt-edged stock this 
Mackenzie is expecting only year compared with the record 
balance this year with Montagu £2.9bn in 1977. 


ceni at present, although some 
moderation is expected subse- 
quently. 

A broadly similar view is 
taken by Wood Mackenzie which 
expects that the rate will be reckoned 


1 Development, to strengthen its 
bid to become operator of new 
exploration licences in the North 
Sea and elsewhere. 

Mr. Linning, one of the most 
experienced operators in the 
North Sea where he was manager 
of BP’s Forties Field develop- 
ment, has joined Cluff as iechni 
cal advisor and representative of 
the company io Scotland. 

He retired from BP- in March 
after serving as general manager 
for exploration and production 
with BP Petroleum Development 

Cluff is operator on a small 
concession in_ the Irish Sea. It 
is also a partner in the North 
Sea Buchan Feld, but in the last 
round of licences was an un- 
successful applicant. 

Mr. Algy Cluff. managing 
director of Cluff Oil. has already 
indicated that he is constructing 
a consortium to bid in the next 
round of licences. 

The Government's consultative 
document on possible conditions 
for the round of concessions 
indicates that independent com- 
panies may be encouraged to 
take a stake m future drilling 
activities. 


Home freezer stocks raided 


BY CHRISTOPHER PARKES 

THE HIGH price of red meat 
ha-% prompted housywiv-.-s in 
Britain to delve into their 
freezers to use stocks they 
bought Iasi year. 

During the first three months 
of the \ear they used about half 
of ibeir reserves of pork, accord- 
ing to figures published today 
in the latest National Food 
Survey from the Ministry of 
Agriculture. 

They also ate more chicken and 
sausage?— cheaper alternatives to 
beef and lamb. Consumption of 
poultry was about IS per cent 
higher than a year earlier at 
6 .- 1 S 07. per person per week. 

P.p<?f ..-on >h motion 


to allow for the increase in the price of a pint went up lp to 12 ip 
number of families using on January 1. Average con- 
freerers. ,-umpiion is now 4.45 pints a 

Its ii':t'ie> show that allowing vevk compared with 4.54 pints a 
for ibf u-o of home reserves, jear ago. 

consumption of pork in the Su^ar purchases fell by more 
period under review was 9 per than 2 oz per person per week 
cent higher than the previous compared with the la -si three 

_ months of 1977. 


The Financial Timex* monthly 
surveys of consumer confi- 
dence and grocery prices will 
be published tomorrow. 


As tea and coffee prices started 
t<j fall in line with ihe general 
moderation in world commodity 
pnc**j. ho'.ixe wives teiiderf to use 
more instant coffee and less tea. 

- Frozen vegetables lost favour. 

Hire' months and 2 per cent up censiunpiiun falling to 3.-'ii o; 
on a vear ago. p*-r person pi-r v.vuk compared 

The' cost of eating in Hu. ILK. wIMi -?.5 g «*z m th>- -.ame part of 
•■lisoed rose b> almost 2 per cent, coin- 1977. Tim unusually high cor. 


below level, rcai’h-H in tbe final pared wiih the last quart o'* of .sumption of a year ag’j. however, 
three months of 1977 but was 1977 Excluding sweets and soft car be attributed to short ages 
still 5 per cent higher than m drinks ihe average spent on ceused hy the drought of 197fi. 
the find three months of last foud for consumption a t home Potatoes, which were also 
year was £5.39 a head a week, cam- severely affected by that 

Lamb eating was y per rent pared with £4.90 a year earlier drought. have begun to re- 
down on the previous three Th<? amount of many staple c^’ahlisb themselves in the 
months but 4 per emu up on foods consumed has fallen national diet. This year's con- 
thc year. People bought less butter, cheese sumption is almost 3 lh * head a] on 

The Ministry claims to have and milk. week, compared with 

adjusted its sampling techniques, Milk orders were cur when the 2 IM o^ a year ago. 


Pre-election whistle 

blown by Healey 


BY RUPERT CORNWELL, LOBBY STAFF 

MR- DENIS HEALEY last night 
effectively . blew the election 
campaign whistle three months 
early with a savage attack on 
the Conservatives- and the 
promise that .Labour would fight 
on a platform' of unity and 
co-operation. 

With an -October election 
looking more certain every day. 
the Chancellor declared that the 
Tories had no policies to offer, 
only division. They were aim- 
ing to * set community against 
community and class against 
class." ‘ 

_ The Opposition, he told a 
Labour rally in Portsmouth, wa a 
split on industrial relations, on 
the economy and on education 
policy.' “They '.are divided 
among themselves, and n»w they 
are seeking to divide the nation." 

Mr. Healey Jeff no doubt that 
one of the main strands of- 
Labour's electoral strategy will 
be to present itself as the' party 
of moderation which ha* at last 
set the economy on th-? right 
lines and. the Conservatives as 
dangerous extremists who would 
destroy the progress made. 



Mr. Denis Healey 


Some 

warned. 


people, the Chancellor 
bad suggested that by- 


Labour, be said, bad brought appealing to reason and idealism. 
Britain tbrough the “ most savage Labour would be giving itself a 
economic hurricane " and would handicap in an election which the 
fight the election on. that achieve- Conservatives wanted to make 
raenL The three ’priority tasks, the dirtiest since the Second 
for tbe future were to increase World War. But to present the 
national wealth, improve the. Tacts " honestly and squarely " 
standard of living and bring was a precondition of electoral 
down unemployment. success, be said. 

MP 9 s death increases 
Labour’s difficulties 

. BY OUR LOBBY- STAFF 

LABOUR’S overall - Parliainen- elections In Labour-held seats 
tary position worsened further next in until, 
at the week-end with tbe death of These polls', at Penistone. 
Mr. Joe Harper, a Government South Yorks.. aDd Moss Side. 
Whip and MP for Pontefract. Manchester, will be held on July 
Yorks., since 19G2.- 1? They are aimed at boost- 

Although the seat, which ine the Government's numerical 
would require a Tory swing of strength for several key votes 
about 25 per cent to change before the end of the session, 
hands, is one of Labour's safest and will provide Mr. Callashan 
the loss of 64-year-old Mr. with a final test of public 1 
Harper puts rhe Government in opinion before the General 
a minority nf 305 to 323 arainst Flection now taken for granted 
all other parties, with uvo by m October. 


• NEWS 



BY JOHN ; ^ 

CLYDEBANK “was once knowi£$iQf . at', the Marathon oil ; iplat- ,STOtti& /Secretary, re^tts^giat 
as the home of.- the sewing ’Shi yard. " Singer max.b* the,fiTCt Q|^ew 

machine- At one time. Singer .Clydebank has ah nnemptoy- wave-. of ' ebtureg^MOrdafffii- 
etnployed 21,000 people*, Today, Jneat rate of about 15-perCfint, Its a&ti3S-,> lfl- .ScijflaAq® 

It employs 4.500. Is 'four yeazs^JCpti&cU’ estimates, 

it is going to reduce ■ the labour a’’ debt of -more than £50in and. Steel-s^C^.hShrnQck-plaiu.'&i^^he 
force to 2.900" ' 7 sbme -of the highest . rates On <he* .tiujaMk?, as ^industries 

The speaker: - Singer VI I*st 

- was 306 per could 

- £ 100,000 a-year, barfly- .Atfitimii 

ltagrtim* member. fWive for expanalotL,,,,.. 
the Scottish National Party die Sttte’ Singer wozten^'.Ppt ,-a g?*s^a»at;^ly 
oJnlSir Sj" SS 55 rally Luddites. Mr. John McFadawp, Mt My&rms of 

"E thSl , £■■ ■ » of - ;**&? ***« 

minute addition to the SNP pror.-r^L .^ 6 ’ -- --- ■--- -- 

gramme. The 
obvious— bad' 
bank is quite 

ODQS. • •.•‘-•'Tttw < u«.«- al-r-oaHv Under- Amwe- -Aft ririMli 


^♦ 7 take'. has already 


Across: 'the politicals jdivide 



Clydebank, 
Singer 


-JJf SU'im,? ™ by Mr. Jimmy Beld, Trbm -Mr. Taylor, the ieft.3p\the 

fhc ^e oro^femT but w^would ^der of the Upper Clyde. SbqS Scots Labour, movem^it S^grow- 
havl control of our own >buader3 ‘ occupation six; yeanrmg taoW 'impatient. •: Mt:;Airtie 

nave control or our own . - . b Airlie, now say^ hitteriy^ “I think it a 

at Govafl Shipbuild 6 rs.- diggxa^. thai tbe 'officiak ieaSer- 

OLUU>. LUBjF U1U&L UU or oee. • VCST « Cinam -umft.in -- B lan V lc 

:-lihi»ns exist 
jobs. - - sot -allow 

dramatic^rec^Masual^ bS'^'^^Port™ for whatever plan, may them a^ppearpf •'.* 
is not the only onef^Two waete^ihund to stitve. off the proposed -Ifto^Xtor is.^tiahd^ch 
ago, a littl e y company namS-^ii^own. The Singer ;; shop worse ts to. edm'e to- Scofland. 
Brockhouse Engineering, whic&rfewards are holding; a mass the ;Goyormnent wtit flud-itself 
developed and manufacthred Meeting tomorrow to- forward incre asin gly/ be^ijgtai r bdth>by 

steel erection systems for school- Syplan of action.; hive .two;ma^»r opponents -and by its 
buildings. feJf victim to tbe-m&' tdready had offers or -help 'trom pwn Lelt^ , . ; - 

back in tbe school building pro- the Scottish Developujent Agaacy . M)rr; Erlc ' Yario^; Industry 
gramme. More than -100 ennw" 'preparing thfelr . alternative Secretary, - who 'slipped quietly; in 
pio.vees lost their jobs. ■ • ^‘strategy. ; ; ' - • Shd' but ^GlgagewTIaSt.week to 

The Goodyear lyre factors^' In a pre-election atmosphere— IOrokrnjL.; sotne of 7 .the /more 
which stands on tbe horder of/CTeatly heightened by Mr; David;^qM^ r grdup&— British Steel. 
Clvdebank. has cut back oh- tii&'^ieers speech in Pertir last. FrK Cbfysternnd Govan ShipbniJders 
roo-dIus workforce and may entity— rt was inevitable that poUti- ^-mnst.-have .fell‘_a. Httle..like 
further. Earlier; two biscuit-- hal capital be made of Singer. Edward *B. at, 9B&npdsbam.v 
factories. UCBS and Peattie's/The SNP, with characteristic ; Butt 1 thB':cdqtempora^ u . ,r Briices 
sacked 850 workers betweerfJ&Dportunism. has .taken the Initia- —including ‘Hr: Bruee MiHan, 
them Before that, the.7,000 jph^'ttve and the Conservatives are. Scottish Secretary — haVe prob- 
Io<*» at shipyard* on the Uppetv'Siorfar behind. . ^ ' : fero& #itli which ISng. -Robert 

Clyde were replaced by . oirfy:*^Mr. Teddy Taylor, afudow hecet-ha^ to cope-' - 


Fisheries case ‘understated’ 


MR. JOHN SILKIN. the Mimsivr 
•if Agriculture, has underlined 


Britain's 200-mile zone. 

Bur tbe National Federation 


Britain's case in- EEC fi-»h*'ries uf Fishermen’s Organisation-, has 


negotiations, one. of th? UK’s 
fishing organisations claims. 


now published evidence suggest- 
ing rhai Britain in fact con- 
In .his attempt to vis. for tributes 70 per cent to the 
Britain the major share of Com- Common Market “fish pond " 

mon Market fish resource- Mr The evidence is the work of. , . 

Silkin has based his arguments Mr Murdn Maclnnes. managinc | managing director, who has b 1 
Ministry of .Agriculture director of a Grimsby small hnatl«fth Barnett for 10 years. A: 




Low-price liquor group to cut staff 


BY KENNETH GOODING V.-; 




ABOUT 10 a jobs will be lost^takea over by a seveiL-stroug'man-'ooiitrol, ^coortiing and admlnis- 
tn a major restructuring -ajt;'a«eioem committee under the tratloii- ^departments.^ “These 
Augustus Barnett the -cut-pri«f chairmanship of ' Mr. 1 * Brfaa^ saVingi witi make for even lower 
liquor concern which was taketf- Barnett. 43, who .founded "the. prices af our stores,'. V have 
over hy Rumasa. the Spanish company 15 yeaT 5 a^. .-; V-' 7 .^' ';geared ^^b 4 &-, ra-oirganisation - so 
shefrv and banking • congUn;. - .' He said at Cbg /wcckeRd_tbat; that, W€r can. -open at .feast a 
roerate. a year ago. • , 4 : .while regretting the ^un^n- f ufthei- 60 to 80 stores without 
Among those to leave the com/ cies. “ if Augustus 'Bar^ptt TS-to making 'radical changes in .the 
pany is Mr. Leslie Clark, tfe .maintain and .extend ife^diBpeti-.oampanxr -- 'l- 

tive grip on t/K UquOR-wtatilnk.'.!- Augustas .Barnett has ITS 
.ike must be iost-effe^fve??;;'-;-. «tore«.: 40 of them opened in 

c* ;FnU tArttw - WiL -41. ^ . '..J J 9 (^0 


only figure* wh*ch show that ffii per agency, who hav been a nalvsing-i 50 redundancies wllT be in volv«L sroFuB-, ^omp]aterfea^toi**,: -^jthe. pfest year; and 3 
cent of BEG catches’ ar* from official catch data for 1974. * Day -by-day running jy mqpifiaL • v 


This ad\ srtiscmenl appears as a matter of record only. 


March 1978 





Mohamad Bin Masaood and Sons 


on behalf of its wholly owned subsidiary 



US$6,000,000 Secured Aircraft Financing 


Managed by 


KhaMj Commercial Bank Wardiey Middle East 


Limited 


Limited 


Provided by 


Abu Dhabi Investment Company 


American Express International Banking' 
Corporation 


The British Bank of the Middle East Credit Suisse Khalij Commercial Bank 


L 1 m 1 i 1 . 1 i 


Midland Bank Limited 


Toronto Dominion Bank 


Wardiey Middle East Limited Wells F argo Bank, N.A, 

Agent 

The British Bank of the Middle East 

Security Agent 

Khalij Commercial Bank 

Limited 


/\ 

< ; £E; ■> 



Tr-X^ 


eaders issue warnm 

review 



. .•■•V - Ti' 1 ..- 

■*. V-rt 

. - - v 


BY PH.'LIP BASSETT. LABOUR STAFF . ■ : 

UNION LEADERS said y ester- man and general Secretary of the Employees, safd that -the 
dav that th^ir members would General and Municipal Workers formula ; the Boyle report^irad 
ovn^-cr similar increases if the Um°n. said the Government worked- out. was. good enotigfcJpr 
Govern men 1 'ira p?emen Is ,be70 «uW I .ot-Impl^TO the Boyle ^ #*$£*.****« 
per cent pay rises for chairmen report while the^was a 10 .per emwfih for those, at tiJC bottAnj 
of nationalised industries pro- whose Beeds-were greater. • \ 

Other public' sector - union He -wae not arguing that topr 
leaders, whose unions are paid pimple .did hot. have a caseJ 
bound to bear the brunt- -of any for pay teCTeasea,'- but that like] 
pay policy the Government might them, the- lower-paid public 
try to introduce for the next sector workers -ought to be coat- 
wage round, whfeh begins in five paretf witb private industry, 
weeks’ time, made .direct, com- Mr. KenTbomas, general sec- 
wiih Ibeir members' retaryV.ni’ the ' CIvu and Public 
pay. ' •• • Services - Association, which in 

Mr. Alan Fisher, general secre- common with other Civil Service 


posed by the Boyle review of 
top salaries. 

The Boyle proposals, which 
arc be ini; studied by the Govern 
ment. would give rises of nearly 
£17.000 to chairmen of D3tinna 
Used industries and up to about harisons 
£ 10.000 for senior armed forces 
oilicers. judges and civil 


servants. 


tary of 

Mr. David Basnctt. TUC chair- National 


New incentive scheme 


unions 


the- 650, 000-6 trong unions,- accepted a 10 per cent 
Union, of Public settlement -Tor Its members, said 
that trade Ofiionists would not 
listen . ".to.- -the Government’s 
encouragements to be careful 
and cautious In tbe next wags 
round if. 5 atary rises as bigb as 
these went through. 


Engineers seek 

compulsory 

registration 

By . Kenneth Goodingr ■ 
Industrial Correspondent 

A STRONG plea for the statu- 
tory registration of iwWessiooal 
engineers has. been made' by the 
United Kingdpan Association of 
Professional j Engineers in its 
evidence - to --Str.' Monty 
FinnAston’s committee; of inquiry 
into- engineering. 

. Tbe association believes, that 
T statutory' registration would 
bring substantial advantages to 
the country in defining' the 
engineering . . profession by 
replacing the , voluntary and 
ineffective registers " current] y 
admihstered by tbe Go until of 
Engineering Institutidas.'* 

■ It' suggests. that ihe-present 16 
chartered institutions: should be 
combined' into one with separate 
" learned society f sections, as in 
Australia and Sweden where .the 
profession presents ^a- united 
“ Image , . ... .'. 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


BL CARS has put a new incentive 
scheme to the unions in a move 
to raise flagging output. 

Mr. Michael Edwardes. the 
chairman, has made it clear that 
the early introduction of such a 
scheme is “crucial to the sur- 
vival of the company.” Broad out 
lines only have been submitted 
to the unions. but detailed nego- 
tiations are expected to begin 
ne\-t week. 

Bonuses axe likely to be based 
on overall plant performance 
and therefore fail to meet union 

demands that payment should be 
related more directly to indivi- 
dual effort. 

Tho bOO shop stewards at the 

troubled Longbridce plant, Bir-. 

mingham— BL's biggest— are to 
appeal today to the 20.000 
manual workers to curtail wild- 
cat action to get production 
moving- 

Workers will be urged to 
exhaust official negotiating pro- 
cedures before contemplating a 
walkout. 

At tbe Ptover plant, Solihull) 


new moves are likely' today to 
resolve a strike now running 
into Its third week. The 80 
external drivers who walked out 
after the dismissal of a shop 
steward are expected to be urged 
by full-time union officials .to 
return to work. 

More than 5,000 workers at 
nine plants are . already! laid off 
by the dispute and production of 
Rover saloons. Range Rovers and 
Land Rovers is at a . Standstill. 
Lost output is valued at £3m a 
day at showroom prices. 


Giveaway strike 

EDrTORlAL staff at the Rich- 
mond Herald, Surrey Comet and 
Midlesex Chronicle' newspapers 
will begin an official National 
Union of Journalists strike-today 
to protest -at -plans by the 
management,. , Tildant' - Group 
Printers, to turn the Herald into 
giveaway paper. ‘Its editorial 


staff would be. 
eight to three..:: 


reduced from 


Westland unions meet 


5Y PHILIP BASSETT 

SHOP STEWARDS 31 Westland 
Aircraft’s helicopter plant. Yeovil, 
will meet this morning to discuss 
the company's dismissal warnings 
received over the week-end by 
1.000 manual workers. 

Industrial action Is unlikely to 
be considered at this stage as 
the unions foci that further 
moves must come from the 
management 

Westland wants to scrap the 
piecework system of payment 
Which at present applies tn half 
the manual workers and replace 


it with a flat rate of pay for a 
46-hour week in order to solve 
long-standing pay problems. 

Mr. John Speech ley. managing 
director of Westland Helicopters, 
said in a letter to the manual 
workers that the piecework 
system had become uncontroll- 
able and was too co&tly. 

The unions say that the com- 
pany has offered a basic rate for 
manual workers of £71 per week, 
with a £10 “ frozen ’’ supplement 

to act as a cushioning effect 
against the ending of piecework. 


. Dfis. 60, 000,000.- r ' 
Guaranteed Bearer Notes -1972, 
due 1976/1979 . x. 

""of ' 

7. TELEDYNE 

INTERNATIONAL N.Y. . ; 

. . . Cura?ao.N:A*. 


! . Third annual redemption insfsdmeat . 
(Redemption Croup A Vo. fond No. 2 jdidife 
on August l,. 1976 and August T;J977^resp.) 


, ■: As provided in the Tenns and . Conditions^ : 

; Rcdcmpticm'Group N<l 4 ! has beatii draw* for : 

ttdemptbn oD August l; 197S-and conse- - . 
qaestiy the Notc wblch Bears homber 4 and 
hU Notes bearing a number which is 4. or a 
S ; multiple of 4, are payable as from ■_ 

•tV 'v: i v ' •' ' August 1978 ' : - 

■ -. . •••.at" : ■■ ; . =.-■ - . -. . 

:! ; ;\Algemctte BaafeNederiapd 

\\ r ^ =. : . (CeittralPaying Agent) -> ' ‘ 

;w x~.f AmsttHxiam-RotedamBaafcN.Y^ 

■ ' ■ Bank Mees & Hope NT 
iT^xlteoiii $c Pierson NAC . 

' ;/:bt Amsterdam;, '. ' l‘J : . 

^ .,vT S. G, Wading sod Co. limited • 

■ ~iti~Londoril - r * - - ; ~ 


- in Zurich; ;, ':. 


’ 'inCeneva;\ V.. 

Kredietimrf*; S -& 1 

V' in Luxriiiboafg- '■■■:*■£ • '" •!• 

'Jiint 74. IS98 f : ■ ■' S'*’' .- V ' 





i x&mm 


Mm. 

“SWV. .t'. 


■yv*£ 


^^P^%iv6;haye always teen ie^dv to support the 
Rig|t|nrhebackmcre ? r counts - . ... •. J|§|l§|§i 

Whexmk ^si^^^out 

yd^peasuied theaciTd^ spinal artusclehvh:% 
h :%|hh This-helped us; make the.hrst driving seat \y T' % 
effegdye lumbar support * p T . - % 

: Bu t: beihg\blvo \ve coPdrit just sit back and 
forl^B, were'introduang an even better seat ; • - V ' 

•cusm^n thatSraised to. give be&rsupp3rtiothedegs:^^^^^^p|^ 
VVhr'J^v^Xhye improved the cusponing;nnd made 
- restflints 50% softer Weve even rehnedpe- , :; , j 
lurh&ar support control! - : v feTTh-h- : t V ; - jfchlk 

; r ... .;- o, i he way aye ioofc at itas'uiiss the : more; 
heartache' vve have,- the Jess back-ache you-h‘ave. a Vp fey Vi 


££$*< 


ONcy. 


• lOR-tOUIUfREE CQSxut ’infirm-*. 
















6‘ 


$ 
A 1 . 


Idlnn and GhrU Enginestng 


Vandal Times Monday, Jtme 26 197 ^. 



sCT: "y>' ' - 


US$72.6m irrigation project 
designed by Halcrow 


WORK HAS begun on an L- of brickwork and double glazed menergy 

shaped nine-storey office block aluminium windows. , 

.0 the Cunard inw- Ibe cUn^rd SaVlilg 

national Hotel in Hammersmith, i.. iTni^i hiiwment ear O 


in full 


national Hotel m Hammersmith. |,. lVl >j- na tionai Hold basement car ^ ^ .... . 

London. The contract worth , }ark hv ,hrec ba'- widths, install gjg. , TOR 
nearly ffcn if- being carried out ™*nnaitent sood* lift serving Norembar a small block of elwen 
by Willett to the design of Lun- lllc p firs , fl our ballroom and con- --pc rfion flats being built. for -the 
den architects T. P Bennett and ferencc rooms together with an London Borough kllngtonifl 
Smr. staircase at ^ngtoa Green Road has been 


,-vj -:jri tviril'-:-'.'; 

' •; .*i>73-3«.'i72.': : 2w. -'i'ri-v .- • 


A DEVELOPMENT hemg jointly 
iL.nrrcd h> the Inter American 
T'' rt \ olupiiienl Bank and ihe 
i.iiveinment of Guyana, at an 
**• tuna; erf co'-t of L’.S.Sii’.Sm. 
'■•ill bring the A bury River bas-lu 
jjiii.i full agricultural production. 

\ runservanej dam approxi- 
mately :i5 miles long will be 
hii «ft. resulting m the creation 
c; -a ^hallow reservoir covering 
an .jr^a or i:JP square nulcs. 
* ‘ihur engineering > orks involve 
me construct ion of a main canal 
2-"> mile* long. *ome 19 di»- 
iriliuloi; fiv^icms. one head 
neulaiur and frnir intermediate 
regulator.*. The drainage and 
1 : r.'aiion work- will sene ?ome 
J>‘J e?if) acre* of land which 
i-urrmH; feme under flooding — 
m addition. 71.000 acres of land 
v'- ill Ue levelled and about 30 


miles of access road built 

For this project. Sir William 
Hal crow and Partners has 
associated with C. A. Liburd and 
Associates, the Guyanese firm of 

consulting engineers wbo alsu 

have b substantial practice in 
East Africa And who will play 
9 major role in mobilising local 
expertise dttd participation. 

Tbe team will have responsi- 
bility for the acquisition of 
nrac-b.nery and all necessary 
equipment for its operation and 
maintenance. It will also super* 
vise expanding existing experi- 
mental stations and will estab- 
lish a ti-ODO-aerc plot to grow 
corn and -os a bean on a double 
cropping rotational system. 
Farming patterns are io be set 
up for improved production of 
ri'.e. sugar cane, loco nuts, and 


also for improving pastures for 
raising livestock. 

Because the work must involve 
substantial further surveying and 
meteorological, hydrological, and 
topographical investigation, it k 
oF considerable advantage tu 
Halcrow rbai tbc firm i* cur- 
rently carrying out a major 
rehabilitation and improvement 
scheme at Tapakuma on ihc 
nearby Essequibo Coast, and thus 
has available a great deal uf 
relevant information. 

On ihp. completion of this 
project, over 115.000 acres of 
land will have been rehabili- 
tated. Improved irrigation and 
drainage will enable rice pro- 
duction to bp greatly increased 
(much cif it for export io other 
Caribbean countries) and should 
materially assist Guyana in its 
balance of payments position. 


S £8im wall Teseo award 


T }ic. ANGLIAN Warcr Authority 

h. ii ai d«?«J an £SJm contract to 
I'm engineering division of John 

i. -i'rg to n-.-.r-nd the Thames tidal 
fl.-i d defences 

The contract calN foi the con- 
s' rui-iion of o steel -pi led wall 
t.It:i; ol TOO metre* long .it the 
l-.i-'i! Haven nver frontage. 
S'rg.'ib* r vi. i’ ti alterations to 
‘• .•i .tir.e « i rue' i ires. including pro- 
*. ..sii*n "ale* and associated 
p-jM-v.ss-k :i! in jpiiy approaches, 
.-'-ci. in-' mod iti cat ion of existing 
pipework. culverts and cooling 


war er outfalls and the demolition 
of mooring bollards. 

The new river wall, which will 
comprise about I4.S50 tonnes of 
piles driven up to ’20 metres into 
the foreshore and 11.200 square 
metres of concrete, will be sited 
about one metre forward of tbe 
existing river wall and half a 
metre higher 

The project will be run from 
the Lain" South Ea>t Area office 
in Ri 1 !crii.-a 2 and is due to start at 
the end of July with completion 
expected in tvo years. 


Protecting Sfaeppey 


Sv.’Ar.F Borough Counci! is 
<::rndin*< £3m over the next three 
y-'ar* > itn Taylor Woodrow Con- 
riru. i-.m on the project to nro- 
t Minster cliff.-. from erosion 
rv. ihc «es. a process which ha? 

eaii'-ing considerable con- 
■ ••■rn tr. -Iwilepi in local cliff-top 
h-. : on ihc rite of Sheppey. 

l’uing and concreting work 


has started and the company 
is conerructing sea walls and 
gromnes and regrading the cliffs 
on the basis nf a survey carried 
out by Lewis and Divivler. 

Tbe 1.000-metre sea wall is 
being constructed in reinforced 
concrete v-ith a sheet-steel piled 
base backed by a nia^s concrete 
flood wall. 


to Bovis 

BOVTS CONSTRUCTION, which 
is already working on a £tim 
new warehousing ccmplcv at 
Eldon Wall Industrial Estaic at 
Crick, near Daventry. and .i 
£730.000 extension to a V'arf- 
house at Weston ry. Wiltshire, 
for Tosco, has received another 
contract valued a: around i’irn 
for a project comprising j lO.OO'i- 
square-metre exlcn«iun in 
Tcsco's Homo 'n - Wear ware- 
house on the Kiln Farm Indus- 
trial Estate a-l Milton Keynes. 

The work involve.- enlarging 
the existing warehouse and 
offices and provision of new 
maintenance workshop facilities. 
The structure w-iil have a steel- 
frame wirh pitched roof and will 
be clad with PVC to match tiic 
existing building. 


A NEW’ i'4.6;n plant f'-V ,n '’ 1 
manufkctiire of huiidinu 
ha.? ju-t been brough? inip pvm* 
duction ai Aifrcion. Dni'.' ' , i “- 
by TAG (Tumer and r-’ev aM 
Group). 

The aerated roncreip ido-'r* 
will he offered mainly for u-v m 
cavity walls, partitions ^ 
below inner leaf damp 
level and they will be mad'' m 
autonirtted process in which 1 
slurry r«f water and 
mixed wdth cempirt. linn' dfid an 
aluminium powder disp 
This mixture is transfer I 1-1 
moulds in which it ri'-i’-' nf" 1 
harden?. 

Curing in a largp .iui 1 " • :i '- " 
fnDow.s : tfhere a.-e eight 
via vps altogether; at 11.S bar. 
degrees C. saturated steam ;' r '" 
sure. 

The plant was -designed ar| ‘l 
huili by A/S Sterna of De.’tnarv 
in conjunrion with i:un?iu , in- 
ensineers Lacey. Robert*. 
and Hor bury. Main coni 
was Sir Alfred MatAJpiDC 
Son t Southern i. 


Wates Him 


The -t me iur» generally wilj be the west rod of. the hotel . ^ — 1 ^ ^ . . . 

of reiuiorced concrete frame ron- uhm the enisling unallocated •• j . / t 

siructinn wish reinforced con- ground floor area of the hotel. - -r i „ the bulldiPR Will 
rmio fuundalirtns. upper Ho»rs live squash courts, changing / WjM *" S* W " T V ' 

hrtny part hollow cl&ywarr and rooms and viewing gal lery will be }J*W 130 

pan reinforced concrete Emci- huili while throe Turlhcr .squash «e roof. ■ pJprtja foam .-in gx.lPPERY*V\ r HEN-WET cencreti 
run walls will hr cavity brick courts, clul-romns. admtnislra* ^aUs and ^ -b mm Ojure^ stepp always .present' safet: 

and hk.fk construction and f hero tiw rooms and viewing gallery If* 02 Lii.jSc Pressed hmnfe Md the ajipjicationTo 

will be alternate buna-owl band, will be built at first floor ieveL El n „“ filled iin telslnd self-^tHleshe- treads’: has no- 

2Shi l ”i Ul rtS! ffhi .pmed satisfactory « 

£2m for French Kier 


two COMPANIES in the French take rfboui IS months to ’ -Some of the flats will be used w £J!L' i r“5ii' -Ar«w^nJc ; ^ . 

Kier Group have received con- complete. as .control units while- ather ShhSmS-mS 

rracU worth £2ir. from thr At. Stanford Street. Bethnal ig rg W p s and individual uni ta wtH - SSSSS^onSSS'cSSltS cow 
London Bomush nf Hackney. Groen. will be built 38 oid incorporate specific measures. . SSiSSSTlSiS. mLiH 
the Grt-amr London Council, and people'.* flats and a clubroom. si 'Preheated water from it single 

I'.-iv Of Birmingham Diitr let a cost of £739.:iQ3 for the Greater array of 12 square tpetres 'of ’JJJ. wt*™JlSSr.'2S 

Con mil. London Council solar panels on the roof will be- 

The company will caastrarr n The cons miction or u central supplied to the wate r iostaJIa- £ diamont 

£H50 143 ” currecOve a«cssnu:ni ror:l ? ri<»* block at Birminghini tiOQG of four, of the d^ts. the - 


DHaitnpm solar gain. j " 

t0 **i.*l*?J?? proiHems 1 at , 


£H50 143 “ cur recti ve »«<cssnu:nt taid’tjp* block at Birmingham lions of tour, or me nai* me - 

block " anti - secure i>!o«.-! " at rolymchnir will cnst_ £606 .t:' 5. panels being supplied by. Com- - The machine a& developed cat 

Spurs ton/ T/'r , ac/' Hacknev. and The three-store v block is the fifth m«cial Solar Energy of Nottinfi- he; powered by . air; electnc o 

sv-.vn b’.aff houses plus thrtrv- ph.-sc of a multi-phase poly- hath. 7 The panels .w'Ul- ■ ■ Be. hydraulic motor and a&.ttwdigb 

-lorvv block of six nais. Work i* technic which will, by the 1950s connected to two tanks wUh a only 20. kg' it can easily b 

due ro 1 -- mjiiemrc seen a.id wjj] house about Tj'JO students- tplai capacity of about- 4,150 werated'by ona .man. ^CohUir 

litres, it was foupd- that by . a bleoi of 20/30 and -30/4 
grouping tbe solar P*pel& ana US mesh DeBoers ESSBS’natura 

Mowlem homes at £1.7m |fti 

J. V V? avian flat was greatly jreducodL duced a'pa^srn'of * v anly space 

T\vu HOUSING contracts valued fanal cavity wall construction Tbe architect responsible' for^gafety gro.oves :6 ntra wide an 

, 0 ^.»thnr ai about c 1 7m in w"?h reddish facing brickwork design and construetloa of -tbe amm-deep- 

Lambeth. London and Milton and i tied rooLv t Wprk has now -fl^s is Robert 

I- f. !K j je. iijvij j iW n wun h\ juiw > ! *‘r!cd and cumplelion is. due In field, Herts, stiq -project Ib i .0 njjihond'.' - Charter 

Mu'wlem. early 1930. . ^.monitored by' Tbe^Wlytwhntc Suoirtogbill. Ascot; Berks. (099 


£3m Qatar reservoir 

THE M:ri-iry ..f Rk.-u ir-ily xnd The contra -t comprise* the 
V- for to-.- Kj-ilc of Qatar ba^ cOR^niction of the 1*7.300 <.u'nic 
ivrr k/vI iino metres capaciiy sen ice reservoir. 

'.:ni>c* i.'fr-ihoro i.ons-mu-lion 

n*: i'.*ini -./'nturi.* with Arai.-ian P um P ,n o >taiion. chlorination 
• ■c.n-Tirui-tson Engineering i for a station. standny generator 
r*.* rsfnurr-d unm'iete reservoir at station, awomaicd pipework.*. 
V.-'-t Bay. Doha. and misuctlaneous site work.*. 


Jordan town 

THE JORDANIAN Go'.crnamm 
ha.s just comnv. -isiom-d Swi« 
architect* and engineer.-. 
Schindler and .Schindler of 
Enrich, to provide plan* tor a 
completely new town near 
Amman. Abu Nuicir. 

The pi»n*> will include .<11 th^ 
nece??ary buildings as well a« 
the infraitmrture for ihe rovn 
winch t!-’ inienried fnr 40.000 
inhabitants with low or moderate 
incomes. 


LARGE SCALE moderni-- Hmt 

r-uniiactr valui-d at nearly :2.ui 

have lyvn awarded in \> 

Special Works lur work in !••<>- 
-.inaiun and Camden. Lond.=:i- 

Ai Nuttingwuod finu.sr m Hi* 
Rnvyl Borough of Kcnsiii-l'-ii 
1 ‘he‘soa tlie completion ir fl - .- - 
of improvement wo i • ~ f, J 
!00 rials, situated i n flvp- ; ;- iT 
blocks, will take 16 month?. The 
lle.is wiil have central he: ‘.in;, 
will be completely rewired, jmi 
upgraded to provide nu:f:*.T 
kitchens and bath rno.it l 

Externally, chimney stacks :*nd 
part of existing roof sinicmre-- 
will be removed, a new bu.it up 
roof covering laid and new 
refuse chutes installed E'l-n- 
sive landscaping will incoiT '.'Vjie 
a children's play area. 

The rumpany is aJ*ii i" 

iiioiterni'C 23" dwellings at V.'--i- 
cruft Eriab- in ihc Bftr > iiui | u’ 
C-JOUirn. ;/i a C»'5 1 of £Ltf:.' T : j - 
^i.v.-cek '-oniract. stariin. m 
July, will he carried on i ■■■:■.?<■ 
lenont*. remain in occur- 
Fully fined kitchen ‘pod* *:•' 
to b.’ added io US houses, r.d 
dais arc io i»c provided ’.•»? 
full er-ntrai hcaiinu. new k* : ■.:*« 
and -anitrry fittincs and op. 
graded elect rie«. Energy -. /.t 
sen anon will bo ochicv .-'J by 
roof and wall thermal insui.-Gon. 


inmptne* 3u flat 4 * for ‘.-Idei-iy 
'■’ii'pi'r-y m a two siorc.i -fii'iicrc-d 
bun on g unit with i-ommumi;. 
f:.i- 1 1 n if- .«nd wardtn's necommo- 
daili-n. and 44 iwo- and thr*v- 
•sioivy h.iuses fur f..mi!i*s of 
bciwccn three and six people. 


• Lesser lias introduced a .tie- 
export building system calle 


build sheltered accommadauon «'»• l il - < - export -buj kun& system cane 

:«'i up to ba elderi.i people ip- JV/J 1 /b/j J£4 jH ' Supapacr d^jgned a-j a low-coi 

sing!'. 1 or two-person Hats in five *;▼ 11UUIV. AJwOiL . .solution- to tfvef&as qccomm 
.'torcy L-shaped blocks. There Vi : - V i )• -• d&tion problems . -jp the Midd 

vi.'i a 1 ao he a two storey building f) 1 1 1 8 fl I VI O' - - and - Afrlcp.; : Tbe eornpan 

containing community facilities HWHl ... . x . also announces its bigh^Btatli 

;:r»d warden's accommodation. ' ’ *■ 


l')r-*igni»d by rbr corporation's Each Hat will be cent rally heated. gf fc t*'171 
North Miirou !<■/:• nes Division, and bavp cither a balcony or .a rlVV 

the buildings will be of tradt- patio- . r y pi ro f cititdai 


1 : ' |« • 7 • • elation problems. -tn the Midd' 

nilllrfincr - - I&st. and-Afrjcp--:Tbe eompap 

M WMIUIU^ > also annouo'ces Us. bifibHtMani 
• bousing systeni.. • Exe’cutiv 

CPV*V 1 PP ' ' "spwcfedly" for: 7 tropical.' cl Jhiaie 

ijVl » Ivv for pcesoDnelaatt 'their tamij it 

EXPERT GUIDA?feB for Bcicisih- working: overseas.;- : 


comparrfes wishing to extend ^ Aouitafiae bforee A/S ki 
tt „ _® a j 17 o A- tfloir business In huBdtag a»4' 2^i?T88L ■ 

Jsu vis to extend V & A 7e if r ov si d sh “ 

UNDER a £l.4iu contract from height of the five lofty floors of group called Moddlle Hast Bg&4> r entry out oiAtsi 

ihe dir^norjte of ancient menu- ihe conserved Henry Cole build* \ittS Service. ... work wl thB Frigg Field.' fi 

iu*»n:s :-nd historic buildings nf jnc. \ -lecture theatre on the Offices for the group will -be ta ; TpffifT? -Tfiin task will -be f' 


Ncuih i-.cnjsingion. are .o w: i iiv company win also renovate-. companies joining- cue project, as . 

carried out b> Jatvis. fi’. r floor* :inU - c.irr> rail AdapT«i“Wctt as act as an expert Unit for ' _ . : ^ ' 

i be Iu.- 1 '.r;. r..».c laiiidinq was 1 1 on s tn<» Henry Cole building; them between the Middle East • Ash well Scott has secured 
uponed in 1^76:i«:»>c!cnci* school ln-ov'didic-iy behind the Mone ^pd their British base. contract valued- at just ov- 


ts ill 


lical Nets 


r- :«r:. -spin-e. th>- liyhiwr-U in in* 5 - nine siorcy building to the^: More from The Builder Group, and Department of Library ar 
•nriuir *ricr>ct? : chool >•> r >e •• "»i- and to vide a new P.O.Box J35. 4 Catherine Street. Information Studies-’-at Lnug 

flih-il h\ i con Crete structure :•.* additional entrance for th^- London WC'^B 5JN (01-838. borough .University- of Tec 
or.-ivid-.- ni:u- iVior< within ih^ public - t* • .' -- .* ■. nology; Leics.-; .. r r 


• : 





HOSTED BY ARTHUR BENNETT AND TED SCHOETERS 




tlWTTtf^’SfTprr&V-- 


® METALWORKING 


cuts by laser 


ULVELiiPKD by Messer Gries* 
h.-’m a high-pcrfonnance 
'■■"hon die .ide la^er culler wilh 
/•nil muon* output powers up *.o 
I i)'iu n = mounted on one of 
i he voin pan;, 'j .guided cutting 
ganir-^s. 

At one end of the gantry is 
a photoelectric following head 
•••i traces out the cutting 
7'j.Uern from fuii-scaic drawing 
nr ir-inplalcs. Following an 
io,-n : L-a’ p3i.h at the OLher end 
liK- laser cutting head. The 
w o rk j n ec v remains ila i : a n a ry — 
an ad: a nee. u i? claimed, over 
mo si uf the currently available 
liiavhirws ir. a inch the work is 
moved on an X-ray co-ordinate 
laid': The new design results 
iargoly fiom the fact that the 
weigh/ of the cutting head is only 
100 kg. 

The machine can be supplied 
with a ”50. 500 or L.OOO-'.vatt la^er 
depending on the liuc-kness of 
riuterial tu be dealt with, and 
me guidance machine normally 
suppbed wr|! deal with sheet up 
in i h :■(*'* metre? '.vide in any 
1 - pgib Iik vl;. to be called for. 
But .-fiiciimes jiiov.ing over 10 
iii'.-'res of idth are available io 
i:<l cider. 

.'ilv'ci already forme-1 (with a 
l : -i!unnel. for examplei can be 

,'if.ii: with uccau-e the cutting 
head is kept ui a constant 


distance from the work by a 
capacitive sensor system. 

Thicknesses up :o 20 mm tan 
bo cut by using a longer foca! 
length and/or the higher power 
laser?. 

A complete machine can tost 
over £60.000 and the company 
expects initial interest to be 
■>hown by display -sign manufac- 
turers where large letters and 
characters frequenilj are cut out 
by sawing and are then cleaned 
up and polished. Often they have 
to fit apertures :n other plastic 
sheets, precisely. For reason- 
able throughputs, the company 
believes that laser cutting will 
show overall l-osi advantage. 

Messer Griesheim is also 
hoping to create more interest 
among sheet steel fabricators 
wlio would otherwise use expen- 
sive. wear-prone punch tool 
machines. 

A typical cutting speed with 
1.5 mm sheet steel is 2.000 mm/ 
min using an oxygen jet to speed 
combustion of the vaporised 
material from the kerf. This 
technique means that cutting 
speeds can be increased up to 
ten times in the case of fully 

o::idisabie materials. For non- 
metallic materials the system 
uses nitrogen as a shielding gas. 

More from the company at 
Prospect Avenue. Seaton Deiaval. 
Vi'hitlev Bay. Tyne and Wear, 
NE25 ODP (0632 4S0HQJ. 



BESTOBELt- 

fVrdBREY 



• JNSTRUft SJEtffe 


ir field 


i '<% 


• PERIPHERALS 


EMI bid at low end 


Dscd hole berirtg problems, com- © PROCESSING situation it would be Wsonabie: 

piic3-:cd by the fact that the fong *Q expect a retnovai njie of 1 . MO0REY 

S ub„ n b, drittad alr«d/ had rm, psjqlfi nff IMelre • 'T “ 

Of cross holes dr, Hod and tapped Largexurface-areas are s*'pped‘- 

into them have been solved by a 1 ' using fan jets of 30 dteTees • 

Gloucestershire specialist group. angle, and tiudr cutttug -orfceei-' 

Reciliremcn; was to hore ar.d hone v VP M * f JJ* in g effect is determined 'b».tb& 
,TUmmdl. n <»>b.l.lnlSn»m r0 „ THE -world's Jlrgofi Induj 

long mud si eel sp^yer tubes to a i/jai declination p^nt based on Qfrgyrage cur and, «m- 

te'.errncs of ±0J)25mm. but after refers ® usmosis. cOn auction of SC qirently,-tb€.me ofremova\ 

46 cross holes had been made along '-'hich will alail im Algeria this The cpmpany bas al^o devi^d - 

^he entire length. Normally, such ;,of - JntroduA • INSTRUWSEKTu 

docp hole boring iob, m carriod ™ .“Si "'1‘ ' f'LH.h ™r S . to. ta Wfb. (.rwhiX - :V IV 

out bciorc ol'ncr drilling, tc elimi- ■' d -' ° f I, Vf h , ™!5 w.itnr.jetstrea|ii Ui order to Tsckla |h d-|J- r|fgifipSl 

nnc P.«ibl“ tl tool, and ,ii ’"'M' * tOMH.-SmUip-UMd « «M*W Ut WClItJU 

Sn;°\u. r “„f ’"^u^rin'f rf ,S f ' Si ' C ° f »« MbiSSS^L"? inspectiOD k r f {pi j 

beei r amoved i nscr ring into the !n .** Us L i<*5dc la (illulosc, which Road. Longmead, Epsom, Surrey Systron Donn6r is available wi 

SSl Vita tfrJSJd 3L^S the T ^ e r ,flt ' treal j d warer when (Epsom 25201). s ctolfla of DC. accuracies 

right dimensions. ^ The rafter the c0,n “ on either, 0.J2 or' 0.05 per cent a, 

borlr," oDt'.-Jsion was carried out ■ v. T with *■ choice Of current Of dB 

Rringrtriitar™!; zzxz r““i Laminating meas „« t 

SSFi** “ SSS^L-ga^swa 

a.-ansE^’-*"'*- wBjffffBBa-.j iSSsre? 

aromatic polyamide material, are , wacionai Aoaesivca aao . --inA -waves because t 

long-lasting and their Internal £ ^pers^d mSA&^sSTu iruc K! 

strucuire permits the passage of L 55^ ? ro^ metJwSEJ converter. On all the models 
vide loc.,1 procosiing power with- ‘‘'fi^'iTpoS 1b« ^ ™5S. ^ ^ ehoioe U- ofitod: ot-mMual 

out any intervention from the hein-’ used in wbat wifl be the c abihet 1 ndi«trie& required an 

host computer and an optional world's largest olant for the om- adbesfvie th^t cxhihl ted low tack - .TJ ■ F ^ 

viden terminal with keyboard j . r . e ,P ® nn -Btiie:- -abnHcatlon rnller ■offered--. wJth.-callbcatien' -"ft*! 


bor;r, = option **> canrieo oui Thft Algerian company is buy- 
« if ,, '- 50- | d motal. After deep 5n the , ont _ coslio g sevcra | 

bermg the plugs were rmrndn miIlfon dol Inrs—f roin D? S rcmont 
mdd steel sprw o*« of p ;iri ,_ whictl ^ Rm * the 


F. A. Hughes is at Blenheim RATABLE ■ multimeter fro 
Road. Longraead, Epsom, Surrey Syswon Conner is available wi 
(Epsam 25201). a choice of DC. accuracies 

eltberjO.fifi or 0.05 per cent ai 
t with a: choice of current or dB 


to their origins! ststo. Th« com- 


oi rsiri*. wnich is among the 
world's largest water treatment 


5 x b s ol '.i ilSm Un *PW«»'SU and Will install and 

deep bonne and eporates from Unit |niUa „ v operatR it . 

45. Industrial Estates, Tetbury, Glos. Pt , nilJ1 , pn 5 „ rinra t nrc hn »ri nn 


no problem 


Tel: C666 52S26. 


vide local processing power with- 
out any Intervention from the 
host computer and an optional 


Data on new technology 


ISOSTATIC pressing is quickly 
".lining ground as a method of 
f.irmmg metallic and non- 
ni-lallie shapes irom powder 
.-iiarilng nuiurials 

Involving ihc compaction of 
powders into a predetermined 
shape il works bj applying fluid 
p-cr-surc through a flexible 
ni'iuld in a pressun.' chamber. 

In cid isosiaiic pressing 
ipic-vb’.ng :<t room temperamre) 
fh« pressed shapes or eoinpon* 
cnii ha\c to undergo a sintering 
operation to achieve tbc 
nrevs-ary high density &f the 
components and to meet 
mechanical strength require- 
nmnis. The process is already 
u-cd on a production basin in 
ihc manufacture of bard metal 
wear parts and cutting tools, 
poudo: metallurgy preform 

production in low and high alloy 
stook. production of ceramic 
s!ru”tiirj! components, plastic 
.ompnnem.*. and m high- 
icnip-rjiuvc nmirrml*. 

There are many organisations 


in the production engineering 
field who have shown an intercut 
in isostatic pressing, hut fee! 
thai they are not sufficiently 
aware of tbe technology io 
purchase the capital equipment 
involved in research or produc- 
tion trials. 

Po’.vdrex of Golden Green, or 
Tonbridge in Kent, is making 
available a b/gh pressure co/d 
isodtatic press to anyone wbo 
wishes to carry out research 
work or to use it on a contract 
basis for production trials. Tbe 
press, which was designed and 
built by Stanstead Fluid Power 
has a working pressure up to 
130.000 psi (flkbar) in a working 
chamber of Si inches diameter 
by V4 inches deep. The time 
taken to reach maximum 
pressure \% less, than two 
minutes, and the complete cycle 
time Of loading, pressurising. 
deprcSMirising and unloading 
takes nu more than five minutes. 

Povrdnx .if Cry stable Works, 
rinld'.n Green. Tonbridge. Kent. 
Tel : Hadlow t073 2791 771. 


WITH ITS SElOOfl computer 
prtnter/plotier. EMI Technology 
is offering a fast. Jow-rosi and 
reliable method of producing 
hard copy computer output in 
both alphanumeric and graphic 
forms. An extensive choice of 
hardware moduli"! and software 
packages is also available to 
interface this electrostatic 
printer to computers and other 
data sources. 

The SE10O4 is an all-British 
11-incb machine that is compat- 
ible With the Vcrsatcc printer/ 
plotter. 

User convenience has heen j 
k«*v design criterinn for ihe 
SE1004 as well: il ha? virtually 
silent oneratiors: paner luad'i'C 
and toner repl.’i content are 
extremely simrl*: mitnu* formal 
selenicn is ranirl and unr-nninli. 
CH»ed: simui*an**nii? print and 
plot is a «™ndard fffanirn; ^"<-1 
hi-'h reliahjl ri results from ihp 
minimum number of moving 
parts. 

fr*nfl*r (nOii-iiro h ntTor^d Ten- 
DFf 'f P.^T mi :<nd RT n. md 
Data Genera 1> RDOS and R t, ts. 
At the same lime an intorJVe 
is available tn nrovide pine cf"'* 1 - 
narihilUv v s *h «n to <iv 

T^irtrnnix -'nftft range vr.-iphic 
d'S’.lay terminal*. p'ns a 

Tls-€“ pprii ^ n j. Tlata Gwner-,) 
v Ava F.r’iase if ronuiwl. 
FurTh^rrnc.r*'. :h® SFIWU w<l\ 
preent data in <’nnipat- 

ibi® or serial >t;s fnrm. 

Technical specihcations of ihe 
new printer/piutter include a 
printtn? speed of 500 character 
lino per mi nine, a plotting speed 
of up to 1320 dor lines per 
minute, a Mandard ASCII pp. 
s.' m bo! 32-con trol-i;- mbol charac- 


ter set. And a full range of power 
Input options to nisei all the 
accepted voltage and nequency 
ratings. 

The SE1004 ia marketed 
throughout Europe by EMI Tech- 
nology— the marketing, sales and 
service organisation that pro- 
motes many of the EMI Group's 
electronics products ih'-nugh its 
principal centres in Europe. 

F.M. r T^?ehn&ln ^, ■. p.»ra pro- 
ducts Division. SE La--; i FMT». 
Snur Rn^d. Fellham. Middlesex: 
Ot-SflO 1477. 


calculations, output data for- 
matting and document skew 
compensation. More on 0344 
50213. 

® SOFTWARE 


in 1979. the plant .wni be able to 

supply 58m gallons ‘of water a oi the leading ed^e ^al 

the largest Industrial desalin, 

atrnn plant working by reverse S the iSale^-or that bSer Mary^; Rq a 'dr^am}op|^ 

^’SSiSVffWSSW ; 

Buildings. Fetter -Lane, London n , nn i n( , *h* nri}u> 4 ica nn L.‘ 


se- -plaefe.- of -tbeifiVe 




EC4A. -01*242 9044. 


running of the adhesive on the ._tv W J 
glue njifer to a Rovt trouble-free, i f fTpS^ / l K rjc f i 

lam in&tuag- with f bnltad op eratoT. .; . 
attention. Fast curing of tie .aifc "A 
hesive, .to permit early- handling slon wit : 

sequenfqcqnbmies.'.waa. 

the r stringent requfremeat, WOrt. roritehfr-e (0494 682226 
A three vwcintb'davelopffieht: , .fm flatwr »w»v.dn*e c 


CuBOL i-: being offered by Zilog 
rn i is, MCil-l scries of nucru 
i-i-mputers. This mean? i but 
cninmercia! users, of whom 70 




NEtV introductions of nucro- 
processor-cun trolled vacmiin 
column magnetic Taw drives 
and digilUcrs with local pn>- 
cefsing nave been put .on the 
market by Cal Comp 

The company i? marketing 
throughout Europe 7. v ana 1C) 
inch drives made by Cipher Dais 
Products of San Diego. Known 
as the P00X series, thc-c 
machines offer tape speeds fr«:m 
37.5 tq 125 ins/'tc and data 
densities up to iSQO characiors/ 
inch. 

L T Ping a ZSfl micronrucessur io 
control switched po’-’W to ihotr 
cornpunonf.s. ih-» P00.\ rut:^ rcib- 
lively coot, zencrafe-i less noi*'! 
and con Mur. .*< les<. power than 
many contemporary models, il ii 
claimed. 

The digitiser-. denignated 
hOOA. arc ha icaii;: the cxisi'ri- 1 
rino nifij"! •• ;ih an added iiiicr**- 

processor conir>ilcr. The:- pit*- 


■.-■'UlIMfl ostia, ui )>UUIII m -T Mi.si. *■— :r 

per cunt operate m Cobol. will REMOVAL OF -old bonded rub- programme _aij^ed at 

l?« able, to entpiyy these micros her linings from process vessels these, criteria has .resulted Id LMstructea ^.AWatfy _ encio. 
d i redly fur rhe-ir ovn purposes, has proved difficult bv mecharri- the produefloo of pfr new so t| 

Users nr Ziioy's MC3 sysiems «-al methods, and .the alternative adhesive That g|v«ff both tTOubl^-.tAe^^nstfdssIdh * ijnl I no o 
can compile and execute sum- method of burning is environ- frep . machine running and .Jf fj/® 

danl Cubol programs with per- mentally unacceptable and may duality laminates, using a wide «re belt, tensioni ed to o 
forma nee and features that equal hr hazardous because of- the risk range of. vinyls of varjnng thtckr fun noeratiOTai^ - 
or rweed r.ohcl performance of minor explosions caused by neaies. The.'gjui layer of epoxy led wlttteKWicpi t 

on some v,-idcly-u ? ed ininicom- the build up of gases. creates a fiaro. -film between the Troin Llip to 8^_hp. are uvjjuo 

pulecs. S^id ro be safe, with no threat P y c and chlpboawL reinforcing 

F.xtcndcd CRT control features tq the environment ithere is no ihe chlphoiri Sttriaee ;gnfl.^Beip- 
like '“Accept” and “Display” burning or production of noxious ing to prevent subsequent- Biarfe- 

make ininractivc prograinminu go^esi is F. A. Hughes’ JETLV log of . tit* pve vwiieo In use.- ■■ TTrt : 6T A IW' 

i«.viicr and w»H suited to daia- high pres&ure water Jetting Cfl'hinet Indusfades. is. planning 

entry applications. equipment. tD offer a TsHunfltlog service- to . . INTIRKTCP.LH;..^ 

A debug siruciure needing nn The nature of the rubber used the trade, as we ?) as its, normal jyWJfetRIAl.- DOORS. ri 

special compilation provides as linings varies 1 ' greatly from cabinet- customers-.. Ig .Britflifl.' -pnfew retiittiMii -H”*- 
m’eraettv** nucrorompuicr pro- very soft to very hard wttb many and Europe, based on this nev.- ! ; # i 6f ,K on i''H'r ’ D l Arrowsmitl 
grttm development, at rhe same d.ffercm propen les and the pres- departure Io laminating prac- ' industrial- ' Deon 

itiuo. scquenliit ii!<* acres', in- surcs. volumes of water and type tlce. It >frfn lead to the use of, riaiuirft TMulremcirt 

duxed file ai.fcss. random file*, of noeriv »o i'e used must be pvc as a decorwlv* finish, la wturBy v -.*s 
orucram ro^mcniaiion. library. ‘*»!e. ted Ui meet varying condi- areas where It has not previousl.v : ” . . r. 

!n».'r|ir.)7rui»i cuiiimtinicaiiun. :ion«. Because of -ill the be^n used, the company -ah'fld*'; "•. • ™ * r . • ’v_' 

.•nd L'digit dvvuiuu i* nj injury variAblo »a>> tbe company, pates. . . ^HUTThR QOOflS UMITED, 

d i • ■* i>pc-j .in- o»v**rcd. there cannot ar> accurate National. Adhesives ‘and Resina ■ .. “ 

y.tic- il : K». NienoU.in fin'isc. cuidc tt, ihe removal rale nf rut*- i< at Slough (0733) -33494 CabK r*h Te»*i 5773>0 

Muid'Mihc.ul. Ce»ki>. 052S 36LU. ber, bui perhaps in a ••medium'* net Industries OB -Oi-531* 3311- • 1 -•••>- — 


r 





7 



Oovv ! 


ESiSj 




* I •• id 


(.« liClu 


Times Monday June 26:1978 





EDITED BY CHRIST OPH E.B ;LO R ENZ 


a much more positive 
being takeii to property conservation 

Uplding a reputation 
for make-do-and-mend 






to 


CASTING one’s eye to heaven 
fs- a: trldcr . business in city, 
traffic but it does have one 
great reward- estate agents’ 
signs,, dirty -windows, and per- 
petually _ .•extinguished tights 
reveal how much office space is 
standing ’empty. And a dispro- 
portionate amount of this 
emptiness is in older buildings. 
New office buildings still seem 
more .attractive to prospective 
tenants Respite relatively high 
prices' :-ahd questionable utility. 
And yet the : older, smaller, 
more down- at heel office build- 
ings still; ’form ■ the vast bulk 
of office. property— and the very 
fabric cif our inner cities. 

• Ten- years ago there would 
have been- no hesitation.- Tear 
the did buildings down and re- 
develop- would have been the 
obvious course of action. Now 
the Conservation movement, 
powerfully aided by a depressed 
economy, is more likely to lead 
to a., policy of make do and 
mend, wiffi perhaps the occa- 
. sional spectacular scheme of 
refurbishment. An obvious ex- 
ample is. the Coutt's Bank pro- 
ject in the Strand (Frederick 
Gibbard and Partners); here 
the fagade is retained but prac- 
tically everything is renewed 
behind it. 


More loved 


Conservation is a powerful 
movement Old buildings are 
more loved and more voci- 
ferously protected than ever 
b°Cnre. We shou’d be grateful, 
since the experience of post war 
rebuilding- has often borne out 
the - layman’s fear that a new 
building is always inferior to 
.what went before. But con- 
servation has acquired a less 
negative and less protective 
aspect which begins to sound 


very like a feasible policy in 
its own right. ■ 

SAVE prorides .an excellent 
example of this. Par more im- 
portant in my opinion than this 
young movement's spirited but 
unsuccessful campaign to keep 
the Victorian' -splendours -jf 
Memmore intact* was its re- 
port on the provision of offices 
for central and local govern- 
ments. Its conservation pro- 
posals have important implica- 
tion for alLi. office users, 
commercial as well as govern- 
ment. 

Growth, new departments and 
local government reorganisa- 
tion inexorably, increases the 
demand for office space for 
bureaucrats. Why should this 
demand be met by expensive 
new buildings when “high 
quality office space can be pro- 
vided by conversions, adapting 
or improving existing buildings 
at a considerably lower cost?" 
With considerable flair, much 
thoroughness and some telling 
statistics SAVE cuts a wide 
swathe through the accommoda- 
tion policies of government 
departments and local authori- 
ties as far afield as Hillingdon 
and Argyll. Great stuff for the 
headline writers,, but behind 
them is a serious message— old 
property is a resource which is 
cheaper and can be used at 
least as effectively as hew build- 
ings. 

It is odd that '.the official 
response to SAVE’s attack has 
been so tight-lipped.' Several 
very basic arguments could 
have been made against SAVE’s 
proposition that reused, space is 
always better than new. - 

Refurbishing costs are not 
aluar/s lower than rebuilding: a 
lot depends upon the state of 
the property, as every owner 
of a crumbling stately home 


knows very well. Moreover, 
office refurbishment costs are 
notoriously hard to compare 
with building costs, since some 
items like furniture and carpets 
have a short life span, while 
other building elements like 
structure and windows are 
meant in last for a long time. 
Sharp distinctions between the 
two are not always drawn, even 
by building owners and quantity 
surveyors. SAVEs analysis 
takes no account of this 
difference. 

Location is not taken into 
account by SAVE — a factor 
which is so important in office 
planning that the grouping 
together of certain departments 
in one place for efficiency, and 
within easy access of public 
transport to make recruiting 
easier, could very well justify 
a new building on a new site. 

Space use is nor considered: 
older buildings have certain 
physical characteristics such as 
an accumulation of small rooms 
which are a direct result of the 
form of construction and can- 
not be knocked into each other. 
These are formidable con- 
straints in office planning and 
might very well rule out cer- 
tain kinds of layout or make 
certain working relationships 
unatiainahle. Moreover older 
buildings are often extremely 
inefficient in providing usable 
offic-e space. Well planned new 
buildings should provide more 
usable space, better serviced 
with few wasteful lobbies and 
corridors. 

The atmosphere of buildings 
is disregarded: old buildings 
m'"ht «vmbolise management 
philosophies, bad old ways 
*■**■ 0*1 which a new style local 
authority for a new management 
team) might be reacting firmly 
and finally. Unimportant status 
distinctions, such as rooms of 


OTiji ili : . tH-Uj.: - if: 

•- .. .. - rjtt ; - *- f ** **;'• * *r :/•>■ : -J. *.v s -?■ S- i W-*-' U- 

W- ■■ • I ~ :j: j: , ,V 




PkU'- '{«• . 

" ”, ' 'Ik. ,. . - -r.'» \±: : . JT- v -V.-.v 

v . 




A DIRECT mail shot by the their problems. It is one of the 
Bank of England is an unusual main themes of the book itself 
event. Tbe decision to buy a That a guide of this kind can 
mailing list and to send out be no substitute for seeking the 
80,000 free copies of its new right kind of professional 
guide to business finance* is advice. 

therefore a good indication of The businessman must also 
the importance which the Bank accept that, even when expressed 
attaches to its potential audi- in non-technical language, a 
ence among the small to description of the wide variety 
medium-sized companies in the of forms of finance on the 
UK. market and of the approach 

It is accepted wisdom by now required to take the best advan- 
that there is a gap In the in- tage 0 f t hem can be pretty 
formation available to the heavy going. The book, how- 
s mailer companies about the ever, will repay study for any 
sources of finance which are businesman thinking of setting 
available to them and about how up a new operation, expanding 
they should set about tapping an existing company or simply 
the lenders. The issue was first looking for an alternative 
raised in the Bolton Committee SOurce “ 0 f f und5 
report in 1971 and since then provides in its final section 
a growing volume of mainly a C0IT1 p r(?hl?nsi ve list of the 
anecdotal evidence has under- Tarious SOU rces of finance, 
lined the problems faced by the These e from the acci?pl _ 
small company sector. in? hcuises _ the top flight 

-n • • . merchant banks — other 

rnority merchant banks and the big 

The activities of the Wilson clearing banks through a whole 
Committee on the financial spectrum of other institutions 
institutions have again brought including Foreign banks and a 
the issue to the fore, and a wide range of specialist lenders, 
number of efforts have been The Bank has not attempted 
made to bridge the gulf which to draw distinctions between the 
clearly exists between the down- individual banks and institu- 
. to-earth businessman and the tions in particular categories— 
SSafc remote financial forces of the though its section on the com- 

How the facade of Coutt's Bank is being retained while almost everything behind is being renewed. C-ity. The Bank of England's panics which are prepared to 

decision to move into the field, offer development capital gives 
varying sizes for various levels more creative design effort as is also here that conventional in association with the City some indication of the kind of 
of management, might have be- the cool and sophisticated lay- planning and developmental Communications Centre, em- propositions in which they 

come established in the Fabric of out planning which is thought strategies came most spectacu- phasises the priority which is would be interested— but it 

an existing building almost in to be necessary in new office iariy unstuck in the early being given in the highest City does bring together the names 

the way that dry rot infests an buildings. Space needs to be seventies. SAVE’s excellent circles to easing the path of the which might be useful to a 

old house. Moving into new pre- matched against requirements work in drawing attention not small businessman. borrower. 

misce might be the only effec- whether a building is old or only to the picturesque quality The fact that this newspaper The essential background to 

tive cure short of fire and the new. but also to the util it)- of existing has already received many this list is provided by the 

sword. What would advance SAVE’s buildings goes beyond conser- phone calls and inquiries since earlier chapters. The first part 

* •«_ . _ __ a. _ _ j • tj wnlonon T3nnL*'f na a .if n F Kr.nL- nnHc*rliriPC TnP nppfx 





Hill 1 I 


J M ~ 






building maybe highly desirable gen eral understanding that such better use of all building 
for all sorts of reasons. I am a design effort can be packaged, old and new bv relating 
sure that SAVE did not intend Buildings have physical proper- shape to their likely use. 


doubt be more than duplicated finance and describes in general 


pry. *1 

*Ky • v'*" * ' . . . t ; ' \ * * # ?v * ■ - • * • v * ni ■ .- 

I r if. < • • - i <r * "• y >■ . 

;•’ « : r. v' m \] • / • & -V * ' - i 

t££iv k <j^. ii’.ii- : ^ 

!’•*. ; r '* . ' . Vi’-'t'- 


•i'i. ' ' 


i'-* '-if.' w J ■' ~ 


In r :d 




BUILDING EXPERTISE AS WIDE AS MAN'S IMAGINATION 


Ifyouhavetoget 
packages to the 
U.S.A fast, life will 
be a lot easier 
from July 3rd. 


f i"' 


On July 3rd British £ 

Caledonian’s Top Priority 
Express Package Service takes 

off. - - 

Packages up to aslbs. (10 
kilos) delivered door-to-door ^ 

from anywhere in Greater 
London or Aberdeen to over,|jf^ 
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Call: Aberdeen 722331 U 

or London 01-668 9311 
FOR FULL DETAILS AND 
INFORMATION PACK. 


British 


valuable because it draws atten- dow to corridor, typical entrance above eye level probably have number of copies for distribu- aPP^pna-e fw ‘J”** 1 ™ 

tion to a neglected truth— new > ia ]i Si typical numbers of their uses: can be made to work tinn to their customers. The ™ c * UIie inapprtp 

buildings arc relatively few in storeys. The building history of for someone, provided the right book is being made available p ?!{; ”' th most uqefu » 
comparison to the vast stock of this country is, on the whole, way to develop them can be to small businessmen free of *' p , " . 

existing office accommodation, highly standardised. Old ware- found. This should be good charge — though additional 1 ; . . . ho nie'what the 

The real problem for users and houses, old office buildings are news for those of us— and we copies may cost £1 — and this . ’ himself may be 

designers is less to plan new often as consistent in floor plan are the majority— who do not may also help to encourage its reau j ret i '. 0 ,j 0 j n order to gain 
buildings than to use what we as Georgian terrace houses. require 50.000 $q ft of prime wide distribution. access to the ri^ht kind of out- 

already have more effectively. ^ generic qiial |ties of these air-conditioned space opposite it is important, though, that sjd finance 

Take small businesses, for ex- operties are vital because they ^ ^nk of England. It should the small and medium-sized r Money for Business; Bank 

ample. Small firms with limited ran easil be matched also be good news for those who businessmen should understand of EnqIand a „ d city Commune 

financial resources but a great equally typical user re- l° ve t^ e fshric of our cities. what is being offered. The new ca ^ OTJS centre; nrailoble from 

deal of energy can makeuseof q U i rei nents. Small impoverished Francis Du ffy. A RIBA, is a book, like other guides, should Public Information Division, 
property which would be im- enteq) ri ses as well as medium- partner of Duffy Lange Giffone help them in their financial g Q7de 0 f England. London. 
possible for other users either s i ze d -busi nesses have a range of Worthington, designers and decision-making. But it will not Mirfinrf Rlnnden 

because the lease is too short require ^ IieQLs which is not too space planners. provide the complete answers to IVIlCnaei Dlaoaen 

or too uncertain, or because the ^ ^ tend t0 need roomsr 

shape of the space is lnconven- cer tain sizes, typical office 
lent, or most commonly of all dept h Si typical entrances and 
because it is so far below ac- a jj 0V e all have typical financial 
cepted standards of convenience resources< Such reqU ;rements 
or cleanliness that only inspired can be ca taJogued and matched 
do-.t yourself could make occu- inst ^ of space that 

pation possible. are available. 

Far rpinnvpd 0f course - this is heresy: 

xai IC13EUVCU heresy to archilects who tend 

This is why old mills in Lan- t0 argUe eac h client is 

rashire and old warehouses in un /q uei and double heresy to 

London are at this very moment developers, whose bias is to- 

being lovingly converted for us* W3rds assuming thal all user 

by sma I] enterpnses. Like re q U j ri? ments known to man can 

a marts like; small entrepren- ^ mel ^ the standard 40 ft 

*V ,rs th ; \ T5a ? PS whlch su ! t deep new speculative office, 
them best. But this concept is Either ^ it is ^ excellent 
far removed from the cautious heresv< since |t cail maKe 
nsfc-taking of conventional pro- si bi c the far more intelli- 
perty development „ ent se 3Img of space, based on 

Or take another example: tlie . capacity to accommodate, as 
typical firm of medium size and wel] ^ it £, Jocatjon and pric e; 

middle age which better decisions by management 

modated m several older bui d- choosing space which i5 

,n JLi g «5S.SL ^ appropriate to their needs: 
convenience. Very probably a ultimately, development 

krSS’S.iSSi nn Strategies which Would take into 

account the enormously rich A T^k 

P a P firm is resource of spaces of various 1 M f\ 8 1 

ml£5 > M"?*. il ““ r ““ta* older Fj/i K 

sion of adaptations and renova- buildings. A /A ^ 

tions, a long drawn out attempt Perhaps it is significant that 

to make the best of what they this kind of thinking first arose y 

have already. when attempts were made to I 

The reputation of old offices use dilapidated premises in I 

would be improved if small and inner cities. It is here that 
medium sized businesses resources are scarcest and the 
realised using such accommo- problems of making do with 
dation requires as much if not what exists are the greatest: it 


Understandingfinance 



A MANAGEMENT report has 
been produced by the Institute 
of Personnel Management which 
aims to provide managers with 
a basic understanding of accoun- 
tancy practices as well as advice 
on how to present financial in- 
formation to employees and how 
to train them to receive and 
understand facts about their 
company’s financial position. 

The Employment Protection 
Act places a duty on employers 
to disclose information for col- 
lective bargaining purposes and 
an ACAS Code of Practice pro- 
vides guidance on what should 
be disclosed. Furthermore, it 


has become good industrial 
practice in today's social and 
economic climate to keep 
employees informed on what is 
happening in the organisations 
in which they are employed; 
they expect to be consulted and 
able to participate when deci- 
sions are being made which will 
affect their future working con- 
ditions. remuneration and 
security of employment. 

The Disclosure of Financial 
Information to Employees . by 
D. ill. C. Jones, 1PM. Upper 
H'oburn Place, London WC1. 
£10, plus 6Sp postage. 


ZURIC 





m 





Management Studies at PCL 

MA in Manpower Studies 

A one-year, full-time course with major options in: 
INDUSTRIAL RELATIONS 
MANPOWER DEVELOPMENT 
MANPOWER PLANNING 

Starting September, 1978. for DMS holders. Business Studies 
graduates and others with appropriate management experience. 

Diploma io Management Studies 

The objective is to accelerate the development of those with 
management potential. A wide range of options Is available, 
and the course may be taken as one year (full-thne), two year 
< part-rime) or three year (evening). 

Other courses include: 

Diploma in Arts and Leisure Admin ist radon, Diploma in 
Overseas Marketing for Language Graduates, Diploma in 
Personnel Management. 

Further details from: The Registry, School 0 f Management 
Studies, Polytechnic of Central London, 35 Marylebone Road, 
London NW1 5LS. Tel: 01-486 S811 «t 2S3. 


A branch of Barclays Bank International is now open 
in Zurich. have had a representative s office there since 
1962, so we are already famili ar with the business scene in 
this important international financial centre. 

The new branch will strengthen the support we already 
give to British and other European companies in the 
development of their international business. 

Zurich takes its place among our many other branches 
in over 70 countries throughout the world, and is equipped 
to provide a comprehensive range of international ana 
corporate banking services. 

Contact our Chief Manager in Zurich, Derrick Waple, 
at the address below; or in Britain, get in touch with our 
International Division at 168 Fenchurch Street, London 
EC3P 3HP (telephone 01-283 8989, extension 33S2). 





BARCLAYS 

International 


Barclays Bank International Lim ited 
Postal Address: PO Box 100S, GH-S022 Zurich, Switzerland 
Street Address: Talacker 4L CH -8001 Zurich 
Telephone: 221.13.35 
Telex- 748ftf 



4. 

V 


1 









f.S 


I 


LOMBARD 


ITHE WEEK IN THE COURTS 


: : ‘ ■: FmanciaTTiin^M^^ 

WIMBLEDON REVIEW • BY JOHN BARRETT - ° / 




election and Employer’s liability for jjj e boywhowanted 


LU' 


BY SAMUEL BRITTAN 


a servant’s dishonesty to become the best 


THERE ARE some ways In 
which the coming General Elec- 
tion is reminiscent of 1970 3nd 
others in which it is more 
reminiscent of 1959- The more 
technical parallels are with 1970. 
The Wilson Government of the 
time had previously suffered 
severe economic crises and bad 
been forced to devalue. But the 
economy seemed to have 
recovered to an unexpected 
decree and Labour was set fair 
for another win — which to the 
surprise of nearly all pundits 
and pollsters it failed to 
achieve. 

in other ways, however, the 
mood is more like 1959. when 
Mr. Harold Macmillan won the 
election with an increased 
majority. Then as now a Prime 
Minister with a conservative and 

unflappable image was soing to 

the country in the autuina. 

In both cases the Prime 
. Minister appeared mainly in- 
terested in global statesmanship, 
treating the election as a little 
local difficulty to be put behind 
without effort or strain. 

The parallel with 1959 will be 
more to Mr. Callaghan's taste 
and that with 1970 more to Mrs. 
Thatcher's. But no two years are 
exactly alike; and it is better to 
ask whether there is a more 
general theory which can give 
some clue to the outcome this 
autumn. 

A ineory oF political trade 
cycles has been quite fully 
developed. In simple terms, it 
srates that elections are held in 
a period of boom in which real 
income, and perhaps output too. 
rise much faster than the longer 
term trends. The inflationary 
effects, of the boom and the sub- 
sequent corrective recession do 
not come until after the election. 
The first part of a Parliamentary 
nr Presidential term is therefore 
one of stagnation, while the last 
part is one of prosperity. 


income— that is the standard of 
living, excluding the so-called 
social wage. 

The table show® that the Con- 
servative ejection victories of 
Eder. in 1955 and Macmillan in 
1959 were achieved when real 
personal incomes were rising 
rapidly. When the Conservatives 
lost in 1964. real incomes were 
rising only a shade above the 
average for the period. Evvn so 
thf» Home Government surprised 
political observers by the nrgrow- 
nc« of its defeat. 

The firs? real difficulty for the 
theory came in 1970. Labour's 
surprise defeat occurred despite 


BY JUSTINIAN 


Real personal 
disp. income 

% increase 

Years Political event annual rate 


IF THE owner of £OOds leaves 
them with another person to 
look after, who then fails to 
produce them when they are 
wanted by the owner, it is a 
reasonable, inference that, in the 
absence of any explanation, 
they have not been looked after 
properly. The law sensibly 
adopts that approach and pro- 
vides that the person with whom 
the goods were deposited has 
to show that he has not b.een 
i negligent. 


1951-44 3S 

7954-55 Cons Govt wins 4.7 

1958-59 Cons Govt wins 5.1 

1963- 64 Lab defeats Cons 3.9 

1964- 70 2.0 

1969- 70 Cons defeats Lab 3.7 

1970- 77 2.4 

1973-74 Lab defeats Cons 2.6 1 

1977-78 7 . 5.4* 

* National Institute estimate 

f 1st quarter on 1st quarter 

Sc if res: £ can Trends 


Esoteric plane 


The existence of these political 
cycles is >n hot dispute among 
U.S. academics. As usual, 
econometric techniques have not 
resolved the argument, but 
simply transferred it io a more 
esoteric plane. The real reason 
for the hostility generated by 
the political cycle theory is that 
it seems a threat to the notion 
of rational Chicago man. For it 
suggests that the electorate is 
fooled by a boom which cannot 
last and rhat it does not Jearn 
from experience. 

In the UK in the 1950? and 
1960s. the best political predictor 
was the unemployment rate — 
presumably because fairly small 
variations in it were a sood guide 
to the state of the business cycle. 
But with the secular jump in the 
number of workless, this relation- 
ship has broken down hopelessly. 
The best guide now is the move- 
ment of real personal disposable 


a growth of re3l incomes substan- 
tial |v above the average for the 
period. Mr. Heath's 1974 defeat 
provides little evidence either 
way- Real incomes were rising 
at "an average rate: and in any 
case the confrontation with the 
miners dwarfed all other issues. 

Will the political trade cycle 
fail i.o work in 1978. as it failed 
in 1970? Two crucial differences 
between the two years should be 
noted. One is that the estimated 
rise in real personal disposable 
money is much larger now than 
it was then. Thanks partly to 
ftorth Sea oil it is of more than 
Macmillanesque proportions. 
Secondly. Labour suffered from 
rising prices eight years ago. 
Although the actual rate of in- 
flation is greater to-day. it has 
been coming down sharply. 
whereas in 1970 it was rising to 
new heights. 

The result of the 1978 election 
will not be a decisive test of 
the political trade cycle theory. 
For if the Conservatives win. it 
could be due to other factors, 
such as Xie collapse of the 
Liberal vote or other non-econ- 
omic issues, offsetting the benefit 
to Labour of the cycle. IT Mr. 
Callaghan wins, it would not 
mean that voters were neces- 
sarily Fooled by a few months of 
prosperity. Voters might still 
prefer Labour even on a realis-, 
tic view of the longer term trend 
of real incomes. These qualifica- 
tions being made, it is still in 
Labour's interest that the poli- 
tical trade cycle should work and 
in the Conservative interest that 
it should not. 


A reminder of that simple 
proposition came from the Judi- 
cial Committee of the Privy 
Council last week in a case from 
Malaysia. Port SireltcnJiam 
Authority v. T.W.W. and Co.* 
In that case the port authority 
had received cases of pharma- 
ceutical goods shipped from 
Hong Kong to Port Swettenham 
l Port Kelang) in Malaysia. On 
the known facts the cases had 
been stolen, and could .not have 
been stolen without the miscon- 
duct or negligence ol the port 
authority’s servants employed 
to keep the good in safe custody. 
That, one would have thought, 
would have been that. But law- 
yers are nothing if not ingenious 
or. .some would say, dis- 
i ingenuous. 


effectively dealt with in a case 
in the House of Lords in 1912-f 

.The opening words of Lord 
Macnaghten’s judgment in the 
1912 case sets out the facts in 
a delightfully written judgment. 
“In the office of Grace, Smith 
and Co., a firm of solicitors in 
Liverpool of long standing and 
good repute, the appetlent. 
Emily Lloyd, a widow woman 
in humble circumstances, was 
robbed of her property. It was 
not much, just a mortgage for 
£450 bequeathed to her by her 
late husband, and two freehold 
cottages at Ellesmere Pon 
which she bought herself with- 
out legal assistance for £540 
after her husband's death. But 
it was all she bad, and after 
the order of the Court of Appeal 
reversing a judgment of Mr. 
Justice Scrutton (who tried the 
case with a special jury! she 
was compelled to appeal to this 
House as a pauper.” 


HE SAID It totally, without con- Bergelin’s mind a* > landmark.-: taatch' Sis pace a^dt the cOurt. 
ce it' “I want to become’ the best “I. knew.- then that- Borg’s amhi- They -are. - dnveh' .to-; distraction 

player in the world." It was a tint, determination and applies- by his patience, -an# nsually try 

simple statement of ambition. 1 tioa were something special,” he to 'attack -against the . odds, 

resentative, or the solicitor who bad just congratulated Ifryear-.. remembers. “ Bjorn had. the TCOming to. grief- Off the accuracy 

put ibis rogue in his own place old’ Bjorn. Borg- on. surviving ability to lift his game .whfen ot;lus.-def«zsjve play and the 

and clothed him with his own dangerously to win the- 1972 in . trouble. H? was-su cod — it- jpace^i ids counter-attack, 

authority’" junior event at Wimbledon 1 6 — 3^ Was. remarkable - ■ r • Provided be-Ta mentdily Tresh, 

With that telling precedent in 4-&. • ”-r5. against Buster -Mot'-- * ^ ^ . te^^reasotuiV® 6 ^ for 7 ’ ^jay W toe 

wiin uiaijeimig jjiclcubui tram u-hn had served .for the *-■ - --InvrmnhW— 


aqyoouy wnu IS emruMcu say youngster witn tne now developed unusukj 1 shots - that wiritt wnnouL lofug * ML 
the safe custody of property, familiar sloping shoulders and t0 redUee tapslr- id io 

u:hoth£>r ho rlnpc sn For S?aiTl or ratlins* ?aif. had SU unusuai'.-i. -a*_ zi ■ . i-a+aW,. *),*> iU. c'i- : 


property was not caused by any a nerveless command mat we a ^le" tennis ‘ .eompetitadhj ^drM'sfe'drtfpEr'hei-q.V Thafc'is the 
fault of himself, or his servants have come ^ ' before he was Kfc Bbrtr aeefrd public sicfeoFjBorg.-. ‘ 


or agents to whom he entrusted se x[ et t v£ g a J??! im yeaS%m i? • n#e - \A*‘ wivafe^jJerwm Is equally 

th* nmnurbr for safekeeoine. _ T ?_ e _- ga ®?_ s * hand. - His astixfid finding^ universally 


the property for safekeeping. ^*5 never been so precocious, a 
And it cannot make the slightest Stll j only 22. Borg has 

difference whether the. servant already- claimed three French 
or agent stole the property him- ebampionshps (the first in. 1974, 


or agent stole we property coampionsBps (tne urn in j 'Vercr -SS w 2 

self, or was just careless in days after bis lSih. birthday), two 
' looking after them. Wimbledon.^ 


.□King mart ineuu " ties three consecutive DOt . la brief 

The only qualification of this p^ ss S ctamrfmahSps, 


Conclusion 


Precedent 


It was argued that any dis- 
honest (as opposed to careless) 
iact by a servant employed to 
take care of goods was neces- 
sarily outside the scope of his 
employment and that the 
master could not be held -liable 
for a servant's dishonest act un- 
less it was done for his benefit 
or with his knowledge. That 
argument rested on an old pre- 
cedent that said that if the ser- 
vant sent to perform the duly 
of guarding goods, performed it 
so negligently that thieves could 
readily steal them, he -was 
liable; hut not if the servant 
joined wi*h the thieves in. the 
theft. That somewhat ctartlina 
precedent has finally been swept 
away. 


Why is it that the law does 
not allow the employer to escape 
liability for the dishonesty- of 
his employees? After all, can we 
all be our brother's keepers, in- 
cluding those we employ? The 
answer to that question was 


The effect of this simple open- 
ing was to anticipate the crush- 
ing conclusion of the Law Lord, 
after setting out the story of 
the easy-going solicitor i“a 
gentleman devoted (as he says) 
to public works, meaning by 
that I suppose, that his proper 
business a*. a solicitor was a 
matter of secondary considera- 
tion with him”) and of hi? clerk 
who tricked Mrs. Lloyd into con- 
veying her property to himself. 
Lord Macnagbten .then pro- 
ceeded to say that it would be 
“absolutely shocking" if the 
solicitor were not held liable for 
the fraud of his agent in the 
case. When Mrs. Lloyd put her- 
self into the hands of the firm, 
bow was she to know what the 
exact position of the clerk was? 
The solicitor “carried on busi- 
ness under a style or firm which 
implies that unnamed persons 
are. or may be. included in its 
members. The clerk spoke and 
acted as if he were one of the 
firm. He points to the deed 
boxes in the room and tells her 
that her deeds are quite safe in 
“our” hands. Naturally enough 
she signs the documents he puts 
before her without trying to 
understand wbat they were. 
Who is to suffer for this man's 
fraud? The person who relied 
on the solicitor's accredited rep- 


the employer may not be liable, "twins Ken Rosew&u and StiVrSFTjssir 

It ftTeimpt.. » furrier bed Hoad, in the 1950. 

sent a customer's mink stole to . Now that Borg has achievedg^|a® e 
a flrrn of cleaners and it was lost that boyhood ambition (he - 

b/Tbem. the Arm would be 

liable for its loss if the stole was W £at peaks -i al As#- a 

stolen by an employee whose j eft t0 c ij m b ? / ** tiy,;tiie;-40d-.pV©4i^'-aegefld,- . 

duty it was to clean it. I shall be back next are 

trying to win a third seeded:!# 


sL^^Egsiss^aBr- mmmmi 


tlon whether the employment Bergi 
merely provided the opportunity large 
for the theft.. 'or whether the [of B 
theft was committed as part of Borg 
the task on which the employee Ful .11 
was engaged. If. the theft is stilf 



i ana mentor. iiezmtrL rSHEsam aem x. 
el in. who has played C^Sfrr 9^05® w 

• a part in the 



had been negligent in employing th»» side, two years later. . . lnsatihle; % t3ie J>est cbamplon- 

the servant in thf» first place. Bora's flv»-set win over Neaf^iily p ractice- has -itelpOd .mSJcp 'gfup^-fof yeayiC and a worthy 

0 r, p !s„ n, siib i r.o*™d 

ofT^cSorSpirnol decUire rubber, rtfl - 

exni«e the employer, were that . • . ’ ’ •' - y \ r ' L •. 

employee t<> steal anything of W >ti in ' -LVA-t.v: “ "‘v 

the employer's customers. And WORLD CUP" *£»ID*EW CLAJRfctiirto.AIrta.lBiw 25 


exni«e the employer, were that 
employee t<> steal anything of 
the employer's customers. And 
if the theft was in some way 
induced' by the employer by his 
own negligence, or by the negli- 
gence of some fellow employee 
to whom the property had been 
committed, the employer would 
be liable. 


WORLD CUP 


' v -‘ . ' -J-'i. '. -, . 4' 


* Tunes I Mtr revert. Jwn* ;i. I«7«. 
- r k':«l r Gw*:. .Vfiiirh - A O'. 

.1 CSIS. 


The magic the television 
could hdt 


Vice ol C 


Hike 



t Indicates programme in 
black and white. 


BBC 1 


6.40-7.55 am Open University 
(Ultra I-ligh Frequency only). 
1.30 pm Camberwick Green. 1.45 
News. 1.55 Wimble don Lawn 
Tennis Championships. 4.18 
Regional News for England 
tcxcept London). til) Play 
School (as BBC - 11.00 wm). 4.45 
Great Grape Ape and Bailey's 
Comets. 5.05 Blue F'cler. 5.35 
The Wombles. 

5.40 News. 

5.55 Nationwide (l.-cmdon and 
South-Easi only ». 

6.15 Wimbledon Tennis. 

. 7.20 Ansel*. 

8.10 Panorama including Israel's 
Secret Weapon. 


9.00 News. 

9.25 The Monday Film; 
** Hornet's Nest.” starring 
Rock Hudson. 

11.10 Tonight. 

11.50 Weather/ Regional News. 

All Regions as BBC 1 except at 
the following times:— 

Wales — UO-l.4.1 pm Pili Pala. 
5.55 Wales Today. 0.15 Heddiw. 
6.40 Joins BBC I 1 Wimbledon 1. 
11.50 News and Weather for 
Wales. 

Scotland— 5.55-6.15 pm Report- 
ing Scotland. UAO Public 
Account. 11.45 Nona and Weather 
for Scotland. 

Northern Ireland — 4.1 3-1.20 pm 
Northern Ireland News, 5.55-6.15 
Scene Around Six. 11.50 News 
and Weather for Northern 
Ireland. 

England — 5.55-6.15 pm Look 


East (Norwich): Look North 
Leeds. Manchester. (Newcastle); 
Midlands Today (Birmingham!: 
Points Went (Bristol); South 
Today (Southampton); Spotlight 
ho utli West (Plymouth). 

BBC 2 


1.25 Arjdki News. 2-00 Kowepariy. 
>2.25 Monday Malian:' • Ttje Paradin'? 

siarnn* Gn-aory Ann Todd 

«nd Charles Lauiduoa. 5.a Umversfv 
■'haHeuue. 6.00 About An^Ua. 18. JO 
Spe*.-«)«9aT. JJM» TV. More;: •• Fnsht." 
samnt BoiMr BlacVman ant) John 
Gr-uson. 12.35 am RuScctiOn. 


the FACT that at least one compare wit^T3Lfio 3^i-?'That^puUtg4 5 ; ^tre5tions to place 
- British journalist haslieen usjug : is a place yhu - do mV 30. ju u ch^Arg6i^ifla iar-^ light that made 
the miracle of the- lfrseoond arrive, at. as \ fall Into: going them gleam purely, you ca/t 
telephone link between Buesos across ' a plain near Cordoba, counter ..with, descriptions of 
Aires stadia and London to ring there is- suddenly i vkRop and -televised - cfose-ups of Ally - 
his officn and • check who seote in it a lake," and' around If" a MacIeodVffnal second of despair. 
Juke chnm«! gpotsp c. scou and the. coals; proves my-- -starting tipy holiday, resort that-, ought of . Helmut Schoen's faraway. 

oiarntwr iiin. , point: that television watchers to be dosed for wfirtef/ except fatalistic ROmrtiel after 

jbJS, S prn p>-nuvi-dju have been seeing m6re of the that this is Wofld C& year. : ;';AlaihefnLi«5- : -'tbe-. champions - 

\w rddion y Dy<u. 2J»-2Jo RranMea. games. And • in •* cafe by _ i : drifted tote' -the, desteft of the ■ 


VDrdi a^JBYr wvihoof. f Colour transmission, instant Uruguayan who; speak sV Br^x>k : .d«f€ated;.>^ 

HTV Wes) — As UTV General S-m--* I i A "„.V. “ fe.r t 


6.40-7.55 am (jpen Unncrsity. 

11.00 Pla> School. 

2.00 pm Wimbledon Lawn Tennis 

Championships. 

8.00 News on 2. 

8.15 The Two Ronnies. 

9.00 CoIosmis. 

9.50 Play r-r the Week: "Orde 
Winnal«." 

11.00 Laic- News on 2. 

11.10 Wimbledon highlights. 
12.00-12.10 am Closedown read- 
ing. 

LONDON 


1020 am Voting RuiuSay 12.30 pm The 
Practice. L20 ATV Ncwvdifsk. tJJS 
Moun to R ’■anrmbrr: - TBi- Wfuspcn-rs. " 
sumn? Edith Evairs atid Erie Fonman. 
5-15 Unlvt-rsirr Chall»-ns“ 400 .\TV 
10-30 L.'ft. Kiehi aad Cc-mre. U.OO Movie 
oi Today: . “ The Eoy In The Plastic 
EuMle.” siamns John Tratolta. 

BORDER 


Wffl- Twj) Ji iS replays. «dow-motion reconstruc- lyn cah*drlvar , s Engli^ yon .ywr had tp'^he standing .^ 

hn^s. s. 22-6-45 Rrpon w«i. tions. dotted lines. -so I gather, find men of aU natiozfe have : y^fhin a yard of Gordon McQueen 

QrnTTKH f» trace the path of significant fallen" And night Into fiaAo-Paz. to sense therpaitf .of fr tnan. who 

»20 »m 3 The sin? Pon- us shots • ■ ' a11 P rovMe a dimen- just looking at them y^r can vas' Vihju^ed^' and condemned to 


>•28 Pnn- u-l^hots . . s an prowoe a mrnen- just looking at mem y<m- can was^raju^eq,- ana conueumea to 

.imSvru. ujff pm rtartrtJni' Tn.ur. I ^n to be envied by those of us tell- -where tisey come: fro®,' er-:.mt ited ^ 


1.3 News and 
Martne*-: Th 

5J5 fill versli: 
Today. 6. JO i 
Liberal Parry 
Laie Call. U 


F.T. CROSSWORD PUZZLE No. 3.702 



9JJ0 am It's Lift- with David 
Bellamy. 9.50 Paint Along with 
Nancy. 10.20 The Undersea 
j Adventure.-, of Captain Nemo. 

1 10.30 An Asian Notebook. 11.00 
Pdpeye. II.U5 Goostrey — A 
Village. 12.00 Jamie and the 
Magic Torch. 12.10 pm Rainbow. 
12.30 Untamed World. 1.00 News 
'plus FT index. 120 Hein! 1.30 
About Britain. 2.00 After Noon. 
2.25 Monday Matinee: “ Fathom." 
starring Raquel Welch. 4.20 
Clapperboard. 4.45 The Tomorrow 
People. 5.15 Bal man- 

5.45 News. 

6.00 Thames at 6. 

6.40 Help: 

6.43 Whodunnit? 

7.30 Coronation Street. 

8.00 You're Only Young Twice. 

8.20 World in Action. 

9.00 Strangers. 

10.00 News. 

IU.3Q Appointment With Fear; 
■' \ umpire Circus ” starring 
Adrienne Corri and Thorley 
Walters. 

12.10 am Close: A paintmg by 
Van Gegb with musiv by 

Mozart. 

All 1BA Regions as London 
except at the following times: — 

ANGLIA 


10.20 am Ghost F-usiors 10.4S 
AnwuKfl-v. 12.30 *iri C.anlciilns Tortay. 
+1.20 Bordor News. 2.00 Hous«-pjrty. 
t2-2S Maiiaev. " Thf WhLsm.-r .Ts.” Mar- 
line EdulJ Evans. 5.15 CamOck Way. 
6-00 LooVaround Monday 6.15 I’mvtrsTii 
(Julk-rntf 10.30 Si-otlish L(b.yal Party 
Conion-nct. U.30 Th* S;r>- e -ts of San 
Francisco 12.25 am Border News. 


and Road Report. 125 Monday who have been con fined to the Ce pt bUf the tljne. you’B be Md’who.y^jI'aever.beBave other 
*' " T J t ***""•■■ 3J0 -2l ,r I ls tl L **; steep walls of thie- stadium, or wront- -■ The ’ ■ fndustacBioa'd than 1i6 J c.ottld';lteVq. p.ut*jt right. 

Crime s li" Sc'omsh neering up at the ceiling-sited mountain, who .looked Vlke n 4J(fttY.*;pIay“in a single game, 
■arty i'onfervnc« Rcpon.' njo black and white screens of the Sydney' Greens treet and was antf yet I felt : eFery kick.' Yon 
lus Tko Prisoner. press centres. doing a n>atador’s .dance lik\a canaaltjioyfwliat iCs Hke, your 

Cfii iTHFR i\ So. now (his eleventh world syloh;- was - Mexfcii withcnit legs junrp-^and.lwftcfi as you see 

vv * • l l-l»l i- rtnnn .nJ lira Qftnaar J u. • ----- ■ ---t--- »1u faiaa ma>4. tha 


10.20 am 'Arthur. M.o Amontvov. Cup is done, and we Soccer doubt’ . But- bifc partner, makiife tbe-momefil you’d .have made the 
12 jo pm Farm process. i-20 sonUk-m writers return home, your view the bulMUte ^tushes ■withr.fequiVtedde 1 - - 7 or 'gone for the header 
nlut,. 2.00 Houaerm pT . 2J5 sout import 0n t h e football %iil be as valid style-'eame frora ttainhure. an^you ktrow 1 , yoi^'kirowj you would 

as ours. TJut a^vorld Cup is ^StSlly fiurtied bengur .. 

shiricr 6.00 Gay by Day. ujo QutDiry. not all about football: it is a tabl^ arid may -be thbre etili; ' The nurt' oT-\pIayers who re- 
lics .southern News Extra. total experience that cannot l' ; tfearsed :for\f our yea^'and- then 

TYNE TEES quite be Felt In the most com- Xotalbfidlaiff never set fopt on - stage, that’s 

t.20 am The Good wort foOowni by fortahle armchair .placed before jn ai ltilt was a PW^ of Ithe TVorld. Cup. too... 

North Easi n*ks hvidin**. io_2o wiki the most- sophisticated screen. j v ; » _ nt we can exchange views on 

** of this d Sam h enL S t!id n i r 

US fi*S: In^dtnA^or ^ to a£4S nauSn^d to ®g?ai 
. 5 ; 1S the hi is terms pace achieved by really "dip and ’ fiend? •! saw .' 


CHANNEL 

1.11 pm Channel Lundtutne News and 
Whai’s On Where. *2-25 The Monday 
Matinee: ” Sweet Smell 01 Sucvesa ” 
5J5 Oniversliy Challenu’. 6.00 Channel 
Neem. 6.10 Sklppy. 10.28 Chjrmrl Late 
News 10.32 Code ■•R” 11.00 Ut“ NIBht 
Movie: ” Draoula." 12.25 am News and 
Weather in French followed by Channel 
Gazette. 

GRAMPIAN 


9.25 am First Thine. 10.20 S' aim a 1 dens- 

10. 05 Amoureuae 12 JS pm Home N ursine. 

I. 20 Grampian N«i>s headlines. 12 JS 
Jlonday Matliye: “ T7 il- Whisperers." 
stamni: Edith Evans. Erie Porfman and 
Nanette Newman. 5.15 Uinverstiy 
rhallvn-'e. 62)0 Grampian Today. 6J0 
Top Club. 1QJ0 Scottish Liberal’ Party 
i~utilrri.-in.-n ft coon 12J0 Reflect mns. 

II. 35 The Mary Tykr Moore Show. 

12.05 am Crampuii Late Nltht headlines. 


Cartoon T/me. 3.S0 Henri's Let. s.15 the blistering pace achieved by auuiHcu w raail v'’ain and herid*» ■! saw 

University Challenge. 6.00 Northern Lite. ArppntinaN Kemoec from what ^ aTe ^ e€D PtOUd. Of his Cap acity.-.f“^ “Y . 1 

6.40 Police ran lflje uf«n... U.00 Argentina s ^ heinpes irom wn« drink' native whisky: and.!* only: Mice: and still rub dis* 
Danger in Paradis. 12.0Q Epilogue. seems a totally indadequate run *2_. nutrtrmeh wearintt-Areen^^ ^fieDeving.- eweSv , . though I 

( i! QTFR °P 2nri swing: and you may a television 

IO.20 am l™L?J E E<0 Amoureuse. did lSS?“ Of ^O^The Y 00 

12-jo pm The oom .\Jr. iju luiu-mimc bardment did no more damage “ w , . i . jv_ « nA i-' see'-that it vrts ihe" gifted Luqoe 

2.25 Monday M-unee: -The I ai t Sal art." than the SO-yarders of Rep that c ° a ^ ■ :Xw aa rontati On 


2.25 Monday MaUneo: "The I ait Salari. than tne »W-varaers Ot Kep tnat wv__- n - ronfrnntatiftn 

WIM ikhr dnvr. u 1>I»T Km «n Scotland home or the M d a. lovely Argentine. lady hi ™ °®8®" vf a Lrf2?5rw.i«i 
headline*. 5:is Nniversirv uhaiiensc. 6.T< ,i,tr a Dutch shirt cm* 'over' tef ‘day pTazil by trying to. maim 

uisier Television News 6.05 The Bemiey startli H- driyes from Haan that fuitt. tttxt -pnvaffpd ' and everything that moved? Those 


GRANADA 


HMhiUics. 6 jo Reports, lo.jo The cut down west Germany ana 
Lonrinn Rack jnd RoJJ Show. UJ0 th^TI Italy. 

Bcdurac. Bnt th p re were no television 

WESTWARD cameras where 1 came upon a 


10.20 am friends ol Mao. 10.40 
Aitioureusc. 12-30 pm Th- Op«n Atr. 


10.20 am Vno Lone Kauui-r Show 10.40 
Journal 10 .55 Kalhy's uu.s. 12J0 pm 
TIk* u wn Air. 1.20 Dado. 2.25 MOnduy 
UjIidw: "The Storni." 350 Beryls Luf. 
5.15 nw»v Wonderful TV Tunas. ' 4JJQ 
Granada Roporti. 6JO Tfiib Is Vdit 
R iolK. io -JO K'-nons Politics. 1X00 
Clov EiKiiuoitrs of Various Kinds. 
12.35 am A LllGv Night Mujic wilH Don 
Mi: Lean. 

HTV 

10.20 am Dynomuit— The Do8 Wonder. 
10.40 Ainourcusi-. 12.30 Pm The Ouan 
Air. L20 Rapon West h^ndlines. L25 
Report Wales hesdltnea. 2U0 Job-line. 
12-30 The Monday Matinee: ■; One False 
Stop." 5.15 Lmversily Chaliena,-. 6X0 
Report West. 6.22 Rrpon Wales. 10JS 
The Monday Film: " Pciulln." Biarrlnt 


ur.aiiYinu cameras where i cam 

10.20 am sfcippy. 10.40 Armours use. reconstructed 200-year 
12.27 pm Gua Honpj-tjun's Binhd.tyi. 32.M wailed fort miles south 

Mr. Speaker. 1J0 westward News head- a ? , n *t In lha nami 
lines. t2J5 The Monday Mailnee '■ Swei Aires, lost til lne psjJIF 
Smell Itr $ur.(+X'- sfsrrinK Tony Curlis *Pt in OV 3 fTtaQ Wit it ? 
and Burr Lancaster 5J5 Umvcrslt^ facp that the pallsa 
r; halloa go. . 6 0a Westward Diary. 6.25 K.itit tn keen nut . 


iins anyes trom naan inat had lust cot enzaved and everything '.that moved? Those 
down West Germany arid 

t there were no television t0 find , out' about thus place; * 

‘ras where I came upTnS JJtrechr where she l :wouW,>be 

Iriructed 200-year old mud- UvtoffY ... . J • ■■r.;' -W5KiitS5SSr 


Indian caretaker ‘.showed y me 

1LM Lsto Nuhi Mono: ■■ Drscute ■■ star- boredlv around tbe adobe slfsep- a 


rinu Peter. Cushing. 12.2S am 
Life. 


ift „ YORKSHIRE Wekhail set w&£ certainly, seemed MW. long. For 

10J0 am The Outsiders u .30 pm n a* to comparine troaikeepers. the thri rest of, that night these two w the 

iSfteSfwa 

Beryl’s Lot. sis u tu verity challenge, monster gloves and massive un- ftleyed. the JLi l *n'- 

6JHI Calendar r Cmky Moor and Bflmom concern* the ‘ languidly hand* D3t{oQ4 • ififl 500 dTUBte: Staj-Wt* .**■ ^ 
w225“nwTj* P 4 * c^koo some Lea o who runs refresher apelibound. Wbea it.was ne^fy ing ^rw.CordoWace night ^ur 

w — UJ * ■ ,jn ^ "eween dawn ttg -^P«? 


Orcv,. 


ACROSS 

I Mild imprecations of the 

longer elements in code (6» 

4 Mysterious coteries to dis- 
guise fSi 

10 What a small world it is! (9) 

II Disturbing sound of ihc in- 
former about one (5) 

12 Family doctor round an 


American State shows 
mastery (4) 

13 Forensic address concedes 
your right io ?o first of 
course (4. 6> 

13 No. I find several Injurious 
(71 

16 Tricks I see among the 
workers (6i 

19 Rarely do the French turn 
to drink (6't 

21 A seldom changed girl (7) 

23 Equip the old fellow for the 
final struggle (10) 

25 Doctor and artist cause delay 
(4) 

27 For a foreigner an untruth 
has some point (5) 

28 Capitalists put on among the 
lone wolves (9) 

29 Silver was found on this 

island (8) 

30 Alters as does Russian port 
( 6 ) 


DOWN 

1 Harmful Tor a mother getting 
on (S) - 

2 Give up South African credit 
if on the rocks (9) 

3 Oriental trifle turns up in the 
island (4i 

3 Girl with sex appeal in 
ancient Palestine (7) 

6 Temporal measure to reas- 
sure one afraid of missing the 
train (4. 2. 4.1 

7 Hard cash? (5) 

8 Wo have to weep about her 
fruit (6; 

9 Doctor got up in a bad mood 
(61 

14 Highwaymen in the travel 
business (4-6i 

17 Buyers of the odd USSR 
comet (9) 

18 Completely lost without a 
landlubber (3. 2. 3.) 

20 One who won’t mind his own 
business sounds fruity (7) 

21 Meets death by suffocation, 
the doctor admits (61 

22 Empty preserve in unpopular 
lax { *3 1 

24 Cereal for one in a quandary 
(Si 

26 How a widow dresses betrays 
the frump t4i 


without a 


The solution of hist Saturday’s prize puzzle will he published 
with Jiamc* of winners nc.vt Saturdav. 


RADIO I 2i“* 

(S) Stereophonic broadcast 
T Medium Wave 
(VHP) Very High Frequency 
5.00 am as Radio 7. 74B Dave Lee 
Tra-.is. 4.00 Simon Bates. 11J1 Paul 
Hiirni-il im-iildil:-J 12JD pm Neirsheat 
2.00 Tour Blackburn. 431 Kid Jensen 
lru-lHdtnrf'5-30 Ni-wstvar TJ0 Sports Lvsk 
iJojds Radio st. 10.02 John Pol iSi. 
12-00-24)2 am as Radio 2. 

VHF Radies 1 and 2— 5 JO am With 
Radio including 1.SS pill Goud LlSt- ninc. 

2.02 David Allan 4.30 Weueon.-rc' 

Walk. 4,45 John punn <b>. 74N With 

Radio 2. 10.00 With Radio l: 12.00- 

2-02 am With Radio 2. 

R4DJO 2 and VHF 

5.00 am i.-fu's Summary. 5.02 Rk-nart 
VauKltan i5» with Tb>- Early show. In- 
eludins 6J5 Pause for Thnutihi. 7J2 

Terry Woaan iSi including 12T Rjcma 
P.ullelin and 8.45 Pause Tor TtiousM. 

10.02 Johu Timpson 'Si. 12.15 pm 

VUfMm' Walk. 1230 Pete Murrav's 
Op-n House ‘S* icontmund on VflFi 
mc-lutlliii: L45 Spons Dest 202 Wimble- 
don 78 tncludinc 2.45. 3.45 Snorts Desk. 
4 JO iv ons oners' Walk 'as VHK». 4J5. 
5.45. 6.45 Sports [Itfsk. 7.02 BBC North- -m 
Radio Orchestra <S<. 7JO Sports Desk. 

7.35 Alan Dell: 7J3 The Datuv Band 

Days. 8.02 The Rlc Band Sound 'S'. 0.82 
Humphrey Lyila-Knn »i'h Ttn> B*sr of 
Jw on records 'S' 4-55 Spnns D'-sr. 

10.02 Town and '’ountrr Otiir. 10.30 S'ar 
Sound. 11.02 F-rlan Matihnw tnirodii>'''s 
Rnund Jlidnch'. iniliiriinc 12-00 News. 
2.00-2 02 am N-ws Summary. 

ff tttirt THREE TV?f) 

R \ DIO 3 -Ifi lm. Stereo i- VHF 
16.55 am Wi'jrn.-r 7.00 N'rw-s 74H 
n-wtHP' 'S-. 8.00 8.05 ^Inrninc 

roll" r 1 'S' 4.oo *;••«•< 9.05 This (•'•« k's 

Composer. BariuK '5'. 9.45 Talking 


About Music IS). 10.15 Joseph Kaueh- 
St-in 'S'. 1140 London Sinfouleita 

concen. pan 1 <s>. U.45 In Short 

fjatki 13-55 Cuncrn. pan 1.00 pm 
News. 1.05 SBC Ltmchinm: Conci-n iSi. 
2.00 Music for Oman by Durufte iSi. 
2.40 Malinec Muidialc 'S'. 3.00 New 

R'.-corty 'S' 4J5 Snn« Recii.il «?.. 

5.15 Bandxiand iS» S.45 Homeward 
Round 'S'. 6.05 Ncvs. 6.10 Hoiucuard 
Bound i eonnnuifi i. 6 JO Lifelines: Home 
and Family. 7 JO pp«; Scd/tish .Irmphoiry 
Orvhosjra • Wacncr. Beethosep. Kodaly 
1 S j l JO a Parliament Tor 'the site » ra IV 
by Ftrvan Gould'. 4.io Robert Tear 
riiiial nf enn-as aemnin-inl-d. iiy amtar 
ffit. 9.55 Ppfttry Camhrldce: Bcpcn on 
the 1&7T Festival. 11.05 J.irr in Britain 
/Si. 10JS Srws. Ui40-1] .45 T«HU*fS 
SiJmbvn Sant;. 

Radio 3 VHF enly— 6.00-7,00 am Open 
Uhiwmir. 


courses ror rtrrei »ii"u - a v . 

- 2ve c »he suDerbly athletic fused -smy /ona of f«e«. and. left^ •-•ckiiie “f.pwoMB- . Look 

6 JO ^es. uie supero.y « *u*ku+»* nZ*t of did. 


SL’Ww"1S25RJ M SL Sf? uaiu'n ZoT. who prob^rndj Tta. 

^j^-SfUSSSS «un m -&*:■ 

Play, w base uttk- Ruy Arc you. Tlfc'h - *' . _r ,w:- trurtftv anri rhp mnnavers. and -in riachaQSri fOT- pienSllg-. emerald ,• SteetL... fOUT 


RADIO 4 

434m. 330m, 2S3m and VHF 


by William Ingram iS>. 9JJ0 From Apes 
io Warloarts: seond of-’ two talks by 
Professor Lord Zurhcrman. 9 JO KaleMa- 
wope. »J9 Weather. U.OO TJie World 
ToniRtir 10.30 Profile 11.00 A POOR 
at Bedtime. 13,15 The Financial world 
Tonisftt. I1J0 Today in Parliament 12.00 
N«r«. 

BBC Radio London 

306m and 945 VHF 

5.00 am .As Radio's. 6J0 Rush Hour. 
4J» London Live. 12.03 pm Cal) !n v 
2J3 S08 Shon-Case. 4.03 Home Run. 6-18 
Look. Stop. Listen. 7 JO Black -LondonMrs. 
0.30 Bream hromih. 10.03 Late Mzhi 
London. 12.00 as Radio 2. 12-BS am 

Qu'.-stlon Time from me House of 
OrTtmona. L05-Clos*: As Radio 2. 


orioositiori haff. Bri«|Ua^'.wbq.T4att‘ hTC an? ber'-thri bekuty- Of dur criuntiy.' 

Bur what can you have to bow-. aidroUly .MfcteiWHti' ..aiani- wCt-wifL-ttDt ftuseti . 

RACING BY DOMINIC WIGAN / ^ : ' r ' V; - ■ Vr : , ' ’ •• 




6J5 am News. 6J7 Farming Week. 
6J5 up 10 the Hour. 7J0 News TAB 
Today. 7.35 Ip ro the Hour (comliniedi 
Inciudlna Tboucht for the Day. 8.00 
News. 3.18 Today itidodina ' 8.35 News 
headlines, wppther. papers, sport. 8.C 
John EbdSD with the BBC Sound 
Archives. 9.00 Ke»v. 9 JOS Stan rbe Week 
with Richard Baker. 10.00 News. 10-85 
wild lire. 10 JO Pally Service. io.«S Mwn- 
Inc Stnrj-. lLOO Nn-*s. 1L05 Paul Jones: 
Terror of th* Encltsb. starring lain 
Cuthhertson. 1LS0 Annoutv.uinenis 12.04 
N."i«. 12.02 pm Ynu and vnurs li27 
Brain of Britain 1ST? 1155 Wi'Jther; 
priwromnu* iv «-s 1.00 The World at One. 
1.30 The 6rch>-rs L45 Woman'* Hour 
inrl'i'ltni: 7.00-2.02 *ie»-s. 2.45 Lmti-n tnrh 
Whr 3.00 New* 3.Q5 Afternoon 
Th'-arr-' ■ S ■ *.JS S'orr Time 5.00 PM 
Rvporis. 5.40 Du»n Ihc Garden Path. 


London Broadcasting • so WINNER came hdiae to her Ailing statlon in 

261 m and 97.3 vhf greate r applause at Ascot on -6f Sandbanks, ■ a ''Sprawling i»3£ltt:ptiF6p J to : twff 


msmune wim M»my ueaiim. uw am un/ut" yuiuo, iuuuvrtu* qr a *-V*¥ :■ j-i - j’S » 

Niatir exits. 0 f the four-runoer field is trained Canton T&anawrirtffr-'Victftiy i.61 ‘ ^L-wKWatf 51 le^.tSSIfiJwU- 

CapitaJ Radio by 86-year-old Mrs. Louise a year ago in . the Churcfijti — - 

Jft4m and 95.8 VHF Dingwall, who was aphieving her -Stakes. Piggott was S6€n at b^.-', •*; ' 

6.n am Peer Younirs BreaMs^.j sivu- first Ascot success ip a ton t 40 Tu os t- mastetiy . on this VigoBlip.-A s: 


- s*'” Tm M i'chiol' A^Tef . r* liM Da VH I v^^.' ' , "7 ”7’ ; ” 77 

c.ish 'S'- 3.90 pm Rr-^cr S<'nir i S ' 7.901 T-i:« ™..„ II u ,i>. h..l„ • - 00.1. .AitMijAs' 4t "“- 1 ' *" 


JSta ' tJS f". Br ?5 AdJ'i-lf'Lo^ Mrs: Dingwall ' who . trains a. This^ tftenirit. 

f'poii unc isi s.m Nicky Horn.-'- vmir handful of horses under what ton, ■ hackers - may •; will' -' W - <, '■ *wj 

Mother W“uwn'i ■ Lir*- h ts. u.8o Tony manv W ouiq consider somewhat- hea -,adviBM.te- wait for the LUP*;«---;- r ~*-35 , r is oa 

EiSi-s SunTZhi •». " . unorthodox conditions- ' Bende 


Ait r 










£>^^janeiai" TimesMondayJime^26 : I97S 

Albert Hal! 

Liaoning Acrobats 

. by. -GIEMEN-T *G R I S.P 


St. John's, Smith Square 




■■■ The programme/. does;, ^not 
enable one -to identify ^Injj but 
' air unknown genius perches; leu 
feej -above ground on' a unicycle, 
/and: with, every ; appearance oT 
eruoytng. hiraself, tosses a dozen 
bowls with one foot so that they 
nestle' one inside another on his 
head. Then, because - life has 
been getting. dull, he adds a clip 
-and spootf, and a tea-pot with lid, 
aptf somehow contrives- to- pour 
a drink from the pot into.-a cup. 

. Hp. 4s, of 'course,- a Chinese 
acrohal one' o£ .the .troupe from 
Liaoning who are at the Albert 
Hall .ior the. rest ‘ of this week, 
and 'with.' bfs colleagues he. 
demonstrates that combination of 
skill, strength and dizzying vir- 
tuosity that . has ever ■ been the 
attribute of -China’s folk enter- 
tainers. Supreme ability in any 
form is.'epjoyabie, and the cas- ’ 
cade of -tricks , and balances, of 
bacfefllps and .downing and a 
Setrmre ; nonchalan ce as. iihp r dh- 
abllities crowd on each- other's 
.hetel, make for a very jolly even- 
ing. The company is somewhat 


•less diveise'ls. triekeiy than the 1 
.Shanghai 7 '*' ensemble who' were 
here a 'few. jyfeare ago/ liul their 
excellence is beyond question. " 
Some of the capers defy belief. 
A girl does -a hand-stand on 
'another girl's head-- her own head < 
topped -with rice-bowls which she 
removes with her feet: a lady 
conjuror produces a shoal of live 
gold-fish -from /Thin air. finishing; 
with one the size -of. a healthy 
mackerel. Four' boys slither eel-' 
like through hoops; a young man; 
.rides a bicypfc with the bravura 
rbat has-; always marked Chinese 
horsemanship; a girl, twirling 
ten. plates _on- bam boo rods, is] 

S oised upon -i a tabic which 
alahees. upon -two glass vases, 
and bends hack to retrieve a 
peony with her teeth. 

" It is an predictably impossible, 
.and. presented .with .the nicest 
and most un self-conscious air. 
There “is Jan accompanying 
orchestra; the. lion dance is 
superlatively 'done^ and, -as our 
illustration shows, the. Chinese; 
.have invented.' the bicycle madei 
for 12. • I 


Vishnevskaya and 
Rostropovich 

by ELIZABETH FORBES 


Music in Orkney 


by DOMINIC GILL 



Having- finished their stint at 
ATdeburgh. Galina Vishnevskaya 
and Mstislav Rostropovich gave 
a recital in London on Friday 
night as- part of the Festival 
currently celebrating the 250th 
anniversary of St. John’s. Smith 
Square. The Russian soprano's 
programme was substantially the 
same as that she sang at Shape 
Mailings, and which was noticed 
on this page by Ronald Crichton, 
but the first half contained some 
songs not included in the earlier 
concert. However, as St. John's 
(unlike Aldeburgb, who supplied 
translations for all the songs! 
omitted to provide any texts at 
aJI and as the English title*; 
for the same songs frequently 
differed, it was sometimes diffi- 
cult to identify a particular item. 

In even better, firmer and 
more eloquent voice than she 
had been at Snapc. Vishnev- 
skaya again opened with a 
group of settings by Rimsky- 
Korsakov, among which Maikov's 
“Silence of Night’' was sung 
with particular intensity of 
phrasing end smoothness of 
timbre. In “The Clouds are 
clearing." which at Aldeburgb 
was accompanied by a noisy 
thunderstorm, the soprano had 
nothing louder to contend with 
than the twittering of birds out- 
side in Smith Square, and was 
able to float Pushkin's poem on 
a more inward, gentler stream 
of tone. Rostropovich, whose 
piano playing provided an 
utterly secure foundation for the 
entire recital, infused the accom- 
paniment to this song with 
special feeling. 

Of the three songs bv 
Chaikovsky that followed, “At 


the ball." a setting of Tolstoy, 
prompted a new delicacv of 
approach, while “ Why? " (Heine, 
translated by Meyl. which 
Vishnevskaya gave as an encore 
at Aldeburgb. gained in poig- 
nancy from the more intimate 
surroundings of St. John's. The 
postlude to this moving and 
beautiful song, magically played 
by Rostropovich, was an extra 
pleasure. The third Chaikovsky 
setting. K. Romanov's Serenade. 
Is more familiir to me as “ O 
child, beneath thy window," by 
the Grand Duke Konstantin, in 
which guise ir appears in Grove's 
Dictionary (5th edition). It 
secured a fluent and winning 
interpretation. 

The second half of the pro- 
gramme. comprising songs by 
GUnka and Prokofiev, was the 
same as at the earlier recital, 
though individual items were 
sung In a different order — the 
order of the Prokofiev Russian 
Folk Songs also differed from 
that given on the singularly 
uninformative programme sheet. 
Glinka's setting of “The Lark” 
by Kukolnik united soprano and 
pianist in even closer co-opera- 
tion than before, while in “The 
Green Glade/' one of the Folk 
Songs by Prokofiev, Vishnev- 
skaya used her marvellously rich 
and colourful lower register to 
superb effect. The syncopated 
accompaniment to “ Katerina,** 
from the same group, rhyth- 
mically stressed by Rostropovich, 
gave that song distinction and 
the Wedding Song with which 
the recital ended also gained in 
interest from the vitality that 
bolh artists showered on it so 
prodigally. 


The Play of Daniel 

by NICHOLAS KENYON 


' ' T/vr J&A'- vV • * . . • 


ievisns 


* # # » 


The Liaoning Acrobats 

Pride *>t Greenwich \ 


Leonora But t 


. by KEVIN HE^RJgUES 


>rh^ 


. One of London 1 /* loveliest dining rooms - 

"flower filled and air-conditioned. A 

soft piano mewreys background for your 
. luncheon and dinner. Open Monday to Saturday 

' Jimcb am. _ 

Dice wiihoui-blkryingafwr the tnca^* 


' Pianist / composer / arranger/ ! Coltrane's tywaima ” represented 

^-‘“w^ uph r iu u bwSj- 

Mike , -Westbrook is one of .^, as S ong “ Bartleray 

Britain's most tiiversifled jazz “p air ■’ ih which Phil Minton's, 
talents-^ part from music be* sometimes raucous other times 
. has also" 'collaborated in. several soft, voice vividly recalled the 
theatrical and mixed media pro- throbbing 'ambiance of the 
Auctions'. In recent anontl\s he ancient 'West Smithfie.ld f3ir. j 
seem s ' io have been concentib tins Al w so heard were Mike West 

jtn 'bis .six-piece Brass Bund, a, brook 'compositions, a version of 
group. ■which can be safely lerme'd Alabamasong ** from Brecht 

unique. . Not - because it com- and Weill s Mahagonny sung in 
prises versatile mulD'-instniment- emphatic 'German, and a begull- 
a lists who. also "sip g but because ing, dumb-blonde rendition by 
of its astonishingly eclectic Kate Westbrook of Rodgers and 
repertoire. This ranges from jazz Hart’s "Ten cents a Dance, 
standards to settings of "William These titles illusttatc the wide 
Blake poems.' from Brecht/weiil spectrum the band covers. The 
music to hymns.. In Tact almost interpretations, usually with 
anything "which comes under. .the trumpet*, tenor bom. two 
broad categor v o f. music. , etipbonlums, drums and aaxq- 

"This immensely approachable, phone (tenor, or soprano), are 
instantly likeable,' band appear's. never gimmicky. The band has 
in diverse locations— recently it .an aural compulsiveness, its .-re- 
played three afternoons -outside -tent is to enfettam and please, 
the Serpentine -Gallery in- Ken- Humour, subtle or heavy, is never 
‘ sington Gardens. Las l weekend it far away: It was , simply a P|ty 
opened a series of Friday ewn- that on Friday the previously 
ina . cruises from. Westminster mentioned . unsatisfactory sauna 
Pier, organised by -Ogun. Promo? robbed some of the songs ••ot 
tions and promising to feature; ' their impact 
until August 4. some of the. best '. .For a clearer, cleaner audition 
local musicians, most in the of the band its la tea t LP Gowc 
modern idiom/T Sauce (Original Records Ora 

Though there ; was nothing 001), from which several of 
proud abour the sound system on Friday's items ,^ ere i ^ en - ^ f 
-the Pride of. Greenwich dri Friday more than satisfactory subs W 
the Brass Band’s two sets were tuie. Like the Brass Band ifeeiH 
at least an accurate represent*- the LP is imaginative ana totaflyi 
lion .of. ~its style. An un fussy , enjoy able. - 
arrangement of John Lewis's Goose : Sauce is alt-o the title Lof 

“ Django," for trombone. tenor the hand s jazz cabaret." nicn it is 
horn, trumpet, piano, tenor-sax. performing : at the open apace 
and. percussion* . and John from July 4 to 0. 

Open-air courtyard entertainment 

The working population in and This is the ^ l '* ve £ s eJ & on £ £ 
around the EC4 area of London its . kind arranged by w._ H. 

. is to .be provided, with an 11- Smith, who movedimotheir 
week - season of iree lunchtime purpose-built head office’ jn Wifi 
entertainment to he held each and decided Jhat ^e unusu^y 
Friday, from 1-1. « pra in the shaped toward - would .lend 
open-air eourtyard of the W. H. itself to this type of professional 
■ Smitti^tulding in New Fetter ^tmnmenL^. ^ 

The weekly entertainment, will be a ^ 

: commencing on Friday, June^O bers i? h 19r™af the 

• and ending -on Friday September pany. Established in 19i- at the 

• S. will follow the tradition of i"?*satloii .of the GreaterL.ondon 

London street performers from Aits Associatton, the ^vemng 
bygone days, with performances Bubble Theatr^as since played 
bv noetiL nrouns- olaving early to almost 200,000 people with 37 
mus!?: £ ‘"mSsicianJ shows in most of the 32 London 

and travelling actors. boroughs. 


No: content to celebrate its 
250th anniversary with music 
1 written since the church was 
built. St. John's went back to 
the 13th century for the main 
work m Saturday's concert. This 
was The PIou of Daniel, a 
medieval music-drama written 
for Beauvais Cathedral, and 
revived there two years ago by 
the Clerkes of Oxenford. who 
have since recorded it (on the 
French Calliope label). 

For the basis of his perform- 
ing version the Clerkes’ director 
David Wulstan uses the first 
transcription, made earlier this 
century by W. L. Smoldon. The 
drama is presented, as Wulstan 
says, without transforming it 
into a Hollywood spectacular-— 
presumably a reference to Noah 
Greenberg’s American version, 
which I never, saw: it might also 
"hare applied to David Munrow's 
version, had he lived to complete 
it. . 

Daniel is scarcely a liturgical 
piece, like the other more primi- 
tive medieval dramas which have 
survived, but it was (for some 

§ .obscure reason) thought to be 
bn appropriate prelude to the 
Christmas -liturgy. So it ends 
the announcement of 
st’s birth (sung here by a 
:ingly pure-voiced angel, 
hed.in SL John’s gallery) 
anAthe singing of the Te Deum. 

Tlis last item is Che only place 
where Wulstan allows any har- 

Wigmore Hall 


mony to intrude on the proceed- 
ings — a final Hash of effective 
organ um as the cast processes 
out For the rest, contrast is 
achieved by the rhythmic variety 
of the monodies: single-line 
acclamations, swinging marching 
tunes, noble hymns, and expres- 
sive recitatives (such as Daniel's 
lament as he faces the lions). 

The Clerkes' production has 
become much more confident 
and culourful since I first saw 
It Jn Dorchester Abbey in 1975; 
it is now property directed (by 
Chris de Souza, who made good 
use of St John's limited space), 
and the Latin text is delivered 
with great conviction, particu- 
larly by Paul Elliott as Darius 
and Helen Dixon as Belshazzar's 
Queen. The St John’s acoustic 
caught both these voices 
splendidly— there wasn't a suffi- 
cient sense of distance, but the 
resonance was Just right. 
Amusing contributions from 
three nor-very-wlse men and two 
aut-at-all-fierce lions. 

In the first half, a selection of 
Tudor church music, sung in the 
Clerkes’ familiar yet unearthly 
pure-voiced style, at high pitch, 
drawn together with persuasion 
and logic by Mr- Wulstan. The 
astonishing cadences and false 
relations of Tye’s Euge Bone 
Mass sound as unconventionally 
angular as Thomas Archer's 
architecture looks a strange 
conjunction, but It worked. 


i To the southerner, at first 
meeting, much of Orkney is a 
paradox: a beautiful, but tree- 
less rustic landscape, at once 
lush and austere; a land of mid- 
night sun and midday dark, uf 
grand and traqlc history and 
gentle. Liberal politics. A 
country of green and well- 
stocked pasture, and active fish- 
ing Beets, whoso hotels and 
restaurants usually offer neither 
cream nor local cheese nor fresh 
■fish on their tables. A simple, 
compact island community whose 
population in the Bronze Age 
was roughly twice its present 
size: outpost of Firts and 
Vikings, still living much on its 
I past, invaded for the first time 
last summer, and again this 
1 year, by that most unlikely of 
i visitors, a festival of con- 
temporary music. 

The bringer of music to 
Orkney is the composer 
Peter Maxwell Davies, who since 
1970 has lived and worked pv.rt 
' of each year over the water 
from the mainland on the island 
of Hoy. The islands, their bis- 
tory and their poetry, have 
directly inspired many of 
Davies’s recent works. Last 
■ summer the first St. Magnus 
I Festival presented the newest 
1 of these. The Martyrdom of Si. 
jMaflTmj;. in the magnificent 12th- 
I century Norse cathedral of the 
I martyr which towers in red and 
I yellow sandstone over the town 
j of Kirkwall. This year the festi- 
val's chief event was a more 
communal, local enterprise: The 
Two Fiddlers, a new two-act 
opera of 50 minutes written 
specially for, and performed 
entirely by. the pupils of Kirk- 
wall Grammar School in the little 
Arts Theatre at the north end 
of the town. 

Storm Kelson, returning home 
at night with bis friend Gavin 
from a wedding where they have 
both fiddled for the guests, is 
waylaid by trolls, who take him 
into their mound and demand 
that he play them a tune. As a 
reward he is granted one wish: 
Storm asks that the people of 
Orkney may never thave to work 
again. He leaves the mound, to 
discover that what had seemed 
to him only a few -minutes with 
the trolls fan old troll trick) 
were far longer to the real world 
outside. Twenty-one years have 
passed; 3nd something has also 
gone wrong with his wish. With- 
out work. Storm's people have 
become lethargic and helpless, 
pathetic slaves to the trolls, their 
every desire instantly and pain- 
lessly fulfilled. No music sounds 
'in the islands any more: the 
effort of playing (and of listen- 
ing) is too greaL Snug in their 
comfortable semis, the. Orca- 
dians' chief inactivity is watch- 
ing ads on the telly: Trollo 
Washes Whiter. Drink Trollo for 
Health. But music is more 
powerful even than magic. 
Storm gets out his violin and the 
tune that he plays revives the 
island and banishes the trolls. 
Busy life, with all its pain and 
happiness, returns; again. 

: Davies is not a newcomer to 
the field of children's music. We 
fchOw 'already from bis own 


accounts of teaching in the early 
1980s at Circncestc-r School of 
his admiration and respect fur 
young, unfettered musical imagi- 
nations; and of his special gift for 
writing uncomplicated (though 
often complex) pieces in all 

manner of “difficult" idioms 

which children sing and play 
with ease and delight. His 
operetta for the children of 
Kirkwall is simply cast: but it 
neither patronises nor writes 
down to its performers. The two 
leading boys’ parts especially are 
brilliantly laid out for inexpert, 
just-broken voices; the instru- 
mental accompaniment is easy 
but deft — and explores a nice 
variety of styles from polytuna] 
to pop. The plentiful jokes about 
suburban complacency all 
children will understand and 
enjoy. The piece is fun. and it 
makes lyrical and dramatic 
sense: for these reasons alone it 
deserves, and will undoubtedly 
achieve, wide popularity. 

For 'one of its five days this 
year, the festiral moved west 
across the mainland to Strom- 


niusic-theatrc. and musically 
less pungent than, say, the 
.llissa super lliomme nrmc. 
Revelation and Fall or Eight 
Songs for a Mad King — notable 
chiefly- for ils central sequence 
of virtuoso solo cadenzas for 
flute, percussion, clarinet and 
violin, and ils happy choice of 
framing by a children's band. 

Comparisons were weighted by 
.a performance of the Mad King 
in the same programme as the 
Jcnioleur: still as it ever was 
gripping to the eye and car, even 
played as it is now for laughs 
py Michael Rippon in the central 
role, as an assumption of panto 
madman brilliantly sustained, 
hut to my mind wholly ill- 
conceived, obscuring far too 
many of the subtle and striking 
points of one pf Davies' most 
original scores. There were new 
works, ton. in a pair of chamber 
concerts given back in Kirkwall 
in the cathedral by the Firps of 
London — notably Tiie Dancer 
Eduardora. by Martin Dalby. an 
attractive 15-minutc essay for the 
Fires ensemble, prettily dove- 
tailed with surae passages of 


successful, concert of Gibbon 
Handel. Monteverdi. Messiae 
and Bach — though the nioder 
work «»f their programme 
fnjijiuy Con fniii erf. a fairly pai 
and thankless exposition,, fo 
soloists, choir, speaker, ehurc 
bells and organ of the fiv 
principles of Thomas Aquina 
bv the young Scottish compose 
and Davies pupil -Ian McQueer 
made only the smaller 
impression. I 

For the resi. the twu event 
which took my fancy mos 
strongly were those that L-augh 
most vividly the colour ant 
resonance of the place. At mio 
night on Sunday, two night 
before midsummer solstice, w. 
gathered at the Ring of Brogai 
some ten miles from Kirkwal 
and three from Stromness — ai 
immense neolithic Jienge-circlM 
of standing stones, magicall;) 
poised between waters, the Loch:i 
of Stenoess and Harray on eilhc i 
side, and above, the twilit mill 
night sky. At the centre of thi 
circle, accompanied by thi 
trilling of eurlew and oyster 
catcher, a piper played a sad 
grand piobaireachd -An Coth Gail 



ness— a smaller and prettier 
town than Kirkwall, without the 
dignity of a cathedral, but of 
gentler, village charm, the 
houses of its single mam slreet 
backing on to the sea. Here, 
in the deconsecrated Free Kirk, 
now the Strumness Academy's 
school bail, we heard (he 
premiere of another new Davies 
work- Le Joiipieur tie .\oira 
Dame . for baritone and mime 
with instrumental Pierrot 
ensemble and percussion. It is 
a pleasant piece, but a slight 
one, dramatically I thought less 
taut than the best of Davies s' 


Trolls from * The .Two Fiddlers ' 

controlled frec-ensemble, decora- 
t : ve and neatly made, which 
preceded a powerful account of 
Davies' The Blind Fiddler for 
soprano and instruments, set- 
tings of seven poems hy the 
Orcadian poet George Mackay 
Brown, densely woven, beauti- 
fully elaborated, “carved." as 
the poet speaks, “with my fiddle 
on ihe hard blue air of the 
north - 

' .The local St. Magnus 
Cathedral Singers and Orchestra 
under their director Norman 
Mitchell aJ>o gave an extremely 
ambitious and oh the whole very 


oiiiiixi- MoLc'O 

bench — a battle of birds among 
old, dark stones. More focal mustc 
tiie next evening proved in its 
own. very different way as 
memorable: in the interval 
between the two halves of a 
recital given by three Norwegian 
folk musician-,. Eric Bye. Willie 
And rest- rt and an exceptional 
young Hnrdanscr violinist Knut 
Ruen. our cant* the Orkney 
Strathspey and lleei Society in 
the highest -spirits, massed violins 
with some very special and indi- 
vidual ideas about unison, 
marvellously invigorating, to blow 
all the sad Norwegian songs away. 



Leslie Howard 

by DAVID MURRAY 


Sooner or later an Australian 
pianist was bound to undertake 
a complete recording of Percy 
Grainger's piano works. It turns 
out to be Leslie Howard, whose 
recital on Saturday night was 
divided between Grainger and 
Liszt. Mr. Howard is also a 
thuslcoJogisr with a special 
academic interest Jn Liszt; his 
interest in Grainger is presum- 
ably of some other kind. Most 
of the Grainger pieces in Ids 
programme were rollicking, 
racKetty fantasies on folk songs 
— pianisric entertainments, ambi- 
tious only in the demands they 
make upon the fingers. 

Howard's choice of Liszt pieces 
was excellently enterprising, and 
his technical equipment was 
more than equal to the chal- 
lenges. He is a strong player— 
rather unvarfngly strong, per- 
haps — who makes a big. rounded 
sound. He differentiates and 
balances the various registers of 
the piano very satisfying])’, and 
in most of Saturday's music he 
maintained an iron rhythmic 
control. Iron, not elastic: it did 
not bend easily to accommodate 
a rubato. and so there was little 
sense of fantasy or pathos in the 
two Liszt Ballades or in his 
Chopin song - transcriptions. 

Festival Hal! 


Otherwise those were assured 
and musical performances: but 
the- stern “ Reminiscences of 
BoocancgrnS' the last of Liszt's 
operatic paraphrases, suited him 
better. 

The I3th Hungarian Rhapsody 
was solidly brilliant, lacking 
only an edge of wit Some- 
thing more like humour emerged 
tn the Grainger sequence, 
especially where period pop- 
fun es were slipped into the brew. 
Grainger's arrangements some- 
times burst into roaring torrents 
of notes, and Howard directed 
them with sensational clarity and 
power: the daunting finales, for 
example, of both the “Jutish 
Medley” ion innocent Danish 
tunes) and the "Four Irish 
Dances” drawn from Stanford. 
Over a long programme, 
Howard's rhythms became un- 
comfortably strait-jacketed; 
Grainger unbuttoned is more 
engaging, and a resilient swing 
was missed in the best music 
here, the Suite “ In a Nutshell/’ 
Howard's . command in the 
“ Guru suckers " March (the 
Gunisuckers are. apparently, the 
citizens of the State of Victoria) 
was impressive; if he could take 
it in a rangy stride, the piece 
would be irrcsistable. 


CC — These theatres acceot certain credit j 
cards Dr telephone or at box ofltcc. 

OPERA & BALLET 

COLISEUM. Credit cart* 01-240 5258. 
Reservation* 01-836 3161. 

•NUREYEV FESTIVAL . , _ 

Evas. 7J0. Mats. Sals. A Wed. July 5 
2.30- WIBi LONDON FESTIVAL HALLE f 
Ton t.. Tomor. & wed.: Romeo 6 Juliet. 
TJiuf.. Fri. & Sat,; Giiellc. July 3 t? 8' , 
SleMina Beauty. Seats *TC& Me a J£S!2i 
July 1. 5 6 8 only. WIUi DUTCH 
NATIONAL BALLET July 1.0 to 15. 
Seats available. Nurevea wifi dance at t 

evert per 1. ■ 

COVE NT CARDEN. CC 2*0 1066. 

■Cardencharge credit cards S36 6903.) 

THE ROYAL OPERA 
Tomor.. 7nur. 3 Sal. ar 7.30: Luisa Miller. 
Wed. * Fri. at 7.30 Re l Was ct Milnanae. 
65 Amahl’ seats avail, lor all per-s. Irom 
10 a.on. on day o: orr:. Note: oersonai 
Tel. b*as. tor July Ballet open* July 1 

an* Not June 1. 

GLYNOUOURNE FESTIVAL OPERA. Until 
Aug. 7 with the London FhiTharmon.c 
Ortnestra. Wed.. Fri. & Sun. n«»; at 
6.15: La Baheme. Thur. & SaL at 5.30: 
□lc Zauberflate. Possible returns only. 
Co- Office Glvndcbourne. Lewes. E. Sussex 

-0275 8 12<1 1). 

SADLER S WELLS THEATRE. Rcseoerv . 
Are.. E.C1. 637 1672. Un-.li Sat. 

E-.gs. 7.30. Mat. Sat. 2.30. First time 
in Lonaon Manqilta & Raise' Aguilar's I 
FIESTA DE ESPANA J 

Soanith folli and flamenco From Jul* A ! 
to July 22 NIKOLAIS DANCE THEATRE. 


Ashkenazy 

by DOMINIC GILL 1 


4 


^KSSSSSSS-w 

JSb&td the Rte Hotel) Tabic iwcrvanons oiS93 0°-* 


Two concertos ' introduced 
Mendelssohn’s Italian symphony 
at the London Symphony 
Orchestra's concert last night 
under Andre Previn — the last of 
Mozart's four little horn con- 
certos ' K495, delivered with 
smooth and creamy lone, urbane 
and pleasing, by the LSO's prin- 
cipal horn, David Cripps; anu 
Chopin's E minor piano concerto, 
thrown off with, spectacular 
brilliance, bright as a gem„ by 
Vladimir Ashkenazy. 

It was a glittering account, cut 
quick and clean. It was rarely 
buoyant— In the sense of a 
buoyancy that can lift a phrase 
suddenly through the clouds and 
up Into the open sky (as Lipaiti 
in his famous recorded perform- 
ance lifts measures 23-24 of the 
Romanze dizzyingly up and away 
into clearest blue, leaving earth 


far behind.) It took the breath 
away not with its lift, but with 
its forward thrust: a horizontal 
impetus, true as an arrow, 
wonderfully fluent, scrupulously 
clear. i 

Only in the Romanze did one 
sometimes miss the finer' 
moments of heartiift, of simple! 
grandeur and pathos neither to; 
left nor right of centre, but 1 
exactly true — is dogged, consist- 
ent top-noting bright as a 
clarion, really the best way to 
deal with the melody right 
through the movement, from 
start to finish? But Ashkenazy’s 
finale was a sensation: articula- 
tion like crystal, rhythms lapped 
with fire — very exciting, and of 
its kind very-inipressive, Previn's 
accompaniment was a model of 
poise' and tact: discreet as need 
be, forward when it ought. 


THEATRES 

ADELPHI THEATRE. CC. 01-836 7611 
Evgs. 7.30. Mats 7i>ur. 3.0. saL 4.0. 
IRENE. 

Tnr t!)> musiui 1)1 1976. 1977 *na 197S 
IRENE 

- LONDON' SCSI NIGHT OUT 
sunojv People 

ALREADY SttN BY VjVER ONE 
MILLION HAr-PY THAETREGLiEKS 
CREDIT CARP BOOK I NG 01-S30 7 611. 
ALBERT. 036 3873. Partv Rates. Crea‘1 
;«rd bkgi. 836 1971-3 Irom 8.50 3 m. (0 

C. 30 B.m. Mon.. Tuts.. Wed. A Fii. 
7.45 B-m. Tnurs. A Sll. 4.30 6 6.0. 
"A THOUSAND TIMES WELCOME" IS 

LIONEL BART'S 
OLIVERI 

• MIRACULOUS MUSICAL.-- F.n. TimM i 
v-nn ROY HUDO and JOAN TURNER > 
CONSIDER YOURSELF LUCKY TO BE | 
ABLE TO SEE IT AGAIN " Daily Mirror. . 
ALOWYCH. 836 6404. InlO. 836 5332. 
ROYAL SHAKESPEARE COMPANY in 
r;oer!31r*. Tonight 7.30 CORIOLANUS. 
■■An evenlna or true theatrical fllorv, - * S. 
T.mes. With: Strindberg* THE DANCE 
OF DEATH, next oerl. Thur. RSC' alio 
a: THE WAREHOUSE isee under Wi and 
ai The Piccadilly Theatre Jn Peter Nichols 1 

PRIVATES ON PARADE. 

ALMOST FRLE. 485 6224. Lunchtimes 
••Onr Off." bv Bob WHkwt. Tu*s-Sat- 1 
IIS B.m, Suns. 3.00 A S.00 P.m. No 
.news Morn, 

ALMOST FRte. 48 5 6224. Evenings Kuri 

- jnnegutfs ■■ Player Piano.' 1 bv James 

Saunders. Toes—Sats. 3 p.m. No yhows 
Mans. 

AMBASSADORS. 01 .636 17lT 

Nighllv M S.00. M «an« Wed. 2.45. 
Saturday 5 ana a. 

PATRICK CARGILL and TONY ANHOLT 

The World-?# mo™ Thriller j 

. bV-ANTHONY SHAFFER . I 

*eeins the play anain is In fact an 
! utter and total ioy." Punch. Seat onces: 
*2.00 to ; £4 AO. Dlnr.tr and Top-Price 

_ 1 .- Seat £7.50, 

APOLLO. 01-457 2663. Evemnos-6.00. 
Mats. Thur*. -3.00. Sat. 5.00 and 6.00. 
.. DONALD SINOE-N 

— Actor of the Year." Evening Standard. 

.. 5f!NK OF ENGLAND 
WltKetcv tunny." Times . 

ARTS THEATRE. 01-836 ZISZ. 

TOM STOPPARD'S 
DIRTY LINEN 

--Hilarious -. . 1 . see It." Sunruy Tunes- 
I Monday to Thursday 6.30. Friday and 

Saturday at 7.00 and 9.15. 

AfT««IA. THEATRE, Charing X Road. 

01-734 4291. Mpn.-Thnrs. B D.tn. Fri. 
i and Sat. 60. and BAS. (Buffet food 
available.! 

■■ l n-ectioua.- appealing, fooi.slorruxna and- 
beart-thumplng." observer. Seats £2.00- 
I C LL um tWf belore show best avail- 
able se*tt £3.00. Mon.-TIturs. and FrL 
6 p.m. pari, only. 

PAR™ AWARD 

L K I S!i ,D Si TjNWre Mon^Frt. 1.15 p.m. 
bln* Mpch Change From A Rwr. 

CAMBRIDGE 83 S gosg. M on. to Tours. 
fl-M- Friday,- Saturday 5.43 and B.30. 

flapLAfrican Musical 
***ci5i variety.** D. Mirror. 

E2.00.ES.50. 

_ THIRD. GREAT YEAR 

Dmn n r Aaa ttw^Ptoarlf £6.75 inc._ 

CHICHESTER.- . . 0243 61 31 2- 

Tonight. June 27 <L 30 at 7.00 June 29 
J JulY, 1 ,« 2.00 THE INCONSTANT 
COUPLJSf June 26. 26 & July 1 at 7.00 
A WOMAN. Op mq importance. 

COMEDY. 01-630 257? 

For a llm *lFO;«nflaoemenr-wntH July 16: 

s? L !f.MrC0VVEN*5 I 

;»! ■™&Bai , S?rWgS-..'' s. V 

D, j '■3 1 00' ^? , S-ti2S. n E2.Z5/ S £2.5o!] 

. ~ 3 - oa - Htcufflers mm admitted. 1 


THEATRES ( 

CRITERION. 930 32TS CC. SM 
Evfls. 6.0. Sets. 3.30. 3.30. Thurs. 3.0. 
NOW IN ITS SECOND, YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 

HALF-A-DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 

"VERY FUNNY." 5. Tel. 

ORURY LANE. 01-876 BIOS. *»Ciy 
nlBhi 8 00. Maiinecs Wed & Sat 3 0. 

A CHORUS LINE 

" a rare Oc/astattn-j Idyous. asionisning 
stunner.'- Sunday Times 

DUCHESS. 936 9243. Mon. to Thjri. 
Evenings 8.00. FrL. Sa:. o-lfi A 4.D0 
OH! CALCUTTA.!. 

“ The nud-»y Is stunn.nfl Da.'v TCI. 
£ih Sensattona! Year. 

DUKE OF YORK'S. . 01-336 5124- 

-.cnlngs 8.00. Mat. Wed., hat. J u. 

JOHN GltLUUQ 
• n Julian MiKheU's 

HALF-LIFE _ 

A NATIONAL THEATRE PRODUCTION 
Brilliant!* nitty ... no one snoutd 
jtusj It." Harold MoQson .Dmmai. insram 
credit card reservations. Dinner and 
T oo-pr.LC heal £7 00. , 

FORTUNE, 636 2236 E«t B.DO. Tnurs. i. ! 
Sat. 5.00 a-13 3 00. 

Muriel P.ttiaw IS MlvS MAftPLt >n 
AGATHA CHRIS IlfS 
MURDbR At THE VICARAGE 
Th ird G reat roui 

GARRICK THEATRE CC. 01-636 4601 
tvs. 3.00. Mat. Wed 3 0. Sai. &.30. tt.so. 
TIMOTHY Weal. CeMMA JONES 
MtLHAeX KITCHEN 
in HA HOLD PINifcH 5 1 

THE HOMECOMING ! 

"4RILLIANI — A IAU1 AND LXC6L- 
LENTLY ACTED PRODUCTION.' D J<*l . 
' 4.N INYXnAUhTlSLY RILH WORE." i 
C dn. "NOT TO CE MI5 j£D." Hn.es. 

GLOBE THE&IRE 01-437 1J9Z J 

tigs. 3 .5 Ned 3.0 Sa>. >D 8 JO 
PAUL t DOING iON JULIA MtiLeNZlE 
BENJAMIN WHIiftuW id 
ALAN ui-.rIjIihns 'tn cemedv 
TEN TIMES TABLE 

” Thu mist ae tnc haoa.cst ia-j«n:er- 

maKer in Linden.' D lei. An 
t. alv enipv aa k- e. cnm fl " Sunda y limes. 

GREENWICH THEATRE. ci5B 7755 

Prcv. Wea. 7.30. Opens Ynur 7.U. 

Sub. c.&i 7.30. Mai. Sat. 2.30. 
H1NDLE WAKES by S'.amev Ho ugman. _ 

HAYMARKET. 970 9832. SO- Office Nan ; 
Open. Prevs. Julv a and S a« B.O. OJuns • 
July 6. 7.00. 

PAUL 3LOFIE lD 
HARRY ANDREWS ! 

ELEANOR TREVOR ' 

BRON PtACOLK j 

and IRENE HANDL .n 
A FAMILY 

A new may ov KCjNALD HARWOOD.) 
D irected by CAaPER WBtDc. j 

HER MAJESTY'S. CC. 01-930 660?.- 
Evenings $.00 Mats. Wca. 6 Sal. 3.LJ. 
BRUCE FORSYTH 
in LESLIE BfllCUSSS and 

ANTHONY riEWLEY'S 
TRAVELLING MU5IC SHOW 
with Derek Griffiths 
D:'*clCd by BURT SHE V6 LOVE 
•" It ts paciced :o burstire ecent with Vie ! 
□rrsDnality arfl sheer ■ enerpy ol Bru.e . 
Forsyte-" Sun. Express. " The audiciicc 
cheered." Sunday Teieflrapn. 

KING'S ROAD THEATRE. 3SZ 7438. 
Mon. lb Thurs. 9.0. Fri.. Sat. 7.30. 9-30. 
THE ROCKY HORROR SHOW I 

NO V/ IN ITS Sth ROCKING YEAR 
THE GREAT ROCK 'N' ROLL MUSICAL ', 

LONDON PALLADIUM. CC. 01-437 7373. I 


I THEATRES 

OLD V PROSPECT AT THE OLD^vTc 76 ’ 6 ' 

THE LADY4“ n NOT P 'FOR a5 BURNtNG bv 
Christopher Fry. Previer-j 7.30 Juno 28. 

! 9 30. July 1. Fuss mqhi 7 o.m. Julv 3. 

ilcen Atkins as SAINT JOAN. "A great 
performance.” The Times Returns July S. 
TWELFTH NIGHT. "A n putstanillijg 
revival. •' The Times. Returns Julv 10. 

OPEN air. Regenrs Pari Tel. J86 2431. 
A MIDSUMMER NIGHTS DREAM „ 
6i Bt. 7 45. Mats. Wert Thur 5 5at. 7.30 
: with RULA LENSKA. IAN TALBOT. 
ELIZABETH ESI ENSEN DAVID WESTON 
Shaw's DARK LADY OF THE SONNET5. , 
Lunchtime Today. Ternor, l, Fri. 1.15 

PHOENIX. 01-836 2J9J Evemnas. B.15. 
Friday ana Saturday 6.09 and B40. . , 
'"iiM BROOKE TAYLOR GRAEME ’ 
HARDEN make u« " O Mail in 

THE UNVARNISHING TRUTH 
The Hit Comeov b- Royce ryton 
LAUGH WHY I THOUGHT I WOULD 
HAVE DIED.” Sundar Time-.. ■ SHEER 
DELIGHT." E. Standard "GLORIOUS 
CONTINUOUS LAUGHTER Time s. 

PICCADILLY. 437 aS0% Cred » card bkfls. ' 
536 1571-3. 8 30 , m.-8 30 o.m. 

F.vgs. 7.30. Sat. 4.30 4 6. wed mats. 1 
Royal Shateipeare Comp an* In 
THE OUTRAGEOUS ADULT COMEDY 
bv Peter N.cniis : 

PRIVATES ON PARADE 

' R-nroarlnfl triutnon, 1 S E-c-th. 

BE5T COMEDY OF THE YEAR | 

Ey. Sid. Award and SWE1 Award 
FULLY AIR-CONDITIONED 

PRINCE EDWARD. CC 'Formerly Casmpi 
01-437 6377. Mond-iv-Ffdav od 
6.00. Mat Thur. 3.00 ha:. 5 30 & B.30 

EV| t A 

Bv Tim Rue and Andrew Licrd WcWWr 
I With Da«ld Else*. Eln'«t P-'*fl fh 11 
ac H and. Directed a, Raid'd Pr-nce. 


THEATRES 


TALK OF THE TOWN. CC. “31 5051 
100. Dining Darting i6ars open 71a>. 


PRINCE DF WALES. CC. Ot-93D £6EI 
Monday al Fr.aav a: l ? Saiurdav.- 
■ _at S. 30 and ?.4 5 . 

LONDON AND BROADWAY J. 
COMEDY MUSICAL HIT 
I LOVE MY WIFE 
viarrlre ROBIN ASK. WITH 
•' ALL JUST GOOD CLEAN FUN 
Daily finit'S 

CREDIT CARD BOOr'.IHGS 930 0W7 


NOW UNTIL AUGUST 19 
Men., Tues.. Thurs. and Fri. at a. 
Wed. and Sets, at G.JO and 8.50. 
THE TWO RONNIlS 
In a Spectacular Camedv Revue. 

Your best chance to see •• The Two 
Ronnies Revue " at tnc London Palladium 
Is logbook now lor the Extra Performances 
on Sunday. 16lh Julv at 5 A 8. 
SPECIAL BOOKING HOTLINE 437 2055 

LYRIC THEATRE- CC. 01-437 3686. 
Ev. 8.0. Mar. Thurs. 3.0. Sat. 5.0 A 8.30 
JOAN PLOWRIGHT 
COLIN BLAKELEY 

FILUMENA 

MAY FAIR. 629 3036. Reded, price 
previ. '£3 a, £1.501. Ton't.. Tomor. & 
Wed. at B. Opens Thur. a: 7. Subs. 
Mon.-Frl. 3. Sal. 5.30 & 3.30. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD. 

MERMAID. 248 7656- Restaurant 248 1 
2835. Enrol ups 7.30 & 9.15. 

EVERY GOOD BOY 
DESERVES FAVOUR 

A play lor actors and orchestra by TOM 
STOPPARD & ANDRE PREVIN. Scats £4. 1 
E3 and £2. " It seems to soarkie ai 

almost every turn with the author's 
theatrical and verbal mil" D. Tel. ■■ No 
;ne who loves the English language and 
the highest comic art can possibly miss I 
his play.” S. Tiitiec. 

NATIONAL THEATRE. 928 2252. ' 

OLIVIER lawn stage): Tnn't. 7.30 
MACBETH. Tomor. 7 JO The Chenr I 
Orchard. | 

LYTTELTON tBro«c»Ivm stage); Ton t. a 
T omor. 7.45 PLENTY a new olav bv 
David Hare. 

COTTCSLOE 'Small atidltorlum); Toni. S 
Tomor. a 'Drees.) AMERICAN BUFFALO 
bv DavW Mamet. 

Many «cei!ent cncao seats' ail 3 theatres 
day ol peri. Car park. Restaurant 92B 
2053. Credit card bkgs. 928 3052. 


UUEEN'S THEATRE. CC 01-734 1166 
Evgs 6.0D. Wed. 3.03. Sat- 5-W. 8.30 
ANTHONY aUAYLE _ 
fAITH ■ BROOK. MICHAEL ALDRIDGE 
and RACHAEL WEMPSON 
In Alan Bp nr t'.t's. . 

THE OLD COUNTRY 
Play* and Players London Cr'l'Cv Award 
BE5T PLAY OF THE YEAR 
I Directed b» CLIFFORD WILLIAMS 
i . ■■■ ~ 

RAYMOND REVUEBAR. CC Q1.7S4 1593 
At 7 pm.. 9 p.m. It D.m. 'Caen Suns.i 
PAUL RAYMOND pn-sentt 
THE FESTIVAL OF 
, EROTICA | 

Full, atr-conc >• anro, , „ I 

Zlst SENSATIONAL YEAR 
ROYAL ALBERT HALL. 1 59 521. 
Eros. 7.30. Sunday rr.t u”'” i0 - 

WORLDS GREATEST ACROBATS 
THE CHINESE ACROBATIC , 

THEATRE I 

From LlaDniivg. Cnin* 

ROYAL COURT. 730 1745. Air Cond. 1 
1 Eras. 8. Sat. 5 4 8-30. 

FLYING BLIND 

by 8 HI Merr'SO". 

•'A burnished display ol force, "nns. 

I ROYALTY. Credit Caros 8004. 

Monday- Thursday Eireninas 8-00- 
5.30 and 8.45. Satuida/5 3.00 and 8.00. 
London critics vote BILLY OANIELS In 
BUBSLING BROWN SUGAR 
Best Musical nl 16* 7 
Boat >npi accepted. Malar crefliic , i^. 
Special red tired rates /or matinees nor 
a limited perisa 

SAVOY THEATRE. 01-336 5B88. 

TOM CONTI 

WHOSE LIFE IS IT ANYWAY 7 

wllh JANE ASHER . 

i ” A MOMfNTOUS PLAY I URGE YOU 
TO SEE IT.” CO" 

Evas, at a.O. Frt, and Sal- 5-4 S and 5.a_a _. j 

s TAfJS5f."J« wc2 c . c „, s . 

Evas- at ®-0- JOHN REARDON In i 
KISMET _ . , 

■' Thi* musical has everythin?- J. Mir. 
Mot*. NOW TUE5. & SAT. 3.0. 

All Seal* at t3. £2 LI ■ | 

Credit Card Bookinp* 6597. . 

LAST TWO WEEKS | 

1HAW THEATRE. D ': 3S - B ,n J94 ' I 

E»enings 7.30. Mat*, weri - 30. 

PM TALKING ABOUT JERUSALEM I 
ARNOLD. WESICE.R. 


i 9.30 Super Revue 

I RAZZLE DAZZLE 

and at 11 P m. 

; L OS REALES D E L PARAGUAY 

VAUDEVILLE. 936 9988. CC. Ev*. 8.00. 
! Mat Tuc*. 2 4 5. Sat. 5 and 6 
Dir.an SHERIDAN. Oulde GRAY 
Eleanor SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
The NEWEST WHODUNNIT 
bv AGATHA CHRISTIE 
1 " Re-enter Agatha with another wha- 
dunmt hit. Agatha Christie ir- rtalftina the 
West End vet aga-n with another ol her 
fiendish lv inoeniduc murder mvsieries ” 
Fcl.v Barker Evenlna Mews. 

; AIR-CONDIT IONED THEATRE 

V**-70RIa”paLACE 

Beck IMv RZP 4735-6 834 1 Sj 7. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evening* y.3C Mat s Y. Cd and Sat. 2.4 5 . 
WAREHOUSE. Dvumai Tneatrc. Covent 

Garden. 636 630S. Roval Shakespeare 
Company. Tgn'r 8.00 PLAYREADING. 

- Malcolm McKavS HARP.Y MIXTURE. 

, aii seat* SQp A d v 6>gs Aidwvcn . 

IVESTMf NSTET. 01-316 0283. 

SENTENCED TO LIFE 
" MUGGER I DOE S irenenant noumour 
• HDRNHILL'S dramatic -lrt." D Tel 
: ” Irtenieiv human mring drama.” Y.Pist 
I " Tremer*«vu4 imoact.' NoW '' I was 
snarp.'y mevefl.' J. C. Trcwl.v. 

| ErOs. ? 4a, Mat;. Wed 3 00. 5att ' 30 

.WHITEHALL. 01-9S0 6692-7765 

Evgs. a. 30 Fri and Sa:. 6 45 and 9 00 
Paul Raymond presents the Sensational 

Str tt?vun cl the Century 

DE EP THROAT 

WINDMILL THEATRE. CC. 01-437 6212. 
Twice N.ri.wlv aoo and 10 00. 

I Surdn-.s 6.00 and 3 00 . 

| PAUL RAVMrrJD nri-tenrs 

\ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

■ Tawe« ic u-srec. denied itm-r. wn*t i« 
or ml vs ele on our s:m*v Evg. News 
3rd GRE AT YE Ap 

WYNDHAI4-S. 01-336 3028. CreA-t Card 
BV-rv R75 1071-s irom B 30 a.m . M:n . 
rnur*.. 8 . Fr. and Sat 5 I 5 and B 30 
" ENORMOUSLY RICH 
VERY FUNNY •• Evening News. 

Mary O'MlI'ny't *.m*sh hit romedv 
ONCE A CATHOLIC 
Supreme comedy on se« and rtl'OiOn.' - 
Daily TcTeriraoh 
•■MAKES YOU SHAKE WITH 

L A U CHTEP " Guardian. 

YOUNG V|C. 923 616J. Nnw Comoanv — 
New Sc»'dn Eres. 7 4S, wed. mat 
2 pm. No ncrl in-v Tnui. 

1 BARTHOLOMEW FAIR 

YouniJ Vic Festival Wm July 2-2J. 


AFC I 6 2. SHAFTESBURY AVE_ .836 
8861. StP. Pcr's. ALL SEATS BKBLE. 
1: THE COMEBACK iX». Wk. A‘5un.. 
2 00 5 10. S. >0. 

2i BILITIS 1 X 1 Wf. & Sun.: 2.00 

. S .3S B 55. 

1 CAMDEN PLAZA -opp. Camden Tow" 
Tube). 455 2443 

! Tailani'S ALLONSANFAN 1 AA 1 . 

4 45. 6 SO. 9.00. 

1 CLASSIC IT 2. 3. 4. Ov'ord Street -Odd. 
Tottenham Court Rd. Tube). 636 0310. 

1. Alan Sales. John Hun THE SHOUT 
iAA). Props. 2.30. 4.35. 6.40. 6.45. 

2. Richard Burton. Lee Rernlck THE 
MEDUSA TOUCH A-. Progf. 1.10. 
3.35. 6. DO. 8.25. 

3. Lair 3 riavs 1 JJCK Jcnes THE COME- 
BACK iXe Progs. 1.05. 3.35. 6.05. 8 35. 

4 . Retained Dr PuDlic Demand. THE 

GODFATHER PART II 'XI. Progs. 3.00. 
6.SD. tcat urc 3.25, 7.15. 

CURZON. Cunon Street. W.l. 499 37S7. 
1 Fully Air Conditioned Comfort. 1 DERSU 
UZALA iUl in 70 mm. lEnglKh sub- 
tilleJI. A him Dv AKIRA KUROSAWA. 
"MASTERPIECE." The Time* -MASTER- 
WORK." The Observer. " 5PECTACULAR 
ADVENTURE. ” 5uflJf.iv Times. " VERY 
BEAUTIFUL ‘ The Guardian. - HAUNT- 
' ING ADVENTURE." Sunday Express. 
I •• MASTERPIECE." Evenlnq News. Film 
| dally at 2.00 inot Sun.). 5.00 and 8.00. 

j LEICESTER SQUARE THEATRE <930 5252/ 
COMING HOME 1 Vi. Sop. progi. Moh.- 
1 Sat. 1 -30, 4.45. 8.10. Sun. 3 JO. 7.45. 

I Seats may be booked in advance tor e.10 
| prag. Man.- Fri. A all proM. Sat. A Su.n. 

lODEON HAYMARKET. '9.30 2738:2771.) 
! Jane Fonda. Vanessa Redgrave In a Fred 
1 Smnemann film JULIA fA). Sen. progs. 
I DlY. 2 30. 5 4 5. 8.4 S. Feature D«v. 

2 . 45 . 6.00. 9-00. All seats bkblc. at 
theatre. 


or Mf^ivuhU rifflPk • ■ — — — ^ 

"Jtl oil*"* Js A • OOCON LEICESTER SQUARE '9J<J 5111.1 


LOW Prices. Eaa r Parr mg. 

STRAND. 01-036 Z66D. Ev«n'"gs E.00. 
Mdl. Thurs 3.0. Sats. 5 jn «i °- J3 ' 
. NO SEX PLEASE— 

WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEA TS U^O-tl-Oq. 

5T. MARTIN'S. CC. 636 144!. n :°g 
Matm« Tiipl 2 4S. Saturdays a and 0. 
AGATHA CHPISTISS 
THE MOUSETRAP 
WORLD'S LONGEST.EVER RUN 
26th YEAR 


, KIND 'A' Sea. progs. DW. Doors open 
I.os. 4,t 5. 7 43. late show Fri. S. Sat 
I Doors open 11,15 p.m. All scats may be 
; booled. 

lODEON MARBLE ARChT .723 2011 '2.) 

CLOSE ENCOUNTERS OF THE THIRD 
] KIND 'A) Sm. progs. Mon.-Frl Doors 
! a?en Z.15> 7.30. All scats bkblc in 
■lrtvancc. 

PRINCE CHARLES. LC.C. So. 437 fllTlT 
MEL BROOKS HIGH ANXIETY >Ai. Sen 
i Peris. Oiy. • >nc. iun.j 2 45 6.15. 9.001 
I „atc Show Fri. and Sat. 11.45. Sjatj 
I bookable. Licensed Bar. 


. 4 ! 



Fmaneisl Times. Moaday.J^me 26 1978 


FINANCIALTIMES 

BRACKEN HOUSE. CANNON STREET. LONDON' EC4P 4BY 
Telegrams: Finantlmo. London PS4. Telex: 8*6341/2, 883897 
Telephone: 0K24* SOOH 

Monday June 26 1 A 7 S ~ 

Time to talk 
on Cyprus 








BY KENNETH GOODING, industrial Correspondent 

HE EUROPEAN bearings tags. Koyo Seiko sold securities products. However, details of manufacture!: of various sizes on Japanese bearings but this service and price. The major 

worth YUbn to »«-hi«vP iis such Drodufttn nra caiit m ha n> .ie '• nn Was ' nicnanil0(t when the munitfiMlirani can <>««nllv 


achieve it? such products are said to be of bearings -is divided up 
prnlit " last swiftly transmitted through the between the major companies. 


- I 111 » i V III I .......... neHTan* mure worth Y2bn to achieve it? such products are said to be of bearings is divided up was suspended when the manufacturers can usually 

rrcf y mtm-**** JL ‘nmwir. . peuuit#. Y1.3bn "planned prnlit " last swiftly transmitted through the between the major companies. Japanese gave an undertaking match each other in the first 

1 v “*■ lhan any ollier sector., ta fi nanC ja! year. Knyo laid otf highly-effielent intelligence net- Exports are directed by another to the EEC Commission in June, three; and that leaves just price 

iui THE VISIT to London by Mr. voiced in negotiations the more now clearly reflecting the pain- | ooy oenjjfo at its five factories, wnrk* operated by the Japanese cartel. Both .arrangements 1977, to raise their prices by 20 as the ultimate weapon, 
ttn Spyros Kyprianuii. the Presi- difficult they are likely m be. ful readjustment which many representing 18 per cent of it* trading companies. would not be permitted by anti- per cent Even so, the European The over-capacity problem- Is 

dent of Ljpriia. at the end of j, j s true that the Turkish manufacturers have been expert- workforce, fnr a month this Japan has four principal trust law in Western Europe manufacturers still insist that difficult for the European mahu- 

e - last week does not seem to Sll } c has made it extremely dil- cnone since the oil crisis of spring. bearings manufacturers. Fuji- and North America. the increase did not even make' Facturers to. salve. They must 

P have brought a solution tn his Kl . u | t tor the Greek Cvpriots m iyT-4 All !llt- -fopanese financial koshi (trading as Nachi) cum- Couple, this with a system up for the dumping margins maintain a steady investment 

island's intractable problems resun ie the inter-communal ti , r ■, tini - IS » i 0 n^ S,alisl,cs w °uld look worse if pleies the line up with Koyo. which has cushioned the which existed let alone for the and modernisation programme if 

any nearer. Mr. Kyprlannu The Tl , r k!sh-Cy print urn. „„ r, ,\'L h.-trinus Tht> c nm P anie * Followed Hie UK NSK and NTN. With about 30 Japanese makers from foreign sharp upward revaluation of she they are to stay competitive. Yet 

says he wotUd like the UK to p , , sa ls are less lhan generous in !! 1 skV K«h-n « practice and cmwnlMared smaller companies their com- competition by tariff and non- Yen against other currencies. modernisation usually adds 4 to . 

play a much more active role { of [ht . amount nf territor . « murf- >!‘anv liher results of their overseas opera- bined output is roughly £700m. tariff barriers, and It is easy to Anger about the Japanese 5 per cent to a plant's .Capacity, 

in seeking a lasting solution to h d d l0 , he r- reyk c .. n ' as \,_ IT . if , tlons. But this is not done in This compares wfth West understand -the resentment felt has been voiced for some years, even when etftra capacity is not 

- the Cypriot issue, bui he has *? "J thc Turkish CyonnK S53ft ? n.S m J*n» n - European production of around by the European manufacturers More recently, and certainly being looked for. 

made no specific suggestions as h '' dnntf | lUle tn allay Greek r .i h« slimmed down The main exception t.. the £i.7hn. -Apart from SKF. the in recent years. more surprisingly. . there .have _ 

to what Britain should do cvorfnt suspicions that their hv i j onn nibs' m the nasi live - eneral trond in ,he Japanese main European manufacturers If is the concentration by the been - grumbles about. SKF's : ‘ kolrtc 

. beyond bringing pressure on n ^ ective r i, ns me partition veare'°?u Ground *37 ffu -m- in<iu * ,r >' l * Provided by in Britain include British Tim- Japanese oh a limited range of policies. With factories, in . lieipS 

Ankara. Mr. Callaghan, while £ nd reiher P Jh.n J l^n d **»«? Seiko <KS*> which in Sweden, West Germany; ~ 


^, “0 a la^re^ ^ ™ -In exception «., .he 

to what Britain should do e . 7 '' I? “ a " a - V f J ,re g" r - ■ 11 l ' as ^ " general trend in the Japanese main Europ 

^ r?inpun^' Seiko t«ch * * ™- * 


Ankara. Mr. Callaghan, while J . . _ d ral u- r .u.. „ M , T Nippon Seiko (NSK) which 111 

: sarsjr a g js f-r'F 5 S s « ^ - 

rl^htlv made it clear that the ,ty n,lle and n " e man °P e v ,,te Then; has been short-time . . 

UK cannot be evoected to take at thP centre nf world attention working in its West German H y-> n~hn c js 

side. fa lhe diSe ir Britain m Rhodesia and Namibia, the operations, the major element £*"** ,m ." *7 
b5tavi l 7n? , ES««. 5 m ;« ftprl-U have recemlv w,,hin SKF. b«nn« chvU.un 

be seen to retain its impartiality bcen jbl ® make a certam dccountrng for -- per ce.u ol and was ghle lo raj<p 

— otherwise, attempts to lean amount nf ground on the issue total output in value terms. pnces S harp|v to this sector 1M 
nn one side nr the other are m international opinion The Gothenburg factory f a r ;^. ear narpl -' miE * uW 

bound tu be counter-productive. Ne\erthcle>a. it is hard to which em ploys -1.31)0. has just However trouble was so wide- wi 
a . . avoid the conclusion that the vtaried up again after a ihr.-e- e S r 1971 

Monopoly Greek Cypriots' main motive m weeks' closure because stocks , n h . t ^ ,/ s h _ r *l* f - ! „ e 1972 

As in most international dis- refusing to resume the inter- reached “an unacceptably high ‘ ,- v l " a ‘ j " afie "p ?-nrrrn- 1973 
pules, neither side in Cyprus communal talks is their fear level." It was in reaction to this nn p * , th ilp 1974 

has a monopoly either of right that such a move would aid the that the two worker directors .. fr „ m -S? effect, or 

or oF wrong The Turkish U.S. Administration in its on thc SKF board formally TV ^^Shtch 

Cypriots have made proposals efforts to persuade Congress r.. registered their reservations ’ J' n_Pnt «ih^hlie" 1976 

for a negotiated solution which lift the arms embargo on about ilie proposed dividend ^[""l C ? 0 ,H U r !L J e '‘ 1977 


THE U.K. BEARINGS MARKET 


Japan helps 

Sweden, West Germany; 
i Fiance. Italy. Holland. Spahy . . V^Q|X16COQ 
Yugoslavia and the UK. SKF's ■ -The Japanese are detenpined 
EX influence on the European to have a physical presence in 

scene is "very great. And there Europe so. they, have established 
have been accusations that it a number of plants there In the 
% Change on has been meeting the Japanese past AVe -years, NTN has two 

preceding year on th g- r ternis _.th at j s factories in West Germany. 

bard' for volume by cutting Koyo has a plant In Holland. 
4-9 prices. • NSK has set up: it Peter lee In 

- 2 ‘ v Perhaps more - Important the UK and Nachi recently 

_ , SKF is accused of cutting brought on stream a plant" in 

prices in the replacement bear- Spain. Protests- "by the local 
+ '* ings market, ore in -which the manufactures that much of this 

+11 Japanese have no foothold- and. extra' capacity was surplus to 

- 4 until recently one 1 with good requirements went unheedetL 

_ 3 margins of profit even if The process is continuing. 

. volumes were low. The Eastern bloc countries" are 

I etrw it k«. .. J _ J._.L ■ . 


UK market* 
Cm 
75 

as 
92 
91 
103 
140 
169 
. 190 
'218 


UK market 
1970 prices 
Cm 
81 

‘ 88 
86 
81 
92 
102 
98 
95 
94 


the Greek Cvpriots have con- Turkey The Greek CjRriot" 7 suited Vt should be lf ‘ h " d 1 , ■ w h « " ‘ . SKF ***** « made- ^ building up their bearings In- 

demned as tntaliv unacceptable, continue to regard the embargo halved .J" ptr “ nt ^ents tn limited parts of fuptries.- mainly with Japanese 


detuned as totally unacceptable, continue to regard the umhargo halved 
That is a reasonable reaction, as their mam lever nn 'Ankara. 

But the Greek Cypriots have despire its failure tn influence Rritain^ iflh 

gone on to use the Turkish Turkish policy in the three years Ulia«lll 3 JtJU 

Cyprint proposals as justifica- it ha>: bevn in force. The indica- 

lion for their refusal to return tmns in Washington, however 1U3?JL5 

to the negotiating table in the are that the embargn may nut Both ils UK and Krrm-h bear- 

so - called “ inter - communal in any case have much longer ings operations suffered lossi^.i 

talks." which is, to say the least, to run. Quite apart from its in I‘j77 In Britain SKF's 

bad public relations nn their damaging effect on thc Turkish nearing? suh>idiary recorded a 

part. With both sides accusing armed forces. Mr. Bulent Ecevit. EH. Am loss and this would hav* 


tie?, the Japanese continue to market prices. Imports are not adjusted for stock changes, 
sell hearings tn- Europe at very 


low prims. This has led to 
■nitfijfvfinn* from cnmneriuT? 
that in <nmp way thc Ministry 
of International Trad® 
Industry (MITI> in Japan has 
hepii arcing the companies to 
kpfp and nnlarce their market 


U.K. IMPORTS OF BEARINGS FROM 
JAPAN 

■ (by value) 


part. With both sides accusing armed forces. Mr. Bulent Ecevit. Efinni loss and this would hav* JS * lares m overseas market? no 
each other nf intransigence, the the Turkish Prime Minister, ha* been worse but tor a recovery , ] ,aner wha * |f r,oes tn llicir 
Greek Cypriot case is not had some success with his argu plan which has involved sited- finances. ■ • 0 

helped by their refusal to meet, ment that he cannot move 011 ling ar*n»nd l.Sutr mbs at Us B ' sr,n ^ are 'ndispen-ihle 1971 

Mr. Kyprianuii is now press- Cypnts until the ban is lifted. Luton and Irvine. .Scotland, 'nmpnnents of the indu -Trial 1972 

mg for an alternative path to _ plants. economies of the world 19?3 

negotiations. Instead of the in- Distrust The l r K industry as a whole w herever a rutatinc pan in 

ler-communa] lalKj. be wants an [f , sniM ,„ n ,, tn bf found . h: JS r,. cl, iced It.s employees by » '* H7S 

international conference spon- it = „ s <iential that ?nme do-r-y ahum a per cent in the past 18 3 PPr n Prian iy designed oe««r l n_ 1975 

sored by the United .Muons- “S mls ,^ ‘L m™"- ll-.^rklhn., "" 


If a solution is to be found. 



Imports GIF 

Sales value* 

■s 

! 

£ 


£m 

Or 

%. 

1969 

1.6 

1.9 

2.9 

1970 

2.1 

3.1 

35 

1971 

3.8 

5.7 

62 

1972 

3.9 

5JI 

6.4 

1973 

4.1 

6J. 

SA 

1974 

6 J 

9.2 

6.6 

1975 

93 

12.6 

7.6 

1976 

9.4 

12A 

6.7 

1977 

11.7 

1S.8 

7 2 


* Includes salts of bearing housings. 

5iMr<-e- t‘K Butt ‘UKt tftitler Bcuru hi iWuuufur lurtrn -iMoWonrw. 


hopes that such a conference dlalll2Ue SIar1ed . lhcre ls uo to stem [oisr* it niu?t , j( 

. would lead to the complete de- rea5<iri why the Greek Cvpriots rationalise UK production 31 1 0 

. militarisation of the island, should accept the Turkish ,ht ' l ‘ nsl of -* w > WKi at Mr jjj 

leaving only a small police force Cypriot proposals. They should. Wolverhampton and ln«J at n[ 

, to keep the peace following the however, test the Turkish side'* Hednesford. kag the 

s withdrawal nf the Turkish Army insistence that it? onsirion is Th ® malaisie is n..t confined ' hoIlol . 


the market but denies that if help and expertise; In the past 
has a general policy ef aggros-- the' Coraecott countries amid be 
rive price-cutting. It points out counted upon' to absorb most of 
that : its. sales of bearings their own output in maaufac- 
Increased by 12.5 per cent from - tnred pnktacts. jBCdwever, "some 
Kt^.57bn tn Kr6J265bn last year bearings made in iE^stern 
at a. time when the market. ex- Europe butivith Japanese trade 
handed by only 2 per cent SKF marks have already appeared in 
insists that the growth in turn- the West and disturbed prices 
over reflected price increases, in France in particular, 
not market sbare improve- Some West Europeans looked 
septs. . with dismay on the deal between 

.NSK and the Poles which in- 

• -TTip rhallpnop yoked helping to set up 
. X lie L UdUvU^C . a bearing .plant which is to be 

for by some of the bearings 
, . OI ovr.CuCll . .. it produces nt fixed prices fa* 
There is no doubt that after uears^ • 
losing market share in the earlv - However., there Is ■ still a 
1970s SKF has become much : scron*. suspieiqu that rite 
more aggressive in the market. Eastern, bloc bearings will not 
In particular it has fought back snatch ap. to' .the - quality 
in the UK and France, two required and that, if necessary, 
eountries which have, particu- I* would be much feasier to 
"Tarly strong local manufactprers Prere “dumping" charges 


trounds that the mure people in- rf the deadlock can be broken. 


; Support for 
^ electronics 


lory for Yl.Tbn it wa, able tn 
*.itt the loss tn YiMMin. During 
the past two and a half years 
NTN ha? sold land and wuri- 
lie? worth Yfi.obn anti reported 


Japan's ‘spy’ 
networks 


licly quoted concern and the tngs with considerable suecessf-tiohs has be^ii-oiaTtged r^reb^y demarKi for bearings, certainly 
only whoily-Britlsh business in capturing more than 70' per ; a fto r a year?or so wJten -fte sub^UPt' ^ on the scale which would 

the industrj'. Elsewhere there cent of the UK market in sorae^ sidiary seemed to be ; t|slng low-absorb most of the spare 

is FAG (Kugelfischer Georg small sizes. This means that prices as tpe mainingredieptincaparity in Europe. 

Schafer, to give it ils full name), local producers have lost . a its marketing policy^-. *.. ;■ But the industry has a major 

SNR iSociete Nouvelle de valuable slice of the “.bread AU . .the -aUegqtlmis' and consolation. There is no sign 

Roulcments). of France which and butter" prodiictidn which counter-claims within. - :the that the bearing is about to be 

is a Renault subsidiary and carries the major proportion of industry have tended^ ohseure replaced by some new predict 
therefore government -con- their overheads. ' the real isau^ Th^fs'^liiS"ere i 9^"'^fffl^- : 'ther^ore ^ 

trolled. Timken of France and The Europeans also claim is ton much capacity chasire tab no pressing ne«l for i^ge. 

IV A flmlnstripwprk Schaeffler > that Jafianp<ip oPnpt ration nn ti»i-l« hntlnut' a* invadmont rft TiAitf tnoVinnlnrrif 


losses of Y3.2bn. So a balance He -nvw that European *N- A , find ustriewerk Schaeffler! that Japanese penetration ' on Httte business.' At the same jirite investment ih ne,w technology! 
sheet drawn up in the UK machinery makers arc becoming of Germany. such, a scale was- achieved by the -industry is seflling "mature?’ or production system s. That, at 


form would have shown losses mcrpasincly concerned ahuut Whether or not the Japanese pricing bearings between 20 products which hmte little ppten- least, offers- some staid! fty fa t 
of Yft.Thn t£23m). ihe innuirls the Japane-e have are aiming at world dominatlun. and 40 per ckeU below those of tial /for: further technical the long -tgrqr- And most nf 


H.iR SOME time the Govern- mainly in the U.S.. or from main business of making bear- pliers 
— ment has been on the point of multi-national groups, such a? 

Z committing even larger sums to ITT and Philips, which have — ■ — ■ ' ■ 

s supporting the UK micro- established manufacturing and 

I electronics industry, and it has research facilities here. BJBS PDH Aft ftinh M M 

S been looking tu the Neddy The St VP accordingly out- = : t £| BUf ra S ilfT 

_ sector working party to provide lines a five-point strateev- aimed MM 8|g 

a considered tramework of af strengthening and tiroaden- 

S? 1 !! 5 and mcthods on ina the industrj's competitive- Weak bonds Of 

f'»r UK user industries and. in brotherhood 
jeport. published at the end nf t h e process, protect 11auon.1l 

last week, identifier the an*as security in area, uhcre access How is mir Labour Party goms 


uf » h. * fin tL-.ini). ihe inroads the Japsnc-e have arc aiming at world riominntmn. and 40 per ckeU belcrw those of tial .-far: further techoi^al the long -tenp- .. - And most »f' 

Ii seem? that most Japanese been making in the hearing? it is a fact that the Japanese local suppliers- • r ■ * - development. ' them ^ '-'-Tat -build tag tip 

producers have bei-n celling i»IT sect«»r. Manufacturers often Bearing Industry Association Dumping allegations led last Sn the cnmp&nies have to com, activities outside the bearings 

assets in cover !n.»e- on their work closely with their sup- operates a manufacturing cartel, year to a 15 per cent anti- pete mainly in four areas; sector in areas where profits are 

main business of making bear- pliers when planning new approved by MIT1. whereby the dumninR duty being imposed quality. . delivery, technical less difficult to come by. 


where it believes efforts to 


THE 

WHITE 

HOUSE 


to local technology is vital. treat with its brother parties 


5irh n °r.i«, 1 ! L ,V. d ' 1 " US Fir«l. the Government should '» Western hi trope'.' Not very 
shouW K ' nruvide Funds, preferablv ;n thc smunihly. if the results of tin- 

" F d K U ^ C *!?-» 0n,e ° f l f' e '■ orn ' of 5 ranti - ro belP Promote cunterence uf the Oinfedcran«.n 

JN n H J di ; f i f fn P : n l , -. ,ay lj,? a stronger techn-dogtcal base, "f ,hK SncialiM Parlies of the 

^ n«St - a p,. A in,h , 3 ' ,,s I pm ' Second, more “front money” L- EEC are a yardstick. The two- 

J n ambmous and on needed for the launch mu of new da - v conference touk place m 


rr '-lO ') 

i- /: " , & 


t 


fhrs nature. In any case, one , . . - 

y f ; option — 1 he creation nf a new ™ \ h , L ; lp i 

!„? sreen-ficld venrure—ppears tu ", !' * needed 0 rntpruve the ' 

on have been pre-empted by the s , Uppl - v . of >kl,l, ‘ rl ^wrrentr. ?; 

•s decision uf the National Enter- ( engmet-rs. and lech- 


on mcvi 1 I'K-rmpiuo iiy me 

•s clecisiun uf the National Enier- 
”0- prise Board (and. in effoi.t. ihe 
rei government t to hack a si-heme 


country. nave agreeu »un wnai tan tnowz*-'- 

Third. Government help Mikardu was over heard tu say. insisted «n l 

will he needed to improve the was i° r virtue' and \ ( j rieeve 

supply or Skilled elect ronu-s ayainst sin. but all the rest is f \ /.A ff Igpi! * prudent, se. 

designers, engine-re. ami lech- Euroaobhledyguok.” [/] Jri » W > nvn slafr rt ’ ? ; 

nicians. Fourth, u-er Industrie- The in nfcrencc was reiir id ed ' nmre steel 

huu Id he encouraged to develop In members nf th>* Socialist “MVil like to ml labor ;«u- wllh predecessor. 


mous pressure: “They taJk about ing over publications," said a 
a 35-lmur week. I seem to have Trust House Forte spokesman, 
•been putting in a 35- hour day." *’ Basically we look for enter- 
But n«»w on July 1 his .jobs as prises that have potential for 
chief executive and deputy expansion.” . 
chairman uf Shell UK arc to be At any rate, no Immediate 
taken over by John Ratsman. political turnabout, seems in 
A managing director 0 f Shell store. I learn Time and Tide’s 
I f«*r the past year. Raisman has next issue will carry a compre- 
• worked for Shell in Brazil, henslve interview with Aims 
Central America, Holland, Tur- foj- Freedom and Enterprise 
key and Japan. director. Michael Ivens, a cru- 

Raiirinan claims that since sader for action against 
b Sbpll I* a fully integrated •• corporator unlonocracy.’’ 
f company it should have an edge ^ 
over Us cumpclitnrs. BP and . . . 

Ess«>. I preyed him to .spell out (Jnu@r COVCf 
what changes he plans, but he 0ur correspondent m Brazil was 
mststedun keeping his cards up s]i o htly surpr |^ d last week to 
his sieere 'Vhtch may he p nd that cvt?n tw0 hours after 
1 prudent, seeing that even his u:„hh r.,« o=m„ »i„. 


IAL recruitment services 

A ‘ 



• 

LU 

j: 





fui promised bv «inmc - British ne " markt ' 1 ' 5 h > ,ll, ‘ miroduc- Internal tonal, with Greece mie the EEC on ai-r<is|i;ivi- hut 
if? electronics engineers whu want ti,,n of a micro proeessor appli- l,f ^‘ w European «'■><* worried ah„ut a jet 

tn return from thc US cation assistance scheme, enu nines not represented. Jim mountain.” 


a ? 

an 

ac Established 

1 hi 


Kinallv. efforts should lie Callaghan had been due l«» 
directed toward, e,iablishmg attend, but as it was the Labour 
some UK-owned volume prod uc- l*arly General Sec ret aiy. Run 


1 M ’ .7 . evpn n, j one World Cup game ended the 

Ui / own s taff describe hnna-s-mueh hnancia1 newS p a p er where she 

^ m ‘"T steely-eyed than hts has her ufiicc H was plimsed m 

"tte d like to c-ul labor an- with predecessor. darkness instead of being its 

tl»e EEL on ai-r<i‘.|i;ivi- hut - usual scene of high finance in 

wc'rc worried ahuut a jet the making. But even more sur- 

mountain.” SsiTlB tide prised was thc Central Bank 

with the results of Wednesday's 

..... .. . Time and Tide has found a devaluation of the crufciero. This 

..I.. . ‘ V 111,1 . he p Canute to turn back the waves was announced in the midst of 


w-ide range of other indu-tric* line GEG hav been actively red arrow, an a white bark- n • 1 

. || which require or may huun apply investigating— or by establish- ground pointing tup right OflSli PICKS StC 6 l 

Pe , high-technology electronics. Thc ing a new company— the course instead of. a, many delegate* Since thc nia,i-vc dc- m .r»pr ” 

vd fear in Britain, as in other apparently chosen by the NEB wauled, m the left. The qm-v ^ iiic Shc!i-.Mev and t 

me European countries, i., that Uon »f whether MPs, will be m-irkf-tin" ■.r’-nn'i 

mi without access in indigenou!- ^ allowed iu accept dual mandate.- ehe'l I'k" h-ic h .1 

ft? design and production, the The key to this anibiliuus i.s being left to national parties. ' ‘ .. s - l - , - , n .,lujgmy it 

,[ s established makers of e iec- strategy obviously lies tn the Originally the mu-niion ol ihe "m n-iri'w -r • ' "' l,h 

ln _ ironies equipment and systems encouragement >»f user applies- conference had been to prepare " ia ( i^ ' 1 p ‘”rolcum. 

could be overwhelmed by the Gun? and a greater supply <»I a joint manifesto for the Euro- !! ,1J Pelro 'vu"i, It has 


Chall niobr. a j Investors Review to his hotel trading took place in ignorance 

PICKS SIC6I and catering empire. of the devaluation. 

Since thc ma,-:ve «le-nicr°er " Time and Tide's foundress. The result, a Bank Rate 
»*r ihe Shcil-.Me.v and BF joint Lady Rhondda, made the maga- Tribunal in reverse as thousands 

marketing urgani.-ation m ]97B an international arbiter in of deals were cancelled. So let 

Shell UK has been <lu -in" it polities and the arts. The late >*» hope the Bapk of England 

i.dl m :he market o'a -''ith its Brittain, owner and should not try any such tricks 

..id parlner«. British editor from I8H2. shifted the d urine such gripping events as. 

an J petroleum, " U has coverage mainly to business, hut ■‘■ay. Wimbledon this week. 

JJs large vertically integrated skilled manpower. Fur without pean elect hum due in 1979. but be “" J l '' u ® h lwu ^ a-h^f aineriwa^' mnreStttn e wfth ^ , . 

■p: electronic equipment cumpanies a large and expanding home this idea was ■shelved until' .he «■« Club "than Uie TOO late HOW 

Ik of the U.S. and Japan. equipment market and adequate meeting ki for next January, -"j '' *"-■ ‘ rams on mtf1d|p nf , hc road A Hertfordshire doctor tells me 

j;*: Until now. the UK-owned J'hp’WS'n; . 1 I' 0 '! c,v f un l " ln P r,v afo European social Mi ' vp * 3 ' 1 - ma r.:vimg set- u r jftaln pulled Time and me that he recently told an 

d ,. micro -electronics companies. , ® p ri .,"■ ^^'i ^cre cumplaining tha. they had p : ... . Tide through several crises, but S4-year-oId farmer that he realiy 

& GEC.Ples.ey and Ferranti, have tL T^J n . L '.h! ml JS h V". d,,wn ' , lht ' ir she- i"ro '' ™ lhv Fo : so d nut shortly before his ought tn stop smoking. -Over 

■« tended to concentrate — largely J^me pro^ere^i'n" foe & ^t.reXd ^ death , a, t year to a young bu?i- 30 a day for 65 years can’t 

;e as the result of market forces production of standard multi- British. As for ih« manifo-’in liven .pe'raring’ ^ John m to hreS I"? d » n « you W Sond.” the 

— on the production uf special application device's the ruilv it se-m, thar me Prinm 1 ii.r„r tirce-iiKir.m m . 1 n " ' onn Lacey. Hk pfforts to breathe doctor said. You re probably 

no circuits designed for specific sensible course for a country Parly i s planning it? mvn. president ‘ .,r the V^ nl .! d ,® r at ,,“ ^^"wlSe' ' *’ hoierer 11 * short' u ght *’ C f me ^ r ® p,y ' If .. rd 

7h industries or customers, while of Britain's size in an rodu.-try Kurop.-an socialists are mm,. ..r British Indu-i- w l a hfi«erer. short known I was going to live 

m ctandard multi -application so international in .haracrer to,, happy mor thr> <.r ..ver months ‘ " l ,<z. rh.rtn manning m SO lon , 8 ld , h “ ve taken better 

’P' devices have been imported would be parlicipauon 111 a many British socialists* s.**pti- Gn>enb.jr<»i->h mm . K 1,1 J* r p 1 ® ^ w _ care of m '*' se,f - 

S fr ™ a* p ™ duccrs - vcnrare - — *'”‘1 *s. n:S tan-.vrr ISS » 3 JS pX on ^ Observer] 


Throughout the world and particularly Irt the Gulf Area df 
the Middle Eari, there* h^s been a rapid increase In 
industriaUsatiqn in developing countries. This has created 
a tremendous demand for a wide range ef technical, pro- 
fessional and administrative staff tb satisfy the manning 
requirements Of companies engaged on major contracts 
and development prog ratrimes. . 

in order to meet thi$. demand for iqfcour |£L ^Ire^dy well 
established as a world leader in the provision of aviation- 
and communications services throughout the region, 
offers a total recruitment package to companies wishing 
to find personnel for overseas contracts. 

At its Heston headquarters IAL has dil the technical and 
managerial skills necessary to handle complete recruit- 
ment programmes for all grades and types of staff. If 
covers all stages from initial client briefing; preparation of 
job and .candidate specifications and establishment ief 
salary and benefit levels, through reemttroent advertising, 
m close association with ohs of the largest UK ageftcles; 
response analysis; interviewing and §electk>n; medlcdl 
screening in the company's own inhouse medical support 
unit; to travel and documentation. The company also 
operates its own technical training college. 

IAL has grown rapidly and its client list includes major 
companies in the aviation, telecommunications, oil, petro- 
chemical, construction and medical industries. With over 
30 years’ experience in providing recruitment and per- 
sonnel management services to gevefnrnents, public 
administration and international industries, lAL enjoys a 
worldwide reputation for providing a truly unique man- 
ning capability. 

For full detairs writs of phone for a copy of the. IAL 
recruitment services brochure toC-Gqle, at-lAL, Ae radio 
House, Hayes Road, Southall, fillddlesex. Telephone: 
01-574 4S3G. 


IAL 


Vui 

Sfe -• 


S 1 

S * 

P f 


pi 

M i* ; 


hi - 


il 

I F c--'v'i ; 


r' Vi- 




&tr^\ ^Lh 












; r Tinauclial Times Monday June 26 197S 


11 




' - ./V 

- ‘ fc. J 




k% 




■■ L.-J 

r- 


' ■"* -; 




SURVEY 


Monday June 26 1978 








By James Buxton 


•j‘ h£ UNITED Arab Emirates 
has a reputation for .proving its 
critics wrong: Few people ex- 
perienced iu the -region expected 
that ■when 1 . Britain withdrew 
from theUulf -at the end of 1971 
theS seven sheikhdoms lying 
between Qatar and Oman would 
decide' to -form one federation, 
and even when the decision had 
been r made there were many 
sceptics who said it could not 
hold, together for. more than a 
few months^ 

Vet six and a-half years later 
the^tJAE is a inspected entity 
on' the Arab and world stage, 
partly, because it is a major oil 
producer and partly because of 
its' .generous aid disbursements 
in’ the rest of the under- 
developed world. Its federal 
system ’ of government has 
graduaUy acquired a larger role, 
and there is a growing degree 
of economic inter-dependence. 
To -an increasing extent the 
people of the federation see 
thepiseives as UAE citizens 
rather - than as nationals of 
individual Emirates. 

That is.- saying quite a lot 
when one considers the back- 
ground' against which the UAE 
was • established. British in- 
fluence in the Gulf brought 
stability but accompanied as it 
was by a policy of largely avoid- 
ing interference in the internal 
affairs of the sheikhdoms, pre 
vented ..political evolution and 
virtually fossilised the status of 
different sheikhdoms as separate 
and permanent entities. Nor 
was ..there any development 
assistance .to speak- of,, with the 
resulOhaf the UAE began its 
existence with a. pitiful number 
of trained and educated people. 
But despite • this, and Die 
different :. economic strengths 


of the Emirates, the Rulers 
were all determined in varying 
degrees, to maintain -the identity 
of their individual States within 
the federation. "" •- 

The enormous otl. wealth of 
Abu Dhabi, and the rather 
smaller oil revenue and trading 
income of Dubai, hare helped 
the federation overcome some 
of the basic economic problems 
it faced (there was. lor 
example, no road between Abu 
Dhabi and Dubai at the out- 
set >. These •two economic 
powers have stimulated the 
economies of the other Emirates, 
while Abu Dhabi has directly 
benefited them through its large 
contributions to the federal 
budget and through acts of 
direct generosity by Sheikh 
Zaid bin Sultan al Naihayyan. 
the President of the UAE and 
Euler of Abu Dhabi. Through 
the UAE Currency Board Abu 
Dhabi provides much of the 
foreign exchange for the UAE. 
and the federation is gradually 
becoming one market 


Emirates 

The United Arab Emirates is emerging from a recession. The slower 
pace of development is giving it a chance to review what has been 
achieved so far, but this has served to emphasise the difference 

between the Emirates. 


Mixed 


But oil revenue can only he 
called a mixed blessing, as other 
oil revenue surplus’ stales arc 
aware. .Money in the bank does 
not turn a nomad into a tech- 
nocrat, nor a tribal elder into a 
competent civil servant, and the 
sudden quadrupling of the oil 
price -in 1973-74 has only, accen- 
tuated these problems. Immi- 
grants have poured into the 
UAE from the Arab world and 
tli a subcontinent, outnumberlns 
the indigenous population by 
about four to one. v=. 

The sudden wealth, p£ the 
UAE and of -thg . ragsiop - m 


general has enabled the 
different Emirates to pursue 
their own development pr*** 
grammes with their own money, 
or with borrowed money or 
grants from inside nr outside 
the federation, and this has led 
to the much, publicised duplica- 
tion of facilities, especially 
ports and airports, in the UAE. 
It has put individual rulers at 
risk to the blandishments of un- 
scrupulous advisers, and made 
possible wasteful competition 
between individual Emirates. 

The fact that Abu Dhabi's 
financial power has become so 
great has not always made it 
popular with the other Emirates 
— no one really likes receiving 
charity — and Abu Dhabi has 
been blamed in the other 
Emirates for the precipitate im- 
position last year of credit con- 
trols by the UAE Currency 
Board which set off a recession. 
That recession has made other 
Emirates if anything more 
anxious to. insulate themselves 
as far as possible from 
economic dependence on Abu 
Dhabi — in most cases, with little 
hope of success. 

Abu Dhabi lias become 
frustrated at the limits to its 
power to influence the other 
Emirates, despite its financial 
sirensth. The murder last vear 
of Mr. Seif Ghobash. the Mini 



Sheikh Zaid uf Abu 
Dhabi, President of the 
DAE. 

sicr of State for Foreign 
Affairs, by a Palestinian 
terrorist, brought home to it 
the vulnerability of the UAE to 
the imported politics of immi- 
grants. and made it more con- 
cerned about the course of 
development in the federation 
in general. But there is a major 
difference of approach over 
these issues between Abu Dhabi 
and Dubai and this fact, 
together with the traditional 


SJieifc/t Rashid of Dubai, 
Vice-President of the 
CAE. 

rivalry between two ruling 
families, lies at the root of the 
present crisis in relations 
between them — probably the 
most serious political crisis the 
UAE has been through. 

Whereas Dubai has developed 
as a business and trading centre 
using the skills of local anil 
immigrant merchant families, 
Abu Dhabi started development, 
based on its oil revenue, later 
and from a much lower base. It 


has relied heavily in govern- 
ment on expatriate advisers and 
civil servants, particularly from 
the Arab world, and. almost 
without knowing it. let the 
federal government, based in 
Abu Dhabi, grow up on lines 
similar lo the Abu Dhabi 
Government. 

The fprieral Imrcacracy 
is an enormous institution 
which with the Abu Dhabi 
Government together numbers 
about 40.000 people. at 
j ea >t 25.000 of them expat- 
riates. It breeds a plethora of 
committees, study groups and 
reports, hut produces re’aiivety 
little action. The rale of im- 
plementation of the federal 
budget has risen only slowly, 
and its actual spending is si ill 
dwarfed by the spending of Abu 
Dh?bi and Dubai. 

While Abu Dhabi has been 
having doubts. Dubai has mm- 
iii i tied itself firmly to a policy 
of industrialisation. Having 
prevented immigrants from 
becoming a sorinu- ornhlem in 
ihe past Shiekh Rashid bin 
Sneed al Maktnnm is less con- 
cerned about this issue. Dubai 
finds Abu Dhabi's concern ahout 
immigration -somewhat irksome 
— particularly the federal deci- 
sion taken late last year to end 
the issue of transit visas in the 
UAE. which has stopped rasual 
business visits to the UAE and 


hampered Dubai's trade in par- 
ticular. Sheikh Rashid feels, 
wirh some justification that 
Dubai can provide what the 
federal government offers more 
cheaply 3nd better. While sup- 
porting the basic concept of 
the federation he is alarmed at 
what he sees as the loss of day- 
to-day control over its affairs by 
UAE* nationals. 

The dispute between the two 
Emirates which brought these 
underlying problems to a head 
broke out in February and has 
been rumbling ever since, but 
only recently has Sheikh Rashid 
spoken publicly about it, appar- 
ently out of frustration at lack 
of progress towards settling it. 
It began with a move by Sheikh 
Zaid which almost every 
observer of the UAE scene feels 
was somewhat tactless: he 
appointed ins second sun. 
Sheikh Sultan, to the post of 
commander in chief of the 
armed forces as a part of a plan 
to implement the unification of 
the different defence forces 
which had been agreed upon in 
the past but only partially 
implemented. 


CONTENTS 

The economy 

n 

Oil 

ui 

Aid 

UK 

Gas 

IV 

Industry' 

VI 

Infrastructure 

VII 

Ports/airports 

VIII 

Abu Dhabi 

X 

Dubai 

XI 

Sharjah 

XII 

Ras al Khaimah 

XIV 

Northern Emirates 

XV 

Bankiug 

XVI 

Borrowing 

XVIII 

Expatriates 

XVIII 

Merchants 

XIX 

Labour 

XX 

Trade 

XXI 

Social Welfare 

XXII 

Education 

XXII 

Dousing 

XXIII 

Construction 

XXIV 



Impatience 


This step, which may have 
indicated Sheikh Zaid's 
impatience with what he regards 
as slow progress towards 
greater federal unity, upset the 
hierarchical relationship among 
the ruling families in the UAE 
and appeared to pre-empt the 
conclusion of discussions on the 
armed forces which were 
already in progress. 

lo make matters w«r«e. the 
appoinimeni was announced 
while Sheikh Zaid was uut of 

CONTINUED ON NEXT PAGE 


the country, leaving Sheikh 
Rashid acting-President — yet 
Sheikh Rashid says that he was 
nut consulted. He also says tii3r 
the procedure used in making 
the appointment breached pro- 
visions uf the UAE constitution 
Since February the armed 
forces of Dubai and Ras al 
Khaimah. still nominally part of 
the federal armed forces, have 
refused to accept orders from 
ihe federal commander, and 
Dubai has independently 
ordered a number of British 
Scorpion light tanks. fur us 
forces. 

Most alarming of all it has 
also privately made dear t-hat 
:t is seriously contemplating 
leaving the federation land 
would in that event probably be 
joined by Ras al Khaimah and 
Umm al Qaiwan). 

This has aroused regional and 
international concern, because a 
break-up of the federation could 
lead to intervention by other 
states in the region, which 
would ho a >ou rev of instability, 
and might even threaten the 
continuation of monarchical 
rule in the Gulf. For this reason 
both Iran and Saudi Arabia 
which bad reservations ahout 
the creation nf the UAE when 
it was set up in 1971, have been 
emphasising ihe dangers oT the 
continuation of the dispute in 
both Sheikh Zaid and Sheikh 
Rashid, while Britain, which has 



JUjU • I u t/l . Ill A . MM* ■ * 

STAIN HAS BEEN 
BEAST SINCE " 





Airports 

Bridges 

Complete Industrial Processing Plant 
(Ammonia, Cement Desalination, 

Gas Treatment Lube Oil and 
Natural Gas Liquids; 

Gas Compressor Stations; 

Oil & Gas Production Facilities.} 
Container Handling Facilities 
Defence Projects 
Dredging 
Diydocks 

Educational Buildings 
Fuelling Depots 

Government & Commercial Buildings 

Harbours 

Hospitals 

Housing 

Land Reclamation 
Marine Defences 
Piling 

Pipelines (Land & Submarine) 

Power Stations 

Radio & Broadcasting Station 

Railways 

Roads 

Site Investigations (Onshore & Offshore) 

Sports Complex & Stadium 

Steel Rolling Mill 

Townships 

Tunnels 

WaterSuppIy, Sewerage and 
Drainage Schemes 


<$># 


_ __ __ CMIMf 
■to A 'l M ll t ■UTOWTOML 



COSTUN INTTRNWTONAUJD, 
111 Westminster Bridge Road, 
London SE17UE. 

Tel: 01-928 4977 
Teletc 8BU804 C03DON G 


j^ n^ h'«Doha>D^.Hod&dah.Jedtfah»iflKat»'Kgan 










IF you could see our whole 
organisation, you’d understand 
can be so helpful to 



The Banlc of Credit and Commerce Group has 156 offices in 32 countries, 45 of them are 
in Britain and no fewer than 29 in the United Arab Emirates. All your banking business 
can be processed at branch level, no matter how complex it may be, or how wide the 
international ramifications. And you will find that besides our knowledge and experience 
■ofconui'iervial banking, we have an extra commitment to personal service. Our on-line, 
real time computer system is an adjunct to .this, not a substitute for it, it puts our whole 
worldwide network instantly at your >ervice. 

Contact us at our Middle East Regional Office: P.O. Box No. 2622, Abu Dhabi, U.A.E. 
Telephone: 21601). Telex: 2290 BCCI AH, or at the address below. 



Bank of Credit and Commerce 

■InTERNADONAL^o^S??^ 


UN OFFICE’ 1P1 Lt.ADE.NHAU. ST P LET, 
TELEPHONE: ««i TELEX: Sia50tt 


Bandadcsh. Cayman Island*. Djibouti. Egypt France. Gabon. Germany < West). Ghana, 
Hong Kong. India. Indonesia. Iran. Ivory CoasL Japan. Jordan. Kenya. Korea 1 South k 
Lebanon. Luxembourg. Mauritius, Morocco. Nigeria. Oman. Pakistan. Seychelles, 
Sudan. Switzerland, United Arab Firiirimw, United Kingdom, Venezuela. Yemen (North), 


J1 otS 


mm »yp e? compahsss 


Post Box No. 59 Dubai (UAE) - Tel. No. 221241/42/43 
Telex 5444 ALMULA DB 


INCLUDES 

tkmmn and osaid almilla 

Real Estate and Shares 

MAMAS SAEiO AIMSUA & SCHS LTD. 

Holdiris Company - 
OF 


ALMULLA CONSTRUCTION CO. 


ALMULLA ENTERPRISES LTD. 


Road and Building Contractors and 
Civil Work of aj I kinds. Operating in 
U.A.E. since 1956. Builders of many 
prestigious buildings in DUBAI. Also 
operating in MUSCAT and YEMEN 
ARAB "REPUBLIC. Addresses- of 
foreign offices: 


P.O. Box 59 Dubai 
Telex 5444 ALMULA DB 
Owners of Dubai Sheraton Hotel 
which has been built by Almulla Con- 
struction Co. and was commissioned 
on 20.4.78. • 

ALMULLA TRADING 


MUSCAT 

P.O. "Box 811 (Muscat) 

Tel. No. HQ0S03 

Telex: 3205 BINAMEIR MB 

YEMEN ARAB REPUBLIC 
P.O. Box 931 Sanaa 
Tel. Nn So 10 
Telex 2399 ALMULA YE 


CORPORATION 


P.O. Box sir Dubai 
Telex 6259 BAGARA DB 
Tel. No. 471132-4 and 471472 
Established in the year 1975. Dealers 
in Building Materials of all kinds. 
Furniture and Carpets. Showroom and 
office in Dubai. 

ALMULLA JEWELLERY 


ALMULLA MECHANICAL & 


TRANSPORT SERVICES 


Fully nwned subsidiary of Alniulla 
Construction Cn. Provides Road and 
Building Machinery to the Parent 
Company. 


P.O. Box 5 ill Dubai 
Telex 5877 JWELRY DB 
Tel. No. 225970 

Established in the year 19 « 4. Dealers 
in Gold, Watches and Jewellery of all 
kinds. Showrooms in Dubai and 
Abudbabi. 


ARABUILD (PRIVATE) LTD. 


P.O. Box 1736 Dubai 
Telex (5628 ARRILD DB 
Tel. No. 225271-2 

Subsidiary erf Almulla Construction 
Co. Fumied in 1975 in partnership 
\u'h Br i Jersey ) Ltd. of the United 
Kingdom. Operating in the U.A.E. as 
Building Contractors. 


■ Financial 'Times : Monday' June : 26 .1978 

UNITED ARAB EMIRATES II ^ ^ 




THE ECONOMY 





THE UNITED Arab Emirates is boom. ; Stocks that had been gratuitous Dh Ibn or 50 Ther^ls Uttra 


auietlv emer«ine from a oeriod trapped offshore by port con- the economy -just to restore completion m lastu rnere.is 

of recssion nAicb has given it a gestion causing shortages and something like last ' year’s lit^ mdicatioiv at this stage Of 

chance to take stock' of what speculation suddenly arrived to growth rate.' a federal budget indusiry beinS c ■ ^ 

has been achieved so far. The overhang the market. causing of Dh 10-5bn has been agreed JeWl All on a scale to justify. 

difficulties of the past year have many bankruptcies, and the and it appears likely that a the cost and size of the port, lot use in -the. gas. plant . there, 

emphasised the interdepen- cash crisis brought property higher proportion of the alloca- hut . there . 

dence of the seven Emirates but development to a standstill in ton will be spent than- last advantages in 

have-yet to lead to a much some areas, especially Sharjah, year. Abu Dhabi -itself is not its successful trading reputation Of ats,|^viese-rnh n>uu 

greater degree of integration, .where a speculative boom ended' cutting - expenditure for this .and its efficiency as a base for dry on 

The recession was: the inevjt- almost literally overnight. year — in fact it is likely to'-' industry. - tnc eastcoastof tm.UAEvJlppCj 

Je. The er«H t V. s aceom- budget t» ,*pe*d . more 'thtra .M* >* 

result of the frantic growth of pariied bv the customary delays Dh Sbn this year, more than bit hy the recessi . • - -ft - .^gntill- 

the years 1975 and 1976. Dial in agreeing the federal budget, ever before. It has said that ™!ce centrp for the *^5/ 'i rVr iL-if.r.rii jLir'hi 1 . J. r_~ -Vi. 

growth ' was fuelled b 1 - two which has regularly brought an if will not embark on any new CTeaPe - a -seno c > e bnit ' 

sh into the projects in 1979 and will, start UAE and the rest of the Gulf* Etoirath^O'fi^ a nrore mUral 


things: first; larse scale Govern- in jectiun of cash mm me ^ ■ - • *■ T i- y — 

mem ..pending, the talk of i. by economy ebon, .he middle of the only ... small number _ in . fc S 


the Government of Abii Dhabi— year. Abu Dhabi had grown in- succeeding two years so as fa a financial cen } re \ U ^i f ^ us ^'\ 

‘lopment spending at and company heaaq.uartere.-t-To_ pp^tls. j .:ltt«iU>u Dhabi.--- where 


both in the Emirate itself and creasing!? reluctant to foot the peg development spending .. — — i-— - ------ t, ,v“Z- -STST 1 ' “ 

through the federal budget, to entire bill for the budget when Dh 6.9bn, but this represents a limited estent sense - <rf ;.Yespoos l tfili^--. J s 



which It is bv far the biggest progress to federal unitv was a considerable increase com- been, made towards^, --t&we ■ perhaps- greater, and timtf more 
contributor. The Governments slow and while the ’other pared with last year's actual aims; the port is rtrjg*- 

of Dubai and Sharjah also Emirates insisted on pursuing in- figure of Dh 4.3bn and this tive,Jind when the deep watfir; serious 'questioning- of ffie:ror» 
helped to fuel th« 
own Emirates, partly 

their own -oil revenue, while ino pnor to contribute, Dubai has to 30 per cent higher during Mme companies hare jt.wiUd.idie 

Has al Khaimah relied on its in the past claimed that the the coming year than it was their , regional neadqaarters> m addtr.or .tiTese:thoughts , ;Tiae yet 
own revenues add made heavy federal budget was spent waste- last year. The emphasis is on Sharjah because le.- as. JtS“ ttt-anateriai^fil-.-^aaeNrwsssion. 
borrowings. fullv and inefficiently, and that completing projects in hand, - designers intended, a relatively has- , e mphasis e^. the-i facts tha t 

The boom created by heavy many of the services the • / • . • ' • inexpensive and; .- Cflnvejiisat the 

Government spending led to a federation offered were provided SflPTinin? - Pl* c ®-' The praposeo ^ stjan- interdepeiraenL^-t(r, % ..4 .-greater 

corresponding surge ip private more cheaply and efficiently ^ UCIIUU1 & - ;cUl centre seems .unlikely, '-tl^jamte.nliers xrnght 

spending. The UAE has more within Dubai by the Emirate it- .Dubai is also spending more to.:, become a. reality : put UnnK-j Apartfeoin: the role of 

than 50 different- banks, with self. Certain iy.- though the on development this year, as Mme .industry has conie.. to,; A wr» 

immense competition among federal budget has grown in size, well as sUghtiy more on rc-^ Sharjah. But the .Emirate_-s.-. funding atopst. all' the'-fedeMl 

them for business: this led. in partly because more and more current items. Total spending planners took too optimistic -a- budget, «H;!the- l Eniiratep depend 
the words of the UAE -Currency items of expenditure which for- for the year from the Emirate's view of the continuation of tp a heifer :prTesser degree ort: 
Board's November, 
leun, to “over-estimatiou 
-ize of local markets 

future rate.df expansion o .._ . _ 

demand for goods and services.” ns revenue to It. its implemen- ing on projects financed; out of established trading position.^ ' -• • * 

Fast monetary growth produced tation rate remains low. the Emirate's substantial bor- Sharjah did notj' have . Oj^CCtl ' VJ ' 

shortages and congestion m lhe j 0 1976 0 rily about Dh 2.5bn rowing. .This' year should see underpinning of' large- J 1 ' 

economy, of which the most V /as spent (about 60 per cent of the peak of spending In .Dubai venues. and jts- ‘^CPUrage; the- rwes* 

spectacular was at the pons (a the allocation! and last year, rtself and on the Jebe! Ali de- ment of relatively unfettered' siprt Jias .-m^uorcea'inamaual 

fact which appeared at the time when aereement had fi’naliv veiopments. private enterprise.' I^OL ^To - ihelr seardi for 

to justify buHding new ports j. been reached, with Duba’i Spending in Sharjah is run- very speculative- sootb 

Inflauon was estimated by the making a contribution of n ing down through shortage of getting underway,-/:, so-- “that' * 

Currency Board at 45 per cent between Dh 400m and Dh 500m money (the - Emirate’s oil re- Sharjah is now a byword la tlftu fcat Abu T)habi pulled, 

in 1975 and 40 per cent m 1976. highest to date), about venue dropped last year be- -Golf* for unfinished 'trijg Sags out .from under, ^aat 

Dh 6.7bn was spent against a cause of lower production) and excellent but very empty: 

... ... : t* Board- measures out or. a- desire 



Outrun 



in many loots' fairly ^finite. If Ab^nomic.^ polM; ,• 


ive 


But by early 1977 it was clear 

that the supply of property as a rg signs that imports 

well as of other goods and t n g j n faster again, and ... .00^ 1WJM nun? uunv. -v»u ««■««.« k-.™ v* »« ttaw th d Mjii; A n.i-rf.<ir. 

sen-ices was likely to outrun areas property which has been Dhabi continues spending;':-Dubai. Abu Dhabi ^amE.^aTidt “ ie 1 ™ ? s ”! g . 

demand bean* of tM complied s m« the rm«aion .innindihs fomiro aid) at rta^bia. w : y-fcnpdwwterb* tofe 

inevitable limit to what a rela- j S now being occupied, provided present — ,: - r — • their natural - comneiitrvenejs- 

tively small consuming popula- jt is of reasonable quality, and 0 n oil 
tion could absorb, while mere the rent, even if not lower, in- have a 

were growing doubts in some eludes som« services and main- year after, one reason- for iff- pa. on which if ~hati fet its'-hfrires ^. ne J ? P ^ ? 
quarters about increasing the tenance commitments. The announcement of rationalised ' for so Iong/.fifc so Tar beena 

population with . continued Currency Board has slightly spending. But observers cdo rair ^ 

immigration. The easing of the eased its restrictions . by see many obvious, new iniffca-f " 

boom led to the closure last May reducing the bank s reserve ratio structure projects which Abu '., — Vl , .t.itFn ,v 

of two banks within two days: (which it believes will release Dhabi could implement in the cession despite haying -aw is toojrra^.-cp- 

the Currency Board did not bail about Dh 500m into the future, and the Emirate is covered oil that flow Jat “P craUal ? 

them out and took the oppor- economy/ and or raising the becoming increasingly uncertain tbe rati of 6JQ0 barrels j>erd&; 
tianity to impose a series of lunit on dollar swap facilities, about its plans for large-scale deeming the fiid uncpHimera^.. ] jU/ 

measures which greatly airbed But the most important fac- lodustrialisation. But the Emi^t^fe ; &5^ree irniil^iSJ 

credit and liquidity in the UAE. tor is that the two richest Tn contrast Dubai isthinking stone andaggr€^e ; ^qr ® e 
Some people felt that -tiie Emirates. Abu Dhabi and rather more boldly about- its of the -'-ifeE* "-^aba. ^ 
sudden imposition of all these Dubai, are spending more future and is making.. a very p!ant;n(|V^iei&g eSpahd^iCa 
measures at. once was money. Though Abu Dliabi large investment Jn fts [ -new'.' 

too drastic, and it '-ertainly has apparently rejected sugges- industrial city at Jehel -All j n attne^ng Saudi add KuVaiti K h3Sfiv?aSrf 
had the effect of killing the aons that it should pump a where the port, still likely, to investment, and is preSfei*^ 

ahead ri^th .its*«n berth triS^o vSfigrStent 5i»lf 

Wth bei V’ S r Jr tttieulated to afoid : ihe pitf^s. 

e^orf-ofstone apd aggregak. 

f The latest ..plkn; is.t for.; rfn ok ^ ' -- .--v i™.* :■ “»s 

> ... , . . refinery^ ;*>e r ' 

f * Kuwaiiyimmey fatid presaolabWy' 0 ^_ dLparate gas resources foe 

consume Kuwaiti oil) al a- cost ijs^ueher when it is efose tt^the 
put at.at^imd £3 30m. The JU.S. j^gest gas reserves in the' Gulf 




CONTINUED FROM PREVIOUS PAGE 





strong ties with the UAE, has situation gives them the worst Rulers is one of the problems company; Kellogg is- making ..a -±jn Abu Dhabi; J«id- Ras- .St 

, it is that the UAE still has to face, feasibility stiidy of it ' Kfeimah’s oil .'refinery pTaii 




GENERAL CONTRACTORS 


' Townsliip Developments 
Hospitals — Clinics — Hotels — Theatre? 

High-rise Apartments — Commercial Buildings — Palaces ■— Mosques 
1‘oliee Complex — Defence Buildings — University Campus — Schools 
Industrial Structures — Warehouse.? — Factories — Godotms 
Stadiums — Cold Storages — Telephone Exchanges ■ 
Specialised Structures 

SHARJAH 
P.O. BOX 1596 
Tel: 357037/S /9 
23489/22735 

Telex. 8201 EASTRN SH 


ABU PHABl 
P.O. BOX 6790 
Tel: 29272 


DUBAI 
FO. BOX 5231 
Tel: 229032 
227348 


T*1-?a EASTRN AH 


Other Offices in U.A.E. 


AL-MN 

FTJEIKA 


AJM.VN 

RHciRKAKKAN 


UMM AL QnVAl.V 
DIBS A 


a No pressed both partis to heal of both worlds. However, _ . . 

the rift. significant that Dubai last year The process of attaining The; -three, smaller northern the.y'econorpj cs of /..the 

Now that the dispute has contributed between Dh 400 and greater federal unity has come Emirates are. more; dependent ^fiafery paqined by: Abir Dhabi 
become public there is more S 00 ™ to the federal budget about at least partly as a result on -fedetal c SNlera I 

chance oi' the two Rulers work- But !t « wrong to see of successive ^crises over ^ Idng'.tcay off. 

ing to settle their differences. P«lari- c ation on the issue of the different issues.- of which this generosity- of-Shelkh Zgd, than th^re sfeems no immediate 
Sheikh Zaid recenilv said pub- federation purely in latest is simply the most serious. Sharjah ;^id .Rais al Khaimah ..pVqjspeS' p£ die IJAirSupreme 
lid v that the federation' had geographical terms. Younger. Each crisis has ended with a (' though. i v 6oth the, latter . ha ve- Co tniciT'^Jimvjng.Jth^ -gd ri^ ncy 
been a success. “If it had not ‘'ducaled citizens of the UAE move towards further handed'X'd^'Soihe' --pfv&iirir; iif 

been useful we would not have almost invariably think in integration. But even the more instaUattens-'io the fedefatioiiy./- a .cent^T:--h^V 'A ^g^wiris: 
retained it” and stressed that federal lernis. and such men optimistic observers think that The federation.; has m many nqqtbeVlIpf JJAE "nAtibonate are 
unity was the r.olv way to are increasingly filling the posts this crisis is likely to be fob cases Bpift-^ka?#|chools:^e*ltii; ,-impaJiferisi:^jMEg- 'th« 
strength. But a sculemenl of aU in th<? federal Council of Minis- lowed by a pause or even a sei- centred E^fjafrah :j£ * the - - 

the outstanding issuf": mav take ters - lenri 1(1 he opposed hack in the unification process, is building a port Yet it ‘S Enurates: buftheir vdicVis pnly 

some time, partly Ik- cause of r ° the policies of separate This may not necessarily be a striking . tiwt 'the federation is slowly beliig-hfeird and they are 
their J’ompjpxijv and part/v fie'''?' 0 ?”’? 01 winch many ot the bad thing: the pace of economic less ; active.-ia-tbe north 1 than one^ ^ .well - asw^?:-liir/ , i-«yB^ilhptir 
because of the issues of per- Rulws favour, and would like development is anyway now less might expect, partly herause of obserirpj^' ^^^ 
sonal prestige at stake on both to spe 3 murr s| uwly growing hectic, and the problems the slowiriiobifiSatiori-' Sonie ‘that 'ccdpomies 'ls a 

side#. ^ VAE with n»3ny fewer imrni- UAE has to solve are major and poverty wid disease in northern." j unction of.'i>plitic». c.;-.' / , ' 

_ ..... . kranis. The blending of th<*ir difficult. They cannot be solved villages underscores these' T ' " ' ."yv , ■ . 

Despite their di-a~reements acptratjnn* with those of the in a hurry. Emirates’ disfconterif at Sheikh — ; DUXtOH 

there are strong reasons fnr i - s - ■■■■■• ■ ■ -— 



both Abu Dhabi and Dubai Stay- 
ing together. A crest deal of the 
trade handled through Duhai is 
destined for Abu Dh;«bi, one of 
tin* two hizgpsi martetn in the 
UAE. while the «?Ki*tnncfi of the 
federation preserve? Dubai and 
other Emirates from serious 
out/.irie interferon-,-' the kv»d 
that ^tgmeiiiation miqhl bring, 
and allow? Uuba; to develop it« 

eci^nomy in pcai*e .Meanwhile 

Abu Dhabi benefits ^injiderahly 
from Dubai's conimercial and 
financial expertise. 


Interplay 


The history of the UAE has 
been one of itu»*rp!ay between 
wo very different n incepts of 
hou- the fafieratjon should 
function— whei her a, a simple 
institution that handies only the 
foreign policy and dpfence of 
the region fpffe-ivc-ly taking 
nver the role of the British! of 
a more powerful organisation 
taking over more and more 
functions fmm ihe individual 
Emirates. Tnc sirvugtheninS 0? 
the federation ris.been passed 
hy all the Rulers meeting In the 
Supreme Council, but there is 
little doubt that Abu Dhabi has 
been the driving fon-e generally 
supported by Sharjah. Fujairah 
and Ajman. while Dubai, fmm 
Qaiwain and Ras 31 Khaimah 

have been m->re reluctant. 

arguing that- they would gladly 
give up power 10 an efficient 
authority but that the present 


:> 







■ y-v'br' •. - - 



P.O. Box 4. Sharjah. United Arab Emirates. Telex: 8085 

S Ar-3i&/-i«^^ ; 

\ : ;--;T978 . 


BALANCE SHEET AS 




Share Capital 

Reserve? and unappro- 
prialed profit 


1978 J977 

Dh. Dh 

is.oimm--, izoovj oo 


Cash ^rid Balances tvith, . 




-.030.642 


610.697 



Matutor?. 

Investments 


Shareholder*?’ Funds ... 

Current. Depusit and 
Ollier Accounts 


Acceptances, Confirmed 
Credits and Guaran- 
tees on behalf of 
Customers 


22.036.642 

15,610.697 

396.280,442 . 

,259.395.605 

41S.317,0S4 

275,006,302 

S3.561.006 

69.583,454 

50l.S7S.090 

344.589.756 



Customer^.'.feabyitf ; tpr -K-. 

Acceptefices, Z?f. ‘ v ■ • : -f v 
Credits; . and,- -GOVlrarv/; ^ ^ £ ■’ •; 
tees-ir^; y- .; .-.>7 . j . /; j 'vS3,ofii ,006^ : .69-t>83‘,454 - 




^ opn 

5^00^ 

ls *al f q 
? 5 eliin 


Sen? 
^ent' 


?«nsar 


%* 


5C 



%h 

\o. 


'tab? 









13 



• --fjsr 

, y.-:iaqfca.; 




: 51mes Monday Jrae- 26-4*78 


UNITED ARAB EMIRATES III 


OIL 




a balance 


r; 


THE UNITED Arab Emirates 
produces -about 6 per cent- of 
OPEC’s oiL Its 1977 average 
production, of over 2m barrels 
per day amounted to rather 
moreobait 3 per cent of world 
oil production. 

Only three of the seven 
Etairates are actually oil ex- 
porting. States, and Abu Dhabi 
is by far. the biggest with a 1977 
average production of 1.7m 
barrels per day. Dubai last year 
produced ibout 340.000 b/d and 
Sharjah about 27.000 b/d (a 21 
per. cent drop from the 1976 
figure). Two .other Emirates, 
Has al Khaimah and Umm al 
Quiwain, have lately had set- 
backs in their drive to become 
«i producers, though Umm al 
Qiiiwain is likely .to become a 
gas producer. 

-Mr, Mana Said al Oteiba. the 
Federal Minister for oil and 
Petroleum Resources, speaks for 
-th'e-UAE .at OPEC meetings and 
is careful to explain OPEC 
decisions to the other oil pro- 
ducing Emirates, Dubai and 
Sharjah. But though these 
Emirates do pass on a certain 
amount bf Information on their 
oil operations to the Federal 
Oil Ministry there is no federal 
policy, on oil. Dubai is not 
thought to have kept to the 5 
per .cent ceiling on oil prices 
which Abu Dhabi and Saudi 
Arabia maintained for six 
months after the Doha OPEC 
meeting in fate 1976, and while 
Mr. Oteiba last autumn 
announced a .16 per cent cutback 
in the. allowable oil production 
from Abu Dhabi's main produc- 
ing areas for 1978. this year is 
likely, to be a peak production 
year for Dubai. 

The cutback in Abu Dhabi’s 
production, amounting to some 

265,000 b/d, was presented as 
being necessary both for techni- 
cal reasons and as a conserva- 
tion measure, as well as being 
an attempt, 'wording to the Oil 
Minister, to reach a balance 
between supply and demand, 
fin practice liftings by U.S. 
customers have not crone up to 
expectations and Abu Dhabi 
may fall short of the production 
maxima by 50 ; 000 to tnn.000 b/d. 
according, to Mr. Oteiba,). It ' 


may therefore appear paradoxi- 
cal that at the same time Ahu 
Dhabi is pressing its conces- 
sionaires to continue and even 
step up their-exptoration an in- 
ties, and the Abu Dhabi 
National Oil . Cotnpany 
(ADNOQ is pressing ahead 
with the installation of further 
oil production capacity, includ- 
ing the 3bn development of the 
Upper Zakum offshore field. 

The paradox can probably be 
explained as a search for secu- 
rity. Abu Dhabi does not want 
to produce more oil than neces- 
sary, but it wants to know what 
its reserves actually are and it 
also want tn have the flexbility 
to meet any surge in demand. 

Until this year's drop in pro- 
duction (about id per cent, 
below the equivalent period last 
year). Abu Dhabi’s oil exports 
had been steadily, increasing 
though the increase last year, 
around 9 per cent, was small 
compared tn the increase m 
1976 over 1975 of 22 per rent. 
The larger part of the cufback 
falls on thp onshore fields 
where the concessionaire and 
operator is Abu. Dhabi Petro- 
'leum Company (shareholders 
ADNOC R(> per cent, and BP. 
Shell. CFP, Near East Develop- 
ment Corporation all with 9.5 
per cent and Partex with 2 
per cent*. There are fdur pro- 
ducing fields onshore though 
the cutback is spread- over the 
three major fields, Asab, Bu 
Hasa and Bab. 


Largest 


For Abu Dhabi Marine Areas, 
the entire cut of 80,000 b/d has 
fallen on its largest .producing 
field of Umm Shaif, whose 
associated gas is piped to The 
Abu Dhabi Gas Liquefaction 
Company’s plant on Das Island. 
Shortfalls of gas for that com- 
pany’s needs are being made up 
by tapping the cap gas. How- 
ever. work is still going ahead at 
Umm Shaif on a secondary 
recovery programme designed tn 
ra ise ca paci ty to a round 390,000 
b/d. One apparent aim. of the 
cutbacks is to give a 30-year 
production plateau .. tp Abu 
Dhabi's oil fields, giysnfhe 1978 
levels of operation. ' - V, 


The most striking of Abu 
Dhabi’s “ investments in future 
oil producing capacity ” is the 
work being done at ihe Upper 
Zakum uffshore field. This field, 
which overlies ihe present pro- 
ducing field of Zakum (200.000 
b/d at present). is probably the 
largest of Abu Dhabi's known m] 
reservoirs, though, as a low 
energy field, it has only been 
producing around 50.000 b/d 
recently. The equity shares in 
the development are -owned by 
a joint venture of ADNOC (88 
per cent) and the 'Japanese 
Overseas Development Company 
< JODCO). with 12 per cent. 
They in turn have set up an 
operating company called 
Zakum Development Company 
(ZADLO;. which is owned 50-50 
by ADNOC and CFP. CFP has 
(so far) nn equity stake in ihe 
venture and is employed on a 
contractual basis to operate ihe 
field, fur which it receives a 
contractor's fee and the right in 
buy 20 per cent of the output at 
the official price minus the 
management /ope rati ng fee. 

Estimates of the oil reserves 
in the Upper Zakum field vary 
from 4Ubn to 60bn barrels, of 
which about 10bn barrels could 
be recovered with presently 
known techniques. The massive 
water re-injectwm facilities 
being constructed under the 
development programme could 
raise the 1 evel of oulput to 
around 350.000 b/d, but no 
returns are expected for at least 
three years. If all goes well 
there is the possibility of a 
further, unquantified, five year 
Plan .to raise production capa- 
bility to 500,000 barrels a day. 

A number of the small fields 
now producing are outside the 
usual 60/40 ownership pattern 
in ADNOC’s favour and not 
subject to the OPEC guidelines 
««n operator profits. The Abu Al 
P.ukoosh Oil company, for ex- 
ample. which operates the field 
of the same, name (towards the 
sea border with Iran) has no 
ADNOC participation in its 
equity at all. The company is 
owned by CFP with 5t per cent. 
Simningdale and Amprada Hess, 
each with 12.5 per cent, while 
Nepco Eastern Exploration has 


the remaining 24.5 per cent- 
Thp al Bunduq company 
operates a field which straddles 
the dividing line between the 
territorial waters of Aba Dhabi 
anil Qatar and is equally and 
jointly owned by BP. CFP and 
Untied Petroleum Development 
Company, a grouping of mainly 
Japanese interests. Production 
fell by 7.4 per cent to 18,900 b/d 
last year because of technical 
problems and BP and CFP were 
recently said to be negotiating 
to spII their stakes to Godo 
Sekiyu of Japan. 


Stopped 


Abu Dhabi, through ADNOC, 
is taking a much more active 
part in the marketing of jts 
prude. In thp course of 1977 the 
standard buy-back system, 
whereby the minority partners 
bought and marketed a substan- 
tial proportion (40 per cent) of 
ADNOC’s entitlement, stopped. 
ADNOC increased its own mar- 
keting rapacity and managed to 
place four-fifths of its 60 per 
cent share of production. If the 
minority partners want to buy 
nwro Abu Dhabi oil than their 
entitlement, they now have to 
buy at the prevailing posted 
price. 

As yet there are no moves 
by Abu Dhabi to assume 100 
per cent control of ADPC and 
ADMA. Mr. Mana .Said al 
Otaiba has said that Abu Dhabi 
needs the technology and per- 
sonnel from the companies and 
that the take-over will only come 
when Abu Dhabi can manage 
the whole operation. Relations 
between ADNOC and its main 
partners have not always been 
easy as the state oil company 
started flexing its inusrles. But 
the two sides have got to know 
each other better and to work 
together with less mutual sus- 
picion. The creation uf local 
operating companies, capable of 
taking their nwn decisions (the 
first of which is ADMA-Opcoi. 
has helped in this process. 
ADPC will form a new locally 
incorporated operating company 
on sorapwhat the same lines. 

Dubai produces about one- 
fifth of the quantity of oil pro- 
duced hy Abu Dhabi from two 


offshore fields, the Fateh and 
the South West Fateh. Only 
one group of foreign companies 
is involved, led hy Continental 
Oil Company t Conoco) and 
operating through the Dubai 
Petroleum Company and the 
Dubai Marine Areas (DUMA). 
In 1975 the Dubai Government 
startled Abu Dhabi, then in the 
process of taking over 60 per 
cent Of ADPC and ADMA, by 
announcing the “100 per cent 
takeover" uf DPG and DUMA. 
Under the agreement the com- 
panies', installations were trans- 
ferred tn the Emirate for SllOra 
compensation, but the com- 
panies retained responsibility 
Tor exploratinn production and 
marketing on hehalf or the 
Government. They were also 
allowed to continue lifting crude 
at a price equivalent to that 
applying in other Gulf coun- 
tries. where 60 per cent par- 
ticipation agreements were in 
force, and were expected to 
continue maintaining the pro- 
duction facilities 

The Dubai offshore fields are 
worked by a consortium com- 
prising Dubai Marine Areas 
(jointly owned by CFP and 
Hispanoil) with 50 per cent, 
Dubai Petroleum Company ta 
Conoco subsidiary) with 30 per 
cent, Deutsche Texaco (10 per 
cent), Dubai Sun (5 per centl 
and Delfiee Dubai Petroleum 
(5 per cent'. 

Dubai’s estimated reserves are 
not published, though informed 
guesses have put them at about 
I85m. tonnes, with a life at 
current rates of production of 
about 15 ye ar« Production has 
risen steadily in the past 2* 
years, reaching an average of 

325.000 b/ri in the fourth quarter 
of last year and nearly 3 30,000 
b/d in the first three months 
of 1978. Capacity’ is about 

365.000 b/d. but there are indi- 
cations that this is being 
increased. 

So far Dubai has net found 
oil onshore. A new concession 
has been granted to South East- 
ern Drilling Company and Hous- 
ton Oil and Minerals to drill in 
both an offshore area of nearly 
51X1,000 acres and an onshore 
area of ihn acres. Both these 
areas were relinquished by a 


V S. group headed by Texas 
Pacific Oil after a fruitless 
search which began in 1975- 

1975 

In nearby Sharjah production 
Ik running more than 20 per 
rent below the level for the 
corresponding period of last 
year owing to production prob- 
lems on the Mubarak field. 
■Whereas total output in 1976 
was 37.000 b/d i; has recently 
been running at around 29,000 
b/d. Installed capacity is 55.000 
b/d. and the operating company 
is Crescent Petroleum company, 
whose biggest shareholder is 
Buttes Gas and Oil of the U.S. 
Sharjah takes only 35 per cent, 
of the revenue from its offshore 
field, Iran and Umm aT Quiwain 
taking the rest. 

Oil and gas shows were dis- 
covered off Umm al Quiwain in 

1976 by the U.S. company 
Zapata Exploration, and an 
agreement was reached last 
December with Dubai by which 
the Dubai Gas Company will 
develop the field at a cost of 
Dh 150m. Part of the gas will 
be piped to Umm al Quiwain 
to supply a power plant and 
other industries, but the bulk 
of it will be exported to Dubai 
for use in the Jebel Ali alu- 
minium smelter. 


The story of Ras al Khaimah's 
oil is a good illustration of 
the impact of «il nn a Gulf 
State's politics, economic ambi- 
tions and difference of 

priority that ran occur between 
the oil field operator and the 
host country. Hopes of a com- 
mercial oil strike in the early 
1970s delated Ras al Khaimah’s 
entry into the Federation. Then 
in 1976 renewed signs of the 
possibility of oil in commercial 
quantities came to tight. 

The exploration group at the 
time was led by Vitol. which 
later withdrew to be replaced 
by Deutsche Schachtbau. The 
Ras al Khaimah Government, 
probably the richest of the four 
most northern Emirates, then 
took a 50 per cent stake in the 
operation. Since 1976 a further 
two wells were drilled and the 
possible production assessed. 
One well was dry but the others 
between them tested at 8.500 
b/d of good quality crude plus 
17m cubic feet daily of gas. 
The Government let it be known 
that it had hopes of starting off- 
shore production at a rate of 
about 20,000 b/d (marginally 
below Sharjah) m 1977. rising 
to 70.000 b/d in the early 3980s. 

The present group exploring 
for oil in Ras al Khaimah's off- 


shore waters t whose exact 
delineation is disputed by 
Oman) includes Demine* 
(25 per cent). Weeks Natural 
Resources (25 per cent) Societa 
ItaJiane Resine (20 per cent). 
United and Refining, Kewane'e. 
Asamera and Superior Oil (all 
with 6 per cent each) and 
finally the operator. Deutsche 
Schachtbau. with 10 per cent. 
But in March this year the 
authoritative weekly Middle 
East Economic Survey reported 
that the participants thought 
the finds to be uneconomic, at 
least as far as further invest- 
ment of their money was con- 
cerned. and were preparing to 
pull out. 

From the standpoint of Ras 
Al Khaimah the picture looks 
very different: a tittle oil. how- 
ever expensive to recover, is 
better than none at all. As the 
Emirate has tittle money of its 
own. it has effectively two 
choices if it wants to exploit 
these finds. Either its own oil 
company will have to borrow 
commercially on the interna- 
tional money markets or it could 
borrow from Abu Dhabi, a pros- 
pect that appears unlikely at 
present. 

Doina Thomas 


AID 


The scope widens 


The United Arab Emirates has 
for the past three years handed 
out annually more than Slbn 
in aid, equal to approximately 
a fifth of Abu Dhabi’s oil 
income. While the UAE’s influ- 
ence in the industrialised world 
is based on it? position as a 
major oil producer — and one 
that has so far been prepared 
to take a moderate line on oil 
prices— the federation’s influ- 
ence in the Arab world and in 
other developing countries is 
based on its financial resources. 

There is something tediously 
repetitive about saying that 
Sheikh Zaid. President of the 
UAE and Ruler of Abu Dhabi, 
is a generous man — probably no 
article ever written about him 
has failed to use the word, 
usually more than once. But the 
fact is that the phrase is a very- 
accurate guide ro the UAE’s aid 
policy, for there is a very strong 
personal element in it which is 


directly inspired by Sheikh surplus State is fundamentally 
Zaid himself. a fragile insfitution that needs 

The UAE’s foreign aid comes more friends than one might at 
from Abu Dhabi, easily the first imagine, 
wealthiest of the Emirates, and This is a factor which is not 
while a growing proportion is a (wavs appreciated elsewhere 
channelled through the Abu in t ‘ he UAE where Sheikh 
Dhabi Fund for Arab Economic 2a id's munificence tends to be 
Development, which is now a regarded rather critically, with 
major aid-giving institution, the foreign aid disbursed set against 
bulk of the country’s aid goes the relatively small actual 
through the Finance Depart- development spending of the 
ment of Abu Dhabi, usually on federal government (a result at 
the initiative of Sheikh Zaid j eas t in part of administrative 
himself. constraints) and the fact that 

Often this can he something the President of UAE has 
of an ad hoc process, resulting recently been backing relatively 
from a long-arranged visit to few projects in the north of the 
Abu Dhabi by an African leader country on his own account, 
or a more hurried request made There are certainly pockets of 
in person, but it is said that poverty and disease in the north 
visitors to Sheikh Zaid rarely — in some of the isolated vil- 
if ever go away empty-handed lages. for example — which sug- 
— partly the result, no doubt, of gest that the statistical fact that 
Bedouin traditions of bos- the UAE has the world's highest 
pitality, and partly a shrewd income per head is pretty 
awareness that an oil revenue academic. 

CONTINUED ON NEXT PAGE 









• i i 

■ )/ 






Smt- 


fvAfGibca we share the aspirations of a na#iy shi^S to build ' 
‘ v4’Sira' modem infra-structure™ reco^tatie^By.contnbutmg. . 

Harmonising opportunity wth^prty Proyxdrnga 
badc-up of expertise and knowledge of th^J^l scene. . , 





-.-sr ? ssstg 

* .V 




<.Z"' 





u -y :* a 

V^t Sfi^aj^ah 







h ' AtAba Dhabi , — 


At Dubai’. • ■ 


U^Tlx: 2384 GIBCA AH^ 
; Tel: 44286 • • ■ . ' . ■ ? P . { j:; ” /. \\ ; ; 

Bo^lf79, Dubai. UAE,|i|#E DB 

Teh 228480 v' ; , *■ . ... • 


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LIMITED 








14 




UNION BANK OF THE MIDDLE EAST UMITED 


Balance Sheet at 31st March 1978 


Share Capital 

Authorised - ordinary 

Dh.000 

shares of Dh. 100 each 

500,000 

Issued - oroinarv shares 

of Dh . 100 each fully paid 

159,200 

Reserves 

8,100 

Profit and loss account 

470 

Shareholders” Funds 

Liabilities 

Current and deposit accounts 

167,770 

maturing under one year 

671.796 

1 

Deposit accounts maturing 

after one year 

82,192 

Accrued interest payable 

and other accounts 

11,331 | 

Proposed dividend 

11,940 

Confirmed credits, 
acceptances and guarantees 

945,029 

oil behalf of customers 

419.885 

1,364.914 


Current Assets 

Dh.000 

Cash, balances with banks, 
money at call and short notice 

304,608 

Deposits with banks 

46,334 

Loans and advances 


repayable on demand and 
under one year 

570,757 

Accrued interest receivable 
and other accounts 

7,195 


928,894 

Other Assets 


Loans and advances repayable 
after one year 

8,280 

Investment securities 

4,S03 

Premises and equipment 

3,052 


945,029 

Liabilities of customers 
for confirmed credits, 
acceptances and guarantees 

419.SS5 

i.’jS.si •v - 

it.-. . *..SS a,iprcxr.-zl?!y 

1,364,914 


Principal Activity: 

The Bank carries on the business of 
international merchant banking, together 
with full retail banking facilities to 
individuals, firms, corporations and 
government departments. In particular, 
special emphasis is given to short and 
medium term finance, promotion of import 
and export trade to and from the United 
Arab Emirates, corporate finance services, 
foreign exchange and money market 
transactions, short and medium term 
lending in local and major world currencies, 
.investment b ankin g, and private 
.placements. 


transfers to inner reserves the Bank declared 
a profit for the first year of Dh. 20,510,000 
(U .S . So ,386 ,000) . 


Shareholders: 

The major shareholders of the Bank are 
Abdul Wahab Bin Ebrahim Galadari, 
Abdulla Hassan Rostamani, and Saudi 
Arab Finance Corporation S.A. In 
addition, there are approximately 130 other 
shareholders drawn from the U. A.E . 
merchant community. 


Bank Foundation Date and Results : 
The Bank was incorporated in Dubai with, 
limited liability in March 1977 by decree 
of His Highness Shaikh Rashid Bin Saeed 
Al-Maktouxn, Ruler of Dubai. After 


Share Capital: 

The authorised capital of the Bank is 
U.A.E. Dirhams 500 million (U.S. 5129 
million) of which U .A.E . Dirhams 159.2 
million (U.S. S41 million) has been 
subscribed, issued and fully paid up. The 
Bank ’s capital is one of the largest in the 
Arab world. 


Registered Office : 

P.O. Bos 2923, Dubai, United Arab Emirates 
Telephone : 435545 Telex : 6425 UNIDUB (General) 6426 UNIFEX DB (Dealers) 

Telegrams : UNIONBANK, DUBAI 


How to build a tunnel 
under the Suez Canal, 
ahaibour in Aqaba, 
power stations in Oman 



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’Arabia and 





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TARMAC INTERNATIONAL, INTERNATIONAL HOUSE. 62-72 CHILTERN STREET LONDON W1M 2 EL 
TELEPHONE 01-486 4444. TELEX 23713. OFFICES JN OMAN, BAHRAIN, UAL, EGYPT & SAUDI ARASA. 





Financial Times Monday June 26 *97$ 

UNITED ARAB EMIRATES IV 


GAS 



THIS AUTUMN 
drilling fer 
or sear the 
off the coast 
test wells are 
to 13,000 feet 


EuffTneTfiS ?u been m ?"«•» 1,'w 


generous with its gas reserves from Umm Shaif in the first deal that is auracuve 10 

for the neighbouring States of instance and meanwhile build a potential lenders « the fact 

* as frem it» a t majority shareholder intended fOF.esjwrt^fieiSgt-gas 

• . 1 Id iatanriAil-' fn 


Qatar and B ahrain Last aotumn pipeline to bring extra gas 
the first exports of gas by Abu ^cZakunifteld. . .. 

Dhabi left its shores in the The 5585m plant was IwfltV 


. in the project is the wealthy is intended’.' .-;*). 

" State of Abu Dhabi, through its alumimunt . etndter..4nd -tho 
- -'iSfoMloU company. teaBmgoajPM 

igiaeering of Japan-. • ' _ . th<p nulTi first Ha a&tpa } . *nTOffi£- l r1)te 

in Abu Dhabi of the formation It has a number of 
of Casco, which will gather and designs features .-sqch. 

process Abu Dhabi's onshore sophisticated Bare system comment about in 9 1 T 1 Tv~ 

failures in vital : wnpenent (Qater 


official announcement was made under the nlant has 

a number of special SRkS 


The best use of gas reserves — * *“ • ■ — -----r — irj7 ! Tin -tbe ijuii. iv*“w 

is an important question in the (compressors, generators same with th 


UAE. Dubai is going ahead with 0B )- ** pr ^ abn ’: t^Oub ies of its fertiliser piapt ^ 

.. . . . r t Mtod m Ahn nhnh ami. tnini.' at thal Ceui SiaKEt 


which :has' thg. mlnoiv 


its plans to use its gas to fuel cated in Abu Dhabi and after the explosion that . 


a desalination and aluminium ported to Das Island by destroyed ji s first NGL 

plant at Jcbel Ali and export But from the start at tefs^s^ssible that the difficulties p€ te -*??$. 


the liquefied residue. Abu Dhabi beginning of 1977, V^?®«1^iistructing 
has contemplated gas-fuelled in- was dogged 
dustries at Ruwais but has so technical 
far chosen to export the pro- shipment 
cessed gas directly. in the tanker 

Abu Dhabi’s first project to discharged 

were found 


SpBmpgdaI$ ( ^ 

the - proj^r sa^: : 
complex- Sfchisjye cqmissioaiMiyS 


pi 

g jfe -r.; 


exploit its gas assets was bom 


i the initial feasibility enam nKnyear- .. .v :: tjS Sky. 

in 1973 but it oolv started This meant that the company Stpdies. But Gulf States .have The I>uga^_plaBt,'Wa$toj^i^ 

producing four years iate^The bad to renew clearance fbr^fttfy. three cholees where .ttett * gfe 
producing four years later, jne . . concerned: to -gas prodfcetiOft- & > 



ission of oil. 


barrels .'of 

. ehbjc feet a day oif ja^ni'indp 024 ■ 


25 e J 1 . 


’ trial 7 plah^.:hL'4^^vli^. v ; Tb«5 -W 
Japane se concern will b*s ; c >.:, 


Abu Dhabi Gas Liquefaction ships 
Company was incorporated in 
1973 with the Abu Dbabi were 
National Qil Company (51 per feedlines 
cent). British Petroleum (16.33 faction ti 
per cent). Compagnie Francaise a cutback in production, 
des Petroles (8.16), Mitsui Then in March of this year it;^ 

(22.05) and Bridgestone ( 2.45 1 was discovered that the 

two Japanese companies as the s kin of one of the storage tank s 2 uulc 1 CU1 - v.ioWrc 3 - . 

main shareholders. Its function bad developed a leak which;, fiubai has takeu-,-» ' rather - ^ 

is to Process the associated gas ro eaat that the plant had to Je^ifferent attitude to Ita-gks re- & : 

from the offshore Umm Shaif shut down briefly while ^sources than Abu DhahL The 
field at a Plant cm D as Island, cause was determined ^industries 2 oiog aheaJ ~- the 
The project while not compar- repairs effected. The storage?^ power/desali nation complex. 

*ni e plant S S12 wJne^fthH«Jie t ° Ut e>f at f^ e *luuUaimn smelter end ?he pe afti?Vnumbe?oft 

ing plants, was nevertheless the f or a period of up to six months.-: gas processing plant — require hAWinW 

first of its- kind in the Gulf and Although a second tank is beii&r considerably more gas 

as _^ c ^ has suffered teething used, .the company is havd^tthe Emirate is currently ibl* sSenrifwS 

struggle to; maiataiu prodq^ ^Q produce. . -. .fiVst nkroosed' ;in 1973. is St 

v nt 10 December list' year Uie caUect, process and expoft- t^ 

f ? e J , ^J I)abai R as Processing .kssodated gas from the qnishosr^ 

A twenty-year contract was * Ion Jevels toaf had beeq ho^.Dugas signe< i a contract Wiffi oil field s of' Bu Hasa, Ai4b and? 

agreed with the Tokyo Electric ^ ^ S* sma!1 , Emirate ^ ^ which are , prShtiy? 

Power Company (one of tbe . -S.^uwain to -process its^ m^ed. by 010 ; ’Aha. ;Dha4 

The early estimates p reserves, which are associated peiyoleai^ Compaq. When 

a sales value JTfj with the smaU oil-field some'15 was first hmoted the Proie^ 
roughly $lm a day, but the miles away from Sharjah's, off-' u'as expeCted.'’to cost around? 

. „ . .. severe drop in output distorted shore Mubarak field. Under this SMflni-_ 4 ha cost - and ’nr' 

WheD hUly operauoi^n™ me nsh4l0w prdjKtims _ sh J&_ ^eravnt Dugas « to speM^ XTllSt S hoS m ‘ 
n^fn 5 ^ tcno ^"dging finance v*s*just under $40 hi on -develojing^jj^y i>0eiv major -fa 

Srfne fii) OOO tnnne= o^ nrn needed to ? rov * r the shortfall Jn IJmm al .Qu'wain’S; offshore gas '^Siying im^lSM^tion: ' 

of Ing. 660.000 tonnes of pro- income and it was later decided field , which . may supply the. RS has now 

to convert these i tomvAnss eomp*ny„with _ around 


problems. 


Contract 


biggest utility companies in the 


Vl OO“ 1 - WHIST wuipuun.o AU uil, • - 

world) which was to take all the 
plant’s output 


pane. 420,000 tonnes of butane. 


220.000 tonnes of sulphur and " 3 Wa wS W tf ” T * fr 

tons of natural gasoline. financial implications of this 


180,000 tons 
To do this the plant would need 
an intake of 550ra cubic feet a 
day of gas. To produce this 


possibility of raising further hoped that • production from 
money from the shareholder; Umm al QuVa/n would start 
(other than ADNOC) is 

under discussion. Part of the pipeline will carry . Umm . al 


delay have made a deep 


ZJ nil i „ SUES impression on Abu Dhabi's own 
also early next year. A, submarine 01 jjy, en 

amount 0 f gas the oil produc uuu, ' r a .“ cu “ , " n - ;*“ l ^ * he n^-51 in’« Negotiations are in progress 

Umm Shaif proposed new long-term financ- Qu warn s gas to its toypi^ where 


tipn ceilings at 


would have had to be lifted- & w j ta Ji* d i°ow«1,li t nt W Md h btS , m‘du; « b^aTled"?^" 

and it was uncertain that it « *'?=■"> f > P">P03ed $7Sn, f”"™ ” d have Adnoc as its majority 

could produce enough asso- Eurn-horrowing. tnes, asq a^^y 1 * 7 10 .. *■ jhar^ioldeiv ;Sbq)T a^ CFES 

ciated gas for ADGLC to operate 77,14 too has l^d a ftaught Theagreement is «ubj*t to a areljk^loLfefte^e^ 
at full capacity. gestation period, changing from final.test of the field's Tearyes. shareholders, - with'.'. 

In the event production from a syndicated loan package for The Emirate has also ;haA pro- Ability or-;iParteXvftddne a"' small 
Umm Shaif has actually been $100m to a club defi placement Jimimjjy talks on bfinjinj* ««■ ^ 

cut back — in the context of Abu for $T5m, only ^0m of which from a find in Oman sou 1 
Dhabi’s conservation measures ADNOC wifii gn^antoe (?25m BurqtiinX to DubaL^The fin 


Iby 


AID 


CONTINUED FROM PREVIO& PAGE 


stake. : T^- 

,P_ the site thO : plant 
basic economics 
• Go^rnment’?:--'; 1 
reduce oil ‘prddttctittO 
\ fitflds from , which 
\be drawing i fe 
\ Shell and CFP ■ 
sjiarebotdei*:: • 

other Arab: countries took 37 J? ofter sharefeol ; 
per cOift and noa-Arab Asian ctSppany 

countrie5 l4.3 per cent. ..... JSSobil, At one |SW thl^8 

As foe sector priorities ,-the wholfe AbTCfgrcrapi 
Fund is - hotable' for .the fact 'involved 

paring 

►e 'decidwi^f^Ly^fj ' 


In practice aid disbursements Yemen, Djibouti, Somalia and. 
out of Abu Dhabi's income may outside the Arab League States, 
well stabilise at around the Pakistan, and jrt many other 
present level simply because the Asian and African State?. In 
Emirate’s other financial com- some cases, sqcb as during 

mitments are rising. The actual Somalia’s recent war with that anffio's qme fee other Arab minority 
disbursements rose from Ethiopia (in which the UAE aid-gzring ^institutions, it lends but Adnoc __ ^ 

Dh 2.1bn in 1974 to Dh 3Bbn was firmly on the side of a la^eip^portioh of Its ttoftey taanrit® 

‘in 1975. Dh 3.9bn in 1976 and Somalia and provided limited to industrial projects— about 45 in f*vea£ -of • 

Dh 4.2bn in 1977. and are likely military assistance) direct per cent to date. This is partly holders. ' ' Lay^ 

to be around the Dh 4bn level budget/balaace of payments because; infrastructure projects after, the . pti&pje ^of 
this year. support may be given. are often: financed _hy -the UAE jectfed. 

But with rising project To an increasing extent aid G o verrunept and -to some' extent nopheed--it';i?eulfi'-'"*^^®^’^*^a 

implementation under the commitments incurred and paid the Fuhd and ,tbe Government of- thfr; o?e 

federal budget and the still for by the Government are can combine to make a package _In - Ap^_„-Ia^'- j yeOT;^apoq5ir^ 

growing spending (for the being supervised by tee Abu An equal ^proportion of tee construction fv ^ 

moment) on Abu Dhabi itself, Dhabi Fund — such as projects Fund ’s resources are commi fted principally J<L : .' M 

combined with the current drop in the Maidive Islands, Syria to infrastrocte^e-^-mainly power cojajp«aies- 7 T!e^teI 

in oil revenue, the Emirate's and Somalia and the improve- supplies and trarisport^pti^e^^cJrteU ^ 7 .^5;^n$tT^^ twJ^ 

. -• > — — • - - - . . relativMy smaU amount of le&; natural isis pTOcesslng'pijSts.ij®^ 

than 9 per ceHt te agricultural an estimated ireost, 


■ 


surplus is fast dwindling. There meat of the Suez Canal in 
is likely to be ereater pressure Egypt. The Fund does, how- 


within Abu Dhabi for the Abu ever, draw the line at becoming projects. 


Dhabi Investment Authority, involved in certain projects 


- while- 


Whereas much, of the money- r 

which handles the Emirate’s which it considers do not disbursed; b)? tee Government cuts c : Jeet a> t 6ds. 

“pension fund.” to continue to fit its criteria for economic direcily.fe- practice if not in Contracts yeT-jtO 

have its capita] increased, if justification. theory on'grant . terms, the Fund cJnde---fiie J 

necessarj' at the expense of aid. * natuindly. Tias strict rules on gas: fields 

Since the UAJE’s place in the F’vtlpl'f repaymea^TOflB^and if these ' nosed 

world is fairly well assort* ^ > ,V,IUV ' are : noU..M2frcularly-.oaeitMa Riraw; aitf 

there should be few reservations Now under the direction- of they.'are-likely to be enforced, jetty there. . 
on this score from reducing aid Mr. Nasser • Nowais, tee Fund latwatsHto 1 range- from tfirep..— At preSant Ofilyioenfr^cte. 



is believed to go to the front- of Dh 2bn increased. As its sort ofprojecf.fcJ being financed, and no major, work has yet 

line Arab States— Egypt. Syria experience grows so it finances rather 'ttanv on. how poor. '-a taken placO bevond sire clear- 

and Jordan (with assistance ton more projects on the strength countly is. Infrastructure loans aflCe. It *is. still intended offi- 

to the Palestine Liberation of its own appraisals, rather usually ,ca»y the softest terns, (dally, however, that JEhe plant 

Organisation). This is an item than those of other aid-giving industry lo^W the stiffest. Aotdd -be producing 'J it. J.680. 


which could prove hard to scale institutions, but like all the 
down — indeed Abu Dhabi may Arab aid funds it sensibly 
shortly find itself being asked relies to a considerable extent 
to make a further contribution on co-financing projects with 
to the Gulf Organisation for the other institutions, and there Is 
Development of Egypt (G ODE), almost continual contact be- 
gpme 15 per cent of whose tween the Arab aid funds., with 
capital of $3bn is paid by the a meeting of tee heads of the 
UAE, And though the major funds twice a year, 
outflow of funds to the variety The Fund, which was *«t up 


J.Br 


Doina Thomas 


nf inter-Arab companies which in 1971 but did not start operat- 


ive been set up since the 1973/ ing until 1973, decided in 1974 
1974 oil price rise is over, they like ether funds to widen the 


could well he hack asking for scop** of its lending from the 


more ranital which it 
prove difficult te refu* p - 


could 


Arab world to beyond, and par- 
ticularly to Africa, where it is 


0‘her aid commitments assisting about 15 countries; it 
handled through the Finance also has projects in about eight 
Department and under the Asian States. A geographical 
supervision of the Ministry of breakdown of the Fund s Cotn- 
Fereign Affairs include .*ueh mi f merit? during J9“7 riie'wed 
items ap nsying for * road in teat while Arab African coun- 
Sudan. and supporting pmiects trie? t«ok 2fi 5 p*r cent., and 
m Oman, North and South non-Arab Africa 21.4 per cent 


AVIS uud./ 



* * jr 


Rent a Car 


C-! 'j V i i L^r' 


ABU DHABI 

1 Tel: 237$0/l Tlx: 266? 

DUBAI : '" 

, Tel: 665345/6 - Ilx: 5594 

r" : FUJEIftAH .t;';- ; .’.L"'. 

Tel: 571 Hx: 9(^8;-; ^ 


E-i 


^5 

to 


\ r>« 


V? !; n 







•-eE^.rsc 










■*t*v. 


•m 


Fpr'unher derails apply to "< , ’ ^."y-C ;'.y V; 

Debenham Tewson & Chinnocks 

' C hru t ered Surveyors . : • international- Reali&tate-GoDsuJ^n]^^ 

: _ vV- :•■■'■ U" ; •,"•.•’••• 

D btbai Bahrain ; • -;■ '. y London-’^’; 

•P.0. 6q-\4897;.. • P.O.Box 5084. .-■■■: 44-4h.8|opk:. 

Dsira. , - .. Pearlof Bahrain Building,- 0 •>•'••",. P'Lp^p^^' 

Dubai U.A.E. .Government' Rba'd'M anama’i- • - •:•• •: -Tel:' - 01^108 

Tel : -232405 - ■ Tel: 52237 vy"' V-rO ;M : I; 0 ; telex2a® 

Telex.6484' . y -. . .Telex 8.434 XT T-G /TTT 

City of London Brussels Hamburg Toronto New York 


■ ’.*< Key"WQrd^..to'<W co T>°^ ate T Iiar ^g eEnierit! policy. 

" * : ‘ . Witiv v o 120 : million in assets; ■ $90 ' million 
.. • ^projettecl annual turnover during 1978.- 
' • ‘ .And qvdr"2d00 jnen end women — our . current 
' • • - \~£:" : v. ^personnelstrength — helping- to- plan, 
ixecujte- ana inanage a diverse profile ■ or companies, 

! ■ frprn ?baS<^'.to cold stores/ service. workshops to 
: ultra-mbd^n- residential,ho>el and.office complex, 
vanced : orgainizatioiial arid-management techniques 
'• ensure- the smooth running of a vast 

m&arstrdchireigeared hr optimum productivity, 
nd our i^^qlvement extends beyond the XJ.'A.E: — ' 
jftKe.. countries of the developing world; 
- 1 - markets of Europe and the U.S.A. 

' A^^iS^dari.Hbldings (Private) Limited 

“5 4-! Dubai, United ’Arab' Emirates. 

^^fV^^'.Tettphone: 223294y Telex: bl92;W.AHAB EM ' 

Ta/WcV— r; 'll a! • • •/.... -,C. . . I - :. \ 


Mezzanine floor let to Barclays Bank International 


A Member of the Hongkong Bank Group 


United Kingdom 

Near&MiddieBast 

India 

Switzerland 


Branches throughout the 
UNITED ARAB EMIRATES 


Abu Dhabi • Ajman - Dubai 
Fujairah * Ras al Khalmah 
Shariah • Umm al Qnwain 


Head Office & London Main Office 
99 Bishopsgate 
London EC2P 2LA 
Telephone: 01-638 2366. 

Telex: 884293 


and at 

Falcon House, Curzon Street 
London W1Y8AA • 

Telephone: 01-493 8331 Telex: 27544 


Centrally air conditioned 
office building on 17 floors 

comprising 138,220 sq ft net approx 


To be let 


i-r 


&r 


- It ; s a fact ... no other airline 
offers businessmen so wide a range 


- rn -; P r of four Gulf States makes it easier for us to offer the most 

V -Beln 0 * e ‘f™ V. convenient timetable of direct flights to the most important cities of 

comprehensi departures from London Heathrow each week, all in the spacious 

the Gulf-no ess w £ ars more, we operate regional and domestic air services 

j comfort of our jn • centres jn m area and arQ Jntimate |y involved in the 
w linking all /T J . , nd travel services., Add to all these facts the five-star quality of 
development or vou *jj appreciate why more discerning travellers choose to 

• Golden Falcon service, ano yuu 


fly by Gulf Air. 


GULF AiR ickwi 

m .mm — iruidon WlV SHF. Resnnrallobs: Tel: 01*405-1951. Telex: 28591 A/8 GFHES G. 
Comarof Piccadilly * ZuL^Le 061-832 9677. Glasgow, Mf-248 6381 or confect your local Travel Agent, 


1 6381 or contact your local Travel Agent, 














BANK MELLI IRAN 

The largest commercial hank in Iran 


Head Office: Ferdotvsi Avenue. Tehran 
Telephone: 3231 <60 lines) Teles No. 2124S1 & 212890 
Cable Address: Bankmeili. For International Dept.: Intmelli 
International Depl. Telex No. 21348U. 


Capital and Reserves: 
Total Deposits: 

Total Assets: 


Rials* 


fas at December 21. 1977) 



Bank Melli Iran handles all commercial banking transactions through 
a close network of over 1800 branches at home, together with 32 offices abroad, 
and its connections with leading banks all over the world. 

For further information please contact our International Department in 
Tehran or anv of our branches listed below: 


ABU DHABI: 

Regional Office and Abu Dhabi Branch 
16. Sheikh Khalifa St.. P.O.B.2656. Abu Dhabi 


DUBAI: 

Main Branch. P.O.B.1804, Deira. Dubai 


SHARJAH: 

Sharjah Main Branch, P.O.B.459. Sharjah 


FUJAIRAH: 

Fujairah Branch. P.O.B.248 


KHORFAKKAN: 

Khorfakkan Branch. P.O.B.3156 


Sharjah Shipyard & Engineering Works Company Ltd. 


A newly formed Company with International Management and a 
highly skilled labour force which is able to offer you the following 
services: — 


it a Diesel Engine Rebuild Centre with fuel 
pump and injector calibration equip- 
ment, engine testing facilities up to 1500 
HP able to cope with many types of 
engines. 

it a Heavy Equipment Section where 
repairs can be carried out to a large 
variety of on and off the road plant and 
machinery. 

it a Marine Section for repairs to vessels 
and offshore drilling platforms. 


a Fabrication Division using the most 
modern techniques and equipment. 


it a Machining Division which is well 
equipped and thus able to offer high 
precision machining services to all 
industries. 


it an Inspection Services Division able to 
meet your every need, be it oil fieid or 
general equipment. 


P.O. Box 6026, 

Sharjah, 

U.A.E. 



Telex: 8362 SSEVV-SH 
Tel: 3578 13/4 


Gulf Automation Services and Oilfield Supplies 
(GASOS) of Abu Dhabi in partnership with GEC 
Gas Turbine Services Limited announce the 
formation of their new Company. 



GULF INDUSTRIAL 


SCRVKCS COMPANY 


TEL, LEICESTER (ENGLAND) 863434 Ext. 234 

TELEX, UK 34331 


TEL, ABU DHABI 26732 or 22180 
TELEX, ABU DHABI 2801 

If you are a utility, if you are in the oil and gos 
industries and if you operate gos turbines, steam 
turbines, diesels, compressors, pumps, generators 
or motors or any of the plant allied to such 
equipment then we can help you to maintain it. 

Our services are available throughout the United 
Arab Emirates and will be supported by facilities 
for all forms of site work through maintenance 
schemes and the supply of staff. 

Workshops will be available in the new 
Industrial site in Abu Dhabi and will include well 
equipped machine shops and maintenance areas. 





financial Times. Monday; Jane 26 IMS 

UNITED ARAB EMIRATES VI 



M 




' - ifl* / -41 / " 







... I;, .-uiv 

•' “ '-4 1 








The national Cement Company of Dubai works, the largest on • 

The first test firing tefok place last month... .... ... 


Lack 



INDUSTRY IN the United Arab 
Emirate; is developing fast but 
not along the lines intended by 
the Federal Government Large 
capital investment is going into 
industry in the different mem- 
ber states but there is no co- 


VALUE OF PRODUCTION OF UAE MANUFACTURING 
INDUSTRIES 
(DlLm) 


Food industries 

ber states out mere is no co- p industries 

ordination, no planning and pre$s and prlnt | ng 

widespread duplication of pro- AVood . furniture 

jeets. Nor is there much sign Pelrocliem i ea | S an d 

of a change in tins trend. chemicals 

The Federal Government has Basic minerals 

not itself started any industries Mineral products .... 
(although the Ministry of Fin- Non-mineral products 

ance and Industry was set up in Engineering 

1973) and seems to have little others 

influence over the numerous Total value 

bodies which are involved in Added value 

actually setting up factories. 

This is unfortunate, because 
there is an increasing aware- 


IVE 

1973 

1974 

1975 

m . 

131 

181 

232 

.. •: > 

10 

12 

16 

.. 36 

40 

65 

90 

.. • • ,50 '.; 

. 50 

70 

90 

.. 30 ; 

40 

60 

75 

.. 39 

3o 

45 

52 

’41'. 

55 

70 

.85 


80 

100 

120 

.: " -=» 

45 

GO 

80 


64 

78 

100 

.. :«8o - 

550 

741 

940 

- -:«o. 

230 

310,. 

390 

piaaito 





duction from Saudi Arabia and 
Egypt; apart- frtfm.' local orders. 

BICC is currently; construct- 
ing’ a ficfoiy at "Jebel All for 
dab!© manufacture. This is a 


*51! joint venture in which the Dubai 

■ Government has 6U per cent and 

20 25 ,lv Mmna'nv an nor M>nt. 


115 

110 


t the British company 40 per cent, 
"j® The company plans to avoid 
130 commitments to the aluminium 


smelter for the moment and will 
225 I.«u probably. import copper for .its 
jj| production. The venture is 


65 

130 

300 


: JjjJ regarded- by ..BICC as an 


300 ” excelletit promottr ;of general 

-if? sale* in, the : region* though it 
Si ^ accepts that thO fflarkerwUl be 


.625 1»340 Qatar because potential 

• martks like! Iran, Pakistan artd 

Iraq have their own. sources of 


ness'* in' Abu DhabiTihe federal spends time and’ vast sums of holding^ *' U 5S.aIuminium. extrusion plant 
- • — * 1 erosion tinn of we US, UA per cent). . • 3 ust been completed, and 


lu ™ the dangeffi of regional duplica- 

Uon- ! ftnd J - the - creation - of 


app. unprofitable plants, but with the 
“ er implications, of a city largely 
rbow inhabited by immigrants the 
AY chief of: its concerns. 


capital, of the pitfalls of in- money trying to prevent erosion tinnpf jne US, I/.8 »«* has . j U st been completed, and 

dustrialisati on. The federal Gov- of roadside kerbstones by ap- Nissho. Iwai .of- JapairX<,5 pgr Investments is considering 
ernment wants to hold back on plying protective paints, though cent) and local interests (& per a fac ^ ory £<* aluminium and 
activity while efforts are made with little success). • cent) The mrnn roptracTor is manufacture, 

to reassess the value and conse- Though cement - production British Smeltfcr Co s While 'Dubai has been 

quences of the UAE becoming capa city within tbe'UAE is still wimr^nd SetecUbn TmsTd pu shing ahead g*" s 

an industrial state. short of local demand, this may Winopey S< Jie< ction irusVa t0 b ecome an industrial state. 

Recently Sheikh ffamdan bin no longer be the case when the ?- K ’ r - Abu .- ^ a - bi 1 ? s ‘ s Sf M |JS2rlS 
Rashid al Maktoum. the federal building boom finally dies down. K and ( > wtt ^ 

•» vet pl / ns are """ rwHS. “SlsfiS JStJSii 

lndustr>- and son of Sheikh t ale( j f or more c«nent plants— * r 5 , 

Rashid of Dubai, publicly recently Ras al . Khairaah inHndine 

criticised industrial isaUon poll- announced that Kuwait would 

cies in the Gulf. “Believe me.*’ he finance a 500.000 tons plant. FerOT “S- £l L??Sr 
said. “ all our Industrial projects justified by the Emirate on the companies) is_ a o ng vne 

55sa® as ssasss 

number of reasons. For whom private businessmen continue to (whi^wm make 100, W)0^ awt^-^n ethylene 

are we squandering our money J Ian U j e factories, marble work- of 

on unscrutinised projects? Is it shops, stone ; factories and the. Temau ^Jf Wnw ir looks likely to 

only to prove to others that we aluminium extrusion plants with j S e ru Sf Pa j! 1 ?^ Qf ^WaS^from onfined for the time being 
are industrialising?" no regard for -duplication else- 13o.WQ tons) y^ter. ftom ^ coined for th^tune^bemg 

But the Ministry of Planning where in the federation and as desaJmajioo units wll be P aas-nlant work wi hoS 

has not yet developed the teeth though the construction boom ducetf at tte "SsJhSfta* expected to be°ih 

to stop individual Emirates will continue forever. Pointers first fairly shortlv . 

doing what they choose, and the to the lack of planning can be late in 19^8 with produen rainy so ., 

trend of locally and regionally found in the recent closure of start up “ u ® “ n : t 
uncoordinated investment con- Ras al Khaimah's fish meal quarter-^Jfo^ «• rPjSlIftSiyC ' : 
tinues. It seems unUkely to alter factory. B tewSffiSSnKr.nt h ! “ ^ ^ 

until the federation matures Dubai is almost in a different of Bahrain Mlbmmium panL s . jjr Sggg^-^bash, Federal 

politically, and in ihe mean- dass j n the scale of the induv nowmTOi^ingdtfectoroFDura. Minisle p 0 f ^Planning, believe^ 

time there is a dan3er that trialisatlon that it envisages. t hal l he country U the nctim of 

industrialisation may take a a nd it could be argued that further ^wce wm be requirea penU^ive sales patter of 

elng built at Dubai ;.wl» eventually .make advisersa5d f ore ign eonaflltant* 
• He stresses the »»*• - 


course which could damage the those plants now being — 

UAE economically and socially, jebel Ali are finely calculated mnney, 


. — ,_..^;apd foreign .. . 

a^ UG > ™. ....... . in whose “hands the Emirates 

to meet the needs of the market portance -of. me . yrater P^; have been an'fT'wiU remain as 
■. like the duction. The output has been long as.the local population, stays 


Cf-rnnaptf « n ot her Uulf &tale5 - or - llkc the * aSJ? I ppfl “.the local pppula^on stays 

airUIlgtSl aluminium smelter, the world pre-sdW «can and Souti^ -unskilled find inexpert. He said 

Even in Abu Dhabi, where market. ««■ ^ ^ ^ in Wiew: /‘ In the past 


_ arket. v,,,c * ’ ~ — 111 an jnLorview; ah 

advocacy of coordinated federal Tho Jebel Ali project Is the metal pr^ue^ ihe oovem-. ^as dear policy^We 

oiannlng is at its strongest, two largest of its kind conceived in meat P £ without plans:. There 

bodies have responsibility for the Third World, a fact brought take 20- per gem . ot proquenop ^ monetary policy, not 
industrial planning and invest- home by a drive from Dubai tn if it wiJ eS - ASKea aoout rne even hasic.kws 0 f t5^de in the 
meat — the Department of Abu Dhabi where the road pa-st . fcm^ . yea^.- Tbls was 

Petroleum and Industry and the passes mile after mfle of earth- project he aam is nor lusi responsible for the.^tuotion. ;■ 
Abu Dhabi National Oil Com- moving and construction during a sratite|v.A large part 01 in “I beli^e ln. frpa ^i^rpris? 
panv (ADNOC) — and these the simultaneous building of the investmenTis P.™;- but I- do .think onfe- should have 

r ■ - J 9 <■.. .r ♦...ft , ■ T , Hnrffon: With peimaouar bur- »n :-nnripr. 



St labour. . . '■ is. greater- Awareoesg' than a year 

The Ministry 01 rianmu^ »«• terms as pruoucutiii wr in«iai. »»w" i b'-CMipany U*®y e ".ago of the 1 , heed for regional 

cords rliow that 17 major new since the water will form an land^ ^ Bridge ^ aho . Engineeruis c<Hjpennion-‘( Saudi .Arabia 
industrial projects have gone integral part of the infrastruc- has already established, a joint abandoneli plans • 

I, w " . . .1 . ^ . A ... . ...» __ .1 _ . '.j ' 1 AnflAl . WdJUn "t : -1' j.l • 



tU . - 

'r 


-u . •' 


>V A ,. 




Planning and the UAE Develop- and power station. e 'iudw the »eoha^« Wt -snouj^inQusrria.^ 

ment Bank, which was never The aluminium plant will be necessa ri l y JUdge tne ^ juto ...labaprAwj^ufc.; projects. 

T «rv effective and has now the hub of the -industrial com- ** :«he. *CS»W ;>e see 

become virtually moribund. plex. It will take feedstock sas -^ e ***'. 

in the other Emirates induv f rom a number of’ different. of U! ™ 8UXI . , tlcUlarly should come to some- 

triefi have often developed at sources {including Umm at broken ajw®v Jclrid-’ of ■cooperatitm^ott ^ ^petroi 

the whim of rulers and advisers. Qaiwain and possibly Omani. .-LvS. -’-i chemical^ WelPpment^Wfi must 

sometimes with startingly little generating power from ^as tur- A jltlS . create some klnd oLintegration. 

consideration for even the most bines with an installed capacity . .We shoutdrgp for ji^vt industry 



smaller factories and workshops, smelter will need suo.WQ indus&r- w w 1 ■ » * uat as part or^ evaluation me 
often linked with the building gallons a day), with power left 74 berth rpdrt .wlll- draw m federal Gdvenunbnt U conclud- 
boorn. are developing on the in- over for other industrial and industrial., manufacturers who jjg surveys - of . mineral 
itiatire of individuals who have domestic requirements in .Tebel will be jAle. tb ijhport good? resources, ’ .wajer, industries 
until now been unhampered but Ali and Dubai. Some observer? freely threB^v th? - poTt;. an<y (witIp;,UNJI)0) as^-hwnpower: 
also unaided by basic monetary believe the desalination output develop uidusmcs, (with The World Bank). There 

policy or even ie^al guidelines, will be aa important in economic using l ow^ffl Sl labour. -■ i nui-nv^fteA • vmr 

The Ministry of Planniog re- terms as production of metal. The British 


^ naa *u*«w«v w'lTh . plea* • for its 

iaw production in the last two ture of the entire complex. vehtura- ^rith . vv^nao aluminium smelter, Abd -Dhabi 

vears. These have cost 9L.7bn. The creation of Dubai Galadari, bUSLnessman, ^as dropped /.Its fertiliser 

Including a huge chunk of Aluminium iDubat) has already factory )7 -The 'regional aspect 

SSOOm for the gas liquefaction caused controversy ’ in the structural steeu The tactory nas js ^uwfrecojpuaedl as important, ‘ 

plant on Das island. region, and news of Sheikh Just ^ hutTaSufib^' ihtegrttion in the 

After the gas plant the big* Rashid's plans for an aluminium been producing structures tor, a catmdt be dealt with until 
„« t investments have been the smeller were greeted with olarm numbfef of ..P^^ctsv incJuamg ^hejo- is jmemal co-brdloallon. 
cement plants in Abu Dhabi. Has in Bahrain, which built the first the alttBJlniHra if®" ^ r ' r thin -the, V.'Vi:. ^Tiiis depend^ 

il Khaimah 3nd Sharjah, with smelter in the area. The new February, thfe yw. : *V |S :'.M ' greater pdiltiad lntegns lioii 

Dubai's shortly to come on- smelter's profitabiUry was imme- factory { total l L invesmepf and ; uptil this - 0«tjrS- 

stream. Of those in operation diately questioned, particularly Dr. ■ 20m)* with •’*«»» ^ i 

nnlv Ras al Khaimah has con- when ir was learned that the 1,000 tohs a month based iw v'-duplamifid and : - un_«h -' 

U J - ftf umallA.-, .♦ r.n mUT .Steel ItnOOrWO, 


J EL 

■W; 

Th 


r 0u, 







. VIf.C-V' 
! t-V 9.W-- 

...waaeai 




:-- 2 £sitac^ June 26 1973 

UNITED ARAB EMIRATES VII 


It 


INFRASTRUCTURE 





DES£TTE THE size of its oil 
revcra# the economy of the 
U AST, VdnalL The state is . a 
TafecfeatlaS isodel of a country 
- the • bottom 

T iid the- visitor can 
^•Vh£t : ..j.s ,.g o£ag on 
^ belp^.^ and" all 


Urn 


SStSsCS* i: .•:• ...-V : •• -/ ■ 

cess is easy, to define 
ip a. First -obe must 
FfPh^sicail infrastructure 
- .___Js^ 5 vatfcf , electricity; then 
i^tqj^'jare'stocial' infrastructure 
s, '•'• schools; 

ffs^^Sey&top the human infra; . 
Sti^ire^educate the people, 
^S'JW'mridmiiaster the social- 
[^cqi^ntt structure that has 
fi£eir built - 

hln..the UAE- political .circum- 
stances affect the process.; The 
model is marred by physical 
infrastructure often of un suit- 
able scale and by unnecessary 
duplication largely because 
the federation is not yet a 
unified entity. Absence of 
effective central planning means 
that Emirates may not know or 
care what their fellows are 
doing. Inter-Emirate rivalry 
often spurs rulers to vie lor 
the most prestigious project In 
some cases rulers are unwilling 
to rely on the federal Govern- 
ment for a. service which might 
give ‘‘an outsider" a hold over 
them. 

Development of human 
infrastructure i is the most im- 
portant phase, hence the Gov- 
ernment's stress on education 
as its first priority. It is also 
the most complex. The advent 
of money sent UAE society from 
camels to cars overnight. 
Education may well transform 
nomads and villagers into 
people unsuited and unwilling 
to he fbe humble functionaries 
of the economy. Much of the 
economy’s value added, and 
what might be called' the 
“ social value added," will 
always be provided by 
foreigners since education will 
not alter the local population's 
minority status. " Universities 
may create a nation of assistant- 
deputy undersecretaries. 

Completion or virtual com- 
pletion of the road system is 
the single greatest physical 
achievement in the UAE. The 
network, to which finishing 
touches are still being put, has 
already’ hid the most profound 
effect oft the lives of nomads, 
farmers” and fishermen. The 
isolated oasis dwellers are now 
linked socially and economically 
to the towns. ' A! Ain, once an 
Isolated group of oases, now has 
a unversHy and has become a 
-stopping point for traffic en 
route between Dubai or Abu 
Dhabi and Oman. Development 
of the road system permits the 
development of an industrial 
complex like Ruwais, which 
itself will have a profound 
effect on economy and society. 
An Emirate like Ras al 
Khaimah, which has had an 
existence economically and 
socially independent from the 
other Emirates for hundreds of 
years, and was. first linked by 
road to the outside world ten 


years ago, ..is now bnly an hour 
or. two away from the main 
population centres; " it quickly 
became chief supplier 'of farm 
prpduce.to. the;r^ of UAE. A 
town: like Dibba. located in the 
nortb-easternmosi.^point of the 
UAE, will benefit .from 20th 
cehtiuy amenitiei; fpr the first 
time because Fujairah’s road 
network has beteg. ^completed. 
Without the road network con- 
sideration could not have even 
been cast- at a plan suggested for 
federal water supply involving 
a huge desalination plant at 
„ Dibba. 

Water supply Is.' the most 
critical element of infrastruc- 
tural development after the road 
network. The UAE- has no co- 
ordinated water policy and has 
not completed a federal water 
survey. The' Federal Govern- 
ment has not begun to come to 
terms with the water supply 
problem. Planners have 
recognised that the developed 
society -am II require more water 
than the finite supplies available, 
but not Emirate is yet willing to 
risk dependency on a federal 
water grid. One hydrologist said: 
“ It is hard to convince different 
Emirates that they are drinking 
from the same tap." 




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The new Dubai AfK-tiictpaliti/ building, currently 
under construction. 


While port development is a Them to leave children in school 

oartial consequents of the beyond die age of 11 . though 
paruat wi»cqu».u« lhe dr0D QUt rate remains high. 

notorious port congestion in ^hose "who do stay on leave 
the early days of die boom. scho0 | w «th certificates and 
development of airports is more aspirations to match. The 
dosel v connected to Emirate children learn by repetition and 
prestige' and rivalry-. A small rote — what one teacher calls 
P . -ri.h "the Egyptian shouting method 

country with e ood roads does fa reference to number of 

not need tour airports, let Egyptian teachers*. They go to 
alone the seven or so which the towns with inflated 
could eventually be built. The ambitions, anxious for fast 
ultimate in oneupmanship is promotion to be boss, mayor or 
Ras al Khaimah's earth satellite cabinet minister. In their 
station, which connects that judgement jobs like trading or 
Emirate's few hundred tele- driving a taxi are for the 
phone subscribers to New York illiterate, and manual work 
while they cannot dial direct something worse, 
to other parts of the UAE. '* * * 

The third reason for infra- 'STcpcilsif'P 
structural duplication, fear of 

becoming dependent on a The problem may escalate as 
neighbour for services, has foe number of youngsters with 
been dealt with in discussion of secondary education grows. AJ 
water and electricity supplies. ±\ n university has opened with 
It is generally agreed that 400 bovs and ISO girls, all of 


. - uum 

desalination units on a large buHding or have built too ipaiiy amry™** Yt ^?ne 

<r.-.ii 0 nut <uatai> mete far more hotels. offices and apartments, p .... maomne 


Fertile 


until this hurdle is overcome ^lem justifiably aspiring to posi 
federal Government will not he leadership in the com 

As the education 

ucaaijuauuii uu.ua wu - _ j , rt planning on the country. It ma «hine into gear one 

scale But water costs far more hotels, offices and apart P ^ proljab]e ihaI rulers musr ue# ^ on wh «her the eco- 

supphed in this way and the construction of too many w m resist federal control of m filial the career hopes 

UAE will have to ensure that builtlings is a consequence of ,, ater an d power supplies nom > me cancr h 

its income for the post-oi I period unawarcnes s by individuals and longer and harder than even 

is large enough to use this adn ,i n i s t rations, but much of the total unification of the 

in the long term. Up ™ 1 uAE’s infrastructural Uuplica- arme a forces, 

cood example of the tjftn }e M „sed bv old-fashioned . 

from a society run for 


Most water is drawn by wells 
from a central aquifer running 
north from Al Ain as far as the 
fertile Digdaga area in Ras al 
Khairaah. The UN Economic 
Commision for West Asia esti- 
mated that the underground 
reservoir holds between ISO and 
270m cubic metres. Two years 
ago consumption had- .reached 
164m cubic metres - a year, 
according to qualified estimates. 
Aquifer replenishment Is esti- 
nv: .-d at im.uu cubic metres 4 
year. 

Just as in the cities there is 
little control mechanism to pre- 
vent property speculation, so the 
Ministry . of Agriculture and 
Fisheries cAnnot prevent indi- 
viduals from drilling wells 
where they choose. Indeed it is 
bound to supply water to any 
citizen who applies for land, 
something which the Govern- 
ment is encouraging — the 
Bedouin nomads to do. The 
result is a rising water, table of 
increasing salinity which is 
spreading upland from the west 
coast. Farmers h^te noted salt 
content 0 / up tq.S.000 parts per 
million in bady affected areas. 
(The maximum acceptable 
salinity for irrigation is 3,000 
ppm..) To minimise wastage the 
Government has introduced the 
use pf .sprinkler systems at farms 
like Digdaga and is experiment- 
ing with drip and trickle irri- 
gation, which can cut wastage by 
up to 75 per cent. 

Unlike Saudi Arabia, towns in 
the UAE could be wholly 
supplied by desalinated water. 
Urban populations are small in 
an absolute sense. Abu Dhabi, 
which used to take most of its 
water by pipeline from the wells 
of Al Ain, is now dependent on 
desalinated water. The UAE 
has the money to buy power and 


of all of them. 

At worst this will become a 
potential cause of instability. At 

- - * — example of ^ is caused by oid-f ash iWd ... d .j best the UAE will have changed 

manageable size of urban water rival , This is one reason why . ^ S , 0 5,J from a society run for a 

supply (provided the money D ^ e Emirates are building ‘nfrastroctur . - minority of locals by a majority 

remains available!. By the and wlfll a capacity far “? de . 1 , . 1 . 5 . . " mP Ml !tl» Sc "* foreigners into one run by 

of 1978 Dubai will need 23m beyon d the requirements of the infrastructure v- ll sUli oe native elite controlling a 

This u * unaer construction. Social . , i*r«tw 


source 
is a good 


All iwnosc nrsL cunumn pIe f ed . The UAE has more sine once-isuia.eu v. j. difficilIt 

be the aluminium smelter) will than it s fair share with a pro- linked byroads provide school- j ulure 
have a capacity of 25m gpd, j ecte d rise <on paper) of 40 ins fat the youngsters. Parent ■> 
most of which will go to fill the berths to 213. ‘ " 0 

gap in Dubai's domestic needs. 




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Sales, Service and Parts for 
Mercedes cars, trucks, buses 
and Unimogs 

P.O. Box 6300, Abu Dhabi 
Telex; 2849 (MERCED) AH 
Tel: 77363 



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P.O. Box 6193. Abu Dhabi 
Tel: 26585 — 44206 
Telex: 3220 JALLAF AH 

Branches in Al Ain 
Dubai 
Sharjah 


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At Your Service 

Announcing to all importers that we have ! estate 
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P.O. Box 281, Dubai, 

United Arab Emirates. 

Telex: 6560 HADIS EM. 

Tel: 435789, 435790 and 431315 


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What the UAE will probably 
discover, as plans for power and 
desalination stations go on 
stream, is that adequate urban 
water will be available but the 
reticultiou system in the- towns 
will be overslraincd. The U.S. 
Bureau of Reclamation has been 
studying water supply for the 
Federal Government and has 
recommended that wo dams be 
built in the. northern mountains 
at Wadi Bib in Ras al Khaimah 
and Wadi' Han in Fujairah. This 
would temporarily prevent huge 
water losses through flash flood®. 
If\ northern dams and the 
suggested Dibba desalination 
programme are ever imple- 
mented the administration will 
still he left with two problems 
•— the\ unwillingness of the 
rulers) to depend on federal 
supplies and the inability of the 
urban reticulation system to 
handle Water pressures from a 
national grid. 

The problem of electricity 
distribution is no easier. Each 
Emirate is developing power 
generation . capacity with 
insufficient thought for the 
distribution network and less 
consideration of a national grid 
system. Until a national grid is 
developed resources will be 
wasted by duplication of 
stations. Sharjah, the Emirate 
most conscious of the need for 
urban planning and one of the 
few which bothered to lay 
drains, water and electricity 
supply before constructing city 
blocks, is hampered, now it has 
enough generating capacity, by 
the absence of an adequate 
distributionr network. 


Destruction 

Implicit in -the development 
of the UAE is the destruction of 
the nomadic way of life. 
Planners see the social change 
as a fair price to be paid for 
the greater economic and social 
benefits of housing, health and 
education. The target of housing 
schemes by the federal Clovern- 
meht and individual Emirates is 
7,500 homes a year. The UAE 
federal budget includes pro- 
vision for 2.500 low-cost homes 
in Abu. Dhabi’s Al Ain and 2.0(K> 
low-cost homes (the term is 
strictly relative) in -the poor 
Emirates. However, in Fujairah 
for example, where the majority 
of the rural population is noi 
nomadic but settled in farming 
or fishing villages, the carefully 
designed prefabricated single- 
stprey houses have been 
rejected. The people find their 
own designs and life-style 
preferable to the electric 
powered air-conditioning units 
supplied by the Government. 
Those that do opt for the 
modern life prefer to migrate to 
the- cities. Nomadic bedouins 
have even less incentive to 
Settle. Some even by-pass the 
system by accepting housing and 
farm land allocated but leave it 
to. be tended by imported 
foreign managers and labourers. 

Each of the Emirates has 
suffered from unco-ordinate a 
construction of apartments 
offices and showrooms. Local 
chauvinism and the intoxication 
oEthe boom meant that Emirate- 
govemments did not see lhe 

relationship between nationwide 
construction and the develop- 
ment of buildings in their own 
Emirate. The UAE does not even 
have, a system to monitor Jet 
alone control or prevent 
individuals from building. Tne 
result is well known. Abu 







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AT OKE ..time : during 1976 it 
seemed as : though - tbe UAE 
would have -' more'.: shipping 
berths -than it had bank 
branches' which, for- a chronic* 
ally averbanked country, would 
have been quite/a feaL How- 
ever, . the business slowdown 
during 1977, which ■ gradually 
cleared the- congestion at the ■ 
UAE’a. ports, also relaxed the' 
pressure bn the planners, whdi : 
had been bemused by a more - 
than 660 per cent increase 1 in the 
value. trf imports since; 2973. Net . 
imports (that is, imports. minus ■- 
re-exports) into the .“UAE in 
1977 were valued; at roughly 
$3.5bn, about 34,000-worth of. 
goods per head o t population. - 
The first of the Emirates to. 
scale down port development - 
plans was Abu Dhabi, whose 
port takes in about a third of 
the Federation's imports. The 
expansion and contraction of 
Abu Dhabi's plans more or less 
followed the econoifmc pattern. 
Until about three years ago Abu 
Dhabi was content to plan for a 
port with 19 berths. Then as _ 
demand for goods escalated and 
port waiting time increased, •; 
successive plans for a new outer 
harbour and increasing the * 







Dubai's Port Rashid, built by Costain /Taylor TVobdrow. 


U.A.E- net-imports 

.1973 3974 1! 


a new- Itfternatipnal airport are 
VK& advanced- abd'it is situated 


imier harboLir's nijmbtr ol 

i.— i,., * Population estimate, '000 320 


1Q7B ; 1«7K , 0*7 some ,25 -km- our. *f town near 
iVr* teisiwtd tad so could 

fiS ™ pmbably servo. Jfibel AU as 


63 berths. Now it looks as 


w'eiL, |t 'should .he ready by 
eariy:i980; and Phase l should 
he capable of halting up to 
SniTirasjsej^ers^ a-.jfear, and a 


'r “■ r USL!> “ 3 . • 5onr«ii UAE Currency Board. . am - passengers, a-, .year, ana a 

SeTa^i^r 0 ^ Stride t ** 'Sports ^winding recorded and unrttonied ‘ rf 

V-e-expoits from Aba Dhfetiaad- Dubai. ' ' Though tik is ’ npi a pnonly 

finished and the. last three near- - ■?■ for •’ the' ■tiia i niier , s, '■ they are 

ing completion. In September — — — — "T‘™ ,r CdMg lhto.acMnnt- fehe fact that 

plar^was^defin itely^helved and in 1976 at t * 1 ®’ height of-, the a month of which' half .are ire- 

Die expansion of * the inner Gulf boom when' anjiihing exported. Other majoic U9ftrs |^S? p6r cent l,etween 1969 and 
harbour is no longer a priority, seemed possible, appears to be. of Sharjah’s Port Khalid jyYY - - ; v -r- 

The main entrepot for the Pfo«feedlng on schedule. IWhen include Medtainer which op er- The. ineiy.* Abtxj Dhabi Inter- 
UAE is still Port Rashid in il I s completed about lpto -ates the container .berths -and national ;JAirpQ&. (known as 
Dubai, although neighbouring- cu ? ,ic -°f sand and rdcfc offers the feeder line service.- Nadm -fuf shortir-js being con- 


Sharjah is mounting ah aggres- bave been dredegd away and the American container strurted .-a'ccM^ing; to a design 
sive marketing campaign to b - v tb* niaja; d r edging- '.; CQH : ‘ line. SeatraiD. by - Acroport- deU Paris along 


match it as the freight centre tractor. Gulf Cobla, aid two Sharjah's international air- similar 1 ' lines fo-' - ' Paris’ Charles 
for the Emirates. Total imports subcontractors, resulting in- a port, which is part of the pack- de Gauile airport The- present 

into Dubai at the end of last new artificial creek, and: 17 age of Sharjah as a- freight airport at Abn Dhabi has been 

year came to $3.3bn of which' kilometre.' 16 -metre 'Heep {handling centre,* 13*12 'Kiri fKfth-'lH^-'bW"<Brfce 1967 and was 
a probable fifth was re- channel out to sea, .-Thctjgftrt the city and just over a .'year planned to handle four airline'! 

exported. In tonnage terms this ’-'hi. have 2£00 metres l of old. The project fr aytj yet with ahquf 4-3 flights a day , rn 


destinations other than All wui uepeud very greattyitm (cost £21 ml yet trr^be -com- cenr‘tm-^69. Although the air- 

5ai- tbe marketing of Jebei AljLv'as pitted. The runway, which is p 0J -t was extended during 1977, 

he Dubai Port Services com- au industrial site for -|hu 3.75U metres long, and the tei^ Abu Dhabi's airport authorities 

y is now operating 20 region. The success of SUarKth's‘ buildings have been decided in 1975 that a new air- 




Taylor Woodrow joint venture lheir m anagemeut capabilities two airlines calling: now there 3 runway long enough to tase 
; which is building the drydock fur have bolh t0 wou neVi . are seven, averaging 30 flights Concorde. Plans for further ajjp- 
next to Port Rashid) and these _ d . offef cpacrete a week. . A- number of cargo ports at Ai Ain, in the interior 

should be ready in 1980. The ayv^ta^ 0V er Dubai's ,ines 511 ch *s IA 5* Tradewinds, of the UAE, and at Fujairah «i 












port authority is expecting the effic j ent ° aad established Port Martinair, Carcgoltnc;and Cargo- the - Gulf of Oman coast, a| 
joint venture to band over Kash j d man are regular usftrs ol the Tjeing stduied. hut consuitaaj 












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another four completed berths ^ concept of Sharjah as a airport % f - have not yet been selected Mr 

this summer. There has been freiEht £or ^ and But Dubai, too, has ap trnpres- the Al Ain project A Canadian 

tremendous growth in container ro is ’ caduptivt* one sive international standard air- consultancy. Aviation Plannitre 

carried cargo to both Port D rans to have l4 con- port which. Uke its sea port, has drawn up designs fdfc 

Rashid and Sharjah s Port ventionfl . berths 1 operational bv* has (been in operation^ longer Fujairah’s airport, ■ ill 

Khalid. In 1976 Port Rashid ^ Se ^readi than that of Sharjah, i Dubai In the fhr north of the UA& 

received only 400 containers a 0MratinE Berths one and rwu airport handles over 230 qpgular Has al Khaimah’s airport. We 

month, but last year the total Zt flights a week front ortr 26 largest in the UAE, hsoa# 

u»a< 5unnO rmnrp than tPn timps are leas€a 10 • CODiauicr mie “f ^ „ 


this year umports in theUAE flrsl rt l0 build a port and further improvements early next year. It will hajjfe 

were sharply up) Port Krabd _ and jt js i n storage are being made, seven berths, one for export df 

handled a record J .1,423 TEU s -P& Dianmnc to add cold There has been a considerable, rock and aggregate, four fife 
U0 foot equivalent, the stan- capacity to its general increase in airfreight tonnage, general cargo and. two for cJ$- 

dard container is 20 foot long). in th e D3St ^ yea rs. tainer traffic: the. consultant 




r 






liw 


Port Rashid now has two 35 ton capacity container cranes 
with comprehensive terminal facilities. 


.. . A fully mechanised Port is conveniently located ?t the entrance to 
the Guif.wiib modern marine and cargo handling facilities rendering 
excellent despatch to ships and immediately ac^aceni ;o a Drydock 
Complex presently under construction which will be capable of docking 
up to 1 .000,000 tons deadweight. 

Fifteen cargo berths are provided for ocean-going vessels and one oil 
wharf for discharging and loading petroleum cargoes. Twenty- two 
additional berths (of which four are now operational for direct delivery 
cargoes) are being phased into use from early 1 977 with the depth of 
water alongside varying from 1 1.5 to 1 3 metres.The first berths of an 


CONTAINER HANDLING 
FACILITIES 

entirely new 75-berth Port Complex 1 5 miles away at Jebfll Ait ^ 
be operational early 1978. 

Economical port dues, handling and transhipment charges-to all Ports- . 


a “° C ° UUMUCl " ^ * UUl warehousing. (Halcrows ~i* al.o^toOjAal in Repast two years. :Uiner^c:the 

g~i ± • the consultant to this sroject ot - official flgurM have are H^crpjr Mjddl? l East 

Container Duoais arch rival .iffi trads to heMSeated with caution as Adhere . are. eight a «Po>J 

rtf u . matters.) Sharjah rs aiso build- the 'hi^Mvand departure of e ^ er under construrtmfi. 

Of tile new berths to come at a deepwater harbour and TJKX,:,*: major regional cargo ™ on the drawing board 
Port Rashid five wiU be con- conta j ner terminal at Khor cdi^i&rX distorted the natural VA® ^total populatic^i 

tainer berths equipped :witi icon- on ^ ^ of o man , growth iwaterd: WOW pIu ^’ .**•}. !^ d 


Fresh Vtbter. Bunkers, Bonded, Dry and Fresh 5 sores and Repairs - ' 
available. ' 


for container handling on 
number 10 berth.) April was a 


The argument put forward by 
Sharjah's port managers- is that 
Shariah is the “ natural *’ 


Satelved 


Enquiries to your Agents at Dubai or direct: * 

DUBAI FORT SERVICES, 

PO. Box Na 2149, DUBAI. United Arab Emirates 

Cables: 'PORT RASH IDT Telephones: 431091. 433405. Telex: DB5425 
(Ansvyerfoack "GRAY") 

A member of tfte fnchcape Group. 


tainer berths equipped ^witi icon- cudfof Oman, growth’ jwtttern: land ang 

tainer handling eqmpmenL .. _ rea( ^ b ^ 32.000 square miles. At preset 

(Last year the port bought two t hi* vpar y rV - ' - j' ' It seems that the frenetic levd^ 

£i m Tango 80 cr.ne S mndiBed “ ” £ u ^nf™"' tan«d bv §3ielVed of «Hrtcr th.t jonuned trig 

for container handling on j,?w nrt is ihsi , ports and airports of the UAffl 

number 10 berth.) April was a Sharjah a port rowiag^is that At- one tube a new inter- daring T975-78 and earfy 3 3 
good month for Port Rashid: Sharjah is the _ Mturai national- was^ planned by are not . likely to recur, TH& 

tonnage bandied reached a high flight centre tprtiut 1 s Dot&i tb,.serye_Oie future Jefaei bew airpfetsahd extended portlj 

for the year of 666,000 tons fo£ because it is i a) physically cen- AKuhdusti^ complex, but this m . Ukeiy to be uxtdepuzihsdft 

which at least 33,000 were tral and connected . into the appears,, tqrhave teen quietiy for some years to come. | 

cement in some form or other) developing Arabian . road net- s behreli:.^!Phis Is hardly surpris- . . ’ — J; 

which was- aiso a record for the work, (b) has -the pray deep- mg, rfor-'SfcU -Dhabi's plans for. - 1 1/-I® 
port to date. water port m the UAET-at Khor — r . - j S j 



Both Port Rashid and Port Fakkan which will be a spe- 
Khalid are planning more ciaJisi ‘container port, (c) has 
facilities for roll on/roll off one. of ' the most modern and 
traffic, which is also a growing flexible conventional ports at 
part of tluif freight business. Port Khalra in the Gulf and (d) 
Sharjah Port Authority already has an TUiderHitilised inter- 
nes one ro-ro berth operating national - airport. The port 
and believes that ro/ro traffic management wants to persuade 
has the greatest growth shipping jiney. to. ..unload con- 
potentiai of all forms of freight tain'ere from the larger vessels 
traffic in the Gulf. Sharjah also at Khor Fakkan Tor tranship- _ 
offers ro/ro lines for their own ment hy'eitlier. feeder vessel or 
stacking lines for the goods truck to other Gulf destina- 
offioaded. tions; or to take smaller con- 

Dubai's posperily was built ventional and container vessels . 
on its port activities, starting to . Port Khalid for tranship- 
with the dredging of Dubai -menl • again : eitiier by feeder 
creek by Shaikh Rashid some vessel, or by truck, or by air 
20 years ago and the more from Sharjah international air- 
recent construction oF the port. 

original berth Port Rashid. This means persuading ship- . 
Port capacity, therefore, has ping lines to offer a sensible rale 
an emotional importance to structure for transhipment, and 
Dubai which may explain why to persuade airlines to call at 
the State is persisting with its Sharjah's international airport 
ambitious industrial port plans TherenS a feeder container ser- 
in spite o fihe economic slow- vice operating' from- Sharjah at 
down in all the Gulf States, the moment, but it is compare- ■ 
Mina Jebel Ali will .according tively expensive, for example, 
to present plans, become a 74 it costs about 92,000. or so to 
berth deepwater port to serve bring one 20 ft container from 
the fledgling industrial hinter* Britain lo.jhe.UAE now, so the - 
land. The project is likely- to importer ii-coing to, baulk at ■ 
cost in excess of dMOOm and paying a- further $500 or so to- 
will be complete in two years, get his container from Sharjah - 
A special company has been £ 0i s*v, Doha which is just up 
set up to build the port. Mina tp e emt 
Jebel Ali Construction is a Shanah’s-port 'authori ties -can ; 
joint venture between Balfour so (** e hhlk' up one notable ‘ 
Beatty. Duba Transport Com- success. Some 200,000 sq ft 
pany and Stevin Construction. 0 f storage space have been 
The ubiquitous Halerow civil. i W seff- to Jleogh -Ugland Auto ' 
engineering consultancy has the Liners hchihd.the ro/to berth 
overall consultancy ron tract for for the storage of the vehicles 
the project. The construction.it brings in. .The line is now 
contract, which wad awarded' importing in around 3,000 units ’ 




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Tel: 282291, 282292, 282293, 282294 
Telex: 6801 FEDBANK EM 


UNITED ARAB 


Financial Times Monday June 26 1978 

rKS X 


ABU DHABI 


to 



The "SOUK 

" at Sharjah 

A road in the U.A.E. § 

OFFICES; 

UK. 

Kendal House. 

203. Regent Street, 

Tel: 01-^39 7581 

Telex: JAYNPEE 

2B7758 

LONDON W1R 7DE 

DUBAI 

P.O. Bex 4624 

T*l: 221283, 664800 

Telex: 6477 JFGKO EM 

S537 JAYNPEE DB 

Deira— DUBAI 

ABU DHABI 

P.O. Box 2536 

Tel: 29800 

Telex: JAYNPEE 
2462 AH 

ABU DHABI 

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P.O. Box 603. | 

Tel; 610200 | 

Telex: JAYNPEE g 

3242 MB | 

Muscat s 

SULTANATE OF g 

OMAN a 

Also Offices in Nicosia. Athens, DsmasCJ-s. Riyadh. Jeddah, Al -Khobar, Benghazi, Tripoli, Bagdad 

and Nigeria. J 


THIS IS a time for reflection 
in Abu Dhabi. The surge 
construction work is nearly 
over, and the transformation 
from a desert sheikhdom based 
on a few oases and nomadism 
to an urban society based on 
oil revenue is almost complete. 
Behind tile apparently mature 
facade of the town of Abu 
Dhabi, many of whose wide 
boulevards are already disturb- 
ingly empty of traffic, the in- 
habitants are asking serious 
questions: Is this the place that 
we wanted to create? Where do 
we go from here? 

Oil revenue surplus states 
have to face questions like this 

at different (imac hut !r nap- 





But - perhaps 


have to face questions like this 
at different times; but it is par- 
ticularly traumatic for Abu 
Dhabi because, unlike Kuwait 
or Sand! Arabia, the process of 
transformation began only very r>on*y, 

recently — with Sheikh Zaid’s Lenin 


Central Park, Abu Dhabi , and new commercial tower blocks . 


which tnay- bfe' indicative Jioih of ' 

• its . future tuad of \ - 

trend which may spread to other : 
institdtidhs fn the' pirate, is 
the fact that it . is fimrlaigeTy.: 
under 'the ‘ ; control' , ctf UAE 
‘■nationals, tiriiifcsf to ? ah M-g 
digehisationiVEblk^r ^ .pursued * 
energetically.by j;. 

Minister Mr. ■ Ahifaed; SxrKei di, 
whicii .appears-t# be/wofldng 
welL V- ‘ i" v ‘ v - .i: .-I:, ■ ‘ - ' - 
■ . Obse rvers are ' beginning in 
speculate; as- to whether the - 
Ehitirate’y authorities win decide' 
to Implement a similar policy ' . 
at ADNOC, finely controlled • by 
Algerians under Mr. Mahmoud 
Krouha, ' highTy secretive about" 
its-- operations and ; withoift- a 
UAE. . .citizen " far its higher 

echelons '-It hassofar published ; 
no : accounts, -yet has-' as- annual- 
income before tax, royalty "and 


the greater part of it only took Islamic traditions and social ture it will need for the plants have bear set Jip in Abu . 0 y which if is 

place in the past four yea ?$ with cohesion. His views, which less foreseeable future and it is Dhabi itself, and . ■ other* _***- pxnected to hand over tb' r the" 
the oil price boom. Changes than a year ago would have difficult to think of many other being considered,- but all face A niAl Its authority is likely to 


have occurred so fast that u seemed heretical, were not major prujeuu* wmiu uc.-uic p ruoicms -3 — ' wiinpi because •" 

has been difficult for people to officially repudiated and are needed.- Apart from develop-, small local market, reliance on - responsible for the 


ly repudiated ana are neeoea.- A P a« iruw uevc-iup-.smau iucaj ’ rr responsible for the 

keep up with them. shared by many of the most meats at Abu Dhabi and A} Ain. iirmiigrant laboijr and the fart RirWais Hevaloome-nt, which will ' 

What strikes the outsider is senior people in the Emirate, other inhabited parts of the that Dubai, With- J ^_ spee ^^- come ^ out -of ADNOC’s revenue 

that, if there is an element of But the decision to slow down Emirate, such as the villages of -astern, is hkely to get a rival „ iw, that of the Finance ' 

disillusionment clouding the or abandon development is not the Liwa oasis, are now getting, to. anything Abu Dhabi may pro- ■ 

deliberations now going nn, likely to be an easy one. Many services, and the whole face of pose underway prst_ uxe . Emijfate's- poiicv on oil;- 

fundamental questions are Abu Dhabians have made large stretches of Abu D habi;^irate is increasln^y'aimo^. - P®: ' g . 


fundamental questions are Abu Dhabians have made large «reieue» oi .-urn vumh .jamraie L “TT nutlm ed ha an oth er articl e. also 

being faced more squarely than fortunes in property and con- is being transformed by the lhat what it builds ^ould -be it- £frm rafe » s growing -- 


being laced more squarely rnan fortunes in property ana con- is uemg uauatuiuicu uj ^ uj *«. nua. » ■ — — Emirate’s growing -- 

in many other parts of the UAE smretioo. or Me dependent on highly ambition project for nroBtable. “We 

and Abu Dhabi shows sians of their property being let to planting trees. The theory that ing industry for prestige, . one . ,< fntoreon tehich it . 

moving towards some sound recoup their capital, others Sheikh Zaid is understood to ;n£Seial said. ; S mSi hjS^Sns - 

conclusions. have businesses that inevitably accept is that if this is done on The switch (rf emphasis away _ ad , *»eakin£ it Is. cutting- 

In the initial rush of develop- depend largely on the non-Abu a large enough scale it v f 1 u"f rom industry naturally puts ba _i. _ production. mainly as 
ment Abu Dhabi’s path seemed Dhabian market They know change the climate aQ<3 t f ^ more importance on the Abu nonservation- measure: in- 
clear: it would build the infra- that the economy on which they Abu Dhabi higher rainfall, Investment Authority creas j n g; DrD ff uc tion "capacity thy- ' 
structure — the roads, power depend only survives because Several British companies . “Vfonned in 1976 to handle the -fh_" tTrihep. Zaknm 


structure — the roads, power depend only survives because Several British companies in 1976 to handle the developing the Upper Zakiya 

stations, water plants, etc.— for the Government pumps money involved. Including ClaphaiMv Emira(0 s periS i on . fund," its offs h or Vfield at costs approach- 

a modern state, assist the other into it. and much as they might Landscapes, Blakedowu Land-, 0 y erseas investments,. envisaged -»he. -.-North " Sea level), 

members of the UAE by devot- dislike being swamped with scapes and VEB Lan ascap^'pg^y ^ a f^d for furtre aDDa rentlvso-as : to have. , 

ing a large part of its revenues immigrants they would like Apart from the maccesabilrty^ generationg when off income ^ naxjKjiW. i« Jits . production : 

to them, and then move on to even less an economy in which slt . es and . .^.falters. Abu Dhabi’s invest-. ]eve ij. in . . future* ancT 

create large scale, capita] inten- most of the construction harshdunate, a major problpm,v Inen t s are thought to" amount to ronTOuraginE ■ -'exoloratioh both-, 
sive industn’ which would at workers and those who provide is finding suitable watersuppli.es between S5b n and Sfitm, and are onshore and offshore ;in order 
some point in the furor e take them with services depart, m many of the areas, smce ^, read among a variety of out-. to see ' its 'ultimate- 

over from oil and gas as the leaving only civil servants, oil much of the water m aquifiera. j ets including equities /(maiitly -reserves are 
main source of revenue. men and bankers as the core of ^ too salty for growing trees. on New York. Tokyo, .Zurich wh** ^oidck become riear 

Now oversupply and credit the economy. 7?fic P 7»rt^Tir^ V °L» B n>^ ril L I nf ‘* nd ^ ndon fnmi anv«teckta*ing -of hydro- 

restrictions have for the Fortunately, however. the interest . :securitig; . -^carhop resources is . that Atm 

moment ended the property dileinma does not have to be niJrtZe Sw>0 ^S cludinS , bond 1' pw 5g rt ?' Dhabi can w^ll Afford at this . 

boom, and the end 01 mfra- faced immediately. The Abu J ^lOM M l i^vstage to think eritically about 

structure spending is m sighL Dhabi Government recently ^aSthf in the witeS J-ai?*! ^ wori ?. d . : i?s future, and have sufficient 

In the less hysterical atmo-phere announced that it would not • . . v rih L- rp^ th e UAE itself; . , . r . time ta '-make a -success; of 'Whatr- • 

Abu Dhabians, pondering the embark on aoy new projects in g™* - ££! to ^ 

next stage of development are fte Emirate in 1979 , and would ™2J ,s •S^ B aK SL ll S? th-W N its- educational base- is: - 

now highly conscious of being start only a small number of Jbe tredTtio^fS^g doUar lt apjwan tolare .been ^^ ^; generation- behind - 

outnumbered in- their own state ^ schemes in the succeeding n f J ^ na^ and^on reaS !I^ b, ^^ l,C< ^fSl OiOse' oT Kuwait" "anr Saudi, - 

by immigrants from the sub- Wo years in order to Peg 9f °f el f, n', J!S investments.: - ^Outsiders Arab&' it also ^ UieVddvan-, =! 

continent and the rest of the deyelopment spending at . . irreenhouses calculated ttet if , the surjilus tj ^ e ^ fog- "draw 0 n \ 

Arab world. They do. after ah. Dh 6>9bn> the level projected towa ’ Jn greenhouses were to contmuesat mwgfcftv 2cb ••-'af••^ f ^Ase=V'•■«ol^Dtrtes , » 

number only about 40.000 for for next year Tbe statement The brake on spending wdl present rate AbmTlhiffii Vveii'riJiffere'nt ? 


easily aware that wnue uic> spgndins is expected to come revenue— tuougiit ‘to oe aDout * 
make the final decisions, the c , 0 5 e t0 ^ budgeted figure of per cent — and: the income 
machinery of both the state Dfc 5 Sbn (compared with last retained by. ADNOC after it has 
and federal government and of year ' s actual total of Dh 4.25bn) paid tax and royalty (at a lower 
the state oil company. ADNOC. and ^ rise nert year; and a rate than ADMA and ADPC) to 
is in tbe hands of foreigners. because it should not the Government Last year the 

and this has meant that these rise asain thereafter. Emirate had an income of 

institutions have inevitably announcement could b* Dh 216bn of ylhich Dh 54bn 

assumed something of a roumen- by those who was s P ent federal ministries, 

turn of their own. . T . ^ D L!:L n ! between Db 6bn and Dh 7bn on 


■ X ■ 'r ■ ^S'/v.V-:*':^' ■ 

, - .* 


JUJ uicii wn... fait ir W9C thp Governments uu 

This reeling su «^ resooiuabUto to bring the combined current and develop- 


put recently by the Federal JJJ J* cession bv ment spending by the Emirate 
Minister of Planning. Mr. Saeed - . . . b * and about Dh 4 bn on aid. leav- 

Ghobash, who said in an inter- concerned about growth in ° a surplus estimated at about 

view: -People want to see their conceded about ^oww Dh 4bn Qr Dh 5bn tQ bfi 

own people around them. They ' nftin t s nf r ; pvv -,* s Dr i m e ferred t0 the Abu Dhabi Invest- 

donAaSt to feel as if the^re ^o S l°^t° 0 \^ —* Authority. 

in a foreign country cveiy time Qn tbose pni j ects tbat are For the current year income 







Uiey walk outside Lheir home. uoderway an d whose implemen- is likely to be about 12 per cent! 
He might na\e added that uie tatinn h _c ciinnpd behind less because of the cut in oil 


He might nave auaea mat ure tal j on bas slipped behind less because of the cut in oil 
murder by a Palestinian last schedu j e As a Government output. The federal budget has 
autumn of liis relative, Mr. Saif Qfficjaj piIt ^ 1979 should be been agreed at Db 10.5ba. of 
Gbobash, the deputy foreign ypar for thinijjng^ it is which virtually all is likely to 
minister, brought home to the a co ' mmon yje w j n Abu Dhabi be contributed by Abu Dhabi, 
whole UAE its vulnerability to by tj,e main and it is probable lhat it will 

outside influences :a the Aran pro jp C t s j n th e pipeline are absorb more than it did last 
world and the underlying pres finished there will be relatively year, while the Emirate's total 
cariousness of control by UAE jirtle that the Emirate will need, spending is put at about Dh Sbn. 
nationals. By early in the next decade U With aid at about Dh 4bn Abu 

So it is not surprising that W jjj bave a now airport Dhabi is likely to have only a 
strong doubts are now being ( d es jgned by the desigrfers of slender surplus this year and 
expressed in government circles Charles de Gaulle airport in possihly a deficit In 1979. This 
about Abu Dhabi's industrialisa- parish tbe new Olympic-sized is another factor that must give 
tion plans which, capital inten- sports city, two large new pause to tbe Emirate’s financial 
sive as they z.re. would hospitals and two power stations planners. 

certainly lead tn an increase on Umm an-Nar island: and a Big plans for large-scale 
in the immigrant population new airport at .41 Ain, the industrialisation bave been 
and will involve nnly muumal inlarjd oasis town where many drawn An eJJtire . indust rial 
participation by UAE citizens. ri C h Abu Dhabians have houses eity has been planned for 
Mr. Saeed Ghohasn confirmed an d enjoy the cooler and less Rti ' wais ab0llt 240 km west of 
his doubts about this iti the hnmid air. Abu Dhabi has. ^ bu jj bab i near the ADPC 
same inteniew, ir. which he however, sensibly dropped crude oM lennina i. Th e master 
declared himself !n favour 0. plans to expand further its port planj drawn up by ^ u s CQn> 
less industrialisation, loss When these and other major su itants Arthur D. Little. 


Guthrie 








spsph- 


population 


materialism, only moderate projects are complete the envisaged a population of 
economic growth and much Emirate will have laid down between 40^00 and 80.000 
greater concern for Arab and most of the physi cal infrastruc- peop i e witb own port P0Wer 
" | station, water plant and housing 


• .THE TASK-;, 

- : To provide an effiedenti modem imehps<if ■'?! . 

hxthe Middle East for a carefully selarted •• , 

'^c»hsumef goods. \ 

v/DEbE force ' ■ 

• AHE. Galadaii & Brothers ^ amjor corn^epca^^^r- 





TO BRITISH STANDARD SPECIFICATION 
TODiN,LS.O. JIS &U.S.STWJDARDS 





National Plastic 





SHARJAH 


P.O. Bvk 1943, Tel: 359218 
Telex: 8529 EM, A/B Pipe 


area. The main industries pro- 
posed were a gas liquefaction 
plant, an export refinery, a 
urea/ammonia plant an 
ethylene cracker and an iron 
and steel .plant The LPG plant 
is now in the engineering phase 
and is expected to go ahead al 
a cost of ;$L7ta, with the U.S. 
companies Bechtel and Fluor as 
the main contractors. Snam 
Progetti is doing the engineer- 
ing work on the refinery, whose 
size has been scaled down so 
that it is iikely to serve only 
the UAE market and have 
120,000 b/d capacity. But the 
area/ammonia plant has been 
postponed for the time being, 
as bas the ethylene plant, while 
the steel plant which would use 
imported ore and local gas in 
the direct reduction process has 
been effectively shelved, subject 
to a final feasibility study. 

Thus the size of the Kuwais 
complex is likely to be far 
smaller than once planned and 
the population is not likely to 
exceed 40,000 or 50,000. Mean- 
while some small industrial 


- mi^rnatioiiartrading orgaius^ioiv^ K ; 



major companies have befltuHafceam- 


r.3: -r.'i 


trading partnership u GQQme L GaLa3arj.v : 

: THESEavicE . • 




. Fiomit^basein Diibai, 

facili tate every aspect of seU^ junto- ■' Y 
toe ^driieEa^ markets, t 

- impOrtani,iast grpwaAg-area’as inp^^lsa^dcttr^stic: 
traiua c tion . . r 






the retailer's shelf. ’.^.v ; 

' T^ OFPOIWU wITY' ' : ' A J 

^something short iLMafe aintact 

G^dadst either ‘ •*. 






iKauwe - 1 ; , • / • * 

. Guthnegaladari 

Prt-tiftiriaft Rato Housed -v-1 


. P.O.Box 13 S : ; s^iV, 'BafiHoUse- • 'f-- ^ 

Mm • - . "Jr -T.-'v ;-53/6Q IMbpm'Viaducri. : 
United Arab Emirates " - ^ - Itw : 










21 - 




.Pmaicial r Tiiaeis Monday June 26 1973 


UNITED ARAB EMIRATES XI 


DUBAI 


Economic revival 


DUBAI IS - .easily the most 
vibrant, of: the . seven- Emirates. ! 
One; can -stare for hours at the 
mdffdle. "of : activity -m- the 
splejiflid.'dreek as ferry "boats, 
dhows; oil platform supply ships 
and' ^alt -freighters churn up 
the azure. water in' the fresh sea 
breeze.;There is something awe- 
inspiring, .if. a "little frightening, 
about. the immensity of the 
jebelvAli'. developments, on the 
road .frorn- Abu Dhabi. And in 
DuSeiJtself the fierce co nstru tr- 
iton affrytiy, . happening noisily 
. in "a; far more -compressed area 
than . in' most other Emirates, 
might lead one to ask: “Haven't 
they '. hdard about the reces- 
sion?" 

. Subai: suffered its recession 
along with the -rest of the UAE 
jftst summer.. .From Angst on- 
wards, trading turnover dropped 
g's the effects of the credit curbs 
.brought an- end to the UAE 
boom.. The_ smaller and less ex- 
perienced merchants found 
themselves. .. ; overstocked and 
many went, bankrupt, leaving 
the larger -merchants supreme. 
The end erf exponential. growth 
brought oversupply to- the pro- 
perty sector, and many business- 
men had- either to sell , out at 
far less than they had antici- 
pated or hang on waiting for 
better times, typing up their 
capital;. As. some of the larger 
projects neared, completion con- 
struction. workers began to 
depart and early this . year 
Dubai airport reported, for the 
' first. /time- in years, more people 
departing than arriving. 


Now there are signs of .an 
upturn in business in Dubai. 
Although trade is 20 per .cent 
below the levels , of last year 
letters- of credit are being 
issued on an increasing scale. 
Merchants are begining to build 
lip their stocks again after run- 
ning through the large inven- 
tories they acquired last year 
after the abrupt ending of port 
congestion. The property mar- 
ket now favours the tenant 
instead .of the landlord and the 
inferior properties are difficult 
tolel^. but there appears to.be 
little difficulty letting proper- 
ties at the higher end of the 
market, so some businessmen 
now; -have greater liquidity. The 
continued spending of Abu 
DbSfi is an important motor of 


growth, since so many of Abu 
Dhabi’s imports come through i! 
Dubai. o 

But it is not dear how strong a 
the revival in the economy will a 
prove to be. With the comple- c 
tion of two superb' new hotels, \ 
a Sheraton (with a Waterfall in r 
the colossal lobby) and a Hil- I 
ton. dwarfed by r the- Dubai I 
Trade Centre, the tkllest build- t 
ing in the Middle East, it Is now a 
easy to get a hotel' room, and a 
indeed the hew hoteln have so l 
far fhy recent Middle: East stan- ' 
dards) had fairty : low occu- 3 
pancy. The Trade- Centre, 
owned by .the Ruler, Sheikh n 
Rashid bin Saeed al'Maktoum j 
himself.- will add. mightily to 
Dubai's office space; and accom- 
modation. as will (a.Iittle later) i 
the complex now going up on ; 
the Corniche in Deira;' which is ] 
to contain 401 flats^-'a Regency : 
Hyatt House hotel' With 475 : 
rooms. 80.000 square feet ■ of 
shopping space, 35.000 square 
feet of office accommodation. ! 
and sports facilities; including 
the region’s first permanent ice 
skating rink. These, buildings 
are monuments to Dubai's 
future. 

Certainly there seems little 
reason to doubt the continued 
success of Dubai's trade, upon 
which its initial prosperity was 
built Imports for the UAE it- 
self have come to amount to 
about 90 per cent of .all the 
1 cargo handled ■ legally through 
: the ports, but this can he ex- 
! pected to decline gradually in 
the coming years because of 
( the near-saturation of. the mar- 
ket, so Dubai will be : forced to 
[ rely more heavily on its entre- 
r pot trade. This is both' diversi- 
i fied and highly efficient, with 
* Iran (taking Dh489m test year) 
j Saudi Arabia (Dh279m) and 
. Qatar (Dh235m> the three lar- 
. gest markets, but with Oman. 
r Kuwait, Bahrain and Pakistan 
t also important. Now that Port 
■. Rashid is uncongested (and still 
t expanding) Dubai is becoming 
» the warehouse of the Middle 
t East: recently, when there "Was a 
e shortage of timber in- Saudi 
■- Arabia’s Eastern Province,' sup- 
e plies already in Dubai/ were 
a able to fill the gap, far faster 
e than a shipment could' .have 
u been ordered from tbe Far East 
if or elsewhere 


The gold trade and other : 
illegal commerce with the states s 
on the north side uf the Gulf s 
and India are . thought still to j 
account for more than 15 per F 
cent of Dubai's total turnover, a 
With the backing of its smooth- I 
running financial system and the * 
UAE's good i communications, a 
Dubai is now moving logically I 
to third country trade, whereby l 
a Dubai merchant arranges and [ 
a Dubar bank finances trade - 
between two other countries 1 
without the goods ever touching 1 
Dubai. .1 

t 

i 

Dimension ‘ 

Oil income (production began < 
in 1968, and last year averaged ! 
about 320m barrels per day) i 
has added a new dimension to i 
Dubai. First.' U has enabled , 
Dubai to make a much bigger : 
investment in its trading facili- 
ties. both directly by expanding , 
Port Rashid and indirectly by 
improving the infrastructure 
and making Dubai a more 
pleasant and sophisticated place , 
to live and work. But second, 
and more important, it has 
started large scale investment 
m industry, which Is more con- 
troversial, both in the commer- 
cial sense and in its implica- 
tions for Dubai's future 
population. 

The most obvious. symbol of 
the new Dubai is the dry dock, 
which should be finished early 
next year al a .total cost of 
‘ about £250m — compared with 
■ the 1976 revised estimate 
i of f 162m. So far the Ruler is 

- still negotiating with four dif- 

- ferent companies to take the 
i management contract.. No one 

in Dubai expects the dry dock 
I to be profitable in the initial 
. stages of operation, partly 
because of the depressed state 
\ of the tanker market and partly 
t because of the relatively high 
1 cost of building it. 

5 But the most striking expres- 
a sion of " Sheikh Rashid's 
a ambition to make Dubai into a 
i major industrial centre is Jebel 
>- Ah. Here, about 20 miles down 
e the road to Abu Dhabi, a creek 
r has been dug into the desert, 
e and - an immense harbouT is 
it being built out into the Gulf 
with breakwaters which could 


allow for up to 74 berths. On- ?„ 
shore, part from the infra- *■ 
structure, the heart of the pro- 
ject is to be a gas liquefaction 
plant, being built at a cost uf 
about £425m by McDermott 
Hudson Engineering, which- will 
supply gas for the Dubai' 
aluminium, smelter, as well as 
producing natural gasoline, pro- 
pane and butane. The smelter, 
being erected by British 
Smelter Construction and ex- 
pected to cost well over 5606m. 
will also be combined with. a 
power station and desalination 
plant, being constructed at. a 
cost of about £150m by Mit- 
subishi and Sumitomo. 

Apart from the problems of 
commissioning and running a 

highly sophisticated piece of 
technology in the very severe 
environment of the Gulf, the 
chief difficulty at present is the 
shortage' of gas In Dubai to fuel ■ 
it. Dubai now intends to pipe 
gas from reserves discovered off 
Unmi al Qaiwain to Jebel Ali 
(a second test of the field is 
to be made shortly), and it is 
also hoping to bring gas from 
an as yet not fully assessed field 
in Oman. But it is not yet cer- 
tain how much gas these 
sources will provide, and there 
could be problems an blending 
the different gases to power 
the plants. 

Already the first industries 
are being attracted to Jebel 
Ali: "an aluminium extrusion 
plant is just opening next to the 
smelter: the British company 
, Cleveland Bridge has just 
; started production in making 
’ structural steel; BICC is to build 
[ a cable plant in partnership 
; with the Ruler: Tube Invest- 
; ments is contemplating a fae- 
[ tory for making aluminium and 
steel goods; and other com- 
, panies have expressed interest 

While the aluminium smelter 
i is aimed at the world market, 
the other industrial plants are 
looking beyond the UAE market 
' to sales elsewhere in the Gulf,; 
s notably in Iran, Saudi Arabia 
] and even Iraq, while Cleveland 
Bridge has just secured an order. 
I in Egypt. 

L But at this stage there appears 
s something disproportionate 
f about the scale of the industry 
d so far attracted to Jebel Ali 



The Sheraton Hotel on Dubai Creek, which opened in April 1978 . 


compared with the number of : 
berths which the port will able 1 
to provide. Originally the 1 
concept also included a totally i 
new airport, which would only 3 
have- been about 20 miles from 1 
Dubai’s existing one: this bas ■ 
now been abandoned. Projects ] 
for a refinery and a steel mill ■ 
also appear to be very much on 
the bade burner at present. " 1 
Dubai' has already spent more : 
than Dh 2bn on the port and 
infrastructure ai Jebel Ali 
(which is being paid for in cash) 
and the total cost of the port, 
assuming the 74 berths arc com- 
pleted, is roughly estimated at 
Dh 6.5bn and is scheduled for 
completion in 1980. The 
Emirate’s expenditure has been 
rising sharply in the past three 
years, especially on the develop- 
ment side, and it is estimated 
that leaving aside projects 
financed by loans last year 
recurrent spending was about 
Dh 540m. while development 
reached Dh 3.12bn. (This com- 
pares with figures of Dh 425m 
for recurrent and Dh l.48bn for 
development in 1976.) With 
revenue last year estimated at 
: Dh 4£bn (principally from oil. 
though Dh 287 tn came from 
customs)- the Emirate still had 
a respectable financial 
surplus, even after paying about 
, Dh 500m in loan service charges. 

This year could be a little 
■ more difficult, though since 
i' there is no budget the figures 


are largely conjecture. ' 
Recurrent expenditure is not 
likely to he less than Dh 700m 
and development spending 
Dh4.1bn: assuming an average 
level of oil production of 
360.000 b.d. the Emirate should 
have an income of about 
Dh 5.3bn, but there is unlikely 
to-be much surplus alter loan 
servicing. However, as things 
stand 1978 is likely to be the 
peak year for development 
spending, as. a large number of 
projects, mainly in infrastruc- 
ture, are due to come on stream 
either this year or early next 
year. It would also be quite 
possible to cut back spending 
at Jebel Ali t by. not converting 
breakwaters into berths, . for 
example), though this would- 
mean some loss in utilisation of 
construction equipment, which 
has already been paid for. With 
its lean and efficient administra- 
tive system Dubai’s recurrent 
spending, though rising, 
contains little fat. 


Externally 

Much of Dubai’s development 
has been financed externally 
with borrowing on the Euro- 
currency market, and the 
Emirate's outstanding loans 
total about £340m and SJ.lbn. 
The first loans are beginning to 
mature this year and next year 
is likely to be the peak year for 
servicing costs, which are 
expected to total around S400m 


both then and in 1980, after \ 
which they will - decline i 
gradually (assuming that no s 
major new loans are taken on), s 
Estimates of oil production 
capacity indicate a gradual , 
decline from 1980 onwards , 
though the latest indications ] 
about the offshore oil fields have i 
been more promising, while a 
new search is beginning for ; 
onshore "oil. While the ratio 
of debt service costs to oil 
revenue is likely to he about 
30 per cent next year and in 
1980 there is no reason for real 
real concern, subject to "certain 
conditions: first, that there is 
no disaster in the oil fields: 
second..that Dubai daes.iwttake 
on major new - spending 
- commitments at this; stage. 

What is striking, however, is 
the degree to which much of 
Sheikh Rashid's spending has 
. little to do with the Creek and 
: the traditional heart of Dubai's 
success, commerce. Naturally 
Dubai benefits indirectly from 
the construction activity at 
Jebel Ali, but some merchants 
have been known to complain 
t that the oil money has not been 
, channelled more directly to 
. them? However, commerce and 
, industry are sufficiently 
5 separate for Dubai’s trade to be 
more or less immune from any 
3 possible failure at Jebel All. 
r Anyway the feeling in Dubai 
r and elsewhere in the Gulf is 
e that if any state can be success 
a ful in the almost uncharted 


waters of Gulf industrialisation 
it is Dubai, with its financial 
sophisticaton. efficency and 
speed of mobilisation. 

Apart from the questioning 
on economic grounds by some 
of the merchant community of 
how the Ruler chooses to allo- 
cate Dubai’s resources, il would 
be wrong to suppose that Dubai 
is totally free of the self-doubt 
and uncertainty that afflicts the 
rest of the UAE. There are 
certainly Dubaians who are con- 
cerned about the fact that Jebel 
Ah will boost the number of 
immigrants in tbe UAE by at 
least 100.000. So far the 
Dubaians have not allowed 
themselves to be swamped by 
immigrants despite their great 
preponderance in the popuia- 
; tion: while the lower grade 

■ immigrant construction workers 
; are kept firmly in their place 

1 and repatriated to the sub- 

■ continent at the first sign of 
r trouble, the more able and 
i sophisticated — mainly from 
1 Iran, Pakistan and other Gulf 
5 states— are given a major stake 
1 in the Emirate's prosperity 
1 through being allowed to 
> operate freely in business there. 

1 The system has so far worked 
f well, but it is being questioned 
? whether it is really desirable 
f for the future cohesion of 
: the Emirate to create a large 
‘ permanent proletariat of immi- 
s grants. 

3 J.B. 


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&.vST;j 

















22 


S jbellJ ALJ\ £5 

Safa'a Trading & Refrigerating Co. 
— COLD STORAGE IS OUR SPECIALTY— 


In addition we are involved mroughout the Northern Emirates in: — 
— food retailing 

— processing dairy products 

—bakery and patisserie 

— mechanical spare parts 

—fibre glass production 
—petrol stations 

— advertising 


Head Office: — 

P.O. Box 1932, 
Sharjah, U.A.E. 

Tel: 355071 
Telex: 8353 SHFADJ 



Brandies: — 
Fujairah 
Khorfakkan 
Has Ai Khaimah 






The Trading & industrial Equipment Co. (Dubai) W.L.L. 

U.A.E. DISTRIBUTORS AND STOCKISTS OF: 

KISMET 


AMERICAN Hoists. Crawler and Truck 
Cranes. Power Hoes 


Garage Equipment and 
Accessories 


band-it 

C1FA 


Banding Tools and Supplies 


Concrete Transit Mixers and 
Batch Plants 


CLEM CO 


Sandblasting Equipment and 
Accessories 


PEi i lBOXE Hydraulic Mobile and Truck 
Mounted Cranes, Forklifts, 
Carry! ifts 


DIA 


Dewatering Systems and 
Pumps 


WAUKESHA Diesel Engines and Generator 
Sets 


FAGERSTA- Rock Drilling Bits and 
SECOROC Steels 


WIWA 


Airless Paint Spray 
Equipment 


AIRPORT ROAD. Tel: 226251 and 226254/5. TELEX: 5595 DB. 
CABLE: “TIEW’ DB. P.O. BOX 5291 DEIRA 


Financial Times Monday June 26 1978 




UNITED ARAB 



SHARJAH 


A new 





SHARJAH IS where debate 
about the use of resources 
begins and ends. The Emirate 
is a standing testament to the 
vulnerability of developing 
countries to the assaults of 
irresponsible development. 

Sharjah town is physically 
the most striking capital In the 
Emirates. Its neatly laid out 
streets and buildings am prob- 
ably better designed and 
finished than anywhere in the 
Gulf. Its hotels are among the 
best, its port the most modern 
and efficient The Emirate's east 
coast port at Khar Fakkan is 
one of the most visually delight, 
ful spots in the UAE and poten- 
tially a winner. Sharjah’s 
newly finished Souk i« one of 
the most beautiful buildings, 
ancient or modern, in the 
Middle East It has everything 
except people. 

Economically It Is a near- 
catastrophe. not because it I s 
the place in the Gulf hardest 
hit by the recession (which it 
is) but because its planners 
have created a state infrastruc- 
ture and are now searching for 
an economy to drop into place. 
They are beginning to discover 
that the framework does not fit. 

The tragedy is that socially 
and politically Sharjah is the 
UAE's most attractive environ- 
ment Its ruler Shiekh Sultan 
Bin Mohammed Al-Qasimi has 
acquiesced more constructively 
than any of his fellow emirs in 
the principles of federation. To 
encourage businessmen he main- 
tains the least amount of red 
tape and runs the most relaxed 
state in the UAE. His main 
comfort must be the trust that 
Abu Dhabi’s Shiekh Zaid will 
back him for his loyalty. 

In many respects the origin 31 
concept of the new Sharjah was 
a serious attempt to make the 
best of the Emirate’s resources 
in the fairly unruly develop- 
ment environment of the UAE 
and the Gulf. It was largely 
devised by the American ad- 
viser to the Ruler. Dr. Bart 
Paff, whose aim was for Sharjah 
to concentrate on doing a few 
things very well. The Emirate's 
oil revenue was small, so it 
needed to diversify. It should 
make use of Its two coasts to 
become a cargo-handling centre 
for the federation, and the 
region. It wanted to become a 
business and financial centre. 
The planners aimed to create a 
pleasant environment that 
would attract expatriate com- 
pany headquarters and a num- 
ber of light, capital-intensive in- 
dustries. Sharjah hoped to lure 
visitors to the ceatral part of 
the UAE to its hotels and in- 
tended to develop a tourist in- 
dustry for the Gulf region in 
general. 



Grindlays has financed this neic Sovk in Sharjah. It has been built for Sheikh 
Sultan alongside the Khalid Lagoon. 


.imagined. Much of the baffSing, 
it is said, was paid for by locals 
using excesSrliguid cash. Despite 
a general denial in the financial 
community many local banks 
■ must be .exposed on loans 
to property : . development 
companies, but the' community 
seems to operate a truce, aware 
that no-oae wlll benefit from 
bringing theeatire house down. 

~£ome- small traders and con- 
struction aub-coDtractors have 
gone tothe Wail financially, 
particularly :.in' cases . where 
larger 1 . cont ra ctor s have them- 
selvesgbneruipald. 

But despite the tragic waste 
of resources in Sharjah part of 
its original concept has been 
fulfilled. Sharjah has eucceded 
in attracting - company head- 
quarters. Among' companies 
with offices -are Tarmac, SSI, 
Honeywell, - Bechtel, Westmg- 
hoase, Armco Steel, BICC. 
Wellcome Foundation! Bristow 
Helicopters and British Rein- 
forced Concrete. Its industrial 


for the ruthless competitiveness International Airport is ait pro-. cent) . Sharjah crude reserves axobfrions have been" "partially 
and greater resources of Dubai sent a simple single story build- in 1977 were estimated at 1.5m jessed; there Is some light 
next door,- which in so many ing complex more than adequate barrels and gas reserves at imjnstj-y in the town and more 
ways Sharjah aimed to emulate, for the seven airlines which rua L500 bn. cubic feet (a no& jg 0 h the way. .. 

Somehow, when Sharjah P^nger ftigtas to ?har^i commercial . The^ Sharjah Group for 

began its belated boom two Air France, 

years ago, reality was lost sight Syrian Arab Airlines, Gulf Air, ^ 30000 b/d by 1977 is of 1 adustnal estate for wbi eh three 
of. So much were Sbarjans and Yemen Airways and ^ ^eUent quatity (36 apl), with 

expatriates alike bound up in — Ceylon Air having already:- su » D h ur content of only 0.8 3 further three being nought. 


the boom that develnpment fed suspended its service). On ? t L 70, ; s partlv offsets Vitfv'the Samer Group as con- 

■ T. : _ _ , : 1 <-..u * Ctrui. _ “ . ... 'Thu frftitrht hsmllinif 


on itself exponentially, lit is a typical morning one Gulf Aar high production cost, which sultants. The freight handling 
measure of the magnetic charm, flight to Abu Dhabi and Bahrein- j S nearly $3 a barrel (due to ^wnplex may have too much 
and infectious optimism of the had 17 passengers, though theme* the 14 000 ft reservoir- depth), capacity. Jof the amount of 
place that many people have is growing freight traffic. NW-Most of the oil is sold to tradeit-is dealing with at 
still not recognised the simple withstanding the tranquil^ members of the consortium and present, but Mina -Khalid m 
fact that Sharjah may well which reigns for most of the 24 exported to -the U.S. The rest Shariah town stole a march on 
never complete many of the hours in -the day, the is exported to Japan under an Dubai with the Introduction of 

hundreds of blocks of offices Khansaheb Gammon is presskw agreement signed in 1974 with the UAE’s first container berth 
and apartments which continue ^^4 winPteSe' Japan Line. . and now has the first ro-ro berth 

to mush mom along the boule- neyf tefnmil!aI ^aSne*- In April this year Sheikh b* fibe UAE. UteKhor Fakfevn 

vards.) Had plans gone ahead ^ likely to compliateTS Sultan decided to raise income container port; due tor com- 
Sharjah would have had 23 first- 9dMdu , f , in rLober ' tax on crude from 55 to 77 per Pfetion in the autumn, should 

class hotels with 4.000 rooms. cent and the royalty from 12.5: ** successful- and the airport 

This has been cut back to 14 The Souk is the refinement t0 14 g pe - cent According to. is efficient and has spare 

hotels and 2.000 rooms as finan- of all shopping centres. One the president of Buttes Gas and capacity, 

ciers and hoteliers have regis- traveller described Sharjah oil, these rises involve payment Sharjah still has immense 

tered tbe excess and backed Souk as “the most beautiful arrea rs by bis company; of attractions as a nlace to live. It 

off. The graciously designed building in the Middle East $s.75m and by the whole group is not just pleasant but inexpen- 

Meridien Hotel, put up with after the Ummayad Mosque in 0 f $34. The Emir’s decision has sive t both for accommodation 
private capital from Abu Dhabi, Damascus.” The Cyprus cote been contested by Crescent and " domestic "help— consider- 
has just opened with an oceu- tractor Joannou and Paraske- Petroleum, which has said It will ably below Dubai* for which it 
pancy rate of less than 10 per vaides has completed the £Hhn resort to arbitration unless a makes an excellent dormitory 

cent. Overlooking the newly complex, which was designed compromise is found. town, only 20 minutes away by 

opened Marbeila Club, a sister by White Young , and Parti^ v Sbeifch Sulta n’ s decision to caT* The Emirate is tackling 
club to the poptear establish- of the UK. and contains 604 raise oil ^ ^6^ the probten of power cuts. As 
meat m Spam developed by shops. It resembles tbe 1851 shariah’s acute shortage of pant of its infraafcmotui^ pro- 
Pnnce Alfonso of Hobenlohe. Great ExtobWon buHdingJnd liqui J dlty . Term debt is ra hlgir gramime.: (Sharif was saecess- 
tbe gleaming tower of the Hoh- « splendidly finlshed^to^nre- on ^ industrial projects- ful in establishing water supply, 
day Inn has less than o per ful blue rooting crowned ith th e cement factory and" paper <fcaans and etectekity lines in 
cent genuine occupancy- On the traditional four-sited mod fa ctoiy-4hat they are sustaining the best planned sections of the 
the other side of the Musan- towers of the region. These will ] OSS e s on capital invested, city before the streets were laid 


dam Penmsula, where C. Itohs provide through draught of air The Government has been Sure©- and buddings constructed), the 
giant container cranes have just for toe intenor walkway. The f 0ur months behind on paying: Emirate has installed new 
been delivered for Khor Fak- proven natural amcond.tiomng 8a p p iiers and up to % morithspowerraitewito^ 
kan container port, progress on can be complemented by air- behind with major coiatrartors.-' t,,r+ < rr>bc wa'+ktaa Hipcai 


icm Dy air- behind with major ^ cohtraetdra-" turtehes «nd ; three S3MW diesel 
a partly completed 2o0-room conditioners in each shop. The Emirate had borrowed hv ^ 


* TDfi jsnurate Had borrowed by (mits:in c6mHiission. Capacity 

hotel seems to have lost its for- according to the wishes of the the end of last year #L20m in-.Jr ' 


mer momentum, white row upon owners. Most of the old Souk the T international 
row of elegant holiday viUas was bulldozed to make way for markets (unsupported by out- ^ ^ * 

line the corniche round the bay. the Boorj AvenUe development side guarantees) wheiri Abu . 

empty and sand-blown. Obser- and 300 traders have already Dhabi came to the rescue Earlier. Some oTtiipae who^ planned 
vers estimate that at present paid deposits on toe shops, this - year with a guarantee for tJie new Sharjah :f including Dr. 

a i . 3 n.-L 7 » — . ■ . S. 'Hurt Pam haop'finiB /Jpunr+ort 


rates of project-abandonment Grindlays Bank, which lent a $200m loan from a consortium ® art ■ now departed 

Aa piHinta unit w i»k (•» Aa Mniaat wiauu i_i_, i-j i mn- n.ii.. and the Emirate Is coocentrat- 


fhk- ■■ 
% ■=«■•• .. 


Implausible 


These were not completely un- 
realistic aims, though the con- 
cepts of becoming a financial 
centre and a tourist resort were 
always implausible. But the 
plan depended heavily on a con- 
tinuation of the Gulf boom at 
something near i'ne rate prevail- 
ing in 1975 and 1 978 when the 
decisions were made, and even 
had the boom continued, and 
the Emirate'? oil income pro- 
vided a rather greater under- 
pinning of the economy than 
has been the ea>e. the imple- 
mentation was flawed. The plan 
had to accommodate (reluct 
tantly. one assumes) the fact 
that the Emirate was already 
committed to building an inter- 
national airport only half an 
hour from Dubai s. In the com- 
mendably open business atmo- 
sphere which Sharjah was so 
anxious to create, it was hard to 
restrain local businessmen and 
ambitious newcomers from com- 
mencing far more projects — 
such as hotel schemes — than 
made sense. And the planners 
may not have fully accounted 


the Emirate will stabilise with money for the project believes of banks led by. BAIL Despite .... 

eight first-class hotels. The all toe stores will be filled, the difficulties, it is pointed put in S on completing. what is neres- 
Grand Flotel, a converted ferry noting that there were 2,000 in ' Sharjah’s banlriig 5^*7 to nw ke what is still viable 
managed by Holiday Inn and original applications. However, c ommuni ty that the ^ rigLoai po'tioept ; work, 

moored in Sharjah Creek, the opening date has been post- gas always met -its Internatio nal .There- is no panic ated ntitliikely 
dosed last month and is up for poned from February this year financial obligations onr time. ftO be-VSharisfr has-a f uture, bat 


sale. 


to this month and may well be 
postponed again until after the 


^ .. . .... . .it is. on a smaller scale than 


V " 

v'."’ U 


Tourism in Sharjah, despite ^ not going to lead to a*- many ^ w 

ci month of Ramadan at the end L. n w»« M v..--- -' 


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n 



AOOD 


GROUP OF COMPANIES 


55®j 


TRADING CO. 

-SHIPCHANDLERS-SUPPLY & SERVICES 


SARILA U.A.E.-FITTED KITCHENS 
SPARES CENTRE 

INHS-FEAB 



EAST 


zabeel road, dubai side 
p.o. box 169 dubai 
telephone 470755/56 
telex 6039db. cable ‘marina' 


'rfaeas»s*sss*©ssoeoao©scos©o®©sa*ss35053sssoo3»o«Gss3«se3S5sess3sc«o»a©©©oc«SB©®s«©9©o«®*® 6 




the attractions of Sharjah town . 

and the eastern coastline, was of ^ 
always ill-conceived. 

The only exception may he Cancelled 
the comfortable Marbeila Club. ^ 1976 census results 

which offers a particular style showed Sharjah with 80,000 
oE relaxation and could attract inhabitants ^ its l.ooo square 
members from Dubat and Abu mUes> ind uding the eastern 
Dhabi. In the DAE it is un- McUves at Dibba§ Khor Fakkan 
realistic to expect expatriates ^ KalbaL About half the 
to drive to 3 neighbouring ^ ati<m livcs ^ Sharjah 

r 10 ,°r town and local red dents beUeve 
a night for a bed. In the Gulf ^ less than 20 per cent are 
foreigners and Arabs alike ^stive-bom Sharjans, although 

Government estimates are much 
vacations. There ought be some hi hef Budge t spending in 
scope for oulf weekenders i but ^ approact2ed nTlbn, most 
**•*1 toe Emirates only lower which was capital expend i- 
priced Fujairah can provide a mre ^ 1978 budgeti thought 
real change of environment t0 ^ of a similar size, is said 
Europeans aad Americans can- tQ ^ financod 2 0 per cent from 
not afford to holiday in the most JocaJ resources 80 per cent 
eitoeneive country m toe world. fTI>m federal fmU 
To drive the point home, the _ _ . 

UAE has never issued tourist T ' ,e J E J n 'f lt '' s 
visas, does not regard tbe sec ■ JS 

tor as significant and has S^Jidtan enn^ues to hand 

recently put a stop to transit 

visas. Talk ot tourism by de- f wbSh nfA 

H a hauled down its flag and 

of arbitrarily constructing a adopted the federal ensign, has 
framework and then searching han(Jed mr its police, national 


bankruptcies 


might 


M.T. 


for an economy to put inside. 


guard, customs, education, 


To estimate toe final to t als of health and telecommunications 
apartments and offices and their to the UAE administration, 
future occupancy is not easy saving, in toe process, more 
because many blocks have been than $50m. 
left unfinished, though one esti- The main local revenue comes 
mate is that if ail buildings from toe Mubarak offshore oil- 
under construction were com- field, which is shared with Iran, 
pileted Sharjah would have Sharjah earns Jess' than $50m 
100.000 spare office and fiat from the field, of which it gives 
units. 30 per cent to Umm al Quiwaln 

and 5 per cent to Ajman under 


One of the more startling a compromise worked out in 


developments more than half jpyj j 0 solve disputed claims to 
way to completion is the Boorj the field. 

Avenue complex, a twin row of 

20 identical ll-storey office ^ _ 

blocks designed to be the Wall COflSOrtlUBI 

Street of Sharjah. A local _ 

banker commented succinctly : Jp* 1 v ' ras 6*** produced in July. 

"Completion is not currently J? 74 b F Crescent Petroleum 

,, nn rhP nf c.nr Company, a consortium of U.S. 

’’ companies including Buttes Gas 

eminent priorities. Pvon^he and Qil which operates 

leas t te comtes » be fimsted coneession (25.7 per cent), 
late in 1979. but toere seems Exploration (25 per 

scant prospect of Sharjah be- cenL ) skelly Oil (a subsidiary 
ooming a fi nan cial ceinre. or Getty 0 il) (25 per cent). 
The airport vies with Boorj Kerr McKee Corp. (12.5 per 
ait toe head of tbe category of cent). City Services (10 per 
iH-dmsen developments. Fifteen cent), and Juniper Petroleum 
minutes out of town Sharjah (a Buttes subsidiary) (L8 per 



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Financial T&es/Mbrid^ Jt&e 26 .1978 


Williams Hudson Group 


UNITED ARAB 



RAS AL KHAIM AH 


RAS AL KHAIMAH lias a 
history of dogged independence 
dating back to the days when it 
was capita! of the Pirate Coast. 
The Qasimi tribe controlled 
navigation in the Gulf, a state 
of affairs which ended only in 
1819 when, after years of 
skirmishing and sea battles 
with allcomers to enforce tolls 
(the British called it piracy), 
a British expeditionary force 
captured Ras al Khairuah and 
razed it tD the ground. Ironic- 
ally it was a Ras Al Khaimah 
seafarer. Ahmed Ibn Majid, 
who gave Europeans a political 
interest in the area when he 
showed the Portuguese explorer 
Vasco da Gama the sea route to 
India. 

The Qasimis stay true lo 
their history. Sheikh Saqr Bin 
Muhamed al Qasimi, the ruler, 
held hopes of going it -alone 
when the British pulled out of 
the Gulf. What tempted him 
was an indication that Ra$ al 
Khaimah might have oil in com- 
mercial quantities. The search 
for oil offshore caused him a 
major problem last year when 
Oman unexpectedly claimed 
sovereignty over Ras al Khai- 
mah's northern coast. His diffi- 
culties were aggravated by his 
relative isolation within the 
UAE and steady bickering with 
The federal Government. In 
1972. two months after the 
federation was formed, he 
accepted the political necessity 
of joining tbe UAE and last 
year, after Oman's announce- 
ment. he was obliged to turn 
to federal Government to fight 
the claim. 

Sheikh Saqr has reason to be 
sensitive about territorial dis- 
putes. having lost the islands 
of Greater and Lesser Tumbs 
which were occupied by Iran 
when Britain withdrew in 1971. 
He stood very much alone and 
saw his own Qasimi tribesmen 
ejected with considerable force 
from their home. The fresh 




in commercial quantities in the 
disputed area. 

Until- oil was discovered in 
the region, borders had little 
meaning in the Musandara which had held Ras al Khai- 
Peninsu la. ' They were drawn in mah's onshore concession since 
1952 by two British officials 1967. was sufficiently optimistic 
who simply travelled the area about a deep show of oil to bring 
asking tribesmen to whom they in what was then one of the 


owed allegiance. In 1971 when 
the “ Communist threat " was 
uppermost in people’s thoughts 
in the Gulf, the British were 
worried by troublesome tribes 
in the north of the peninsula. 


.The »v?riap, between, govern- 
ment -funds rand; apfie:H>f - the 
ruIing-.faHiily.; is,»X^great.:that 
distinctions between th&n are 
meaningless.' -Two' hotels are 
being touiltj one.hy the Govern- 
ment ;ajad . vt!ie' -other by the 

Crown '-Eriirce* Sheikh zKhated. 

The Ibn. Majid Hotel has. 140 
rooms and is nearly completed. 
It is owned, by Sheikh Khaled 
in * partnership : with ; Jasira 
Barmsti,'’ ailbcal businessman 
and . head of the -municipality. 

> TheXotidon compahy Landmark 
Hotels-! rhas . .the ' management 
contract and liopefi to open in 
'September. But the liquidity 
-shortage in the Emirate is such 
that .the owners are trying to 
borrow $6n> on . the Slbm hotel 
(so-far without success). Land- 
mark, believes . it can make a 
profit oh a" 50 per cent 
occupancy. which, is about the 
■Current . rate of the Ras Al 
ishaimah hotel, the only one 
open in the Emirate. 

Bechtel of U& is building the 
250 - too m - intercontinental bote 1 
for Ras al Khaiinah Government 
and- the saine cash problem 
applies/ The- hotel is still a 
year fiom'cbmpletian. 

; Asked^aboat Ras at Khaimah ’s 
‘financial jp^bbtenis Sheikh Saqr 
said be/bad no afctetna.tive but 
«MLto : cpntinue .^rtowiiig' in the 
markets. He was 
*/■ adamant - that^industrial - invest- 
■■■•>> , - ■ - ; merit - .iunds ! must- -be- -found 

Oman's Musandam Province to S 100m. Hamranieh Airport*. -Instead of tarmac, abroad- rather fbSir paying the 

work in Ras al Khaimah. about 30 minutes drive from, approach roads. Electricity ^poiiticakl prtee^f car tailed inde- 

Ras al Khaimah has always the capital and located on thfr^ppBes are imd^stbodto hge- Dhabi 
has great hopes of finding oiL plateau, opened two years ago.’ been guaranteed -■.-deVito the. ^extract' In ' return for 

In 1970 Union Oil of California. The airport is not expensive tot: post-cutting pleasures, federal- -fonds; - The -Ruler- said, 

run but neither does it have , contractors in ; Ras Al Kbarmah ^ «:>u l fer e v'; a xe^ no - alternative 

much traffic (about . .. IQ.; have experienced delays in pay* sources- of- liquidity. -The only 

scheduled passenger fligtots ^a menta, according to . the -same :td borrow frenrtbe coin- 
week) . Last year Siemens '-oft' 1 sources. morciaLmarketaiKlexert more 

West Germany completed ; af . L In August, 1977; SheiKhrSagr effort We; will’ follow the policy 
£b.5m earth satellite station rwent to the .market for.a'$u2®tEk n£-deVe toping outside contracts, 
which opened earlier this year,' Euroloan managed by- Lazards, In ftis way we can secure pro- 
operated by Cable and Wire- officially for oil' exploration and - jects for development.”- • 


Most of Ras al Kltaimah's population live by farming and Wishing. 


biggest drilling platforms in the 
world. It turned out that the 
oil was not in commercial 
quantities. Another operator, 
Viiol, from the Netherlands, 
took over the operation but it 


less. 

It 




territorial threat was triggered Bulkha was given to Oman but 


last year by drilling activity on 
the northernmost fringe oF Ras 
al Khaimah’s territory. Oman 
announced its claim to ail terri- 
tory north of Rams. The matter 
is being handled through diplo- 
matic channels in Abu Dhabi 
and has cooled now that it is 
clpar that oil is not to be found 


its inhabitants' left the village 
and settled in Ras al Khaimah. 
Since then Sheikh Saqr has 


linked to the 

too considered production Indian- Ocean Intelskt 
would be uneconomic. It found IV, through which the RaS 
4000 barrels a day below al Khaimah communication 
14,000 ft Deutsche Schacht authority (RAKTA) has almq^t 


the development _of_ :iime. r 
quarrying. .. , • ' "j-.. r.£-: 


M.T. 


on the Oman border. More 
significantly he offered and 
actual iy Issued Ras al Khaimah 
passports to hundred* of tribes- 
men who left the mountains of 



Galadari &Brothers 


C OWNED BY ABDUL PAHI/.i E. GALADARI AND ABDUL LAT1F E. GALADARI ) 

more than a century 
of business knowledge. . . 

DEDICATED TO THE GROWTH OF THE 
UNITED ARAB EMIRATES 


Since men aneiKn oaqr uaa 1 non rhannplc available -ffir 

picked away with minor claims took over as chief operator of Jr^ ^annels avatiaWetfor 

- — « — a new concession and last year simultaneous use. But KAjraa 

found 6.500 b/d. Again it was functions totally separately fr^i 
not a commercial proposition, the UAE federal telecomm urn-. 
The company is now intending cations company,. Emirtel. .wf 
tn m.ii nn t much so that w ,s easier, to (Sail 

to puli out. London and New York Svm 

Because of persistent hopes p as .j than ft is 

of becoming an ml producer, Shari ^ nubai, which have 
and because Sheikh Saqr has |j e connected through manual 
successfully attracted assistance operator exchanges! Last year 
and investment from other RAKTA had 700 telephone 
states, notably Saudi Arabia and subscribers. 

Kuwait, the Emirate has pushed j n the past Sheikh Saqr was 
ahead with development on a able to turn sway from what he 
grander scale than its resources regarded as federal encroach- 
would appear to justify, even ments on ibis independence by 
though these are quite substan- approaching King Faisal of 
tfal: with relatively high rainfall Saudi Arabia, who usually gave 
the Emirate has agricultural him a sympathetic hearing out 
wealth: it has valuable rock, of motives that included distrust 
aggregate and other mineral of Abu Dhabi and awareness of 
resources: it has a relatively Ras al Khaimah’s potentially 
large indigenous population and, strategic position at the 
by Gulf standards, an impressive entrance to the- Gulf. It was 
level of education. The Emirate the Saudis who financed Ras a 
has produced several of the 
federation's most able men. 




Abdul Rahim E. Galadari & Brothers, headquartered in Dubai/ 
is a modern expansion of a centuries old family tradition in 
the world of commerce. Today, it is a multi-dimensional 
enterprise actively engaged in Banking . . . Construction . . . 

Hotel development . . . Engineering . . . Contracting . . . 

.Real Estate development . . . Trading , . . Manufacturing and 
Distribution . . . 

With the Emirates assuming greater recognition as the centre 
of trade and commerce in the Arabian Peninsula, A. R. E. 

Galadari & Brothers takes on an increasing responsibility as 
one of the most diversified business organizations in the U.A.E. 

As major partners in multi-national projects with American, 

British, Dutch, French, West German and Japanese firms ; and 
having more than 4.000 employees, plus an experienced 
international managerial staff, drawn from various professions, 

Abdul Rahim E. Galadari & Brothers are committed to the 
future growth of the area. 

Abdul Rahim E.GaladariA Brothers 

POST OFFICE BOX 133 DUBAI, UNITED ARAB EMIRATES* 
TELEPHONE ; 664000 / TELEX : GABROS DB 5443 / CABLE : ALMUNTADA 

NEW YORK s ( 212 3 633 - 6920 ' — - 



Khaimah’s first road and thf> 
King was usually willing to 
provide money in an 
emergency. The Saudi 
connection, which continues, led 
to the closure two years ago of 

, . nnnr . n , v I,.,- the casino in the Ras al 
of about 60.000. of whom baTT HoteI which used 1f} 

are citizens of Ras al Khaimah generate substantial 


Farming 

The Emirate has a population 


income 

Trom gambling. Sheikh Saqr wag 
obliged to submit to a proper 
pro " interpretation of the Koranic 
15 a injunction against gambling in 


(many of whom live by farming 
and fishing). The Emirate 's 
the biggest agricultural 
ducer in the country and 

significant exporter of vege- retlirn f or assistance, 
tables to the other Emirates. while Sheikh Saqr has looked 
Unfortunately marketing is not to Riyadh for aid he has also 
sophisticated, and Ras al sought investment from other 
Khaimah buys many of its own Arab countries to compensate 
vegetables re-exported from for tbe reluctance of the federal 
Dubai where the merchants buy Government to support hi', 
up all Ras al Khaimah’s farm projects, Kuwait will become 
produce in advance. One exccp- the largest single foreign 
tion is the herd of 300 Freisian investor in Ras al Khaimah if 
cows at Digdaga which have now planned projects materialise, 
become profitable. This followed in May. 197S, Sheikh Saqr 
successful efforts to become self signed agreements for a cement 
sufficient in feed by growing plant, an alkali and lime fac- 
Alfalfa. Also at Digdaga is a tory, and an oil refinery, a 
federal farm project for modern variety of Kuwaiti interests 
vegetable production which was have agreed ' to finance the 
started in 1954. It is run iii cement plant which will pro- 
cooperation with the FAO. duce 500.000 tons ja year when 
Industrial activity includes its three stages are .completed. 
McDermott's Steel rolimg plant, All the output is to be exported 
a factory producing 220,000 tons to Kuwait It will be Built near 
a year of sulphur - resistant toj- P«*rt in Kior Khwair along- 
cemcnt a bunding block factory e . the alkali plant. The Ras a] 
and-. a limestone quarry which Noora Com Pany^is 

iitau 

JSSf” ti» Tbe surprising development 
Jubail in Saudi Araoia. The was the agreeTOent to build an 

cement plant is owned by Un *°0 oil refinery, signed with Kuwaiti 
Cement Company and operated inlerests and Kelloggf which is 

by Norcera of Norway Tire doing a feasibility study. The 
Ras al Khaimah Steel Corpora- refinery, which will presumably 
Cion which used *crap imported import crude' from Kuwait, is 
Brom Iran, went bust am 1977. A to produce 100,000 b/d for local 
government4milt fish -meal plant consumption and export, 
completed only last year closed The price for Basal Khaimah’s 
in February’, 197S when it was style of development has been 
realised that -the right sort of the accumulation of outstanding 
fish were not available in suffi- loans. Financial difficulties 
cieat quantities. The six began last year after the UAE 
vessels of the company, are up hanking crisis. Ras al Khaimah 
for sale. MeaLwhiie the Korean negotiated successfully with 
company Dong Ah ds finishing ® oa 5, d * or a 

a new fishing harbour north of 
Sham. About one-fifth of the 


local labour force is employed 
in fishing- 

The Government is financing 
and building a hospital, office 
blocks, wo power stations and 
two hotels. A new seven berth 


eight years. When the head of 
the Currency Board left office 
and the credit squeeze imposed 
the loan was withdrawn, much 
to Sheikh Saqr’s bitter dis- 
appointment and financial dis- 
comfort 

Financial stringency has led 


deepwater port has almost been to modification of the design- of 
completed at Khor Khwair ithe Khor Khwair Port according to 
vital functions were finished in reliable sources. It will now 
December, 1977) at a cost of make do with graded surfaces 



hree good reasonswl 
Astran International 


The Middle East 


□ WeVebeenqjegaligmgsddyinTha Middle 
.Srtfbarneadj^ye^it&ctwei^xiea^dffect 
Overland seirvH^taflieawba^ 


□ 

studyafthei 

between The OK^festemHnrcpe and Tbe Middle 
■Bast We've pnt iraninto keyareas of -nieTVDddle 
:East to follow and aps^stest ^iiimientsby new 
routes and to develop oinronii i b c fl&ie g.ipctodi n g . 
avdridfifleetbasedi&i■IteGul£ t ^ ..;.'■.- 

O Out Managenwnf^ team has probably gofznace 
hard-earned years of fifidffie.East freLghdng 
eiqwrience than'any offier company in the UIl 

- Call our 

Pgxnt SlupjHng Department 
ort West Mailing (0732) 344444 

ASTRAN HVTBRKWI^^ 

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- ■' i ’2d- '--J - CO? - : ■' •' ;y. 

’ ’ k ; PiO. Box ^Na '■ 7- •' * - • 

-> DUBAr' iCUnited', A ^Emirates); 

1 -^PhOM: T m754,' 4S1752, 432084. .43166^ 
.r ;;;4 V ^-.''.^GabLe: : RAISHASSA^--l5ubai v 
: Telex; -3^2 EA3B pB : : 

' ' ■ L -r 7 V ■*:, 

. ; lttstarano& r ^ 


■ *, : - \ ■ o % Abt! 

- ' • - No; ' I65^^bu©habii ; ?. 

/:-:4 






trio of 





ed outposts 


Ttt E/faffiLKATJsS - of Fujairah, 
Umm al Quiwain and Ajraan 
are smaller, poorer and less 
. populous .than their fellow 
Emirates, 'and give closer atxen- 
. tSonto trihal ties; Fujairah has 
• an- economy based- on agxicul- 
-ture^ahtf fishing in Which many 
villages have only been con- 
nected .tv tarmac -road to 
iFujslrah .town is the; last two 
years and -the Emirate Itself 
-only. 11 joined to -the rest of the 
GAE hy njad in 1975. Indeed, 
-not imtfl 1952 was the Emirate 
‘recognised us a separate entity 
-Tjytlh^ -British after consulta- 
tions with other tribal rulers. 
' TJmrn5a3- Quiwain has fewer re* 
sources onshore but it has 
recently - discovered gas and 
receives nearly a third of 
Sharjah's oil revenue. Aj man's 
’• landarea fs so limited that U is 
regarded as too small an area 
on .which' even to prospect for 
. hydrocarbons. 

Here, the . federal Govern- 
ment's activities have been 
imost. .obvious in, providing 
roads, telecommuhcations, edu- 
cation. electrieitr and other 


services, though' there are few 
large-scale federal projects and 
the implementation rate is 
often slow. , .Each .Emirate is 
'.anyway anxious .tb make the 
znostnf Its own resources. 


Fujairah 


Fujairah is the Emirate most 
divorced from the ' popular 
Image of the oil-producing city- 
state. Sheikh Hamad . Bin 
Muhamed al ‘Sharqi.^ypungest 
of the UAE rulers .and a 
graduate of Hendon Police 
'College in London; heads the 
27,000-strong 1 AV Sharqi tribe. 
The people are^ot' confined 
within no rmally^d^ned borders 
but are spread Over. 450 square 
miles, of hills, valleys and 
coastal plain In r "settlements 
located in defiance .of -attempts 
by modern * mapmakers to 
regularise boundaries.' For 
Sheikh Hamad's administrators 
to visit all bis -subjects they 
must not only cross territory 
belonging to Sharjah and Has 
al Khaitaah but in one case 
follow the coast road through 



Oman before doubling back 
inland. 

As a non oil producer 
(Reserve Oil and Gas is explor- 
ing, so far without success). 
Fujairah is dependent on 
federal funds for development, 
which is beginning from 
scratch with infrastructural 
projects. When the road net- 
work, the port ‘and power grid 
are completed there Is hope for 
modest and balanced economic 
development because Fujairah 
has certain advantages. These 
are: a sedentary population 
(mainly fanners and fisher- 
men); reasonable soil, heavier 
rainfall than elsewhere in the 
LAE and agricultural potential; 
and mineral potential yet to be 
properly assessed. Small-scale 
manufacturing and production 
based on local resources is be- 
ginning. Fujairah also hopes to 
use its more varied environ- 
ment to encourage specialised 
tourism like the week-end 
inter-Emirate tourism which is 
already filling the newly 
opened Hilton Hotel two days a 
week. 

The greatest change to life 
and economy in Fujairah came 
with the completion of the road 
which brought Dibba and the 
northern communities, within 
easy reach of the capital, a 
journey which until two years 
ago was measured in hours. 
Fujairah is now only two hours 
by road from Dubai and the 
Emirate’s internal network will 
be completed this year when a 
final stretch through the moun- 
tains is tarred. It is the road 
system which has facilitated 
more efficient marketing and 
export of farm produce and 
fish. It has also made possible 
the building near Dibba of a 
marble and tile factory, and a 
mineral water bottling plant 
due to open later this year, with 
an eventual capacity of 66,000 
bottles a day. 

The next, great change will 
come with the construction of 
Fujairah port, an ISOm 
federally funded project. Work 
is due to' begin shortly when 
the best of 40 tenders is 
selected. The contract is for 
two breakwaters, construction 



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of 11 berths and dredgipg .to 
11 metres. As an insurance 
against future difficulties on the 
uiher side of the Hormuz 
Straits, provision is included for 
two oil tanker berths. 

Ptans to build an airport seem 
to have been shelved, apparently 
because federal planning is 
developing more potency in 
dealings with the poorer 
Emirates like Fujairah. Suspen- 
sion of the project seems likely 
to preserve the down to earth 
charm of Fujairah, which so far 
has avoided the trap of white 
elephant 1 construction. 

Plans far power were made 
before the shelving of the air- 
port and the scaling down of 
other projects (the Ruler of 
Abu Dhabi cancelled an ofTer 
of a 320-bed hospital, suggest- 
ing instead a smaller version 
more realistically tailored to 
local needs). 

Two diesel stations in 
Fujairah town and Qidfa cur- 
rently produce IS MW of elec- 
tricity. By the end of this year 
four S MW gas turbines will 
be installed, more than enough 
to handle the port, the new 
hospital and new sewage plant 
when they are built. The 
serious problem is distributing 
power to Fujairah's 43 com- 
munities. Fifteen villages are 
connected to the grid and 33 
more will be added this year, 
but the mountainous terrain 
and isolation of the villages 
makes a full grid very unecono- 
mic. 

In an effort to keep people 
at work in traditional jobs the 
Government subsidises farming 
and fishing, with grants for 
fertilisers, seeds, pumps, engines 
and technical help. The sectors 
are important in the tiny 
economy. Fujairah's 1.700 farms 
produced 4,300 tons of vege- 
tables for sale in 1976-77 as 
well as large quantities of fruit 
(citrus, dates, mangoes and 
guava). Meat and milk produc- 
tion is limited tu local consump- 
tion and is still inadequate. A 
feasibility study is being done 
to investigate poultry and egg 
production xor the local market. 

About one third of farm pro- 
duce is exported to Dubai and 
.the other Emirates. The true 
I agricultural potential will not be 
known until a water survey is 
done. However, a major step 
was taken last year when 
Joannou and Paraskevaides 
started a modern farm in con- 
junction with Fujairah Govern- 
ment The Fujairah Farm Com- 
pany now produces tomatoes, 
potatoes and a wide variety of 
vegetables for the local and 
export market 

A parallel attempt to modern- 
ise the fishing industry is also 
taking place. The Fujairah catch 
is large enough to satisfy the 
local market, leave substantial' 
quantities for export to the 
western Emirates and supply 
local needs for fertiliser. Along 
the coast fishermen lay out tens 
of thousands of tiny fish for 
three days in the sun, which 
causes sufficient decomposition 
for them to be applied directly 
to the land. 

Fujairah will never be a 
manufacturing centre but it is 
encouraging small-scale deve- 
lopment of local resources. The 
bottling factory for mineral 
water is one example, and the 
Fujairah marble and tile factory 
in Dibba, owned by the ruler 
and just starting production is 
another. Fujairah possesses 
marble, limestone, gypsum, 
onyx, chromide, copper, sulphur 


and asbestos, but the full com- 
mercial potential of these will 
not be known until Hunting 
Surveys, finishes a basic study 
of Fujairah as part of an overall 
survey . of UAE mineral 

resources. 

Fujairah has escaped the wild 
construction boom — most 
buildings are single-storey and 
the new Hilton is only three 
floors - high. The new hotel 
stands virtually empty most of 
the week, as does a Lebanese- 
managed motel up the coast But 
they fill up at weekends as 
people living in Dubai and 
Sharjah drive east to get away 
from the desen -skyscraper land- 
scape of the west Plans for a 
Tourist 'hotel and villa complex 
known- as the Garden City pro- 
ject. which is still thought of 
locally as a viable possibility, 
seem, unrealistic unless it is 
tailored to the weekend trade. 
Only a few miles away in Khor 
Fakkan, part of Sharjah, which 
has a -beautiful bay, holiday- 
type- villas on the sea stand 
ominously empty. 

Umm al Quiwain 

UmiD al Quiwain is tiny— a 
mere 300 square miles. Isolated 
at the end of a spit, its creek 
partially silted up; the town 
escaped the worst excesses of 
property development and spe- 
culation which struck else- 
where along the west coast. The 
Emirate is run by Sheikh 
Rashid, son of the Ruler Sheikh 
Ahmed bin Rashid al Mu'alla 
(who has been the Emir since 
1929 but is effectively in 
retirement). The Emirate 
receives a 30 per cent share of 
Sharjah’s petroleum Income 
from Abu Musa. So far explora- 
tion for oil has been unsuccess- 
ful but Umm al Quiwain 
recently discovered gas. Its 60m 
cubic feet per day output would 
not normally be enough for 
commercial exploitation, but it 
is negotiating with Dubai which 
wants to purchase the gas and 
pipe.it to the Jebel Ali indus- 
trial Complex as pan of the 
feedstock for the aluminium 
works. 

The major project in Umm 
al Quiwain is the construction 
of the sea-wall and development 
and dredging of the harbour. 
The current £7.5m stage of 
creek -development is being 
carried out By Lilley Inter- 
national, which- is completing the 
wharfage and dredging the 
harbour to five metres, which 
will permit berthing of the 
largest dhows and small cargo 
vessels. The other important 
infrastructural project is a £15m 
turnkey power station with 
three gas turbines producing 
30 MW of electricity and 3m 
gallons a day of water from 
desalination. A hospital and 
government building are 
planned. Sheikh Rashid has 
ordered a six-siore.v complex of 
shops, offices and fiats and the 
Ruler (his father) is pursuing 
plans to build a £6m asbestos 
cement factory. 


Ajman 


Ajman. just 10 minutes drive 
from Sharjah, has the distinc- 
tion of its Emir being the 
world's longest established 
ruler. Sheikh Rashid bin 
Humayd al Nu'aymi took power 
in 1928. and although his son. 
Sheikh Humayd, conducts most 
affairs of State, this white- 
bearded swashbuckling figure, 
who never moves about unarmed 


and regales visitors with splen- 
did gory tales of the not so 
distant past, remains titular 
head of the Emirate. 

His son Sheikh Humayd, 
however, has come fully to terms 
with the modern era and with 
Ajman's position as the 
smallest, poorest, oil deficient 
Emirate. Ajman has about 
10,000 inhabitants, including the 
people of Manama (on the 
central Sharjah-Fujairah 

border) and Masfut (30 miles 
south west of Fujairah town) 
and just 100 sq miles of terri- 
tory. Sheikh Humayd is totally 
committed to federalism and 
does not regard Ajman as an 
independent entity. 

Ajman's unpublished budget 
is probably about Db 250m. It 
receives 5 per cent of Sharjah's 
Abu Musa oil receipts, while 
the rest of its revenue comes 
from federal funds and alloca- 
tions given personally by Sheikh 
Zaod of Abu Dhabi. It is almost 
entirely a service economy, 
though there is some dhow 
building associated with the 
small fishing community, and 
the 300 people of Masfut have 
sufficient water from wells for 
virtually subsistent agriculture. 
There is also a mineral water 
bottling plant called Gulf a 
Water at Masfut. which started 
in 1976, and a quarry for 
marble. 

One thousand Ajmanis are 
employed In some capacity by 
the Government, including 
those working for Ajman Heavy 
Industries, which owns the dry- 
dock with Mitsui Ocean 
Engineering Development com- 
pany. The Japanese company 
owns 20 per cent of the project, 
which started work in 1976 and 
is considered the blue chip of 
Ajman development The creek 
is now in the fourth stage of a 
Dh 32m dredging and develop- 
ment programme being done by 
Lilley International. By the 
end of 1978 the creek will take 
vessels of 2,000 tons (with 5.000 
tonners at high tide). Industrial 
hopes include proposals for 
paper and cement factories, pro- 
jects in which the Ajman Gov- 
ernment intends to take a 
minority shareholding. A 
realistic note was struck with 
the recent abandonment of plans 
for a 400,000 tons p.a. fishmeal 
plant. Office and apartment 
blocks are under construction, 
though not so many as to cause 
major financial difficulties if 
they are not filled; 

The Government is now pre- 
paring itself to relaunch (under 
another name) Its bank, the 
Ajman Arab Bank, which Went 
under last year with Dh 70m 
outstanding. To exorcise this 
ghost the proposed new bank is 
intended to have a fresh title, 
and new participants, includ- 
ing the governments of Libya, 
Algeria and Kuwait, as well as 
the National Bank of Kuwait 
and UAE National Bank. 

Ajman has borrowed twice on 
the European commercial mar- 
ket ■ taking a total of S7m in 
loans arranged by Morgan 
Grenfell for port development 
and S5m in a single loan agreed 
last month from Grindlay's 
Bank. 

The most modern enterprise 
fn Ajman is the Laboratory 
complex of United Colour Film, 
which has the best operation 
of Its kind in the region. It pro- 
cesses still and cine film from 
all over the Emirates and has 
the most modern film and sound 
studios available in the UAE. 

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UNITED ARAB EMIRATES XVI 

BANKING 










Basil off Oman 
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BANK OF OMAN 

LIMITED 

P. O. Box 1250, Dubai, United Arab Emirates 
Te! : 229131, Tlx : 5429 OMAN A DB, Cable : BANOMAM 


THE FIRST half of 1978 has 
seen few excitements on the 
UAE banking scene and for this, 
most oF the b&nks, and the UAE 
Currency Board, are profoundly 
thankful Last year, with the 
May Currency Board crisis as 
the climax, was as action-packed 
as any central monetary- 
authority or banking community 
could want There is only one 
unpleasant spectre and that is 
the extent to which some local 
contractors are indebted to local 
banks owing to the failure of 
their clients to pay up. 

At present the banks are pur- 
suing a policy of masterly in- 
activity — not bankrupting con- 
tractors who owe them money in 
order not to set off a chain 
reaction of bankruptcies — 
which they hope will see them 
through. 

Bankers in the UAE think it 
highly unlikely that the Federa- 
tion will be able to boast a 
central bank by tbe end of this 
year. The final draft of the pro- 
posed Central Bank law is yet 
to be considered and approved 
by all the Rulers. It contains a 
number of provisions that some 
of them will find hard to 
swallow. It is accepted among 
UAE bankers that a Central 
Bank is needed as much for 
public standing outside the UAE 
as for internal morale. 

The main fear among the 
Emirates is that a strong Central 
Bank, acting as economic 
advisor to a federal Govern- 
ment, would reduce their eco- 
nomic autonomy. It is aware- 
ness of this feeling in the 
Emirates (particularly Dubai! 
that makes bankers so 
pessimistic about the prospects 
for a strong Central Bank, or 
indeed, any Central Bank at all. 

The focal point of fears by- 
individual emirates of a Central 
Bank is article 41 of the draft 
law. which concerns the relation- 
ship of the proposed Central 
Bank to the Emirate local gov- 
ernments. One provision, of this 
article deals with the securing 
of foreign exchange from the 
Emirates to support the 
dirham. Virtually the only true 
source of foreign exchange for 
the individual Emirates is their 
oil revenue, and only three 
< Emirates are oil exporters, Abu 




VgjJr 


ft uRdings . Tirade borrowings placement for the: Abu . Dhabi 
7\ accounted for onJyabouta ‘third Gas liquefaction Company. ‘ 
y of the total lent in Abu Dhabi, The Currency .Board r is keen 
and construction for barely to see more merchant . aid 
over one-fifth of the total . lent investment, . banks, in the 
l j: ; : in Dubai. .(And yet,- physic^./E^ntofas Lbut is : .dnly cautious 
a . both Emirates seem ‘ ,to be -aftOut, pTio^feraiion) in order to 
;!£ building as -.many stropping, add' to- thiteiiepfe Of- the ~UAE ■ 
apartment, office blocks a5each, i fi fla H C igr <£inmunipr.Tfce desire 
ether although not aumany as and need to add^to ^^ie skillB of 
V, Sharjah.) the local banferng fratemity was 

M -.Borrowing to finance building one bfrthe le^gns ^lted forthe 
accounted for about 2S percent Issuing -of iiaftking 

sj? of rail- borrowings from. Sharjah- licences (BL^,-WMch permit 
^1 'baked; banks at the end of Sep- timialdac^pradtisa sfll forms 
sjf ■ tember, 1977— which mast mean of ' than offering 

that banks outside the Emirate dirbinn^ 

^ ; are financing . a considerable .to res&elrfc v-The. m^ Bcence 


of the ronstmtfiottwithin'-does'-ijdt: 1 ®^^ "InduAe 

it.'. Sharjah is the Emirate thatexemptinn:-{?*fa hjcab taxes Such 
.has-snffered first, and may thin.'as-^I^^ per 

ter/ • ■ 


out to have suffered most; from cent' of liiak profits."?; 


-I II T*-.f ■ fl JL*-ri* H *‘1 the gradual erosion of property There-hrenow in 

kv IlMfl i jr~'4 oiasket values. . The actual ^existence;''' -eia. original 

•• If Si .L’ v l# :! outstanding 

• I i Ira .• ' ! I r- of' September last was Were free. Tbe. other 

BIPSB f * § If '''ll-!”*.- 7 . i ' finance in Sharjah licences, have effectively lapsed. 

«■ atvm $|N18 I- * til: ^ «»*•’• i -ili • <• accounted for barely a fifth of only obligation" on the 

‘ IIVH 1 ’’ ^ - the borrowings then... Govern- that be “ 

f | •• II ' r i Si ‘§|-j Jlsh'.'-.te - !'f- .went borrowings also vary be- nnist-J^ve.. a- foreign cafiwgge 

‘ * ‘ H • “ ! ll'M'fis't •* ;■ 'V ^ tween the three prindpal hper^oii i 'of r T scime "respectable 

l ' mmm Jam fSUjJf aLlK MLjt-- - Emirates. At the end of last size;. -The 'RLBs? themselves are 

- te '»!si ; September the Shariah- Govern- iHoro '^aterested in'. various 
& i {£$£Sirrfl ' ■*? V -1 ’ “ent had borrowed:- $lS8^m^ i&iii&kjf project ^Bnance in the 
Wi I WOmi*- /*!:,’ •"’.jj •" from the banks based in; its ter^- j-cgjop. ' ak; well as ^n-imirates, 

g|i n|gK ^ vf ‘ rltory. The Dubar Govrarnniant?^^ rSjeO'. '-"themselves ;doing 

accounted for nearly • 11 P er ~ mostly mediurff.'tertn hinsiness. 

' ‘ • 06111 of the credit extended by “ Where- we coh&i&iite tn the 

^ Dnbai -based banks and the Abn local marker is- hi helping with 

Dhabi Government for dhiytfA; ^ .tfrdala'IiOi} ; of "funds," com- 

; GrOWlII2' ■*. : ;io.l^d.tb;iiie. smaUer. H , '.Retail 

fK»a “T® r ' : J • -j bankers' m.ibe UAE 'believe that 

-. In Abu Dhabi, the -National .tfceRLB concept will be allowed 
The Bank of Credit and Commerce building,. Abu . Bank of Abu Dhabi's investment to fade away with time as dis- 
Dhabi, was desiQned bu Fitzroy Robinson and "v department and the Abn Dhabi ^ ^ tiictioas. ux practice also begin 
Partners and built by Bernard Sunley, at a cost of . ■■ In v e st ment Company^-.aro. hQth.^inr. "• - ■.... 

£4.5m. It was opened in February, 1978. ■ 1 ? p TBe reaats at lenajng to the 

Dhabi to tbe tune of ?7.Bbn last slightly early- in 1978 as jnvestment Authority- (the body. ^- roou^i.tiiere are no nasty 
year. Dubai with 5l.4bn and merchants panicked over the resnonsible for fav*«Hng .Abh-'-WOCks- on -the-unmediate hon- 
Sharjah with about $3Qm. The “ recession ”); Dhabi’s surplus) tbe-pAE bauMng com- 


tr£agu£ea8al 


Sharjah with about $30m. The “recession"); Dhabi’s surplus) .'ovm^ r 66 2/3 ^ !° r tne.uAn-_oanian 

possibility of having to give up ^ advaB ces to deposits- P^r cent of the ^^^tidaolrBa^x^^The Janam 
a stipulated proportion of their of I()0 per cent was of Abu Dhabi, and ASIA and : ^“^ncei^ ana wiui^ 

r*i ! ««>xrariiiAc ic Tirvt* nnniilnr v* 71 th , . ^ wtt» a tv l Cfl mhJ ~ C 3 BljQUS D lflU MBIO fillt . 4 


Sharjah with about $30m. The “recession"); Dhabi’s surplus) .'bwhs^fi^W theJJAE baimiig com- 

possibUity of having to give up ^ advaBces to deposits- P^ ront of the-.Natid^:Ba^-^^^®^^ ^ 
a stipulated proportion of their ceiling 0 f 100 per cent was of Abu Dhabi, and ASIA and : 
oil revenues is not popular with K commended; 

ni,™ « the d ir . in 

e ^5 y i? 77 was exacerbated by uaE and local banks were asked -refthanoed but- under a new 

Abu Dhabi and Dubai s un- t0 keep their capital accouht'at ^ ^ IC :, «t: the. moment 

Willingness to place foreign no less 1;13 of Ore- NBAeK •*» the only Emirate. -Without .a 

currency with the Currency Audited statements were tole | or "MtioUal^ banfc ...The UAE 

Board - presented more promptly and Cnrrencjr Board is pmxuing its 

Another aspect of the Cur- accurately. - - 


willingness to 
currency with 
Board. 


rency Board's role that has to The Currency Board, under Its voWed in a nmnbS oi local 

ho roocCBccor) hufnro ife trams- jj lij..! VOlVeU in a numoex VI 10131 


adding to its- staff .and ccpeMf- 7 





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year, occasionally- made it un- 
popular with Abu Dhabi’s. In 
the part the Currency Board 
had provided substantial funds 
(from those wealthier Emirates) 
to certain of the poorer 
Emirates, and placed funds with 
some banks, in order to provide 
finance for housing and other 
infrastructure development The 
loans, particularly to the 
Emirate governments were 
long term. But the Currency 
Board ’5 own funds {principally 
from the Abu Dhabi Govern- 
ment and its investment 
authority) were short-term 
funds — in months. 

While awaiting its transforma- 
tion the UAE (Currency Board 
has considerably curtailed some 
of its activities though quietly 
expanding its staff and recruit- 
ing people with a wider range 
of skills. During 1977 the 
balance sheet totals of the Cur- 
rency Board were virtually 
halved, from $2.Sbn at the end 
of 1976 to $1.5bn at the end of 
last year. The Currency Board 
has got rid of $lSm worth of 
investments (unspecified) which 
have been sold to the Abu Dhabi 
Investment Authority- 

Liabilities 

The main change on the 
liabilities side has been the 
reduction in demand deposits— 
again mostly Abu Dhabi Govern- 
ment money — and time deposits. 
Total deposits at the end of 1976 
had been just under $2bn and at 
the end of 1977 stood at 5S.7m. 
Foreign currency liabilities 
during the first five months of 
last year had increased sub- 
stantially and these, presumably, 
were dollars to the Currency 
Board in exchange for dirhams 
under the swap arrangements. 

However, at the end of 1977, 
foreign currency liabilities were 
Dh lbn less than at the end of 
1976, in spite of the increased 
requirements from local banks.. 
On the assets side the currency 
Board has substantially reduced 
its foreign exchange and gold 
holdings. Deposit and current 
accounts have, on the other 
hand, incensed as the Currency 
Board required increased 
deposits from the commercial 
banks In the- course of 1977 arid 
resumed its activities as lender 
of last resort. 

The main measures intro- 
duced by the Currency Board 
;a the course of 1977 in order to 
regulate tbe banking' scene 
were: 

A moratorium on the 
establishment of new* banks or 
new bank branches; new 
branches could only be opened 
If other branches were closed; 

Reserve requirements in 
dirhams were raised from 5 to 
7.5 per cent and from 1 to 5 per 
cent on foreign currency (the 
dirham requirement was eased 


than diktat ** We don't want to 
be aggressive," says al Hamar; 
“we want to restore normality 
and compliance with Currency 
Eoanl regulations.^ The Cur- 
rency Board is treating each of 
the 51 operating banks on an 
individual basis, and some, have 
asked for an extension -of the 
time needed to comply with the 
regulations. The ' capital/ 
liquidity ratio coold have posed 
a problem to some of the locally 
incorporated banks, who would 
have to raise money from the 
shareholders, as could the credit 
ratios — many . of them are 
heavily invested in long-term 
property lending,' so cannot 
easily reduce their credit ratios. 

As the Currency Board, with 
the assistance of two IMF 
advisors, has been preparing to 
become a central bank, the 
National Banks of Abu Dhabi 
and Dubai have effectively been 
acting as Government bankers 
in their respective Emirates. 
Out of the 51 banks in opera 
tion in the UAE, these, two, 
with a few others, dominate 
the banking scene. According 
to Currency Board figures at 
the end of November. 1977 (the 
latest published), when only 49 
banks were in business, only 
two banks had assets of over 
SSOOm. A further six banks 
have assets of over $200m but 
less than $500m: 15 banks have 
assets in the $3Sm to $90 m 
category and nine banks have 
assets of less than $22m. 

Tbe picture is not veTy differ- 
ent on the deposit side of the 
book. Two banks account for 
42.8 per cent of all deposits, a 
further three account for 
another fifth and 17 banks share 
less than 2 per . cent of all 
deposits. Total -deposits at the 
end of November, 1977 were 
$4~9bn. ■ 

The expansion of credit to 
the private sector in the UAE 
was sharply curtailed in the 
second half of 1977.. Overall the 
total lentJto the private sector 
stood at’$4.6bn, an increase of 
56 per cent over the previous 
year (compared to a rise of 84 
per cent in 1976 over 1975), but 
the increase in the- second half 
was only 14 per cent Almost 
two-thirds of book credit to 
residents iwas to residents of 
Dubai and the Dubai banks 
accounted for tbe larger part 
of the increase in lending. 

Dubai’s main preoccupation is 
trade: almost half of all the 
borrowings by Dubai residents 
are trade related. Even their 
cement imports are more likely 
to be for resale rather than use. 
In contrast, Abu -Dhabi 
residents borrow mostly to 
finance construction: at the end 
of September last year nearly 
45 per cent of all borrowings 
from Abu Dbabi based banks 
were for construction purposes, 
36 per cent for the construction 


in whieh they have acted as co- bankers, like their counterparts 
managers -r-' for tbe 'Republic ^elsewhere in the Gulf,- win con* 
of Venezuela ($35oip), - for Untie to: expand their business 
Emirtel, the local teldcommu- — hution much more sober lines 
ideations authority ($I(K&nE and - than Jn 'the -past 
both are currently workbg on .. :2. . : - T)T 

the ?50m rather more MJmM. 



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BORROWING 


A complex picture 



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THE MOST- frequent visitor to 
the international capital markets 
from the UAE has traditionally 
been the ruler of Dubai. Shaikh 
Rashid. In 1976 and 1977, he 
sought funds in the Euromarkets 
for one ambitious development 
project after another.. 

The picture these days is far 
more complex. The range of 
borrowers from the UAE has in- 
creased- The smaller Emirates 
and the richest of all, Abu 
Dhabi, have begun to tap the 
markets. The private sector has 
overcome initial doubts about 
borrowing and started to resort 
to Eurofinancings. At the same 
time, however, direct borrow- 
ings by the rulers of the 
Emirates in their own names 
has tapered off. as international 
bankers have become more con- 
scious of the political differences 
that still linger among the 
Emirates, such as the row over 
the amalgamation of the 
defence forces, and the failure 
to push ahead with converting 
the Currency Board into fully 
fledged central bank. 


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The new headquarters building tor the UAE Currency Board which is being 
built by Costain International 


and is due for completion in September. 


These uncertainties are cloud- 
ing the climate for borrowers 
from the Emirates, especially 
ihe smaller ones. Abu Dhabi 
clearly retains the banking com- 
munity's confidence, and by the 
same token a federal body 
like Emirtei — the telecom- 
munications company — is seen 
as an excellent risk because it 
has the full backing of Abu 
Dhabi. When Emirtei — 60 
per cent UAE Government and 
40 per cent Cable and Wireless 
and IAL — was introduced into 
the Euromarkets last year with 
a loan for $L00tn, it was the 
Abu Dhabi Investment Com- 
pany (60 per cent owned by 
ihe Abu Dhabi Investment 
Authority) that acted as guaran- 
tor. For its recent second 
borrowing of SlCiOm. Emirtei 
was sufficiently well-known and 
respected to . do without a 
guarantee, and the rate it paid 
— I per cent above Libor for 
two years and i per cent for six 
years, against U per cent over 


Shi& 


ers 


Owned fleet-Scheduled 
: sailings W.C. India/Gulf. 

: Inter Gulf-LCT’s/Tugs/ 
Barges/Crew boats. 

Charterers: Worldwide-Inter Gulf- 

Cargo/Freight bookings. 

Agents : Liner and Tramp 

including Lash/Flash/ 
Ro-Ro/Containers and 
Break Bulk. 

P & I Club: UAE representatives of 

Assuranceforeningengard, 
Arendal, Norway. 


seven years previously — did 
not suffer significantly. 

Abu Dhabi itself has just 
made its long-awaited dt-but in- 
to the Euromarkets, with the 
announcement of a $50ra credit 
for the Abu Dhabi Gas Lique- 
faction Company over eight 
years on a split spread starting 
at 3 per cent 

Dubai, in .the personage of 
Shaik Rashid, seems to be opt- 
ing out of direct borrowings 
at present Last year, the ruler 
took four major loans in quick 
succession. $225m, $230 rn, 

SI 50m and $2 00m. The first 
two — both over six years 
at 1J per cent above Lihor — 
were for the aluminium smelter 
and the gas gathering and pro- 
cessing complex, respectively.- 

Of the latter two — announced 
in the space of a week in July 
—one was a general purpose 
loan and the other for Dubai 
Electricity, and both were over 
three years, raising the question 
in some bankers* minds that 
perhaps Sheikh Rashid was hav- 
ing cash-flow problems. Others, 
however, considered that it was 
simply a case of Rashid seeing 
the opportunity to set some 
cheap shorter-term finance to 
fulfil distinct cash-flow require- 
ments. 

Servicing 

Whatever the reasons. last 
year's borrowing added a hefty 
chunk on to Dubai’s total debt 
and its debt senicing needs. 
Even before the St 50 m and 
$200 m deals, debt sen- icing was 
reliably projected to rise to 
$260 rn in 1979 and $273m in 
I9S0. But adequate financial in- 
formation is hard to come by. 
Several major bank-: refuse to 
lend to Dubai for that reason: 
others by now mu?i be reaching 
their limits on Dubai. 

Thus, if Dubai does need 
extra finance from the Euro- 
markets for the dry dock and 


aluminium projects, as seems 
possible because of cost over- 
runs. the Ruler might find the 
welcome less warm than pre- 
viously, and this will show in 
the rate he has to pay. He 
might get round this partly by 
using a surrogate borrower. 
Significantly, imports of alumina 
for the aluminium plant are 
being financed by a $25m credit 
to the Dubai Aluminium Com- 
pany i(Dubal), which is 80 per 
cent-owned by the Dubai 
Government / Ruler. Signifi- 
cantly, too. banks which had 
previously been prominent in 
lending to the Ruler — notably 
Morgan Grenfell and Lloyds 
Bank International — were 
absent from this latest three- 
year deal, which formed the 
Allied Arab Bank's first lead 
management. Sheikh Rashid will 
probably get by. but more 
bankers are prepared to ques- 
tion the wisdom of some of his 
projects now than a year ago. 

On Sharjah, banking opinion 
is much' more clear-cut. *' It’s in 
deep trouble.” said one major 
bank which refused to take part 
in the recent $200m loan to 
rescue the Emirate on the 
grounds that the risk was too 
great even with the guarantee 
of Abu Dhabi. Another banker 
commented, “I doubt if you’d 
find a bank in the world willing 
to lend to the Ruler of Sharjah 
in his own name.” But backed 
by Abu Dhabi, the loan drew a 
good response. The spread at 1 
per rent was well below the 1$ 
per cent Sharahj paid last year, 
but was generous for what is 
essentially an Abu Dhabi risk. 

Borrowings by other Emirates’ 
rulers have tended to be for 
specific projects or contracts. 
Ras al-Khatmah raised S20m last 
autmn for oil exploration and 
setting up a lime kiln. Ajman 
raised $4m and $2ra at the end 
of the year to assist the 
financing of contracts awarded 


to F. J. C. Liiley (Marine)-. The 
fact that amounts of these sues 
had to be syndicated at all says 
something about the way, 
bankers regard the smaller 
Emirates and set their limits. ' [. 

It is unlikely that these rulers, 
could borrow at present in their 
own name on terms that would 
be acceptable to them. More cor-' 
porate borrowers are likely to 
be seen, however, for specific 
projects. An example is the 
Union Cement^ Company's cur- 
rent operation for a joint 
amount of $25m and KDlL7m, 
lead managed by the Industrial 


estate field- An .example of 
this was the $17m raised for 
se v e n years at 2 per cent over 
Libor for AbdeWaffl al-Fahim. 
: and Sons by Abu Dhabi Invest- 
ment. Company for the Holiday 
Ton project in the Emira te. . 

. -Paralleling the emergence of 
new borrowers from the UAE 
has been the sudden rise to 
prominence in- international 
• lending Of institutions owned by 
the lJ AE or Abu Dhabi Govern- 
ments. ADIC was set up only 
in := February. 1937, hot it - has 
already- made its mark on the 
markets, lead-managing. : co-_ 
: managing- and participating in 
hbth Eurocredits and' Eurobond 
issues for borrowers as wide- 
spread 'as Mexico, Philippines' 
and Hungary, as' well . as the 
-more obvious Gulf clients. X 
•^National Bank oi Ah ir. Dhabi 
-~4ike ADIC majority owned by' 
the Government — has :-,also 
recently begun to bid aggres- 
sively for loan mandates, though 
often the two institutions-, end 
up in the same management 
-group, as in the recent Emirtei 
and Abu Dhabi Gas Liquefac- 
tion deals. If two such banks 
'were not enough for Ata 
Dhabi, it is also a shareholder,' 
through the UAE Government. 
;in the Bahrain-based' Gulf 
-international Bank, which in tfrC 
last few months has becomeas 
much a talking . point ‘ among. 
U.S. and European bankers ; as 
the other two local houses. <HB 
is owned by seven- Gulf govern-' 
meats iacIuding-zSaudj: Arabia, 
Iraq and Kuwait, as well -as -the 
UAE. •• . . -i' 


AIL three imstifiitvqus have 
seconded .. or; luretF British and 
American bankers ip ork i or 
them ' Ultimately-, .the idea is 
to -haves .a corpus/ tff .trained 
and experienced Arab, bankers 
serving .The , lending: needs "of 
Io<ai_ clients,, from-Jbe- Gulf, 
rathqrrtfran London mratff. other 
o£ the ; presept -.syndication 
canneS. - f X v. ■ 

Whether • Ideal • sArab 
•houses /View Arab /re^iEttg/risks 
'any diffenMitiy ebmbther inter- 
national; banks Is kxrmt point; 
but. the? -. do im.tr-fflitdmafieally 
get -^yen Tnandate^Xfdr Arab 
bbrroweric. -. In. -the/ $2G0id 
Sharjah deal, /it is ndtable -that 
neither ; ADIC> NB AD nor GIB 
were ;4»^rticipOTts;?«v2nj ' though 
- tlje lpanw&s; guaronfe^d'by "Abu 

XDhabt' v 7 'i ; ’ .* 

: ' The; p£;'‘ jbdi vidua 1 

/Emirates' wHir-£>fiap&fe ; tb/find 
zaffiine.feibfoad 
in 1hSi' ; owh7name :; as r Tong "as 
political ttiririohs'remazn in the 
' UAE/ r'rrufer 1 //: 'of - : ' Ras 
recent V . public 
gripd;';.. ‘federal 

' finmdil [support has not exactly 
filfe^.lA^terti>ankert'Mth con- 
rfkfencH*; 'a&ontX' that : Einirate. 

3 a 1 - central .-UAE 
. authority'-: f ora prefect in, say, 

; the -i Aftaan region - would be a 
totaRy. different^ proposition to 
Tending ~ to" Alma n - in its own 
-right .That [/is . wKy[ a“ central 
wok, with mrfti'ority-; lo* control 
md- monitor’ ‘ borrow- 

ings. would^tam^ sueh'^ great 
step forward;^/ '7 :-'C\ r ' ; 

Brian: Thompson 




i "i- 


H.Z 




>ITSC 


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Bank of Kuwait and the Kuwait 
Foreign Trading, Contracting 
and Investment Company. 

UCC — some 80 per emit; 
owned by Ras' al-Kharmah 
Govemraent/ruler-— needs 'the 
money for phase two of its ex 
pausion which will take plait 
capacity up to Ini tons a yean 
The proliferation of projects'to 
build or expand cement output 
in neighbouring Emirates or 
States has not apparehlfir 
affected the way the loanXis 
regarded by banks, because 
UCC is generally regarded & a 
high quality producer. :/£ 
borrowing by the company -fell 
through last year at an advanced 
stage because it was to be 
guaranteed by the 1 ' Currency 
Board and lawyers for the.-lend 
ing institutions were not satis- 
fied about the Boards legal 
authority for doing this. The 
new deal is not directly related 
to last year’s abortive one. There 
is no formal guarantee this 
time, which helps explain the 
relatively high spread being 
paid on the dollar portion of 
2 per cent over Libor. 

A number of other borrowers 
— usually members of the ruling 
families or prominent mer- 
chants — have been using the 
Euromarkets to raise small 
amounts for their own private 
projects, normally in the real 


EXPATRIATES 


The good life 


GREAT CIRCLE UNE INC 

PO Box 2506 Dubai UAE Tel. 471216/7/8/9 Tlx. 5631 OB CIRCLE 


Union fnsurante Co. TLtb. 


HEAD OFFICE - P.O. BOX 640 Tel: 62233 
UMM - AL - QAIWAIN 
U. A. E. 


Branches : 

DUBAI 

Cable: TIC0ST Tel: 226781, 229698 
Telex: 5800DB 
P.O. BOX 4623-DEIRA. 

ABU DHABI 

Cable: UNICOST Tel: 45440 

P.O. BOX 3196. 


TRANSACTING ALL TYPES OF GENERAL INSURANCE 


| THE UAE has become a very 
comfortable place for the 
western expatriate to live, with 
1 all the advantages of living tax- 
free in the Arab world and very 
! few of the disadvantages. 

Those who were here before 
the boom might complain that 
things were better in the old 
1 days when the pace was slower, 
life tougher and people had 
nlore time for each other, but 
for the average expatriate who 
! does not want to forfeit bis corn- 
I flakes or roast beef when he 
| goes abroad, life is pretty good. 

Most expatriates — there are 
i about 20,000 in all — come out on 
two-year contracts, and the fact 
[that many decide to stay for a 
1 second terra is not just due to 
; their bank balance. 

Ten years ago the majority of 
I westerners were heads of com- 
I panies running small offices but 
the cross section of society has 
I broadened now, hastened by the 
j construction boom which 

brought out expatriates from all 
walks of life. For many it is 
their first taste of life abroad 
and some find it difficult to take. 
There are the coffee morning 
moaners who complain about 
their husband’s hours and the 
cost of living, but one suspects 
[they would probably moan 

[wherever they were. 

Working hours are long— it is 
a six day week and most men 
work at the very least an eight 
hour day. There are special 
frustrations for those who like 
to get things done in a hurry. In 
the summer temperatures are 
unpleasant with ihe heat build- 
ing up from the end of April 
i onwards to around 120 degrees 
Farenheit wiih 90 per cent 
1 humidity in June, July and 
[August, cooling off again 
1 around October. 

The heat is tiring, but with 
! air conditioning in homes, 
[offices and most cars it is bear- 


able. and there are plenty of 
expatriates who ignore it and 
continue to play sports all the 
year round. 

The most obvious reward for 
working in the UAE is money, 
with the average salary twice 
the UK equivalent but of course 
not taxed and with the added 
benefits of free housing, car, 
schooling and air fares provided. 

Most companies give local 
leave in addition to annual 
leave, and a growing number of 
people are taking the oppor- 
tunity to visit other countries, 
including Iran, the Far East and 
sub-continent 

While most people — at least 
if they are honest — will say they 
were Initially drawn to the UAE 
by the salary, many will also 
add that the extra responsibility 
at an earlier age and the 
challenge of a competitive and 
stimulating business environ- 
ment were other important 
factors. 

The influx of foreigners in the 
past few years has been tremen- 
dous and the effects have not 
always been for the best- Five 
years ago UAE nationals were 
more accessible in both offices 
and homes. Now there are too 
many people, the place has 
grown too quickly and attitudes, 
too, have changed. Both for 
the young Arab, who ran go out 
and buy a Trans Am at the age 
of 17, to the expatriate who can 
save more money in two years 
than he would earn in one year 
at home, it is a money-oriented 
society. 

There is plenty to spend 
money on, with restaurants, a 
thriving night life and expensive 
boutiques. Alcohol is available 
in hotels and, with a licence, at 
home. But the majority of 
expatriates come with a view to 
saving, either for their first 
mortgage or to buy a bigger 
home when they return home. 


The average expatriate, tends 
to lead an unreal life, barely 
touched by the Moslem culture 
around him. He meets very 
few Arabs and mixes in -bis own 
circle, probably with his own 
company. There is tittle inter- 
change between the different 
cultures. 

But those who do make the 
effort to penetrate the' Arab 
circle find they make & friend 
for life and one who is likely to 
be as curious about them as they 
are about hum, However, it is 
unlikely tiiat many western 
males would enter the inner 
sanctum of an Arab's family 
life, or meet his wife. - 

For the expatriate wife, 
living in the UAE presents no 
particular difficulties. She can 
drive — and most families have 
a “wife's car”— she can shop 
in air-conditioned comfort, buy- 
ing almost all the goods she 
could buy at. home, she can 
work and move about in 
Western clothes, unmolested. 

There are unpleasant occa- 
sions when she may be stared 
at by the numerous . Asian 
immigrants, especially if she is 
alone in the souk or on the 
beach, but provided she is 
sensible she is unlikely to 
suffer anything, worse than, 
looks. 


As elsewhere in the world, 
food is probably the biggest 
item on the family budget and 
this has been hit by inflation 
and transport costs: The 
average family food -bill prob- 
ably conies to around $600 a 
month, and more if they enter- 
tain a lot — and most people do. 
Until recently fresh meat and 
dairy produce was something .of 
a luxury, but six months ago an 
enterprising English couple 
began weekly airlifts of fresh 

CONTINUED ON 
NEXT PACE 



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AL-FUTTftfM CONSTRUCTION 




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• . ”, * -is ^ s «-v. 

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A subsidiary rf the ' ' i. ... 
AT. - ; Futtaim Group of yT 
Companies engaged in 
construction.' dzrQpghout '% 
fitc Middle East. - V - - 

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A complete, construction serv- 
ice- can be -provided from: 
the inception. of a project to 


... ... ", r" ^ ... T- 4 --" . .■.T 7 ‘ T 'r r "f 

Please address- enquiries, to * The DmrmercTai Dlreetar^ - - • 


A1 r Jftrtfcdm ^GojaStruction.^-^ 


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- . ; j - v Pi 0[Box;152r < ,./[ ’ '/ , * - 

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JEini 


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THE LEADmG COmmk CT&R FOR 
BUILDWti SER VICE# M-THE- UAE 

Contracts r in ttod ' inc lmfe 

THE : >G AJuABAM;.:; 

outstanding 

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;sp$fflists in 

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(^Planned 


London Office 

Eltis 
118-120 
London 

Tel: .. ... ... ...„ 

Telex: 928800 ELK£N G : -- ; v ^?lcx:[ fi423;EMaiKT:DB: 



• . A member arf. tfte'Ftiw ■ • ''\T „ ' 




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29 



Monday June 26 197&. 

UNITED ARAB EMIRATES XIX 

THE MERCHANTS OF DUBAI 




THE GULF Itm 



markets for old 


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1 1 1 


ARE 


there 

statistics ^ ^ 

m * af woraan smuggling* 

?& < !2l2£5 , ¥W na tionality TJ^^fher 




about exactly how dn» ontier in.tate 197* and market for electronics goods do not sell, as they do elsewhere At present the merchants’ 

min. «?.. i . textiles and watches par excellence — in the Gull, on the basis of their business in Dubai is predomin- 

",'l these iinns being regarded as having a long-esTablishvd repu- atitly "matter of importing, 

were tnported by.the merchant *? e . oliler ba *f of Dubai’s prestigeuus possessions in Third tation, of the >ort which may stocking and then wholesaling 
of DjJtrai lasr year, but a rough' H/ 1 ! 10 ®*! re-export business — World countries. Anyone who buffer a brand against competi- and/or retailing within Dubai 
calculation based ■• iSS & built on has looked around the inside of tion from superior and/or and Ab.u Dhabi, A steal! volume f 

wa'tcbes micf '.the average watch « .Dubai merchants’ . skill at airports in the Gulf when a PIA cheaper products, and make it a of goods is smuggled still, which 

weiebing azs, would suggest fi ” din S -More popular and or Air India flight is due in very Jong process for such pro- calls lor specialist expertise, 

that 50 '.'was about the right cheaper goods '-to sell than will have noticed that almost duels to break into Hie marker, and larger volumes are re- 
abmber.- Re-runnijig- the figures ^htwesalers in neighbouring every waiting passenger has a The reason is not that in Dubai exported visibly 10 neighbouring 

for :the -total Dujilan population c ? un . tries — has not declined tn large and expensive TV or tape the advertising used to intro- countries, which calls for a cer- 

of some 200,000, ■ would give 5 bS0 ‘ ule ^hns Wt. lias been recorder with him. ■ duce new products to consumers tain knowledge of local condi- 

around; tea watches per- head dwarfed ' *>y recent' develop. However. Dubai’s trade is. is of a higher standard than Hons in those markets. There 

and similar calculations would meatSi Last -•- •year- .visible suffering at least a temporary elsewhere — it is not. evSn are also just a few cases of 

stow that- Dubaj 'imported four f e ' eXp °rts of this;- type ran to setback because of the ending though TV advertising is merchants dealing at arms' 

transistor radios- ner head. 3ust . undw 5300m— of which of short stav visas by the allowed for three minutes In the length,, buying, say, scrap iron 


FEB .23 TO MAR. 3, 1979 
EXPO CENTRE 


SHARJAH 
INTERNATIONAL 
TRADE FAIR 



average adult female resident since 1973 Ts that^Dubtif is now tions f n>ra elsewhere in the much more responsive to adver- A few merchant* have sold to 

of Dubai In 1977 appears to used as a shopping centre by region to Dubai, and reduced os ing. The explanation lies Iraq and Oman on this prin- 

Have got through the better part hundreds of thousands of the number of businessmen mainly in the very big turnover ciple, and it is known that the 

a gallon of perfume. visitors and immigrants, which making visits. In some quarters o f population and visitors. Union Bank or the Middle East, 
In colder economic terms ^ans that the bulk pf the goods * is claimed that the new rules which makes a reputation hard owned ■ by Abdel-Wahab Gala- 

Dubai’s enormous ‘safes of™ reexported go .out quite ha '* cut Dubai's sales, by about to establish in the first place. dan,, has done some arms- 

sumer goods mean that m legitimately but unrecorded, on 20 per cent and maybe more. interestingly. • in planning 
recent years the State's imports P®®***®*’ persons.’ in the/r _ '* their advertising and promo- 

have heen running at well over 5Jf ilca ses or as hand baggage. f,OFISGfl 11011 C£S lions th< ? Dubai merchant houses 

twice the vain# nf th^ There were always Jarre ” 


SHARJAH 

UNITED ARAB EMIRATES 


EXPO CENTRE : 

750.000 Sq. Ft. SITE, 

120.000 Sq. Ft. in 
Pavilions plus 300,000 
paved exterior space. 
Lowest rates anywhere. 
Write, call or telex 

for Literature and 
information : 


do not aim. as outsiders might 
For the Dubai merchants, one imagine, at specific racial/ 


length trade finance. But it is 
still true to say that examples 
of this type or trading are few 
and far between. Certainly there 
is none of the merchanting of 
the Hong Kong or London type 
merchant house*, will buy 
and seU in the products in which 
they specialise, in effect match- 
ing markets with the best source 


twice the value of the ■ imports were always large 

of any other State in the lower “ umbers of people fro® Qatar _ . ... 

Gulf, including . Oman Apart ' and Abu Dhabi) who "want to of the consequences of this cultural groups. In part this is ,. E “ 

.from Saudi Arabia, of course shop in Dubai * bot since 1116 pattern of trade has been the because the media is not as 

■Vflply Kuwait among the Arabian boom -the > population need to be extremely inter- rourh divided up according to anase 

Peninsula countries last year ex P losion the invisible nationally minded and to think consumer groups as it is in 

..imported more than Dubai consumer re-export business has through regional economic de- Western societies. There are Ir* 

Kuwait’s imports ran at some ? ome to dora ioate the whole veloproents in remarkable also problems of a more or 

$4.8bn, against Dubai’s $3.3bn. buslness scene in Dubai. One depth. A hypothetical example less technical nature, such as integrity 

- Part of the PYnianurinr. ^ W or -another it is reckoned of this was suggested recently the impossibility so far of 01 ine.pruuu •»- 

Ais extraordinnr^ P natto™ now L 11181 aboul three-quarters by a marketing manager selling finding a Dubaian girl pre- IT 1 ,,-.-*, M 

trade is that manT **** consumer goods imported electronics goods for a Dubaian pared to model vacuum cleaners JjXP2HQin2 

- faSSrSd by lhabti ®“ d sold; over the enterprise. -Say that country to enhance their appeal to u * r , h ® 

Se^orthera^^iiaS counters of Dubai ;■ 'and Abu •■X*’ is wanting to buy a French Dubaian ladies. But most im- 1 « 4C 5?° I ,1 

Dhabi Manv ? babl find their way-out again, nuclear power station, then the portant of all it is felt that 

merchants have awn™ ajlSf Araong ^ e 'terns “mentioned more astute Dubaian business- it would be politically awkwird ®? 

iments which above * lhe onl >‘ partial' exception man will make a particular to be seen to be aimin 

" ot A“ rt ^ this rule is perfume, which, 
their own Emirate but all of the as anvnne invoiW' in rhf 

?&* r “£ 2 S& SSS£SJZ£!£X 


and prosper in future, it should 


man will make a particular to ne seen to be aiming an 7. 

point of monitoring develop- advertising campaign overtly at p ^ eti ; e (* 

ments in the sale, in case the a minority group. If there is any tbea ® 1 


cm 



Phiiins ranoa ' anri ™ wwu a.uany economy should look into the possibility 

S."?:." 1 ." i"? •?>« MM** E« «r south of 


... ,, . . ^ *** uic i'uuuic -vi suuiii n| his «i>llin 

S,ar b r.ha^ ^ t 52L‘ h ?!!2! Asia be ^ ns t0 close fta doors LO thc SEC.AM 


his selling TV sets geared to 


In no sense are advertising of Louis Dreyfus, Bunge, Ralli 


- . ..... campaigns in Dubai sophisti- Brotliexs or Volkart Brothers, 

sr^sr l gr« ta pj» c ? , .‘ d - nor ^ ^ 


E K X 5 S"' !!? 


Gulf country’ — because in recent meat taking place would prob- 



ihe ; years up to the oil price but whieh 

explosion t of l9TA-74 0UI ^ nicn 

wa^ Abased bnUhe 

re-export -Of .good? iu ouik Dy .u nprcnnal 

theVTnerchaBts.—- partly legiti p 
matejy aftd partly as contra- 


E74,; the. trade >h ey ^ allowed tn brine 1 in in population combined with its 20 third in both 1976 and 1977. Thc albeit with different purposes 
le conwriejrciaT -jjjaj, quantities for their. >' Car ’ tradition of trade and last of these years was one in in mind. Thc Government might 
Is ili bulk by Der c 0n aJ use - when ihev iib , eral government, Dubai is a which Dubai was felt to be going help by cautiously encouraging 


id- return - home Once through ' muc-li more competitive tlirougb something of a races- the establishment when the time 
. . . ra- cust0a}s , n -jji« own country the mai ^ et th ;,n Abu Dhabi. People siun, which was most apparent V as ripe of b-ading assodations 

bapd, J The smuggling business returnin „ workers wlJs hLs are- Very price-conscious t partly in the propertj- market. In a nd exchanges for different 

SSSSL Purchases at ft black market \ 


no ddubt because they are look- recent months, however, the xypes of goods, 
him to i«S t^maximisc their profits on consensiw has-been that^busi- u . oes without saying that 
nut the - — w **’ " — * *• 


r . , . Hiuiuui uiai 

ale), whereas in other ness is modestly on ah upturn, developments of the&e sorts can 



medicines., and clgare ws in nce Mgh m0 h {<ll . hi „ 

SB^ftrasasss-^* 

shipping 
watcher 

Reached iui _ ll€ ,.. WMBlt , 

Dubai’s gold , imports totafled iread^Torking "' abru“ad^"it liking for ' in thc goods they ernments arc still spending at act7vc. C '6n Th“e other hand the 
2S9. tonnes, ..or _ about 20 Per poKiUvely encourages its people Products are much quickcr a high rate. As a result the development of an international 

Mnf -JiV tiou-onlrf mlTuv) in tho “ ^ ... r . r ..in in *f,n rinhnl mi*n , hnnt< arp irtorp rtinflriflnf business OS O diversifica 

from oil would prob- 

i... .. ... . ,, woiuuii iu uic u.o «.v. n. 6 v --- — - — „ — .• jo longer than it will 

ine.. impact of The soaring gold ava jj ab j e ^ tbe XJAE. often introduce a new line in But the qy.*stion has to be take Dubai’s heavy industries to 
price ana the more effective Ti, a mirbpt ® nb *‘ to t{? st th e market’s re- asked of what will happen to become viable — and it would 

precautions toing_ taken by the ,„_ n i„ m( , nr L hx . h„sinp« ®P° nse and the success of their Dubai as a business centre in certainly be more in tune with 
IndraiF coastguards. In - June. Jj s J- . “ own promotion before they try the more distant future — assum- Dubaian society. 

1973, toperte dropped to. zero* U «"d b > S? “J 1 tf to Abu Dhabi. ing that political stability is * , , . 

and sihee thdii the trade has who come to Dubai to buy stocks maintained? Michael FielcS 

never really recovered. Last tb resell to pilgrims during the ■ 10U0WS * nai 1,1 UUUA1 «- uuu:s uiaj 
year imports were .41" tonnes. Haj— though most of the Saudis’ 


The largest Exhibition facility in the 
Gulf invites you to display 
your PRODUCTS. PROCESSES & 

TECHNOLOGY TO THOUSANDS OF 
READY-TO-BUY CUSTOMERS. 

E X P O '77 drew 151,327 Trade and 
public visitors, INTERNATIONAL 
SPRING FAIR ’78- 72,420. 

CZECHOSLOVAK TRADE FAIR ’78 - MANAGEMENT CO. 
65,582. Exhibitors wrote over 
260 million Dollars in collective 
business in these highly successful 
commercial trade fairs. 


EXHIBITION 


P. O. Box 1145, Sharjah. 
United Arab Emirates 
Tel : 358888, 356779, 357302 
Telex : 8306 EXPO SH 


Potron : H.H. Sheikh Sultan bin Mohamed al Qasimi, Ruler of Sharjah 
£3 Official Hotel : MERJDIEN ■ Official Carrier : AIR FRANCE 




^§£103 




SHARIAH -TRADE&EXHIBmON CAPI7ALOF THE GULF 



Dolphin Keefer Lines Co. Ltd. 

For regular and faster sailing 


The link 
between 

Northern Europe. 
U.S.A. and 
the Gulf 



U.A.E. 

P.O. Box 5821. 

Sharjah. 

Tel: 357743 

Telex: 8096 DOLPHIN SH 


For bookings 


Dolphin a unique U.A.E. 

based refrigerated 
shipping company' 
with a monthly^ 
service to major 
ports in the 
Gulf„ 


Europe 

P.O. Box 375. 

Sentrum, Oslo T. Norway. 
Tel: 334180 
Telex: Oslo 11205 


; a 


g- rt o t* 


and ln.tbe eatly months of this;, purchases show up in the 
year it. is. known., that - ' thejffc.' visible, trade statistics already 
were several successful cargoes'. mentioDed. Itgoeswithoutsay- 
s hipped to ludia— together wlth ing ,. that each one of these 
one or ti»'p going across -the groups .of buyers represents a- 







,i 1 1 1 



i • ^ 


m* 

0* 



CONTINUED PROM PREVIOUS PAGE 

food from tbe UK and prices pupils and should move into 
have come down. "- - penuaiitnt - - premises next 

Shopping can be frustrating January- Jt will tomplemem 
as occasionally a particular the English P n *n®W «hook m 
item or brand will run out com- the Emirate and praude 01^ el 
pleteiy, and this used to happen and eventually A level courses 
frequently when port coages- to the University of London 
tion was at its height and goods standard, 
sat offshore for months. Food with a six-day week, what, 
.may not always arrive in the to do on the Friday weekend 
condition it should. Cereal may becomes of major significance. 

' have gone stale in tranship-. Almost every sport is available, 
mePt and flour and rice; Tend with expatriate cricket, football 
to breed weevils. One simply and rugby clubs, polo, golf, 
learns to sift flour and look sailing, tennis ami water sports, 
careful! v in cereal packets. ■ In recent years recreation Has 

Accommodation is one item become quite organised, with 
of Expenditure which rarely established . dubs for most 
• touches the expatriate directly, sporfs, annuaj- leagues and 
Although company housing trophies as well. as local sponsor- 
. varies with status and' the com* ship. . 

Pony's generosity, most people There are the hig annual 
are . adequately .housed- to events, but it would be unfair 
Dubai the popular choice is | 0 suggest that expatriates live 
Jumairalf. a sprawling beach a British Raj type of existence 
development • of villas. Rents — .they are too busy working 
are high, running - in the region for . tnal . ■ to compcn-satv for 
of 923,000 pa (or a villa m ^ Wimbledons.. Henley* ami 
Dubai— but this is the com- akcoIs there arc home-made 
poors problem. equivalents organised by bands 

Schooling is by and large good- 0 f enthusiastic committee mem- 
hut expensive, although here bet , s . principal of these m 
again, it is likely to be tlie Diibai are thc Annual Tennis 
company whieh pays in . one . open with its finals ptayeu at 
form or another. In Diibai the British Embassy Court the 
there are expatriate schools m Bugby Sevens, complete wun 
most languages, taking children mi]iSK d bands of tbt L^ Army an 
up to the ape of 11 and staffed police, and the Raft Race. «mch 
by a mixture of expatriate con- is basically a fund raising day 
tract staff and locally employed . for - the football club and con- 
wives. The most recently built s j sts 0 f teams padding J a j 
schools, with higher capital a specially devised course o 
costs to meet, charge a deben- rafts made ° r _° d dr “"* atri s?es 
lure (up to .$3,000) for each year about 6,000_ «^triates 
place, which can be sold when turned out to watch and 
the chtfd leaves. On top of Such events # al )°V s S 
this the fees are around. $3a0 relaxation in what b f t 
a term- . a hard-working enmronmenL l 

r ‘-ibai is shortly to get its u this sort ^ r « d ” B h 
fi - 'firitish-standard secondary roakes the LAE one o\ in 
- To be called Dubai pleasanter countries *o 1 ■ 

it will start operating Ceha May 

■•S|SteW b « r Vltb about SQ ...... - 



That’s how we’ve become its leading 
; commercial bank. We offer more than 
justfinance. We can give the practical, 

. down to earth advice and help needed 
y for success. Help with the local laws, 

' rules and regulations. Even help with 
finding the right partner. In fact the 
■ sort of help you would expectfrom the 
businessman’s bank. 

If you think that’s the sort of help 
you’ll need, why not contact our Head 
Office or our branch in London. 


EAR Head Office: 
Sheikh Khalifa Street, 
Abu Dhabi. 

Postal Address: 

P. 0. Box No. 4, Abu Dhabi, 
United Arab Emirates. 
Cable Address: 

* Almasraf, Abu Dhabi. 
Telex: AH2266 and 2267. 


London (City Branch): 
90Bishopsgate, 

London EC2N 4 AS. 
Telephone: 01-626 896L 
Telex: 885782 Masrafg. 
Cables: Masrafrity. 


Extensive branch network 
in the United Arab Emirates. 
Overseas branches: 
Alexandria, Bahrain. Cairo. 
Khartoum, Muscat Port Said 
To be established: 

Amman, London (West End), 
Paris. Port Sudan, 

Sanaa, Tunis. 


NATIONAL BANKOFABU DHABI 


“ The businessman's bank'' 


Total assets at 3!*i December 1377 Dh. U.QQ5,704,326(V$$l=Dirhan 4 approsinaUb) 



l 






30 


Financial ISi' XSfrS .. 


AH’LAN 


MEANS A WELCOME IN ARABIC 

BIN HAMOODAH 

means a welcome in business 


You can be assured of both when you come to 


BIN HAMOODAH 


We are active in al! spheres and can offer: 


Representation 
Agency or Sponsorship 
Contracting and Sub-contracting 
possibilities in: 

— Civil Construction 
— Mechanical, Electrical 
and Instrumentation 
— Fire and Safety 
— Transport/Catering/Insurance 


We can supply: 

— Motor Vehicles of all kinds 
— Communications Systems 
— Building Materials 


We can assist you with: 

— Office accommodation 
— Secretarial Services 
— Government formalities 
(visas, permits and the like) 


Your problem is our interest. One of our Divi- 
sions has the knowledge and the contacts to 
make a success of your venture in the United 
Arab Emirates. 


YOU SUPPLY THE TECHNICAL KNOW-HOW 
WE WILL SUPPLY THE LOCAL KNOW-HOW 


P.O.B. 203, ABU DHABI 
UNITED ARAB EMIRATES 
Telephone: 22180 
Telex : 2328 AH : HAMOODAH 


UNITED ARAB EMIRATES XX 


LABOUR 


A growing force 


YOU CAN see shop-signs in the 
UAE with the legend “ trading, 
shipping, freight and labour 
supplies.” Labour is regarded 
as a commodity in the Emirates, 
procured, handled and packaged 
with the minimum fuss, the 
H^T riniiim acceptable profit and. 
many In the West might be 
tempted to say, mi nimum 
dignity for the workforce. 

The UAE boasts abundant 
supplies of relatively cheap 
labour, yet has few workers of 
its own. The latest official 
population figures are not 
released because of their sensi- 
tivity, but from recent state- 
ments in the federal National 
Council and information from 
well-informed local officials, the 
197S population can be 
estimated at 650,000 foreigners 
and 210.000 nationals. This 
means that three-quarters of the 
people living in the country are 
foreign. 

When the business com- 
munity speaks of “ good labour 
conditions.” a phrase which is 
frequently heard, it is an assess- 
ment strictly from the 
employers' viewpoint. Foreign 
workers do not have much by 
way of rights. Strikes are 
illegal, as are attempts to 
organise labour unions of any 
kind. Troublemakers are 
identified and deported swiftly 
and without fuss. One stabilis- 
ing factor on worksites is the 
traditional mistrust between 
Indians and Pakistanis who 
together form about two-thirds 
of the foreign labour force. This 
may be one reason why there 
have only been three publicly 
recorded labour disputes in the 
last two years despite low wages 
and debilitating conditions. 

Tbe federation is only begin- 
ning to come to terms with the 
implications of the society it 
wants to build. In many quar- 
ters industrialisation is still seen 
as the cornerstone of socio- 
economic development. Im- 
ported labour, whose existence 
would change the market the 
factories produce for. could 
eventually become the key 
element round which society 
will have to adapt itself. The 
foreign workforce is the single 
most important part of the 
country's infrastructure — politi- 
cally, economically and socially 








The Dubai Dry Dock, being built by Costain/Taylor Woodrow at a cost of £162m,: ■/■ 
was hit last year by a strike for better pay and accqmmxtation. . 


as important as oil reserves. 
Tbe Government Is gradually 
recognising this, but only slowly 
— possibly because this is almost 
the first time in history such 
circumstances have arisen. 


CONSTRUCTION 

UNITED ARAB EMIRATES 


KHAMSAHEB GAMMON 


IUUIED 


P.O. BOX 1912 : SHARJAH : U.A.E. 

Telex: 8109 KHAGAM EO Telephone: 22760 


General and Public Works Contractor 
Civil and Marine Construction 
Commercial and Industrial Buildings 
and Mechanical Erection Main Contractor 
Joint Venturer Sub-Contractor 


A MEMBER OF THE GAMMON GROUP OF INTERNATIONAL CONSTRUCTION 
COMPANIES TRADING THROUGHOUT ASIA SINCE 1920 


AN ARAB JOINT VENTURE COMPANY SPONSORED BY THE 
KHANSAHEB GROUP OF U.A.E. AND. THE GAMMON GROUP 
OF COMPANIES REPRESENTED BY: 


GAMMON (HONG KONG) LTD. 

GAMMON INDIA LTD. 
GAMMON EASTERN UNION LTD. 


For other Middle Eastern countries The Group is represented through: 


GAMMON SERVICES LTD. 

12 Lower Grosvenor Place, 
London SWIW OEZ 
Telex: 919258 
Phone: 01-828 0106 


GAMMON MIDEST LTD. 

P.O. Box 1912 
Sharjah, U.A.E. 

Telex: 8109 

Phone: 22760, 22325, 356487 



The most important section of 
tbe bulk labour force Is from 
Pakistan and India, making up 
an estimated two-third? of the 
unskilled workforce. Workers 
are paid about Dh 25 a day. 
which provides them with a 
surplus for sending home only 
because of the unpleasant con- 
ditions (living often five or 10 
to a roomi. 

Some big contractors provide 
workers with food free of 
charge and maintain site can- 
teens which get through vast 
volumes of rice every day and 
provide workers with food free 
of charge. The mntivating 
force to persuade labourers to 
work unprotected from the heat 
and humidity of the Gulf is their 
ability to earn just enough to 
save. The alternative to the 
steaming primitive shacks that 
The less fortunate workers live 
in is to return to the sub- 
continent. usually to no job at 
all. Employers have a consider- 
able hold over the workers, who 
cannot leave without a letter of 
release. If they d«> so their 
next employer often pay? them 
less under threat of exposing 
them for deportation. 


Recruiting 


The system for recruiting- 
workers involves agents in 
Pakistan and India liaising with 
brokers in the UAE who supply 
the requirements of the big con- 
tractors. There are many honest 
brokers. Many of the big con- 
tractors are, by local standards, 
honourable, fair employers. But 
workers from the sub-continent 
are frequently treated out- 
rageously. Sometimes they pay 
huge sums to employers as 
surety from which the employer 
can deduct money or threaten 
to do so. Sometimes they pay 
large sums, often borrowed at 
high interest rates, for spurious 
formalities. In the aftermath 
of one short-lived strike it was 
claimed that workers were' 
being asked to pay Dh 1,000 
(one month's unskilled wage is 
Dh 350-7001 as surety for visas. 

These are the lucky ones. The 
most unfortunate workers from 
the sub-continent make illegal 
crossings to the east coast of the 
UAE sometimes paying hun- 
dreds of dollars to the Dhow 
owner. Some arrivals are not 
even aware their entry is illegal. 
Others arrive with no more than 
a scrap of paper bearing tbe 
name of an acquaintance and a 
few rupees in their pockets. In 
more tragic cases the dhow 
captains drop them off is the 
coastal waters off Fujairah 
leaving them to wade ashore, 
sometimes with wife and chil- 
dren, In August 1976 a massive 
attempt to smuggle 600 Pakis- 
tanis into the country failed 
when erne of the boats went 
aground off Fujairah. Those 
who were caught included many 
women and children who were 
deponed the next day. Last, 
year 170 people are thought to 
have drowned in an abortive 
attempt to cross from Pakistan. 
The crew of the illegal vessel 
allegedly forced the passengers 
into the water at gunpoint as 
UAE gunboats arrived. Those 
who land successfully are some- 
times unaware of the geography 
of the country and are soon 
parted from their remaining 
savings by taxi drivers to pay 
for the trip to Dubai. 

Last year the .Government, in- 
creasingly aware of the inuni- 
gation problem, made efforts to 
stop illegal -immigration with 


coastal patrols and a clamp 
down which included an. 
amnesty. But the economic 
attraction is great for both em- 
ployer and employee. While 
economic demand continues un- 
scrupulous brokers will always 
find a market for the DhI5 a 
day worker who will keep his 
mouth shut for fear of depor- 
tation. Last year's two-month 
amnesty was successful with a 
more privileged category of 
immigrants, those who arrived 
illegally by plane (taking advan- 
tage of a 96-hour transit visa 
and leaving their passports at 
the airport). Early last year Abu 
Dhabi announced that it was 
holding Itf.OOo such passports, 
while they were being left at 
Dubai Airport at a rate of 1.000 
a month. The amnesty required 
people giving themselves up to 
present a sponsor’s name to the 
authorities. For this reason it 
seems unlikely to have dragged 
up many of the less privileged 
illegals — and officials still stick 
to their conservative estimates 
of 50.000 unlawful immigrants, 
which coincides with their esti- 
mates of numbers unemployed. 

Last year's darapdown was 
followed by the cancellation of 
tbe transit visa system, imposed 
in the wake of the murder by a 
Palestinian of the Minister of 
State for Foreign Affairs. Mr. 
Saif Gbobash. an event w'hieh 
stimulated some very hard 
thinking about immigration. The 
move has had a serious effect 
on business in Dubai, in parti- 
cular where hotels have lost the 
trade of casual western business- 
men, while the Souk has had to 
go without the stimulus of large- 
scale shopping expeditions by 
dhow from across the Gulf. 

For the first time since the 
oil price rise boom more people 
have been leaving from UAE 
airports than arriving. About 

50.000 resident workers are said 
to have left last year. Others 
cannot leave because they can- 
not afford the fare' home. One 
driver from Kenya said he had 
been unable to leave after his 
company weot bankrupt because 
he had not received the compen- 
satory money allocated to him. 

Because of the lack of educa- 
tion among UAE nationals and 
the development of local and 
federal bureaucracies, almost all 
the skilled clerical and adminis- 
trative staff are foreigners, 
mainly Levant Arabs, Pales- 
tinians and Egyptians. From 
the social and cultural point of 
view these immigrants adapt 
better to conditions in the UAE. 
They are vital for tbe 
administration of the country 
since they know Arabic (which 
only a minority can claim). 
Officials say there are about 

70.000 foreign Arabs, of whom 

30.000 are Palestinian with 
fewer Egyptians. A number of 
Lebanese businessmen have re- 
mained in the UAE having 
arrived during the Lebanese 
civil war. 

An incidental quirk of the 
UAE's population pattern is tbe 
age and sex ratio. Unlike most 
developing countries the 
broadest part of the pyramid is 
the adult category, with young 
people under 15 years ol<| less 
than one third of the total. 
There are no accurate estimates 
of the sex ratio, but since most 
of the foreign labour force is 
single and male there may be 
a male female ratio of 70:30 or 
even higher. 

One of the unknowns of the 
future is the point at which 
Industrial and construction 
labour will begin to cost signi- 
ficantly more. Wages have re- 
mained low for years despite an 
extraordinary rise in the cost of 
living. Until now there has 
always been a substitute em- 
ployee just- down the scale as a 


replacement when the em- 
ployer's costs have risen.. This 
principle applies from the 'top. 
(where employers faced with' 
rising accommodation costs for 
a professional European began 
to employ Indians when the: 
annual cost reached £35,000 a 
head) to the bottom (where 
costs can be cut in construction 
by recourse to illegal immi- 
grants). • '‘I. 

There have been three 
publicly reported labour dis- 
putes since 1976. but strikes afib 
wrapped up so quickly ther&k 
little reason for them to-be 
made public. One involved 
workers for the Costain/Taylor 
Woodrow joint venture at the 
Dubai dry dock project who 
declared a strike for higher pay 
and better accommodation. 
Another concerned 200 Iranian 
dustmen in Dubai who briefly 
called a strike for higher -pay 
but called it off on being given 
promises which in the event 
never materialised. A third in- 
volved workers at OTAC, the 
sewage treatment plant at 
Dubai, when 500 labourers 
stopped work demanding a rise 
from Dh 15 to Dh 25 a day. 
which meant parity with other 
Indian and Pakistani workers. 
The ringleaders were rounded 
up and deported. 


Lesson 


In Abu Dhabi, both at the 
federal and the Emirate- level, 
there Is now considerable 
questioning of the nature of the 
industrial society to the creation 
of which the UAE seemed only 
recently wholeheartedly com- 
mitted. The murder of Mr. Seif 
Gbobash has forced the authori- 
ties to see that imported labour 
eventually means imported 
politics. The lesson may appear 
less stark in some of the other 
Emirates, where competition 
with Abu Dhabi and each other 
is more important and where 
the rulers may feel they have 
the immigrants under control, so 
opinions about the future vary. 
The government believes it 'has 
tbe security situation . under 
control because it sees it '-as a 
monitoring task— tightening the 
borders to prevent terrorism. 
But more and more.- of its 
members are aware' that the 
problem is a. .more complex: 
development question^— who is 
developing what. sort-of society 
for whom? 

Mr. Saced Ghobash, Federal 
Minister of Planning, maintains, 
that tbe degree of. dependence^ 
on foreign labonr depends on 
investment policy. He points 
otit “ unskilled labour consumes 
more than It produces. You 
could extract a large population 
from the labour market and it 
would have no economic effect 
They send money home but they 
do not spend.” He-- also 
recognises that building fac- 
tories has not reduced the 
problem of unemployment of 
poorer, unskilled UAE citizens, 
since labour is imported.. The 
answer so far has, been to con- 
centrate on education in order 
to build the local human 
resources for the future. ■ 

The task of building a balan- 
ced modem industrial society 
in UAE it seems would be im- 
passible without major changes 
in attitudes to tiie labour fotek 
Even when the local population 
acquires the skill and education 
to run the machine there won't 
be enough nationals for the job. 
A balanced society requires 
integration of the labour force* 
politically, economically and 
socially. This would only be 
possible with a loss of identity 
which until now is quite un- 
acceptable to the .. local 
population. M.T. 





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Financial Times- Monday Jun« 26 1978 

UNITED ARAB EMIRATES XXI 



fe* 


TRADE 






fe? 



surplus 


UAlTsbaJance of payments 
jjas nerfit lseen much of a topic 
Mr discussion in the Federation. 
TiCth % ijgsltive trade balance 
afc ${?.7bn*3i«st ’ year, .about the 
saine. aa-' thT1874, thefe would 
appairTto he nothing to discuss. 
H&weve£ -figures newly collated- 
a£d recently published by- the 
liAE Currency Boarii show that 
tfjje overall balance of payments 
surplus of 52 bn ijj- -1976 has' 
inclined to 537Srn for 1977. - 

:As the- UAE is a consider- 
able -oil., exporter,, producing 
about. 6 per cent of OPEC's oil, 
small .increases hr. the Per barrel 
pTS.ce have compensated for the. 
missive • increase _-in imports 
since 1974, :• from ' Sl.Tbn to 
$4_3bn last year. Oil income in 
the same period has- risen from 
S7bn to $9bn. thus producing 
tfife comfortable trade balance. 

jBm fast increasing cash out- 
flows on current account — “in- 
visible" imports such as services, 
sqpie private sector capital trans- 
fers, remittances by the half miJ- 
lLiHtr hr 5K) immigrants, etc. — 
brought the current account sur- 
plus 16 less than half the trade 
surplus in 1977, a figure of 
S jSbh. ' and drop of. nearly 

SlfiiV- This, is still a comfortable 
niargin, but the trend is towards 
a^jeduced Surplus. . and' this 
year’s- cut. . in' .Abu . Dhabi's oil 
production, could accentuate it! 

■$or was 1977. a year of un- 
usual activity in any of the 
other foreign exchange consum- 
ing activities. Although imports 
wre up to $4.3bn from the 
S3L4bn of 1976, a similar billion 
dollar increase was recorded in 
19*5 over 1974. (1976 itself, m 
iirtport .terms, was rather a dis- 
wirted year as the UAE's ports 
w£re so cmigcsted that it took 
m’bnths to deliver cargoes 1. 


Moreover flhefevrf o i capital 
payments arf 1977 : (525bnl was 

not whoHy. exceptional; the 
figure was as high as Sl.Sbn in 
1974. . Abu. Dimhi. is. -generous, 
and it is also ^large-scale in- 
vestor, both . in ilve western 
world and in ujresgiohaJ Arab 
organisataons. '..While the cur- 
rent account balance indicates 
the cost in foreign exchange of 
maintaining' an economy such as 
that . of the UAE." tl» capital 
account shows the' Inmited 
d<^ree to which oil revenue sur- 
plus slates can .employ . thfrir 
funds at home, aiid reflects the 
aid -jraymems which, are to some 
extent incumbenr .upon such 
states. 










'. y 

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, .. . . - * . • . t . 


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Surplus 


For the Emirate of Abu 
E>habi itself, the balance of pay- 
ments picture show's a comfort- 
able surplus of around 5-J.8hn 
for .the first- three quarters of 
last year. (Later figures for the 
Emirate were not available in 
time for inclusion in- tW Cur- 
rency Board's latest quarterly 
.report.)' Even if Abu - Dhabi's 
generous aid disbursements, 
which account for mbs* of the 
money r given or lent fay the 
UAE, were subtracted, it would 
leave a balance of S3bn or there- 
abouts over imports of around 
S886m for the first three quar- 
ters of 1977. Abu Dhabi 'itself 
is only directly responsible for 
about a third of the UAE's 
totai import bill. 

The Abu Dhabi picture is di«^ 
torted by the fact That "an. un- 
qualified . proportion -of its 
imports come in to the, t/AK via 
Dubai, the main port -of the 
federation. 



UAE BALANCE CF PAYMENTS * 

• (Sm> 



31 


i ns# 


-V 1 1974 

1975 '- 

1976 

Merchandise Trade 

00: exports +7.089-6 

+6,902.8 

+ 8.433.1 

*bu Dhabi +6,071.1 

+ 5.S23.9 

+ 6.976.5 

•jhibal ......... .+-- .968 

+ 999.7 

+1,354.3 

SfzarjaF + .*0.5 

+ 79.1 

+ 82.2 

Gas exports — 

— 

— 

__ -Other exjjorts, ... 


- — 

reexport fob + 440.7 

+ 465.9 

+ 645.4 

1 it '.T*Ud -exports. 

' reexports fob +7.530.4 

+ 7.368.8 


+9.052.5 

Imports rif —1.739.7 

-2.724.5 

-3.389.2 

Tfide balance +3.790.7 

+ 4.644.3 

+ 5.669.3 

' Other current account —2,150.5 

-1,731.7 

2.I85.S 

Current account 

: '+2.ftf2.6- 


'balance +3,64 0;2- 

+ 3.483-5 

Capital and official . 

■ 


transfers 



Official grants,, loans — 546,6 

- 986.0 

-I.030.I 

"IT; Official .'borrowings . • • • — 19 i-5 ; 
[*1 1; Official direct invest- 

+ 82.5 

+ 204.1 


. _ 

- Ui menr — 261.3 

- 61.3 

- 250.3 

QfStial direct particl- 

- 154.9 

- 248.3 

pation — 53.1 

:TMI ; $ector — 584.7 

- 299.4 

— 173.3 

Capital account 

. Balance ’-1-637-3 

-C41S.3 

-1,196.1 

Overall surplus ...... 2.002.8 

1.493.3 

2^87.4 


1977 


377.8 


figures based on UAE Currency Board dirham 
**** - estimates. November. 1977 Bulletin. 

@ D! 3.88=SL00- 


•*'?. i - w •* 






Any attempt to draw up a 
meaningful trade balance for 
Dubai is difficult because of the 
fact that many of its imports 
are for other Emirates and be- 
cause part of its trade is un- 
recorded. while the absence of 
accurate data makes the com- 
pilation r»f a balance of pay- 
ments table almost impossible. 
Dubai's total . import bill for 
the whole of 1977 came to just 
over $3bn. Against this should 
he set its recorded re-exports 
«S294m). its oil exports (esti- 
mated, at 5?1.4bn) and its un- 
recorded re-exports, which 
probably make up about a third 
more than the recorded re- 
exports'- These are made up 
of -such items as gold, gold 
objects and. -to an increasing 
extent, watches, electronic con- 
sumer^ goods, cameras and 
pharmaceuticals shipped illicitly 
to neighbouring slates. Leaving 
this. la*t\iteni aside ihe Emirate 
would have a notional trade 
deficit b{ -Sl-obn in 1977 — 
nearly eighi times larger than 
its. deficit in 1974. 

But it would bp wrong to 
deduce from Hus that in rhe 
hypothetical easp of ihe Emirate 
being a totally independent 
■state . it would suffer critical 
trade deficit problems. In that 
eventuality a considerable pro- 
portion of the Emirate's imports 
(that proportion which goes to 
other Emirates) would couni as 
reexports, nr. if other Emirates 
chose not to buy through 
Dubai, the import figure would 
drop; ^ But it is a mark of the 
interdependence . of the 
Emirates that Dubai's traders 
take up two-thirds of all the 
bank- credit extended in the 
UAE; which in Novemher last 


The Dubai International 
Trade and Exhibition 
Centre, the tallest built l- 
ing in the Middle East, is 
being constructed by 
Bernard Sun ley at a cost 
nf £W9m. The complex, 
ichich teas designed by 
John R. Harris and 
Partners, includes a 352 
bedroom hotel, exhibition 
hall and 500 apartments. 


*«'**[<* 


aHwD* 






vsft 



. 



We design and simply 


IftemKri power stations „ 
equipment tar tydrauiepow^ 
sfccl^ - ' 
cranes andi 


We offer you: 

-\ 0 worldwide technical experience . 

O favourable financing terms * , 

■ ■ •- C delivery on schedule . 

:riororitinn- co mmissioning an d maintenance 

We are, or have been, contractor* 

for the folio wing projects: _ ._ 

' - . 'Abu Dhabi Power Station, DnitedArab ^mirates 

: SitraPower Station, Bahrain . ; 

-' Aknaqta Bridge iaAbu Dhabi, United Arab Em, rates 
-t ■ Aswan Dam, Egypt ■ . . - 

; ^ ;..V. - - Fahrahnaz PahlaviD?^' lr ®^ 

- - Bandar Shah pour Mine, Iran 

MIN AB Project Iran .• 

Halawani Bridge, Saudi Arabia 



- Jk 




a 1051 Vienna, Austria' 

: ; :Marg ^T| f ffl^'» g32wabiw a 


year totalled about S4 7bn. 
Virtually half of all the money 
borrowed in Dubai is used to 
finance trade in some form or 
other. Thus Abu Dhabi's nir 
plus foreign exchange is per- 
colating down to Dubfli where it 
pays for the imports comm? 
through Port Rashid. Depen 
dencc on Abu Dhabi a> a source 
of foreign exchange applies to 
the other Emirates to a greater 
or lesser dcarep and is a key 
factor in their interdependence 

When work oo Abu Dhabi'* 
industrialisation project *i 
Ruwais gets seriously under way 
(albeit on a more limited 
scale Ilian was originally 
planned), u is likely that most 
of the imports will go directly 
to n. thus cutting Dubai's role 
as the main port Tor the 
Emirates and possibly reducing 
the supply nf foreign exchange 
from Abu Dhabi for the financ- 
ing nf imports through Dubai 
which are not directed towards 
Abu Dhabi, 

As to the calculation nf 
Duhai's payment;* situation, thiii 
is obscured by uncertainty about 
its invisible earning* from com- 
merce. and about its invisible 
payments, though these must 
make up a fair proportion of 
the “Other cuireni account” 
item in the UAE's balance of 
payments table, which amounts 
to S3.2bn. The question of the 
Ruler of Dubai's commercial 
borrowing (debt servicing costs 
now amount to about 30 per 
cent of oil exports! is. from thu 
point of view of lenders to 
Duoai. largely a question of 
setting the Ruler's debt service 
costs against his oil and other 
revenue, and this is dealt with 
fully m the article on Dubai, it 


Partner 






Amro Bank 



The UAE's most important 
trading partner is Japan, which 
huys 26 per cent of the Federa- 
tion's oil. is a significant partner ] 
in the Abu Dhabi oil industry 
and supplies over a fifth of the 
Federation's imports. Japan's 
exports to Dubai alone were 
valued at $654m at the end uf 
1977. while expons to the whole 
VAE were $620ni in 1976. The 
depreciation of the dollar dur- 
ing 1977, the currency in which 
oil i> priced, and the steady 
rise in the yen contributed their 
mite to the erosion of ihe sur- 
plus. 

The UK’s share of the UAE I 
market (that which is imported | 
through Abu Dhabi and Dubai) 
has gradually shrunk since 1970, 
when n made up 26.5' per cent, 
t«> about 15 per' cent in 1077. 
Naturally, of course, the value 
of British exports- to the UAE 
has risen eoorinously. reaching 
£455 m in 1977, compared with 
£32m in 1970. Britain i s in a 
respectable second place 
among the UAE's suppliers, 
followed by ihi? U.S. (vriTh about 
in per cent nf the marked and 
then Italy and France. Despite 
the coming on stream nf North 
Sea oil British import* From the 
UAE rose from 200m in 1976 
to £259m m 1977. 

D.TJ 


The Amsterdam-Rof tsrdam Sank N.V. (Amro 
Bank), the leading' commercial. bank in 
Holland, now has a branch in Dubai. United 
Arab Emirates, with Mr. Alex Gillies as 
General Manager and Mr. Haris ten Cate as 
Assistant General Manager. . 

Amro of course has been providing its 
commercial and investment sen/ices for 
quite some time in the Gulf Region. But 
with trade and investment increasing — in 
an area where personal contacts are of 
crucial importance' — Amro now intends to 
extend its services through a local branch. 

The Dubai Branch is ‘well placed to assist 
business and industry in the Gulf Region 


with services like foreign exchange, trade 
finance, money market transactions, 
interbank lending, euro-currency credits, 
syndicated loans, guarantees, bid and 
performance bonds, documentary credits, 
collections, mail and telegraphic transfers 
and trade promotion. 

To discuss these services in detail, please 
contact: 

Amro Bank (Dubai Branch) 

Chamber of Commerce Building. Third Floor, 
RO. Box 2941. Dubai, United Arab Emirates. 
Telephone: 222283/4/5 
Telex:. 6778 amro em. 

6777 amrox em (Foreign Exchange) 


amro bank ® 


amsterdam-rotterdam bank nv 

Head Offices: 595 Herengracht. Amsterdam, Telex 11006 
1 19 Coolsmgel. Rotterdam. Telex 2221 1 

London Branch: 29-30 King Street London EC2V 8EQ. Telex 387139 
Branches, subsidiaries or repmsemalive oHices in Antwerp- Curacso, 
Dubai- Jakarta, London, Tokyo and altiliaies in 21 countries. 


RANYA TRADING CONTRACTING 


AND INDUSTRIAL COMPANY 


OUR BUSINESS IN THE UAE IS 

ELECTRICAL TRADING.— ELECTRICAL CONTRACTING 
CIVIL CONSTRUCTION 

APPLIED SPECLAL BUILDING MATERIALS — i.e. CEILINGS. FLOORING and ROOFING 
HOSPITAL SUPPLIERS and MEDICAL GOODS 
TENDERING FOR GOVERNMENT CONTRACTS 


LET US BE YOUR RIGHT HAND MAN IN THE U.A.E. 


SERVICES CONCERNING JOINT AXNTURES, SPONSORSHIP, REGISTRATION. VISAS 

Ranya Trading Contracting & Industrial Co. 

P.O, Box 602 ABU DHABI. • . 

Tel. 22416. Teles 2386 AH. RTCC 


. Northern Emirates 
Ranya Trading. Co. 

P.O. Bos 1433 SHARJAH. 

Tel. 57347. Telex 8292 SH. RTC 




4 A 


r 






32 


■'•V ' 


U.S.S5QC 

million 

-the estimated 
worth of 
merchandise 
imported 

by the U.A.E. alone. 

What was 
your share? 


The worlds highest 
per capita income 
consumer fives 
in the U. A. E., and 
Middle East Bank 
can help you 
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Make the right 
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Advise you ^ 
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Because we’re Ic 

A part of U. A- E. 



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Incorporated in Dubai , U. A . E . 


Branches in Dubai, Shariah, Abu Dhabi, 
Ras al Khaimah and Af Ain 


Head Office: P.O.Box 5547. Dubai, 
United Arab Emirates. 

Tel: 220121-7. Tlx: 6074 MEBNK EM, 
Cable: MEMAINBANK 


We are specialists in Cosmetics. Perfumes’ 
Soaps. Dry Battery Cells, and can provide 
technical know-how for setting up new 
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Contact 

M. I. ALLAWALA, 

Post Box 7450 Karachi. Telex: 2766. 


UNITED ARAB EMIRATES XXII 


FtfcancM'i^ 


SOCIAL WELFARE 


Painful 







MOHAMMED MASAOg^^r SOJVS 
(Head Office). , .. l J ’ ' 

Post Bos 322, iAha Dteiji 
Cable: 

Tel: 413704116741236- 
TeIex: 224r^AST0R AH 




IT IS not an uncommon sight to 
pop a gloaming new Mercedes 
outside a simple house in a UAE 
village— -with the owner's goals 
clambering all over it. While 
the UAE's wealth has percolated 
down in some form lo the 
poorest citizen, it is going to he 
few more years before many 
adjust to the new life. The 
complete social upheaval of the 
last ten years or so is some- 
thing no nation could absorb 
without some painful readjust- 
ments. ft is perhaps remarkable 
that the country has been able 
to absorb so many changes in 
such a short time. 

UAE nationals receive free 
mediciue. housing and educa- 
tion and if they feel they have 
a personal grievance they are 
always free to visil the Ruler ai 
his daily majlis to air their com- 
plaints- 

Generally it is th*> federal 

■Ministry of Social Affairs which 
deals with welfare cases, making 
payments to certain categories 
of citizens, including widows, 
divorced nr deserted women. 

cMdren. A family mav'receive f ,fhel P Interest-free loans with frequently encounter such dif- 
up to UR 2.800 <*400, a month ,ong repvnwat terms arc siren Acuities. 


• w -■ •• " ' V-- 

‘ *• >j ■:./^3sSbbL-' 


AI. M ASAOOB ENGINEERING 




PO Bax IC2-TO: 223M, :. 

At B5ASAO0B ^ : i * 



Aba 


po box 

r— i - • . iri bn- (mi'i (i tn - ' 





TJie 400 bed Roriiid Hospital in Vuhai. biult in 1972, is currently being\j; 

ejlcuded. 


Even when 


Certainly there Is do laclugj^ 
they hospital expansion in the UAE. \ 


m social security pax-menK and !" ^wnment employees *" manage to local e the house they In Abu Dhabi itself a i 5d «$*£[-. 


according to official statistics build their own homes, and land may well be refused entry by hospital Is uadw. wnstru^ 
about three per cent of the 15 5,Ten for ep,f -build the suspicious family. in Mafraq, 40 km from Aha 

population receive such allow- 


schemes with few restrictions Hnwever, in genera! medical Dhabi. Work on- the hoSpiprtj 


anres. 

Much of the administration in 


on size 
house. 


and style of tt v atraent ’ in ^ UAE , s one which wflj cost $58m. 


, . !? * dd J M " n tn Fet ! prai of the relative success stories ? ctober, and it.ah^ 

the social services department. P'*? s dividual Enured have nf the WHntryi and lraditinna! be finished ; by October Mm 
as m other eovermnent minis- Iheir o-ati plans for .low income f arj? grafJllaJIv being over- The majontyof patients^ 
tries. ,s undertaken by non- hou * in - make periodic mist between doctor come from 5,<M0 new Tdb^-a 


nationals because there ire not f Uempt5 ' »° demolish «hantv aifd parieDt Js buil , Hp _ About township on the Abu Dhabl-Al. 


enough locals who are able or tomm rhe of ,nwus and Dh 350ra ($87m> was allocated -Via road as well as from Ai 

.... ... nrnvinp «nmpfhtTio mnrp npr- - . ... . TTVnk; Ail Pnmn™ 


willing to take such jobs. This. provid ? S"***"* more ^ for health this year in the Dhabi National Oil Comp, 


IU tonv PUill tuifj. i flic. _ . . . « . j > utniui , 

coupled with the large number jnaneni than Wrt corrugated f e( j e ral budget and the eventual new offices nearby. 


iron and barasti. 


of westem expatriates who have 
come into the country, has -»-*• i a 

created social difficulties for the DllljClllL 
poorer Arabs. Not only do they 
have to dCal with a new way 


However, a house and cash 


aim is to bring the ratio of jn Sharjah the lOfrbed.'Al 
doctors to patients to one to Qasimi hospital, which opened 
1.000. over a year ago, has.overeottre 

In Abu Dhabi there will be the majority of its- teeth&k 


bedau 8 total of 14 hospitals at the end troubles, which stemmed mainly; 


of life imported by ‘the 5SZ ^crowding. - AW* 


foreigners but they also have to overnight and mbtl h<?lp bv bed units open. Most are Medical Group, which manag* 
turn to strangers for guidance. social workers is neede J £ staffed by British and Asians as «. 15 
In the last 10-1 o years, new he , p farai j ies adjust. Tliis can well as foreign Arab staff, Jh® *** h d , f 

schools, roads, townships and ^ difficult, as barriers of sus- although it is becoming more two amt a naif 
hospitals have advanced into the picinn take a long time lo break difficult t 0 find suitable staff, number of nutprtwts^lpgg 
traditional desert existence dovm 3tllj many families resent Recently the Director of Over- ^ A ^talof 
forcing even the most confirmed „- hat ^ see ^ p[ y in r b y out- seas Health of a major hospital *** «.*!?S5ha 

bedou to adopt new life styles. s jd e n;. a problem made worse management company warned pnw Jf, ."f 0 , l. 

A major drive has been made by the fact that many social that if the present rate of hospital- with a lurther bed* 
to encourage the Bedou tribes- workers are foreigners. hospital building in developing Dubai retains control ofj'ifs 

men to give up their nomadic There is another difficulty countries, especially the oil own medical facilities oufside 
existence and settle in town- for social workers visiting these states, continued, in five years the federal network,:' Doth hos- 
ships. giving the growing shanty towns: that of locating the entire spare resources of pitals. the Rashid anti AJ 
generation . the benefits nf the right house, as there are no the western world would be Maktoum. are in the process of 
stabilltv, education and medical addresses, road layout or recog- exhausted. However, the I’AE being extended at‘i cost of over 
care . ' nisable landmarks. The mass Health Minister Abdul Kalim SI 00m and a new-63S-beti bos- 

The Federal budget last year of harasti huts can contain any Jaffar scotched this suggestion, pitai is being built- A modern 
allocated Dh 370m (S144m) for number of people and animals, commenting: “Working abroad central services complex was 
housing, through the Ministry and keeping a check on them has always appealed to doctors finished this year, capable of 
of Public Works, and the most is almost impossible. and nurses. We can offer better catering for an expected popu- 

concerted attempts at a Health visitors trying to keep salaries, and promotion and lation of 400,000 in 1980. 
rehousing policy have been in contact after a patient has specialisation are often 

made in Abu Dhabi and Al Ain. been to a clinic or hospital quicker." 


Poor families are not only re- 
housed but are provided with 
free services including water 
and electricity and financial 
help to buy furniture and other 
household goods. 

While low income housing, 
usually in one- or two- .storey 
concrete blue!;*, is provided 
free for those in need, en- 
couragement is al«o given for 


Celia May 


EDUCATION 



ABDULLA BIN AHMED 
ZAR0UNI AND BROS. 


WE ARE ONE OF THE FOUNDER 
LOCAL COMPANIES OF ABU DHABI 


LET US HELP YOU ESTABLISH 
YOURSELVES IN OUR COUNTRY 


l—CONSTRUCTION 

Sponsorship 
Joint venture 


2— LIGHT INDUSTRY 


Joint venture 


3— HELP WITH ALL 
Government legalities 


TRADING IN 

— Construction Machinery 

“—Generators 

—Tyres 

— Road Construction Machinery 
— Pumps 

T-Weldiug Equipment 
—Compressors 

— Material Handling Equipment 
— Transport Equipment 
—Specialised Equipment for 
Industry 


ABDULLA BIN AHMED ZAROUNT AND BROS. 

P O. Box 283. Abu Dhabi. Tel: 41823. Telex: 2351. 
Branches in:— Dubia and Al Ain 




Heavy 



THE UAE university at Al Ain. hepn campulsnry since 1971. Dubai also has a commercial 
which opened I am year, crowns although there are still and industrial college: while an 
an education «y.K»m built from youngsters between six and 12 agricultural institute has been 
virtually nothin-.' in less Ulan who do nol receive education, established in Ras al Khaimah. 
20 years. The university is now They are generally from those An Ain University, which has 
to open an engineering faculty sparsely populated* areas where a rurriculum based on the 
which is an imp.irtaat step to there are no schools, and American college system, 
keep pare With the growing parents are often suspicious of should help to give nationals 
technological n-'ed.s of the boarding facilities. This is one the necessary skills to run 
country. reason why such determined their increasingly technical 

Education nfp, lals from ll»e attempts hav*. been made to country, but it will be necessarv 
Minister di.wuv.nrds are proud vitle the bedouin. If families to send "students abroad for 
of i he nnirniMir. which has are still leading a noma/lic further education for many 
meant that students now no existence there is small chance more years yet. However, 
longer ha*-** m abroad for ,>/ setting their children into encouraging youngsters to take 
further cducaiinn When ii school. the right sort of' subjects and 

opened )a«i September 300 r fj eiI see j Q g them through to 

students were expected to TripPfltivP graduation is vital if the coun- 

enroL but m fact 50(1 arrived on AJIV.^UU Y ^ try fe ever to reap the rewards 

the first day. Many of them £3^ n f np t' 0 pn ISO of its investment- Engineer- 

were zirl* who would almost 3 mf>n jh for a secondary school mg. medicine and Commercial 
certainly never have had the p„ p jj ,rj ve parents added incen- studies are the most widely 
opportunity r.f continuing fJTf . l0 j. ent j t j ie j r children to read subjects, and in addition 


higher education abroad. In RC hool. However, there is no tn undergraduates - studying 

addition tn th»*m -- * — •- -- -•> .v„ . 8 _ - _ .7- u * 


giving 


has 


real .•system of insepction or abroad there is a continual 


enforcement, so if a father is flow of working- professionals 


addition tn 
education rh» university 

opened the door to f jefennined to keep his child at to Europe and the U.S. for 
emancipation home there is not much the specialist- courses. 

However, a university is of authorities can do — if they ever Dubai police force is a good 
little use unlc« it is supported find 0 ut in the first place. example of this trend. Large 
by effective schooling lower , Some n]eipr UAE nationals numbers- of local officers have 
down ihc scale, and the UAE is prcfpr t0 bnns their sons ^ ndied * T Hendoir College in 
making a determined effort lo |nfot he * am jj T business af 13. lhe and specialists, in the 
raise standards all T nunrt. M, W in? that he learns more criminal investigation and 

CONTINUED ON 


TO 

l T nited Arab Eniirat^ >> '• :; - 
Tel: 41?70-. ;• . ^ 

abu. ; -d]^^' r r': 

United: Arab Em»ateS: 

Tel: 



AL-AIN 
Ahmed. Bln 
Tel: 4 M 22^0 Bmc 1 


-'Atrport 

«... 4 ,^c »t> 


SHARIAH.. A^i^-RAS AL 4 afAIZ»A ? Lc. ' 

ALOmba Streer ;• ; 









r r?r 


..1C- : >4;.: ■ - ’C, • ; 

V o-.~u t z V ’ 

r:--^ -i-~ v, +£:■. : c.:-r j:r ^c r ‘-- ; -.y ••■y:xr, 


. j n ,nc,l *o>“ , nc the Jn t{le wor j d „f cnnimerL-e than 

bMd ? r. 15 no»- hem, spen: ™ read bl)nks nowever 
Pdu.-nt.on, In 1972 otdy fftp studcn( p 0 p uIa tj„„ j, a5 
wnue me more th 8n quadrupled in the 


NEXT PAGE 


aiiiiiiKJlifeS 


-j i -.7 Vf "rj : %■ C-. :.v:= 





k ..>:V . 

ERPRlkE - 

: THf; . - : • 

ECONOIVI IG^i ; - j 


& B/ELQRM E^%|S.'sr: 7 j*' ; 

• -• J * ■/ fl" m w •* 'yZ. * •’.* *■ ' . 

OF* THEl '*■ 

EMIRAT#si;v^#S^L ^ : 




AlunCsdi'(UA£)' Ltd' . ; ~ ‘ : Afafrumuift;- 


Architectural CoosuftWrt*=-. ' ,Cb njmfec^EaiRRieery : 

BiakeAowji (Gidf>'Ltd-'-'>i-.' Cania^'Ca^Itino.:; 

Bycomae Ltd . • ’^.Y CSvflTj^ixiat^ri and’ Ccmtrac 


CorifofC* 4 Guff) Ltd 
GbSwnnc Limited c 


Contractors 
JT¥*4l. r Agency 
rjeersrahdXontractors - 
: D>ntr«e arid Mortar 

--and- CWSractora 1 




Eastern - Contracting: Companjr ; ^^r^&^uxs^md Caninci 
E^bc .limrted - . / s\ ;■ ’ lied 


■»a r s 


BwbrArah Inyestrriwits . i 


- - ; N-- : -j . ^ . v iftay«io yi ‘ y- ' -• 

RdtSto Ltd - •. • , 'Hotel.iMpjrY -■ . : tj..' 







Dh 62.5m was spent. 


1 : - v' I • *T“Y’- ’.-7, ■' . -" ' ~ 

*.t V.V.Vr 1 ■ -- \ :■ ;> .«•» :-?■* . . 


rwnrinLnnT «i . .n last seven years.. Official figures 

Development aHncat'Ons have f tbat 97,000 children are 
also risen dramatically, from 


at schools, compared with 


n sen 

Dh 14.2m in 197.1 to Dh 309m in jn 1970 , and ^is does 

19/6. And this year me = ,1 


,, . , r „ . , ... ... not include those at private 

Ministry of Public Works set sdlools There are also 3Q0 


, , ^ ... - 5UIWI3* iucjc AiG aiou uuu 

S'-E'SrT.-S “hS — * -**« and 


U V.T. 1 J .” ^ 15.000 m adult teaching centres, 

which it is planned to build at . 


cost of more than DhSSOm. Schooling is provided in three 


Indeed, for the construction stages: primary, for children 
industry, building schools is an trom six to preparatory 
importanf cmwih area, and from *- ,0 ,i a: * nd seronfii, ry 
there are nfren over -10 f rn ™ 15 ro 155 Pnmaiy edura- 

iv.mpani« lenderins for every tlon w ,iS anrt th J 

new sell uni teaching nf English as a serond 

There are now, IKS wlioniv in lww»*w begins m the third 
he UAE. the maiortlV in major year when pupils are aged nine, 
urban areas hut tnctvasinsly in There are now two primary 
the mure rpirmtp northern rchnnl teaching trammg oil. 
regions. Formal education has leges in Dubai and Sharjah, and 











* ^ '^7y' * 1 "’ £"5- '.>'/. ’'••/ ' \ 

' : KBSscfe? Sitoies-.-Monday June 26 1978 




UNITED ARAB EMIRATES XXIII 




'vr - ; ; - 


Vl?. . : • 


HOUSING 


\a 


-Uf.Jv 


JfK 


H » - 


V, 


ill 


Art 


ixt 


rffE TTAE's .feverish property- 
boom is over. ^ ..There is how 
ipercapacity fe.-spahe sectors of 
ie market, rents have begun to 
iLafld >■ the . tenant is. at ia«rt 
S: better deal .. . 

fRie? effect are most ohvious 
jf_Shai^aiu- where there is an 
hinosr embarrassing. number, of 
tnpty buildings; 1 but Abtr Dhabi 
-t.\ # t > is beext affected and so. to a 
'y'^i .. 'Rightly lesser extent, has Dubai. 

’'r..V*£j>S ft m ail ihcee;'«m tres bull d 3 rig 
. i rtrk'.'nn anartment huildim** 



boom collapses 


: r : 
*-■-1 


■ 5 mjj r.- 




r„ 



shanty towns, basically occupied 
by Asian manual workers and 
poor foreign Arabs. Their 
presence embarrasses govern- 
ments and there 'nave been 
attempts to dear them and pro- 
vide low cost housing, especially 
in Sharjah and Abu Dhabi. 
Thousands of low cost homes 
have been built and given away 
to UAE nationals who are also 
given furniture, free electricity 
and free water. Other local 
nationals are given plots of 
land to build their own houses. 


Budget 


ork" : on apartment- , buildings 
id offices is-' " going / ahead, 
ittng more and more property 
i‘ : to the market, • ' 

T ; f 'rj Easily, available, credit,, spare . „„ _ _ 

the self -generating Ministry ^ ^Publte 

' * *in titled some land and .to va * * el ; 

,T 5r- J ._ a bank loan to build on it. Individual Emirates also take 

. /-•; " ^ -was- that last year an *•’"» responsibility for huildin 

urn j shed villa in. Jumaarah, low cosr homes. ^ A bn Dhabi. 

■Dubai, could' cost up to ’ ? *' of Dh 111m in 19i5 compared 

140 000 ( 535 000) a vear Aew towers blocks on Zaycd the Second Street in Abu Dhabi dwarf immigrant dwelling*. with Db 5i.4m the year before. 

... "HCteie .Satin Abu Dh«bi.<kmid E« n !«f n r , on prires 

! l . around Dh.-8p.daa C$20,000).' '." , ra j s^d Abu Dhabi^as^en^dinj, 

’ r.i- , ihat Is more landlords the landlord is making a smaller tually he occupied. There ace forced landlords to reduce may fall them are still people bousin'' 0 * 01 ° *** * * 

Id provide nothing. Often profit (and he cannot usually thought to be ' around 1,000 rents for Government employees who are nervous to move from This^has now fallen in pro- 
even air conditioning units,- obtain- rent m advance), empty flats in Abu Dhabi, and by one fifth. Imposing a Dubai to Sharjah. Last year the pnrtion to income, partly 

^ e >‘ wou ‘“ demand Property is being advertised for by the end of the year a further Dh 50.000 ( 512. U00J maximum Emirate suffered regular power because housin'* is now shared 

"*'• - ifi advance. It was not the first time and may even be 5«)U will become available as new year the Government's total cuts, leaving homes without air between local and federal gov- 

,r_j ipwn for companies to' pay ■ tet on a daily basis A demand buildings are completed. TyT>i- housing bill was Dll SI m conditioning for up to eight eminent. While announcements 

years rent in advance, has arisen not just for small- cal rents in the capital are rent for civil servants. Last miserable sweaty hours a day. arf > made re'Milarlv about the 

1 <u&h it, was more usually Ume maintenance men and job- around Dh 50.000 (512.000) Tor i$23ml. Their action has had It is something people do not number or homes ‘to he huil! 

* years. Moreover if the Inng builders but for profes- well finished apartments plus some effect on the rest of the easily forget when tempera- in anv year it is difficult to 

' •'• v;i ig. fell Id or rain gushed slonal advisers on property another Dh 5.000 (Sl.200) for market but nor as much a> lures peak at 120*F in the t -heck on whether the tarstet is 

(gh the roof during, .the letting; and servicing. The central air conditioning. might have been expected, summer. actually reached, but it is 

k the landlord would as British company Huttons has a rn Abu Dhabi the arrival uf although there have been other However, Shariah is a bust- probable only in Abu Dhabi. 

IT— f as not say il was growing business both in -Dubai numerous Frenchmen to work beneficial results such as higher nfS<l ce ntre in its own ri-’ht, where the money has been regu- 

lt*’ problem. Most' com- and Abu Dhahi in surveying, on iho CFP contract for th<» standards of maintenance. an d roa ny people prefer °iti larly available.’ jhar projected 

-=:; s had to foot the bill for valuing and advising companies development of the Upper Kents lend to be determined atmosphere to that of Dubai, figures have hec-n attained. A 
'• decorating and all on finding accommodation - for Zakum oilfield, the completion 0 n size of propertv and number which is busier and more scheme i* underway in Abu 

- ‘^Tr; . • . their staff, and claims to-navc in the near future of two new 0 f bedrooms, not necessarily by developed. There are also those Dhabi and A I Ain to buifd 5.00(1 

• , .. — 5 ®' 00 l m collapsed last sum- introduced to the LAE -the con- hospitals and the growth in popn- demand. There is a suspicion in for whom price U the major homes while Sharjah's plans to 
. r‘.'.^ P art I y because it was cept of the service chayge in lation associated with the ou^aj an( j Dhabi that critcrian who are forced to put build several thousand low cost 
realised that -the bliH« of anariments. • ; developments at Ruwais (wen j an{ ji 0 rdfi have formed a kind up with the twin agonies of homes For teachers foundered 
** 1,1 -it vra s’: becoming over- Both in Duhai and Abu Dhabi though this has been- scaled of un0 fiRcia] cartel to keep power cuts and the highly dan- thmugh lack of funds. 

ed and partly because supply is still tight at the top down) should keep demand rent!i up p rov ||| ef j t hev ail keep gerous Dubai-Sharjah Road. The problem of the shanty 

* « st ^ ctlons imposed end of the market - the villas reasonably steady. their nerve it may well work A glance up at the curtain- ,own * anrt labourers’ camps is 

* , Gurre "°y Board ^ Jumairah at Dubai, for ,-ince foreign^ are unable to Toss, windows \n manv “f the 3 rhorn - v » ne sint ’ p in " eneraJ 

' Eur S Expansion ownlwy land or properly. new blocks.br flats which hove «"? »« *S 

aMn: with Buildings- still expatriates upgrade tlieir accom- r hpra hndr-in Shariah in tha nationals. However, as a source 

•on to the market rents mudation so Asian and other Tn Dubai some construction „ month-: k a reminder nf «f disease and threat offire such 

■ed and in some cases expatriates mow into the less projects arc running down— [™m Abu Dbabi , m that tlicrc - , and . harasti townships present an 

d, so that landlords who lavish houses and flal.s which notably the dry dock and the hjne beci1 j 10 dircct ‘- ,u ' e . rn# | r , pt N are farin ' with their hank r 'bvmu> hazard, but so far there 

"oped • to' 'nnker a fast' mr -have' vacated.- AT lias ^ Port Rashid - extension-hut «wi conirnU But the Ruler ort^ are facin, with then hank hM been Jiulc real altcrnpt w 

went Jumairah arc still going for thcrtN is considerable expansion ^ R«hid b n -I do anything about them. 


P 


on their investment 

isillusionech Because of more than Dh 100,000 a year in at -J^bel AH and elsewhere in haed Al Maktoum. trks io hold 
rersuppiy of property some cases, but the greatest the ; construction .sector, while rents steady by h ulding low- 
“aT realisea - that" 'they demand is “in" the Dh SflCOOO u> the managsment of projerts now .5. nd *” ‘“J 

have, to provide main- Dh 90.000 bracket Two bed- under toastrurtion will create Dh 16.000 (^.uou) area our rev- 
: and Services if -they rimmed fiats /n Oc[£ ran he a demand on accommodation 

i keep tbeir tenants from , rented for spoilt Dtf' 50.000. but just as iV. is being vacated by fjr ^ _, n . n iL L_.. a, .T„ Iop 


a belter standard, while problems and traffic jams. cilie moves to redure rents is now pusaibic tu move into a 
3er ones are in many Both in Abu Dhabi and Dubai both in Abu Dliahi amt Dubai. Hal for as little 'as Dh 12.000 
being upgraded. The new accoriimodation i** Mill In Abu Dhabi, i he Government t$ 3,000 )■ However Jow rents 
may not in every rase, be heing completed dr under con 


Despite the. wealth of the 
UAE there are still numerous 


C.M. 


UNKING THE MIDDLE 

EAST TO EUROPE 

wmnsMiu 

AND MAKING THE BEST 

OUT OF IT 


YOU HAVE ONE NAME- 
THE GROUP OF. 


BANQUE UBANAISE 
IE COMMERCE 


BANQUE LIBANAISE POUR LE COMMERCE 5.A L 
HEAD OFFICE 

Riad Et Soth Street^ — PO Box: 11 — 1126 — BEIRUT .LEBANON 
Cable: BANCOL1BA — Tel: 240820 (7 lines) 221020 ( 3 lines) 
Telex: BALI BA 20703 LE— General Management 
Telex: BALFOX 21565 LE— Foreign Exchance 


And a network of 30 branches 


BANQUE UBANAISE POUR LE COMMERCE (FRANCE) S.A. 

HEAD OFFICE 

7. Rue Auber — 75009 PARIS 

Cable: BANCOLIBA— Tel:. 742 33 894- 

Telex: BANLIBA 220214—680415 

BRANCHE5 IN 
UNITED ARAB EMIRATES 

A8U-DHABI BRANCH 

Al Khalifa Street — P.O. Box: 3771 
Tel: 25260/20920— Telex: 2862 BAD B AH 

DUBAI BRANCH 

Al Maktoum Street — P.O. Box: 42C7 
Tel: 22291/281716— Telex. 5671 BALIB DB 

RAS-EL-KHAIMAH BRANCH 
Al Sabah Street — P.O. Box: 77 1 
Tel: 29S47— Telex: 9174 8AUB ** 

SHARJAH BRANCH 

Al Ourouba Street — P.O. Box. 854 

Tel: 354541/355)61— Telex. 8DBB BALIB '5H 


BANQUE LIBANAISE POUR LE COMMERCE (GENEVA) 5.A. 

9. Place de la Fusterie — GENEVA 

Tel. 1 022 ) 21501 1— Telex. 22924 BALI6 Ctf . 


a lower rent but he is sanction, hut provided ir is nf 
more fnr his money, and sufficient quality it should even- 



^ *ln the gulf 

_To reach. a. growing number of cuitomers. 
V; We . now .Have as many a* eight branches 
- 'in the U-AJE.' and- two in the 5uicanate of 
■ Onwuv . 


UjR^. 

■ ABUJDHA&I(2)- 
?DE1RA-. • ■ 

' OUfiAl - - 
SHARJAH 

SULTANATE. OF OMAN 
MUTRAH' RUWf 


ras-al-khaimah 

UMM-AL-QUWAIN 
FUJEJRAH ' 


: -Sll equipped to «*r»e jrou 
_ _ No service fs too'imjll to' 

* -"Whenever Voir' may b‘e. ’:a<ne to 


no piaee tno he- 


#BanJjof«aroda 


, ^wore -ot .1?S 

u a £ <nd u.r 



-abroad — in flelfiiuffl. F'ji 
.. -Miiu>,nus. . Sulunatc ■ of Omar. 


EDUCATION 


CONTINUED FROM PREVIOUS PAGE 


drugs department frequently 
attend courses in the UK. 

All students studying -over- 
<=eas are sponsored by the 
Ministry of Education and 
given . monthly grants, as well 
as reimbursement for fees, 
books and clothing expenses. 

For older citizens who missed 
out on education when they 
were -young, there is increasing 
opportunity for adult educa- 
tion: Classes for citizens unable 
lo read and wnti* arr Jield 
regularly, and there are now 
over 100 centres attended by 
over 20.000 people. 

Tli«. British Council, which 
has branches m both .Aim 
Dhabi, and Dubai, plays an 
important role here in teaching 
English to adults, foreigners 
and .Arabs alike. The classes 
are extremely popular, so much 
so that the British Council in 
Dubai decided to clo.sc the 
ha!!_.lu public function*, such 
as locally- produced amateur 
drama tics in order to give more 
time! for its prime role of 
teaching. . 

‘The majority of teachers in 
local schools are foreign an«j as 
yet there are few who are UAE 
citizens. • This will change an 


.=•» *-V; 


. n ,;!iT5 For Complete Shipping Service 

CONTACT 

esn&m m 

(Sflip Tr-flP-P *•*?- Cl ’ a " 0 ' m&, " d Sh ' P B, ° ke ' S ’ 

Soeciefeina in' 1. Container R.O.-R.O. Handling 
2 independent Terminal Handling 

; ' : 3. Door to Door Delivery 

4. Freight Delivery . . 

qu® 3HfpptN§ mmm 

»■ “ s"““ l “ ULl 

Teiopbone: f; 31 151 ' ^S^dTI 123. 459512 ' 

After Office Hours 43***.*- 




their own teacher training 
colleges and those abroad turn 
out more teachers. Federal 
schools arc still overcrowded 
and tend towards a traditional 
approach tu learning. Problems 
are further encountered by the 
multilingual nature t«f UAE 
society and. language problems, 
can arise. Arabic is the first 
language. hui nui_ all school- 
children are Arabs hy birth.- so 
they have in master the 
language he/orr teaching van 
hegin. However. a> so often 
happens in a developing coun- 
try. the children rapidly become 
better educated than ihcir 
parents. It is not uncommon in 
shop* to see a youngster trails, 
la ting English signs for Ins 
mother. 

Languages 

Language difficulties have 
prompted the opening nl prrraie 
schools teaching in a variety of 
languages. ' including Urdu'. 
"English. German, French, etc. 
Most nationalities have estab- 
lished tbeir own schools, but in 
general fees are. high, and. par- 
ticularly . m the case of 
Pakistani and Indian schools, 
pressure Tor places” results in 
overcrowding and fierce com- 
petition; Private school-, attract 
local pupils as- well as 
foreigners. Duhai has a very 
successful bilingual Arabic and 
English school winch takes all 
nationalities and follows an 
English system. The child 
$pend> part of'thP day learning 
ip one language and pan in the 
other — an experiment which 
seems to work very well. 

Dubai recently • announced' 
that it will open a new inter- 
national school based on the 
British education system and 
taking children up to rtT and 
ultimately '"A” level. It will 
start with ieniporary class- 
rooms. and' approximately SO 
children, but by January should 
move .into a new purpose-built 
complex. It wiil be the first lime 
in Dubai that a school has 
offered a totally British style of 
education for children above U. 
Annual Ices of DhT.OOQ and a 
debenture, of DhSfl.QUO show, 
however, that private education 
is costiy. 

C.M. 


T 


JAWAD ABDULHUSSAIN 
SAJWANi GROUP 
OF COMPANIES 

i 

Head Office • 

JAVVAD HAJI .ABDULHUSSAIN ! 

SAJWAM & CO. 

P.O. BOX 178. DUBAI 

Tnfcx: 5583 SJWAM & «7«4 SABAH 
Tel: 2252113 

Dim-lors' phones: 223099. 226365 & 222650 

Importers and Exporters of Commodity Item*, 
nice. Sugar. Canned Foodstuffs. Dairy Products, i 
Juices. Squashes. -Jams. Jellies. Cement and ! 

Building -Materials, etc., etc. j 


Branch Office 

JAWAD HAJI ABDULHUSSAIN SAJWANI 
& CO. 

P.O. BOX 730 — SHARJAH 
(Telex: S4tJ0 .\T1 h:— T elephone. -'-‘nlS • 
Imports. Exports, ('.cm-rjl Trading and OT.iractina 


London Office: 
AL-SABAH 

ENTERPRISES LTD. 
^■5 Maddox Street 
Mayfair 
London. tV.i 
Telex: ^9S616 SABAH 
Tel. 01-493 9351 /J 


Singapore Office: 
SAJWANI TRADIN'; 

t:0(Si. PTE. l.TD 
3508A Clifford Cenir© 
Rallies Place 
Singapore — 1 
Telex: 2559$ ZUHAIR 
Tel: -374411 


Associate Offices in l AK 

NATIONAL TRADING & DEVELOPMENT 
CO. LIMITED 
P.O. BOX 730— SHARJAH 
(Telex - S460 XTDC — ' Telephone: 354LSfi> 
Importers of Aluminium. «.!la>s Sheets. Bmldmc Malm-Mi* 

PARAGON CENTRE 
P.O. Box 336 . - 
Sharjah 


KI FFEL CU NST15 1'CT 1 1 1 N C« i 
P.O Box 73» 

Sharjah.. 


Building Cnnirai-i«irjr and 
Civil Engineers 


Importer.* of aii type* '»f 
plectricai items, electronic 
goods. air-conditioners 
washing machines, tape i 
recorders. TVs. Cameras ! 
and allied equipment. 

Karachi Office 

TRADE MARINE AGENCIES LTD 
36A/2 Lalazar Drive. Karachi 
(Telephone: 551-253 > 

Shipping A cents. Freight Brokers and General Merchants 


This a woitn cement appears as a matter of record oxiy. 

A.W.GALADARI HOLDINGS (PRIVATE) Ltd. 

DUBAI. 

Swiss Fr. 40,000,000. 

Five years fixed rate loan. 


Managed and provided by: 


Swiss Bank Corpora ticm 
Bahrain Branch 


Amsferdam-Rotterdam BankN.V. 

Dubai Branch 


June. 1978. 




- -- 4 : 



J 


34 




construct] 



SIX CONSTRUCT LIMITED 
U.A.E. 


SHARJAH P.O. BOX 1472 

TELEX : 802 i 


f 355575 
TELEPHONE: 23453 
t JS4I36 


ABU DHABI P.O. BOX 226 

TELEX; 232* TELEPHONE: 2257? 


BRANCHES 

THROUGHOUT THE U.A.E. AND THE GULF STATES 


CONSULT U5 FOR ALL YOUR REQUIREMENTS IN 
THE CIVIL ENGINEERING AND BUILDING FIELDS 


HARBOURS - BREAKWATERS 
JETTiES - INDUSTRIAL PLANTS - REFINERIES 
FERTILIZER -CEMENT- POWER PLANTS, ETC. 
ROADS - PILING - BUILDINGS - QUARRIES 


The company is fully backed by 

SIX CONSTRUCT INTERNATIONAL S.A. 


5 Ave Galilee. 1030 Brussels. Belgium 

wir.h affiliated companies and branches in 
FRANCE, IRAN. IRAQ. OMAN. SPAIN 
SUDAN AND MANY PARTS OF AFRICA 


Parc of the S.B.B.M. group of companies 






‘.■lovr.o air carqc qut ;kb: wiry, 

nn' ■' rough ;o yourcuslonv?:': Jxr -er. c.e 
Oif'loJ 1 : 

"l h?. oversea': cites? .r d 
r *■* nei.v; :-rk »o give u.-. vRusu-% corttol 
•: .e: ;yy ■: arg Be :aui5. ■■■=:•: y ~ 

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LAST MONTH the biggest ship Duhai stand at 5 per cent nf non activity is likely to keep 
ever to dock at Dubai's Port the contract value and per- ticking over. But many of the 
Rashid, the S7.404-lon Osaka- furmance bonds vary between UAE’s private clients are find- Sb>.%. 
registered Sun Dragon, came in 20-15 per cent, depending on ing that they cannot Fuad their 
bearing 44.000 tons of bagged the contractor. The size of more ambitious projects and a 
cement: Dubai bankers have current projects is causing number are raising syndicated 
been reporting a recurrence of problems for some contractors loans. Sheikh Mohammed bin 
what has been called the because of the commensurate Khalifa al Maktoum, for 
••Dubai disease” whose size of the performance bonds example, is aiming to borrow 
primary symptom is a rush bv thfl t have to be raised. Different 516m for the Deira Bazaar shop 
every ‘second souk trader tu treatments of these bonds by and flat complex and Abdul 
open a letter of credit in accounting standards \n wahab Galadari S50m for his 
favour of some far-flung cement var *°**s countries add to the Corniche- project comprising an 
supplier. complications. Fortunately, so hotfih office $. sh ops. revolving 

Though this raises memories J” 11 - no ,, Q * m Dubai “ as * el restaurant and other amenities, 
of the speculative over-ordering ® een caI * c “* In Abu Dhabi Shaikh Suronr 

of cement which ended in a A noticeable contrast bin Mohammed al Nahayyan has 
crash less than two years ago. between Lhe Abu Dhabi and borrowed ST9m for his trade 
the fad is that— despite what Dubai cosntruction markets is cen tre and Abdul Jalii al Fahim 
social gossip would have one the relative absence of inter- an( j sons have raised $l7m For 
believe — there is still a con- national- contractors in Abu the Holiday Ion hotel, 
struclion boom in the LAE. Dhabi, particularly British ones. 0btainin „ contracts j n ,\bu 
Prime sector buiUlBS ,s B.™« I Sonl«r b . pmM nSSSX" JSSSS H ^ 
rapidly dying down after la*t ™ c * b “ l n i!l! tractors, a more difficult and 

year's recession, but both aTh .f r , contractor are nios1 ^ lengthy process than in Duhai. 

ffW JxcepS^if P^e 'project 

r'&n.oT-ir ’ K T e in \ 0 vz sr:. 




rising. The total value of firm * l, an Dubai. Dubai has always 


sector and the high level at 


contrails in lhe 'northern J*^ er Xl no°t which deciaiona are taken often 


The 


Emirates alone i> more than *. wat . t . c *' a *“ u ‘‘“l 3 ip a ,fc inn«» delays in award- 

£3.6bn. and Abu Dhabi is prn- t0 ' vards ,tS 5ng contracts! Government con- 

posmg lo spend nearly X3bn on 0 n ^ , tracts in Abu Dhabi are vir- 

development during lhe next in Abu Dhabi, ror example. tlia uy always fixed price lump- 
three years. ^ rei « u contractors have to hire Slim cnn tracts and many of the t0 ^ an “ immaculate " client's 

Nevertheless development 60 per cent of their transport clvU ser vants are highly sus- when econonuc slowdown 

srr zrsssz s 

STSK^ Svi. d “T,ii“eerini »«“'>'• »»'"* ” a !»»«» ««««* 

jea., are reaching coniptetion. wuitam^Halcrow^d Partnf» projemnormaV goVuoLen thon^“ there have been no 
there are lew major intrastruct * Halc "“ MWdle E^t tender tresnlting in 47 doen- really large bankruptcies 
ture improiemenUi en\lsaged Amon „ other pr0 j et . l!; t i ie con . men is being issued for the among the contractors based in 
for the future and governments su)taD ^. js atlv ^ in J g lhe Gorern . Fujairah harbour project for the UAE. il is known that one 
are rinding their expenditure is nient of Dubai on two of its example), though some oE or two are so indebted to their 
creeping up inexorably on their b j sgesl prD j ects> , J)e 7 4.berth the larger projects are banks that the banks cannot 
revenues. jebel Ali port and the drydock restricted to a smallish list afford to bankrupt them. 

vard. ' or pre-quallfied contractors. The most telling silent 

Contrast ’ The drydock construction when Utc shortlist gets down monuments to the private 



te Inter Continental tsi , »- ! 

. . '-’j J~: A -• : i. H r'V.T 


coniart (expected about' to T 'smalJ number ol contrac- sectDi>< cvfrb'lilding luring, tte 



Sharjah are like a ghostdown 
that was never inhabited ut*he 
first place. The Sharjah 
fiovernmenf itself (as ogdosed 
in its private sector) "basr'wgfi 

, . , . . . . - Delays and difficulties with some admiration by itsr*fir§).J 

characiensed by as many un- strange experience « or the con- some projects have led the Abu cutting back on spending as.J^he 
firtished buildings as on a Holly- tractors also, not to have tiie Dhabi Government to invent a slowdown became more s^ere. 
wood film set. client breathing dow.n t.ieir short clIl fiV «item. especially for Some oF those .buildings in 

npeke ds’Lrmcr u*hwn tU^v wilt Fia ... . . . . r-t. i ’ * «*-_ j 


would assume a strong and remembers that as yet there ternational contractors away, 
separate character, but the is no management to lake over 
boom collapsed before the the spanking new yard with its iriffipnltipc 
Emirate could complete its deve- bright yellow. polythene i^lUlUlJUW 
lupinents. and Sharjah now is wrapped machinery: a slightly 


Of the two major Emirates, asking when they will be ^iajjv desirable projects. A Sharjah may be finished, ' and 

Dubai's construction scene is off the site. . * - --- - * — • 


.. ........ . number of these projects have of these some at 1 least -will: be 

probably the most active at . i ne port of JeDei aij is also jj ee „ negotiated through the occupied if business picks up 
present The industrial zone and a somewhat unreal, situation. AmiTi court an( j it? chairman, again. Certainly the increase in 
port at -lebel Ali appear to be 1 ; alk . J® 1 J. s Shaikh Suronr. who Js em- cement imports and the slight 

lining ahead according to the R^»" itl lh * t «i powered to sign contracts him- ^crease, lit letters of credit 


original mammoth plan, and ? self. Conlracts handled through ,,p ?. ned - Particularly In Dubai, 


iiifliHHivm F<du. *jiu , . ..a ,. , - , sen. uunraas iianoieo uircu^n r ^ ^ _ 

Shaikh Rashid, the Ruler of ‘7" ed fn l r ° 7 a U i;"J,^ r Q ^!! the Amiri court tend to package 1"?'^ ^ den ^ 




other 
are 
sector 


“ SS^qta^S 1 h 6 e Ut hS 


r prominent businessmen estiaialed l0 be around £-WUm contractors invited to present tw „ ^ars immediately after the 

snM mtere^ted /n private but lhiii Jb nuw being revised therr design and construction oiJ ripe are unlikely lo be 

r property development. I1Dwardg . The nlan is rhai rhe bid -- T hese are evaluated by rt . nMforf Thprp w{n mnrp 


v , . , .... , ... upwards. The plan is that the L'l^c- 81 ^ i ev “ 1 u ilie “ repeated. There -will be more 

But the conditions under which pun will be used by lhe Indus- consultants Sir Alexander Gibb instruction • projects, and 
contractors now have to operate try in its immediate hinterland, 8 . P ar tners f whose relation- contraefors (skilful ones) will 
in Dubai are gradually cliang- but so far the only industries ship with the Abu Dhabi govern- still he able to make money in 
in g. There is a conspicuous lack definitely to set up at Jebel men t * s similar to that of Hal- UAE. Newcomers, however, 
of new projects of Jebel AK Ali include Dubai's aluminium crnw an d Ruler of Dubai) advised to go into joint 
sire, ur even of large-scale resi- smelter, the gas processing who then supervise the contract ventures with' an active local 
deiKiaJ developments, awl the plant a cable factory, an Tender bonds in Abu Dhabi partner. M Lack of local know- 
bidding for the work available aluminium extrusions plant and are a firm 5 per cent of the ledge can be very expensive ” 
in Dnbai has become more a structural steel plant contract (valid for 90 days) and comments one respected 

Intense. The gas plant is scheduled to performance bonds are 10 per consultant. The construction 

The authorities and private bc completed at the end of cent callable upon demand, industry is the UAE" (as else- 
riients in Dubai used to follow this year and its major customer though as yet none have been where in the Gulf ) has an addi- 

the international PIDIC for natural gas. the aluminium called. There is a trend among tional -function — it is through 

standard contract terras but smelter, should be completed some consultants working in Government projects that oil 
this is now changing. Some hy autumn 197S. Most of the Abu Dhabi to try to set an wealth percolates down to the 

of the terms of an inter- contractors fur the aluminium absolute figure for the tender citizens. ' < 



nationally known FIDIC con- P Janl ere British, including bonds so that the. more enter- 
tract ar»> being strengthened in British Smelter Constructions prising contractors do not make 
order tu protect the client tor the design and building nf a tour of friendly bankers to 
because the client is tending the plant. Hawker Slddeley for discover the bid range. A re- 
«'.» select the cheaper, hut less ,h e power supply and John cent Government contract did 
experienced, contractors. The Brown for turbines for the Weir specify FIDIC conditions which 
Hints are demanding stiffer Westparlh desalination plant, local consultants think may be 
terms on performance bonds. But as Abu Dhabi has found the beginning of a break- 
for example, because they are with its LftG plant on Das through towards universally 
chousing eoniracio^ whose Island (and Qatar with its accepted standards of tendering 
lack of experience is quiie natural gas liquids plant at and awarding contracts, 
likely i«> lead to problems, not Dmm Said) lhere are more Because of the greater den- 
tcast ihe underestimation of problems in building process rity of bureaucracy in Abu 
the costs and difficulties of con- plant in the Gulf States than Dhabi, and the higher levels at 
>1 ruction in the Gulf. Dubai elsewhere in the industrialising which derisions are taken, it 
client.?, a-, with others in Gulf world. has a reputation for being a 

talcs, arc only slowly learning Most residents nf the UAE slower payer than Dubai: 
’ha*, in consi ruction terms at believe rhat there will he a non- though payments do eventually 
least. !•'».-> l and competence are tinuinp demand fur high-quality get through. (The Duhai Elec- 
directly rcluii-d. office ami residential aecnmmo- tricitv Company was declared 

At present bid bonds in elation, so this area of. construe- by one enthusiastic contractor 


■;:aaitaviai^l K : 
















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: JSj»(B^.,ilinesy^aiiaay- j«ae 26 1978 



bids for warlike space lead 


S3 



BY ROGER BOYES 






HE SOVIET .?NOTSj8to«£ 

oyuz-Salyut space iink>np js 

ring watched with particular 
itepest by Western, experts 
ho believe thar Moscow may 
• about to take a crucial lead 
-soraifrPWts of the' .space 'race. 
\The current mission appears 
noceat enough: the twa-man 
ew was tra^sported last week 
th^Salyut-slx orbital Jabora- 
•y : jwherei : according "to the 
;' : net:-?re» , .J the cosmonauts 
J process certain materials 
le^jv^prarity-free conditions,, 
e photographs of the earth 
i : gairy . out some ; routine! 
'£x>-Sut space experts: in 
idon and ' Washington he- 
iethat the success, er .other-, 
j-. of the mission will show 
trier the -Soviet Union has 
overcome ;,the technical 
psybboiogicai - problems 
until; nceipfly hampered 
(fted; sat'eltyfe njissions. 
^e^de^depmcnt ; of large 
!tfi!kpace. stations*— the ulti- 
ji ; .of -these . link-ups^- 
* ' ’ ‘ with Soviet expertise 
“-bf hunter-killer and 
wHu^b. satellites-- 
r^atly advance Soviet 
s hi 1 : - the military 
'*"?■ jrf.. outer space. Talks in 
idei between the U.S. and 
Soviet Union, scheduled to 
his week, have been aimed 
eridng out tight controls 
the deployment of killer 
ites. A total ban ea these 
japed vehicles is thought 
runUkely to emerge. 

■tier Soyuz missions have 
plagued with docking 
Landing techniques 
jeea._ at best haphazard, 
recent Soyuz vehicle 
landed in ‘ a blizzard- 
Slberian lake, apparently 
1 hundred miles off 
Another landed on the 
a mountain, almost in- 
Jble to rescue . teams. The 
logical difficulties- caused 
‘ilonged space Sight have 
aused some missions to 



be? called off prematurely. The 
last link-up. however, went off 
smoothly, the Soyuz-28 cosmo- 
nauts spending a record 96 days 
in space. 

The success of the last mis- 
sion was particularly signifi- 
cant from the military point of 
view. Western space . experts 
believe that Delta, the auto- 
matic navigation system tested 
by the cosmonauts, will be 
applied to a Soviet- space 
shuttle system currently being 
developed at the Central Insti- 
tute of Aero-hydrodynamics 
(ISAGT) near Moscow! The 
computer control of the space 
shuttle vehicle— dubbed the 
" spaceplane " in the West- 
may be similar to systems used 
in the Soyuz. ‘ 

Spacep lanes have already 
been released from Tupolev 
Tii-95 heavy, bombers fcn "glide 
testa. ‘ Orbital test missions are 
expected soon. The spaceplane 
would have a mainly . recon- 
naissance role and is. quite 
capable of .flight over the U S 
and China, .but it could also 
destroy U.S. satellites in orbit 

The. U.S.. too, - is working on 
a- type of spaceplane— -a reusable 
space shuttle ship which, it is 
expected, will cut The cost of 
satellite launches— but it has- 
played down the anti-isatelUte 
capability. This month "it was 
revealed that the White House 
had ordered that all future U.S. 
satellites important to national 
security should be protected 
aeainst anti-satellite weapons. 
The U.S. is the moving 
force in the talks at Helsinki. 
“Washington,^ ope ; space 
systems analyst said in London, 
“ is way behind on satellite 
warfare and is scared that 
things will get out of hand.” 

Besides the spaceplane. plans 
for a . network of large orbital 
space stations may substantially 
increase Soviet military poten- 
tial in space. According to 
Western intelligence expecta- 


tions, the Soviet Union plans 
during the 1980s to launch 
advanced space station modules, 
weighing between 75.000 and 
100.000 lbs each, with the 
regular Soyuz space shots. 
These modules would then be 
put together by manned and 
automatic means to form a 
large space - station, complex, 
made up of medium-sized and 
larger components. 

These complexes could then 
combine several reconnaissance 
functions — including - the sur- 
veillance of missile silos on 
earth, early -warning, naviga- 
tion, mapping, communications 
and control — through d Irected 
photography. The scientific 
information gleaned could also 
have strategic value such as 
wpather forecasting, for in- 
stance, or crop predjetion. 

Spinning wheel 

One possible design for such 
a complex involves linking up 
and welding together ‘station 
modules to form a wheel-shape. 
Additional modules would form 
the spokes of the wheel. When 
the station rotates, the cos- 
monauts working in the outer 
rim would be able to work 
under artificial gravity condi- 
tions, derived from the centri- 
fugal force of the spinning 
wheel. There would, however, 
be a vacuum and zero gravity 
in other parts of the complex— 
hence the emphasis on weight- 
lessness tests in the current 
Soyuz programme. 

The Soviet President, Mr. 
Leonid Brezhnev, has described 
the projected network of such 
stations as “man's highway into 
outer space.” The plan is to 
arrange the stations so as to 
accommodate both relay-type 
missions and extensive refuel- 
ling operations. The complex, su 
the Russians believe, could then 
act as a platform for lunar and 
interplanetary missions, apart 


from haring military functions. 

“Soviet space stations.” a fur- 
mer space engineer says, “will 
play the same role in spare that 
American aircraft carriers cur- 
rently, play on earih. Soviet 
hunter-killer satellites will play 
the same role in space that 
American fighters play on earth. 
The Soviets are well on their 
way to achieving superiority in 
space.” 

It is dear the U.S is rapidly 
losing the dominant position m 
space exploration that it 
appeared to have achieved 
after the Apollo moon landing 
in 1969. The primary reason, 
of course, is financial: the Sonet 
Union, it is believed, spends 
three or four times more on 
space exploration than does the 
U.S. 

The U.S. space programme 
secured huge budgetary alloca- 
tions after the first shock of the 
Soviet Sputnik launch in 1957. 
The Sputnik, along with some 
other notable Russian “firsts” — 
first satellite to carry an animal, 
first photographs of the hiddm 
side of the moon, first man in 
space, Yuri Gagarin and the 
first, and only, woman in space. 
Valentina Tereshkova — gave 
impetus to the U.S. programme. 

The funding, and main thrust 
of U.S. space research was con- 
centrated on the “ winnable ” 
goal — that Is a goal apparently 
out of reach of Soviet tech- 
nology— of landing a man on 
the moon. In many ways it was 
a dead end. The U.S. did not 
have the hardware to follow 
through after Apnllo, and the 
programme was dismantled. It 
was never really clear during 
ihis time whether the Soviet 
Union also intended to put a 
man of the moon. But what- 
ever Russia’s lunar ambitions, 
it was unquestionably pursuing 
a comprehensive near-earth 
manned space procramm»\ 

The Russians gained valuable 
near-earth experience. set 


SUNLIGHT 


MAIN MIRROR 

/ 


HABITAT ^45 
SOLAR POWER ^ 
CELLS 

TO km 

TRANSPORT 

TUBE 



• n*54 


SOLAR POWER CELLS 


.An .American proposal fur a space Marion — an area in which 
the Russians may be ahead. The main mirror reflects light 
on to the habitat module which simulates gravity by spinning 
in space. Surplus heat is dispersed from the radiator, 
energy provided by solar power cells installed at the end 
of a 10km connection. The main wheel of the design 
would be about 1,800 metres in diameter. 


records for spaceflight missions 
uf long duration, learned hnw to 
manoeuvre and carry out space 
flights, and formed much 
research on manned spacecraft 
ami space station* The design 
of the U.S. Apollo spacecraft 
by contrast is not readily 
adaptable in exploiting near- 
earth space for ■scionnfic or mili- 
larv purposes, though us Saturn 
V launcher was rebuilt as the 


Sky la h research station in the 
early i97us. 

But the main Soviet lead over 
ihe U.S. at present is in the 
field of unmanned satellites — 
specifically radar scanner and 
hunter killer satellites. The 
growing role of ocean-scanning 
satellites received attention 
early this jear when the 
nuclear-powered Cosmos 9">4 
rra ? .h*rt in northern Canada. 


The satellite was one of a series 
used to chan the movements 
of naval forces and merchant 
fleets. With the rapid expan- 
sion of the Soviet naval power 
such satellites are essential 
both tactically and strategically. 
They can report the position of 
enemy ships and estimate 
accurately the range of targets 
from Soviet submarines. 

It is the hunter-killer satel- 
lites. however, that have caused 
the most concern in the West, 
primarily because their sole 
function is aggressive— to knock 
out orbiting U.S. reconnaissance 
and communications satellites, 
thus “bUnding" the Americans 
during a possible nuclear wax. 

The Russians began testing 
their current generation of 
hunter-killers in 3976. Shortly 
before tearing the While House, 
President Ford ordered a U.S. 
programme to test and deploy 
a similar weapon. President 
Carter vetoed deployment, but 
allowed development tu con- 
tinue. The U.S. is debating two 
types of killer satellite, but pro- 
gress is hampered by the 
Administration's uncertainty 
whether to push ahead with 
development nr to seek a treaty 
banning the weapon altogether. 

The Soviet Union has carried 
out several hunier-killer tests 
— all apparently successful. 
Last December, Cosmos 970 was 
launched into a low earth orbit, 
and then boosted another 600 
miles to catch up with another 
Soviet satellite. After travelling 
alongside the target it moved 
slightly off course and blew it 
up. 

According to the Stockholm 
International Peace Research 
Institute, the Soviet Union has 
been testing foyr types of inter- 
ceptor satellite. They are the 
perigee matching satellite 
which catches its target at the 
lowest point of iL* orbit: the 
co-orb itai satellite, which comes 
in on an orbit similar to that 
of the target: apogee matching 


satellite which by-passes Its 
target at the highest point of its 
own orbit; and the so-called 
'■pop-up” satellite which enters 
an orbit much lower Than its 
target and is then boosted up 
to target level. 

It is thought that at present 
these killer satellites could 
catch only certain U.S. vehicles, 
and that technologically many 
targets are still out of their 
reach. This leads to two lines 
of speculation: the hunter- 
killers could be simply a way of 
defending Soviet satellites 
against U.S. attempts to jam 
Russian surveillance; or Chinese 
satellites could be the main 
target. 

Soviet satellites are often 
launched shortly after a new 
Chinese satellite has entered 
orbit, and the orbital paths of 
Soviet satellites arc close to 
those of the Chinese. None the 
less Western space experts are 
working on the assumption that 
the bulk of the Soviet military 
space programme is 3imed ai 
tile U.S. and that it is basically 
designed to fight and win wars. 

Certainly the combination 
then of large orbital space 
stations, the “spaceplane” and 
of radar surveillance and 
hunter-kill ers adds up to a for- 
midable Soviet space potential. 
Much of it is barely off the 
drawing board, although Uie 
unmanned satellites are in an 
extremely advanced stage of 
development. But a crucial 
advantage has been established. 

President Carter, faced with 
the problem of controlliug the 
arms race on earth, clearly does 
not want to become involved in 
a dangerous and costly arms 
race in outer space. Yet the 
current treaties outlawing 
nuclear weapons in space — 
assumed in 1967 to be sufficient 
to de-militarise space — are evi- 
dently lagging behind develop- 
ments in military space 
technology. 


Letters to the Editor 



i unselfish 
mmunity 

lie Chairman, 

Europe Society 
Mr. Newton Jones (June 
is the now customary Line 
anti-marketeers of 
the European Com- 
for the things he dislikes 
ie world we live in and 
ties of bur Government 
not the only one who 
protection, whether of 
: industry or of Western 
, farmers. I do myself. 
<e really going to follow 


\ V /AUe really going to foRow 
I <*! e\ hi I r. his arguments to their 
t)V../ A " • Snclujloa and say that 
chynks of ' Western 
IV t i T)l steel industry should 
J t ft \ n ed to go out of business 
A > » 1 of a world economic 


\ 


w7 


/ 


D. 


am 


..id the undermining of 
S'C • 1 h inanity market by cut- 
-‘‘Sports? Does he not 
( social consequences of 
principles into dogma? 
not 'nave enough un- 
ent already? How. in 
when industrial confl- 
.ackihg, would he ensure 
lployment of the adffl- 
ipbers put out of work 
’ irist doctrines? 

Id be folly, for reasons 
^de doctrine, to allow 
apearance of capacity 
need when the world 
.recovers! The EEC has 
taken Ute sensible 
we should have had to 
elves if there had not 

immunity foreign trade 
Vc should be grateful 
SEC, through its great 
5 power m wofld trade. 
■ been able to preserve 
jlly the liberal ' frapie- 
warld' trading, system. 
h Small number of 
" d actions to safeguard 
(eg.. sleeL textiles) 
•at of massive elosures. 
gard to New Zealand: 
who. like me, has a 
. iceru and affection for 

$ fek tlry will want -the 

" -* overnmept- to - ensure 
.in tains its market for 
A fljfe' tUKU ;Biit the 
that"! nvij Ives d o r not 
■or-brie* forget that the 
Codjm unity ' not only 
'most llheral trading 
all the weed's major 
areas, but Is also by 
trld’s largest provider 
e. developing countries 
igest importer of their 
tat it applied a 
. scheme of preference 
industrial -products 
nther countries: that 
wive provider of food 
at It has a remarkable 
/With 52- developing 
finny of them among 
1 . Poorest— under the 
'emlmr 

I fnr the best in the 
nnsslhle worlds; but 
The European Cnm- 
heing a selfish, iiltra- 
t grn lining ' is surely 
ef justice. 


article is its failure to comment 
ea the lack of choice which will 
still face parents while oar 
schools (reality education fac- 
tories)' have such large numbers 
.of. pupils. The remedy is. of 
course, to provide a comprehen- 
sive education in schools of a 
much smaller size. A far 
stronger bond can then he forged 
between- pupil and teacher and 
school and a far better identity 
of objective achieved. 

Given a wider spread of this 
nature parents are likely to he 
able to make a real chulce 
between schools of different 
standards and convenience. 

Give .obr children this, and 
perhaps, we shall baveji glimpse 
of the education Utopia which 
we bave all been promised for so 
Jong. r 

M. B. Alton., v 
27. Feath Btorl. -- • 

Potters Bar, Herts. 


Windmill 



jssis 

5 3r.« 

i! Sep?- 155 


uiW 1 


gi 


IIS 




Si* 


■rfs 


!i> P 




,o|3 


Atenue, SESff. 


ation 

lers 

‘.Alton 

togaiy's article "The 
SPfcriinent in parent 
e 13) .was the best 
the state of educa- 
feyntry which l have 
ie time. 

f wa$ . it thought- 
iUt it brought to the 
tplite lack of ability 
Mld*s parents' to take 
on to Improve educa- 
arils or to .make an 
'test ^gajnst. misuse 
; power." 

?t weakness in the 


power 

FrotA Sir Henry LeirHOn-Tancred 

Sir.— In view of David Fish- 
lock’s mention of my name and t 
the picture he shows of my aero- 
generator in his article entitled 
“JThe two pitfalls of windmill 
power.? I June 16). I feel entitled 
to reply to some of his slate- 
men Is. 

By inference he asserts that I 
have been involved in “heated 
debates" and see "almost no 
limits” to the use of wlndpower. 
Neither is true, as far as I am 
concerned- 

It may seem strange that as a 
pioneer of the art in the UK at 
any rate — mine is the largest 
a eroge aerator to. be operational 
ai tHt? moment.— I have always 
seen only a very limited scope 
for these appliances, here in the 
77K. Why Id en. did I undertake 
the considerable task of tbe 
design and construction of the 
Aldborough . : aerogenerator ? 

What have I learnt from the ex- 
. npHpnee? What are my views 
about the future of these 
machines ? 

The operative words are 
“here In the UK." The limiting 
ractor In This country is in inv 
view undoubtedly environmental; 
1 am. not satisfied that this prob- 
lem can be overcome by off-shore 
siting. The cost is likely to be 
prohibitive. Overseas there are 
nianv countries which have coon 
sites and where the environment 
I sue does not arise and i intnK 
that many will have aero- 
generators built on them- 
country tan not afford to fie left 
out Of this likely lucrative 

business.. . ' . 

f have learnt that it is indeed 
possible to use structural steel 
expertise in place of ihe aero - 
space expertise used by 2 t,,e,r *7r 
and achieve the same end result. 
The most vital parameter of all 
— cod — being the benefactor of 
the structural steel approach. 

The aerogenerator must b<| 
regarded sc a steel build not 
an aeroplane. Traditionally, 
everything made tmder the 
generic title - structural s steel- 
work ” has always shown the 
lowest cost per tori welghL Aero- 
Eenerators must not be an ex 
ception. if they are to be com- 
mercially viable. f . t 

experience has shown that 
noise is not going to be a prob- 
iwn But it cannot be oxer 
emphasised how Iraportant the 
cost of the energy produced »s 
ooing to he. for the prospertj of 
all sources of alternative MW. 

Because of the variable nature 
of wind (and the same nnes for 

!2ffi e srS'»iKn ! ™ : 
SSS ia 3 S533 f B0 «*,nHe SS 


of what percentage of generated 
electricity going into the network 
is derived from the wind. 

The com of energy produced 
from the wind per unit of energy, 
in the simplest terms, will be the 
interest on the capital cost (plus 
amortisation) divided by the 
nlimher of units produced. This 
figure must not exceed the cost 
of Tuel required to generate elec- 
tricity for the system to he 
viable economically. Of course 
a great deal depends bn wbat 
happens to oil prices 

■JAr.‘. this stage 1 cannot say 
whether)* scaled-up arrangement 
of the Aldborough aerogenerator 
to tbe megawatt range and at a 
cost comparable to electricity is 
either possible or viable. 1 can 
see no problem with regards to 
tusking it sl.rong enough, and 
nnne as In reliability. But it is 
very early days and hidden 
detrimental phenomena may well 
present themselves. 

Henry Lawson -Tapered. 
Aldborough Manor. 
Bonmglibridge; N. Yorks. 

Non-executive 

directors 

From ihe Managing. Director, 
Ores International. 

Sir, — With all the fascinating 
correspondence on the role of 
directors! two-tier boards, non- 
executive directors and worker- 
directors. 1 feel that my basic 
point has tended to become 

In brief. I contend that .while 
main boards may — ami do — 
recruit non-executive directors, 
since sub-companle< have 
authority, responsibility and 
accountability as profit centres, 
it follows they should have, and 
employ tbe right to' elect non- 
executive. directors if they con- 
sider they will' he cost effective 
in contributing to the company's 
objectives. 

In this wav one may optimise 
tbe embloymenl of the brain 
power. th'st is. available In and 
in indiistrv. 

M. I. -WeWvBftwen. 

35-39. Jfqddnr Street. RTF. 


cate bad thus been impaired, 
prior to the denial of liability. 

Den Har Underwriters is not 
the American underwriting 
agent -of the Sasse syndicate, 
though at the time it held a 
binding authority from the 
syndicate. 

It is not alleged in the affidavit 
that the claims were in areas 
where “no commercial insurer 
would generally give cover.” The 
relevant part of the affidavit 
discussed the way In which the 
fair access to insurance require- 
ments plan is designed to pro- 
vide insurance at high rates in 
such areas, where otherwise 
cover would nut be available. 

It is not alleged in the affidavit 
that Sasse cancelled Den Har's 
underwriting authority "when it 
became clear that Lloyd’s 
tribunal approval would nol hr 
gained”: such a suggestion of 
a casual link would be quite 
unfounded, and the affidavit 
merely draws attention to the 
tune sequence. 

My interest in this matter is 
that my company is now 
responsible to the members of 
the syndicate Tor all matters 
concerning the Den Har con- 
tract. I ain not attempting here 
to respond to the affidavit, nor 
to correct any errors that may 
exist in it. I accept -that this 
situation is so extraordinary that 
it is entirely proper that it 
should be subjected to the 
sort of respond bl»- investigative 
journalism generally apparent, 
and merely wish to point out 
that there are some matters 
which Mr. Moore appears to have 
got slightly wrong. 

It would j|so be insulting tn 
the solicitors acting for IRB to 
suggest that the affidavit was 
Other than a partial document, 
designed to show their client in 
the best possible tight in this 
dispute. There will not and 
cannot be any response in detail 
or otherwise tn the affidavit 
from, the plaintiffs, the members 
of the syndicate, until the trial. 

Stephen R. Metre! t. 

Lloyd's, Lime Street. EC3. 


Complexities of 
reinsurance 

Fn/m the Chairman. 

Mcrrett . Dtxey Syndicates 

Sir.— 1 hope that you wilt 
.-/How mg the opportunity to com- 
ment on John Munre's interest- 
ing piece (June — ) offering 
some clarification on what is 
i n evi t ah !y a very c om plica ted 
dispute, and one where the dis- 
cussion is made for the time 
being more' difficult by some 
matters being "sub judice." 
There are a number of errors uf 
faci. of' . varying degrees of 
importance- 

The document from which 
Mr. Moore quotes is not an 
Institutu Resgequros du Brasil 
affidavit: it Is the affidavit of a 
partner in Elborue Mitchell 
i solicitors to IRB in this matter) 
made not. as a defence but only 
in opposition to the plaintiff's 
application for summary judg- 
ment. 

There are not “claims on 1.300 
contracts there were appar- 
ently 1,300 risks involved, on 
several of which there were 
claim*'. 

The syndicate was not sus- 
pended “when It became clear 
that IRB was not prepared to 
setile the reinsurance claims.” 
since that did not become clear 
until the formal repudiation. The 
syndicate was placed in on 
intolerable position because 
innocent assured had valid 
claims J,n Lloyd's policies and 
were ihercfore being indemni- 
fied: the Committee of Lloyd's 
ailed in December when IRB 
declined pro leiupOrc • a make 
any further payment, the im- 
mediate solvency of the syodi- 


Local authority 
accounting 

front Mr. ft. Godin 

Sir. — Your reporl nf June 21 
(Page 7) duos not qualify me 
to say wild her the Greater 
London Council "scandal’* is 
such because of iis size, or 
berauso.' ; it occurred at all. My 
quest ion is simply •* Why is it a 
surprise? ” l would truly Iqvu tn 
believe that . the army • of 
accountants in County Hail was 
from an early stage advising the 
responsible officials regularly of 
potential overspends qnd that the 
much vaunted internal audit at 
County Hall was raising similar 
reports. • I suspect, however, 
that subsequent Investigation 
will demonstrate that neither or 
these parties were organised 
other than to act as retrospective 
“ bean counters " or as historic 
auditors of the final accounts. 

Such . .’‘scandals ” are, of 
course,, .riot unique 1 to local 
authorities, hut former col- 
leagues do lead me to believe 
that the approach to project 
accounting, is such that it -.Is 
probably of far greater propor- 
tions in the public sector than 
elsewhere. 

If only, all the talent currently 
engaged in drawing up standards, 
exposure drafts and recommenda- 
tions could lie applied to actually 
-iavine- money for the tax paver 
or rate payer, m# beloved profes- 
sion co ri Id ont-p attain become 
rejected' in litis field. When 
will we accountants wake up to 
the commercial world around u« 
by prophesying rather than 

apologising* 1 

ti -K. Gudin. 

SfU. PuiLeri&oJi Food. L-5. 


Today’s Events 


GENERAL 

Mr. James Callaghan. Prime 
Minister, due to meet President 
Carter in Lhp U.S. tor discussions 
on aerospace: .Mr. Ollachan will 
receive the li.-<i Hubert H. 
Humphrey award for inter- 
national siatcsmanship from the 
National Committee, on American 
Foreien Policy in New York. 


Quarterly analysis 
advances (mid-May >. 

or 

bank 

Two-day 

meetmg 

of 

EEC 

Foreign 

Ministers 

opens 

in 


Luxembourg. 

Lord McCarthy hearing of sub- 
missions from Post Offire Engin- 
eering Union and the Post Office 
on industrial problems of tele- 
phone engineers. 

Trades Union Congress finance 
and general purposes comm i nee 
meeting. Congre** House. London. 

Captain H3rmut Weiner:. 


master of the s-alrage tug, ex- 
pected to eiic evidence al 
Liberian Board of Inquiry on 
Amoco Cadi? disaster hejring. 10. 
Upper Belgrave Street. London. 

Mr. Edmund Doll, Secretary for 
Trade, meets delegation from 
In-dilute or Directors to discuss 
industrial democracy plans. The 
delegation will be headed by Lord 
Erroll of Hale. 

Two-day Financial Times con- 
ference opens at University of 
Edinburgh on Scotu<h Finance 
3!id Industry— chairman of the 
lour sessions will be Lord Thom- 
son of Mnnifieth. Mr. Alan R. 
Pevereux. Mr. Ian R. Clark and 
Mr. John B. Burke. 

Annual meeting of Inter- 
national ti'hjlin* Commission at 
Mount Royal Hotel. Marble Arch. 
London, opens with address uf 
welcome by Mr. Eduard Bishop. 


Minister of State, Ministry of 
Agriculture (ends June 30). 

South African Government 
plans to start registration of votes 
tor Namibian con>lituent 
assembly ( continues until Sept- 
ember 22). 

Chancellor Helmut Schmidt of 
West Germany starts two-day 
visit to Nigeria. 

Three-day meeting opens to 
Athens organised by the HeHeme 
Chamber of Development and 
Economic Co-operation with the 
Arab Countries, to- attfact .Arab 
capital investment to Greece. 

Southern Gas Consumers’ Coun- 
cil annual report for 1H77-7S. 

Canvey Island public meeting 
on Health and Safety Executive 
report on potential hazards. The 
Paddocks. 8 pm. 

Queen begins visit to Channel 
Islands (until June 2B). 


Prince Charles opens “The 
Richer Heritage ” exhibition. 
County Hall, SE1. 2.30 pm. 

Publication of “Britain Today 
and Tomorrow ” book by British 
Council of Churches. 

Lord Mayor of London attends 
Gird lers - Company dinner, Gird- 
lers - Hall, Basinghall Avenue, EC2. 
7 pm. 

PARLIAMENTARY BUSINESS 
House of Commons: Debate on 
trade sad the prosperity of the 
nation. 

House of Lords: Debates on 
Official Secrets Aci and on 
monetary ui.ion in EEC. 
OFFICIAL STATISTICS 
National Food Survey report on 
consumption (first quarter). 
COMPANY RESULT 
Trident Television i half-year >. 
COMPANY MEETINGS 
See Week's Financial Diary pn 
Page 39. 



Antony Gibbs Holdings Ltd 

Merchants and Bankers 

Founded 1808 


Antony Githr Holding Lcr.-ec 

Abridged Conjci.dated Balance Sheet j 1st December i9/7 

Share Capiiai and Reserves. 

Issued si^are caoi'ai oi Ar.ic-r.y Gitbs 

- Holdings Limited 
Reserves 

Shareholders' Funds 

Mmcjitr irterest m Swbsid»aP-' Csmeariss 
Current Lia&ihbe-?. 

Accep;a nc.es on ne-.ati c.i Customers 


1977 

5 . 062.500 

8.768.500 

13 . 831 .000 
1 , 937 , 000 ' 

160 , 460.000 

45 . 634.000 


Current Asse f 3 

Datives g! "C ustomers Acceptances 

I Fives; mems: • 

Associated companies 
. Otners 
Fixed Asse ! s 

Premium on Acouisific-n of 
Shares m Subsidiaries 


£ 221 . 862,000 

161 , 721.000 

45 , 634,000 

2 , 286,000 

3 . 400.000 

6.950.000 

1 . 871.000 
£ 221 , 862,000 


1976 

5.062.500 

6.655.500 
13.718:000 

1.081,000 
1 36,155,000 

36.968.000 
£167.922,000 

1 22 043.000 

36.968.000 

663,000 
t 738,000 

14.634.000 

1,876.000 

C187922.00C1 


From 26 June 1978 our new address is. 

3 Frederick’s Place, Old Jewry 
London EC2R 8HD 

Telephone and Telex numbers are unchanged 

Telephone: 01-588 4111 Telex: 886720 


t 






4 ' 





Norcros expands to record £14.51m 


FUTURE DATES 


FOLLOWING A £lm advance at 

halftime to £5.54m Norcros Kf *»j »*> MCrTlMGS 

finished the March 31 1978 year bUAKU mtLIINtaS 

ahead from £12.09ro to a recti’d The luUownu companies bare nounen future i 

114 51m which included a lower nai.-: of Board meetings to the Stone imarinu— 

^inMh.'.tinn from Associates Of Exctanw. Such meetiTifis are usually Gtans^ Tn**' 

contribution from associates or fnr ^ a CO (Kidcriti« Norfolk capital .. . 

10.22m compared with £l-«m dm^ndi. Official indlcatiuns are not Trust houses Forte .. 

Sales increased by Sa2, om to available whetimi- dividends ■.uncernci Final*— 
t:£j^ associates Share was ar .. interims or finals and Uic suh- Cainl ■DUQdf? 

£16.S3m against OM which in- *«— *»™ £&£* bawd mainly eg- — •• Ww 

eluded £6.86m exports, and £3.46m « |J * 1 searE .r am* -J.. 

overseas. tudat Monk <a. • -• 

Stated earnings per 25p share interims— Cronlie. Trident Telertslor.. National CHrbonisinn . 


^■*^ — *^* to this success although Lowman 
Oils had a difficult year due to 
extreme competition. 

t Capital expenditure on new 

assets in the engineering com- 

jun«? n panies are expected to cost 

' ' S3 £500,000 while another £60.000 will 

Sun,lJ3 he spent on alterations. The 

.tunp:r Eseleigli Foundrv development is 
. .tunc 2* now costing £600.000 against the 

original plans which would have 

- J-; cost £450,000. 

. . .. jane r-o The chairman a!.«o refers to the 


r»s> > .f 


eluded £6.86m exports, ana today *ann >s. cost £450,000. 

-d srsrKsrr set- ■ .■■■ is 3 *ss»s soM!.'™ 

“SSzfe r" — 

( 3.9$p) net. with a tinai m -.mp interest in a computer software 

tax profit*: chows: UK operations s portion ot the profits from the A JwTfjm/wo llV ’ nl10vat^0, ? 011(1 % 

SoBon V t 7» (741.35m) Iraqi turnkey railway sleeper AdVanCCDY * TTfi 5*“^ 

and £3 77m (£2.96m); consumer factory contract — another plant v lor natural in tne l.— 

and allied products £31.92m has now been sold to Zambia. An i n | Mr. Amory expresses confidence 

f£34.49m) and £1.95m loss The window side has been busy. § O FI ¥1 If Iff" 111 iff that 1978 wDl sec the continua- 
(£2 53m): engineering £57.1 4m a u 0 aided by a higher proportion v ****** ~*^«-*-~ tion of the group s success, 

(£31 52m) and £2.1 lxa (£2.iSm) 0 f overseas business. Meantime ri T 1 d .* "B 

and' printing and packaging engineering featured a good per- AV I f)fl11^blTl9l ^ -r w 

£33.09m <£2S.27m) and £4.19m rormance by the crane interests. Ws A11U W)3H 14*1 {VT nMy. ^ -m 

f£3!22m): overseas £25.79m though this division w .... h tnta . reTenU e hialter at I ^ Oil fidi IliJ. 

■ sra ££$i s*™ east'ESS. * j„ wn 

ass,. ,£17 - 3m) and £2 - 0am xr$*j£F£x a ■as*. xn*,-™- shuts oown 
:^“(«b.."SS“pJSSi 3I sssrssi. S'SETfuSS -S ** —■' ««; M7S , t ; n Canada 

tion losses For the period of enjoyed a record year. The taxable result was struck 1|J| fcH*“ 

r cr.ooo Also there was an extra- There are also some black spots, after expenses of £13 1.26a 

- ordinary debit for the year of however, with the Hyaena ,£uo.718> and £516.560 (£442.944i Despite close supervision from 

■ £0 76m against a £93.000 credit kitchen furniture subsidiary interest. After tax of £654.270 the UK the Canadian venture by 

. last time.” further hit by a late slump in (£644,1741 and preference divi- \orm and Electrical Holdings did 

Surplus for the year was down demand (which continues to be jends. available revenue expanded not come up to planned per- 
•from £7.76m to £7.41m but a very poor in the early months from £955,558 to 0.128^25. formance in 1977-7S and has been 

smaller transfer to reserves of lhjs year) while a £n.5m loss was stated earnings are G.65p shut down. The company, formed 


acquisition pf a maior interest in 

Berekeley House, an office pm- 
perty ip Exeter. '* minority 
interest in a computer software 
_ r innovation and a substantial 
1 [j y interests in a consortium drilling 
^ ** J for natural gas in the U.S. 
n i. n 1 Mr. Amory expresses confidence 
III HI that 1978 wffl sec the continua- 
tion of the group's success, 

hialier »i N 01111211(1 

S1JS94. pre- 

a 3™s shuts down 

SlU.nSo for 

was struck in Canada 



BY KfiNWIW MARSTON.WN I KG EDFTQR ^ \ . ' > ; , 

AMERICA'S Atlantic Rkhfidd.ah dercloiHEcnt of t^JiJWK&sqaa! 
major is “ bent-<ro aocom'plighmg. mlle . urea. i o* the James Bi 
probably the most rapid epal territory. in north-western. Qaebt 
build- ap in. the history of the in- confirms that ^sjghiflcant” trac 
dustry,” according 'to tbe-j^resi- of laramUm hav-e been foitiiS' - 
deni. Mr. Thornton F„ Bra ch^iaw . - ibe.'OtisJt ^auBlaist.area throm' . 

He said that' the groups'- first gewbysfod ■ «-.and : ? ; ^BOcheittiir .■ 
coal mine, Black -'Thiinder, nepr ex tfM a t jqn.:. -y 
GDette in Wyorniitg; is 'eiqiccted Brillihg.is' ^ w. :‘ :• 

to produce 2 (kn To- 23m .ions of ^shortly,.. treportsMotm'- Montre : 

; coed a year'hy tbe : nrid-1980s^: A: rom^jondemr^Hie^M lias bet. • 
second mine, >5 miles ■ to. :th6:.Hiady.hy a jo ifi t.yen t flggbt Jatn _ 
north, is doe to- t»gin constrao- -Bay Devriopmenf -Coioinco, aa.C — 
tion later this year aid win- A > « a.nitiaV Pai^^ . - 

j' iAm' »a- l4w^ -rAk* a n/ ! Anol ' A ' ' Cf^omarY+B-'. kV '-DnTmAnMMKi ■ ' 


1/1 ovmimi 'BVIW . !****( r* " ’— • ,-Wf 

chemicals, c^jpeh Md afurominm 

were its chief ; options for long nignifireut. : jiranimn^.-anomlie." 
range growth. 'Hie company ahtid- JBDC ^ard : PancomiflentaI--ea' 
pat'ed a strong.^oreseeahle fUUu^ hoM' a.-^fl.per'cenr Mak*^. - ) 
in the oil a^ gaa : bushresa whtle esmor^tiOrf-veRt^ . - 

t urn ing to nBW possfeihtiesiot Jhe"2B-per, cgit^ Nearly CSadO^OO -b * >• 


longer tend.- 


- .be^-i-Spent jjn-the property , 

V/.'feV 1 'PonmaKhafluX' ic 'nnaHfnr . 


, ja«5t time. furtner mi uy a wiv s""" 1 ** ■■■ mm.iin «mu iHsmsinu — - < * - .\uruiuna divcuiuu huiuiu... 

Surplus for the year was down demand (which continues to b 1 ? jends. available revenue expanded not come up to planned per- 

-from £7.76m to £7.41m but a ror y poor in the early months fmm £955,558 to 0.128^25. formance in 1B77-7S and has been 

smaller transfer to reserves of lhjs year) while a £0.5m loss was stated earnings are G.65p shut down. The company, formed 
£4. 95m compared with £5. 56m left con tnbuted by the French print- ,5.s2p» per 25 p share and the hi Toronto to handle group sales 
the available profit up at £2.46rn. - in -, associate Nor SA. which could dividend total is stepped up from j n the region, had lost £55.000 in 

Ai at March 31 assets totalled u -cll be in line to be sold. The lo g 4p ne t, with a final the previous 12 months. Us first 

’ £X1 9lm (fTS.fim) and net current b 3 ] a nce sheet remains liquid, with D f 4.13 P . year of trading, 

assets stood at £43.09m f£3757_m>. cash nearly £4m higher at £14.4m, ^ asset Ta i ue pcr s hare at the The market has remained very 

,9 37‘ J 8 ,9 ™ n r and Norcros is anticipating y ear ^ n d stood at 259.4p i246.4pi. depressed and an additional 

, further growth. Ai S4n the shares import duty was impwd covenng 

GrooTi Sfliw „9_ ]M an? on an undemanding rating. the group's range *'f products. 

Expons treni vtk .. 27-«J with a p/e of o.o 'after -.6 per Prtnfin^pfJ which include electric motors, gear 

OTCreeas cent tax) and a yield of S-3 per v^i/illIllUC,U boxes and electronic and marine 

\t w aw cent. progress equipment Mr. J. w. Bowdage. 

for Lowman 


Mr. John V. Sheffield, chairman of Noraos^-gronp 
sheet at March 31 remains liquid, with cash nearly £fm 
higher at £l4.4m. . 


Groan sales 

UR 

Expons from UK . 

Ovorwas 

Avwlatcs 

Trs-Unc «mrplas 

Aswrlate* 

- Investment Ineome - 

. Ini-reSt parable 

Pram before tax 

■Tax 

‘ ' Ml'I profil 

: Pre-aiTO’iisiHon losses. 
Tn minorities 

' ,q airUjur'ih'^ 

Pref, divide mis ...... 

' ‘Exiraord. dvi>« 

Leaving 

To reserves — 

Available 

l"*enm nrH 

Proposed final 

• comment 

With full year p 


Parkland chief optimistic 
but warns on imports | 


?,7i further growth. Ai S4n the shares impart duty was imposed covering ■■ . 

sa sfhY p's sptr® rontinupd sseifsass. s 2 s.c"AoSS?sss but warns on imports 

II ce ° , ‘ progress ™ mS^SSl 

I! Expansion by for Lowman 'HSaSK« ISSwiS 

s 2 Datastream *&*«*■£' -S Sffi BTfsaat-WSSS 

3 SSS sS£ ^ 

*S -S°oVS slo, “ ulr ‘ SSiss 


for -truly exntnjg-.isrowia;, r , 
could be restneted^ ^ - ' 

.Arco’s capital spending ovee>Mxe-: .-'vt.Wr VW^V,- . ... : 

Pi; ™ ^SffiSSSd &***>'* . ^Wsjvflwahr^irth^ « : 

Usst year, oil -*MwJr gas -venture 'iiiiWesterrt AuKlialia'vU. 

for more tteii 87 per cent , pre- gtppL-f^ .aperatiqps.by Juhe^ W?,-> . 
tax profits. . ■ •' -i^an' -eKpeeteiT-’ T. v. 

HYUNSAS^^ •' ■ 
NSW COAL " i ^volvfe^ '^ D * f - 

The New- ^otrth : '' WdJes^based Unfil.^ffre ’YWhi -slun^p' hi' 

■coal miner.- 1 eo ntraK:tbr1and cTOl ocO : , deman >G oiiswortfcy ■ t 
engineer. White .Todastries^^id-be^mmiz^ dipping 'ab< „ ,i 
It has received- ,r» ‘ionnai: ioiffer _ Snf taOnbs- y&£. The eontpaiajj.-* 
seeking partfdpatkm br its Uku hopes ~ of^ we^nmoaf. operau^u 1 - 
coal ' mine from ^Strath ^Korea’s haye-depeadfed on .securing exp 
Hyundai IntematioiraL c : v contracts which WOuId aBoxvr 
According -‘-to : -tepotfe. - from devrfp^mHr oT-the new Min „ 

Seoul, K<n;eah- officials saSd. ^llwt .Area-- -^Lapmuacnes to_ ^ 
the Gove mment; w otild favourably -roiei-.jamte - have, h* ;o ' 

consider a plarLior Hytlodaj to^^h^ 4 n n ■ h » rls 1 '' '' 

The Korean offidals 

of this ,-ASlOm w ^iid - lw- mtBa-'ifaree :-do3ure<-;has -hrou^b .. 4 

equity Investment bat. they : *d' '■ 

not make- -clear wlntiuc -pda • 

equity would -he in the-: 


^ SM nrmnnn £515 000 and co-partnership paid me groups , chareholders. ing trade which itself haa oeen 

■o 1 * i7 , -“ 7 m inl?r-Bond f ^rovffe* computer to employees exceeded £75.000 A company aek^d by a -rear Nevertheless, he sa:.-s he is now affected by cheap importo^^rOUr 

m comment «r!tow on Eurobond and gilt- similar figure is recommended as JJJJ* x - Jnh £«off disappointed with the prospects industry, sbfl fac« mip^ble 

9 com menu semecs on c,iuu dea i era dividends to shareholders of deal of sales premot.on it gni on f sellinc products in the competition from cheap imports 

With full year pre-tax profits up nd ha - -we ijnjcs whom approximately 40 per cent to a hying start - niw/t Common Market. The oppor- of basic products- in spite' of< tiie 

a fifth, following the 22 per cent ^^VA^Sciation o! Infer- are SmriUble trusls. v V* ♦£° ntr ~* ' S“2U P qS he adds? of a much blger renegotiation of the muHtffbre 

interim improvement. Norcros wth The A. sociau n Heathcoat Amory the m the current year he sa» Lmo market in the EEC seems to arransemenf he states. . 


^Jg svjckbrokers and has* 1 close links whom' approximately 40 per cent to a “ flytafi J - £ ' shoum ^^tlark^ ^e op^ irbaiic prodhei fa sjtite^ge 
»».. unnro.cmr.i, M jj.h °' Inter- -Anrory .he &?%£2$£. JJJ SS5SSS' fi S-J'fr 

«a™"lS been 'a » gn‘Th.1 ‘rS^^SSUS H^^on ,n, have become, - oppnrhrni. ea 

by the construction side, aided by jomin^ the uata sireain group. m ^ . boU, a t home and. tfbrdad, 

and the combination of .'these 
factors made it more diffirolt-tban 

_ __ the chairman had anticipated.- - 

S3 ^ Funds generated from _^roup 

confidence in the fat ut ^^Pd. 

A name you can bank on ■ 

around the world . 


A name you can 


White inausmes sra a nTtyw 

dai ifiSSioiS, . V^ucb -visitcfl ' Alert ■ unions to filt 

mine in 1977, wlvMtf It tbBT tnafi^^gj i j^,:. Un ^ ns 10 lut 
coal w-as^t^-for^.iftJtoaaL: i g^^v ec :^j t Tvoald be" 

rFA^okmm^^ tin ^^g - ie^fforts at number.- :/ 
nr ATTTDEr TTTMTi .' '' i TWOls to - obtain *-solficient <•; 

III MtJJeUJMj r JU.ll/ tract* to ensure continuity. Au_. 

The James Hay Bwelepaa3rt ,, ftll. we are Todjdng"a long *.•: 
Corporation, -a -Qudbec Ggsern- .ahfiad and Calk af- ^tvlng uj 
raent ag ency, to charge ~ttf nape^al rwtan attitude that . Is warrenti 

_ jh.j FIXED 

consolidate o’seas affairs -; 


Katilriwg on Grindlays means more than taking advantage of the 
Group’s network of branches fa some 35 countries. It means working 
closely with our specialists in such fields as export finance, foreign exchange, 
eurocurrency finance, and corporate banking. They take full advantage 
of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 
packages at the right time. 


Members of the Group’s Export Finance Department 
discuss various forms of £CGD finance with a major 
U.K. exporter. The Group can now handle ECGD 
buyer credit business in U.S. Dollars or Sterling and ^ 
can also arrange the financing of supplier credit business, p 

In India, Grindlays has over 120 years of banking experience 
and a network of 56 branches serves local and international 
companies. One important international customer of Gmdlays 
in both India and London has a subsidiary which operates 
thfe audio factory amongst its worldwide activities.^ 





-1 - 
&& "it *2 

T'PJfl ■■ . J 

/fSST:; -v; : 

life;*: iii* 'v 









;:i- . : ••• 

L ■ • • v wv ft ' ' -• - * v • • 'vff; • 




^ . 


'-;■•■ f ~: '•”■■“'■ '■-'• SSJiT'. ' -- ’■ - '' ** 

'■ • • '« "■• i ill M i; ■•!>! : it 

■mmm 








mm* 

■ 



per cent of the equity, and Mr. 

». H_ T. Hanson S.53" per dent .. 

Meeting, Leeds. ..on July. 18 at 
1250 pm. . . .. r 

FT Share 

information 

Service 

The following securities have 
been added to the Share Informa- 
tion Service . appearing in the 
Financial Times: • _ ^ • • : 

American District- Telegrapn. 
(Section: Overseas— New York) 
Barymin Exploration (Section: 
Mines — Miscellaneous) 

Cockburn Cement .(Section: 
Overseas— Australia) . 

Texas Eastern Corporation 
(Section: OverseaS-^-New York) 
Third Mile Investment (Sec- 
tion: Industrials) 

ECCLESIASTICAL 

insurance 

In connection with the placing 
by Howe and Pitman Hurst-Brown 
of £3rn of 10 per cent redeemable 
second cumulative preference 
shares in- Ecdcdatiral Insurance- 
Office at par, a total of 300,000 
shares will be available tD the 
market tomorrow. 

Dealings are expected to start 
on Wednesday.- . 

IAVT/HUTCHINSON 
LWT (Holdings) offer for 
Hutchinson preference shares has 
been accepted In respect of 
337,420 shares (7029 per cent).- 
The offer is extended to July 8. 


SIM CO MON EY FUNDS 

S.iiturn Investment;.. 
^Janayemcnt Co- 1 -td- 
2iVc.'ANNON 5TREFT [WM 6XD 

■■ ---'Tbltph one; pi-256 i-(2r . 


3TR, GERALD lWlng Timkatakeir„ has .mevita : 

man Cbmitvw andlNew ^wn jlieeii .ttoe- cadse ;«f substail-j: 
Probities ! taHs : fibai^Iflers. ;ia , dSfiroptian. ‘ h ewpcied. i . 
h& annual Statement tnstt ^StS^-' thte'ptpgranirae wffl oe com^e :: 
■tori ^rp iwall|i^app.ro^ , ^'4»^i»;tiine^w-tiie Cteistm as fa 
sotidaie the stoop’s-: overseas -and aitimagti sales_fa. departme - ■ 
affairs into .- a. s^arate^. s^f already eomplete^-are enenu ^ ^ 
flnaheed'-sjoup- * : .. • . ;' ihfe;h« aay^ t^Jh^.fr^ 11 ^ ^ 

BdOOi T.jbKT CommopijfBalth' pt' modernisation., will _ not .: ? 
Shipping: Company, o^TOS'^e^oyed iuntil ^next , y^r ; 

29-7 per qeot^of l4ie fl . ^Eurth^ ta this, he^addg that : 1 
agreed; to pariSdpate to- tiiejof. c^^ny*shoufa-hB: fit -a poal ■■ 


5?“,Sk3Sm,t«in^ 

UA*10m for overseas iexp«nsj?tt: pre 

finder neg^tmn. & 

MaSf^fmprqvementB if*:’ 

StrMd store are progreSsfagyery ank "5"- 1 -■- 

ffigSZm sxn*' m ; Street.^ __ 


LOCAL AOTHORjTlf BOlfO TMLE 


- ■ s; 2i 

•A 25 


'•••’• ’ > -j v . “2- AtQmBl 

,' 7 ' Authority . '. ' : ■ 
• (teXepTuma number in’; .Interest 
j. _'-\-pa.rentheses) "C; .-V 


‘interest 

.'payable 


i 9 

/ -.C % •* ' • V .: 2e 

Minim dm Life ;E 
-bor 


Barking: /01 *592. 4500? 

Barking (01-582 -4500) 
Barnsley : ATetrO.. (0226 2032327. ■ 
^KnoWSloy (051 5486555) 
ypoole (92013 5151) ' --.-.vi-.-r :,C 
Poole (02013'. 5151) . 

.Redbridge- (01-478 3020 >_-...-..-.t- 
SeftOtf Ttfet . BC 1051 922-4040), 
Thurrock (0S75 5122V yV--; 

Thurrock 10375.5122) 


• 7lUC: 

Hi;- 

Lilli.'.;, 

,-V.u*^ 
' Ni 


-,4-yedtr ^ 
‘"^year---." 

r--.}'.year:“ 

j-i-yeary 

:. &&&&: l 
^i-y wr / 

■(iw ; 


;y«>;vc 


7 1:000 : ZX*-* / 

-.SsOOfi. - 4-6 - 

250 5-jS 


i-C250 

■‘1,000 

200 ■ 
'-■ism 
'.100 : 
■■>300 


-* S M 


"'I AVI 


r Jj " C 1 
r "*«f 


wm 



Hates paid for W/E 25-6JS 
Call 7 day . 3 month 

Mon. 

% p'A. % P-a- % p-*t 

• 10.886 1-0.502 * — r- 


10.440 . 1 0558 — - 

Wed. 

10529 ; T08U 9.625 

Thun. 

10.423 10.725 — ■ 

Fri-/5un 

•9782 10S61 — 






e; 


% 


+:'A\ 


M 






Wi 







% 



This Adrertiament « • - 

Stock Exdw/ige. It does not comtitufc tm/nvlurtion Jo, ^■jwswto^terits rw or ^ . 

; . . • v .. Stock* v.- ; ^ . 

ALLIED l£*THER WDUSTRlES UMirei»;;; 

Capitali sation l^ue of £600 ,00p r 9 1^ . ^r }: 

■ Cumulative PreferenMrv.S^odk;':^ . 

The above securities haveiJ^n adiiiiitea jq Official l^t a^dealings^ J «;h e , 

in them will begin ori 26& 4une, ;\1978- - : ; - ; S’- 

Particulars of the-Pre(6^ce' ; StOT|c^iMOTtMj^:b^g^M^^tolto^a aa 4 k I is 

Extol Statistical. 

normal business houre bn;any 

excepted) up to and: inciudins .. 1 


SeraSSt 










: FinaroaI ; Times Monday ■ June 26 1978 


37 



Imetable 


IVrhe dates when some erf the -more important eoraoaoy dividend 
•mcnis may be expected «x the nextfew ir. 

v, ^ wi a g tabl e- D a tes 5 ho wn are those of lest yeSs SJ^SSm. 
'it where the forthcoming board indefinite: m„«a. 

. been oMjUr -published JisLSdb^mif^dfh^Se 

‘Ter ceM^hown^Ln ’fhl!' BO i t neoessaril y be at the amounts or 
per coot shown in- the column headed ■* Announcement last 

' iaSSST-"^ 1 fi8UfeS USUaIly S^dMdind 


Data 


Announce- 
ment last 
year 
Final 6 
Phial 1.01* 
Final 1:7332 


•• July 26 

.-. ..Jma. ,v 

- lwje: JuUr-19 

- UUTS • — ' . 

- jjbloubl July 3 : Ini. AS . 

• - London . 

. ■proD..:.3oly 22 '-Final ASTSS 

-■UnerJeiiB- ■ . ■ 

' wi. Grp. -July SO OWs. due 
.UBoricwLV 

,.Sec«.. July 13 lxn. l 


Daie 
■July at 

• 'bn. due 


AnnaiuKt- 
mect Uk 
-•• rear 
Final 5.45 


isoaders-. Juiy . 3 
. »-7BanK..j;uly 2& 
(Gen.J-- June 23 
rf. . . 

’orrlind — July 5 

rfcxsi— -July J 3 
ah. -...-..vJime 2S 

ids— June 27 

June 23 

.'..July .14 

aJJ-antf 

SfcTsL.Muly 6 
a. .. ... July 26 
;. s jinvw 
chow —Auy. s , 
Part ». June 14 
•• im. ... ir JuIy *1 


Pinal 3.316 
IW.5J 
Pinal 4.0331 . 

. 

im.ija 
Sec. lU. 3.426 
See. lnL.4 
Final 2.2353 
Final 1.7675 

Final 7.512 
Pinal 8.6 
Final 4.49389 
. Pinal LS4. 
im.fl.333 
Final 2.2 


June 27 Final ftc* olm 

vtii July 27 Final 2T13 




'cine.- ...July 6 
.• =July.l3 

. Disc.. July 28 

June 36 

— Inly 27 

rsal 

Stores.. July 21 
- T&. ...July 21 

.July 7 

...., .June 27 

Si - 

torn*.. July 2fl 
Grp. ..July 13 


Final 1 JK 
fat. 1.825 

(ill. 6.6 

lm. 1 JMS 

lUL flj 

Final 4.135 
Final 1.12 
Final 5.675 
Final 3.21957 

Final 6.47 
lm. 2.25 


Inuhcanr 

Jo bunf 

Consolidated.. June 

-Jotrawn-TticbinU 

• f Tiles July 16 Filial 3 JS9 

uurasei tpi, ....Ana, 2 Final. Mil 
•Uoytla Sank ..July 2l r inL 3.713 

urc ina. July 20 "FuaaT2.iry 

Magnet and 

■ southern*.. July 19 Pinal* 

«*£?“* S'**- —Svte 21 Final SJM4 
. Midland Bank . July 22 Inf. 5.75 

•SIR EJrcar/c Jana 28 Final 2. M 

•Naiwest Sank . July 25 - ltd. 5.183 

Neejmeix) .. July 35 Final 2.M37 

Presrtae July 28 im,i.75 

•ProprEUd*. and 
_ . i«y- tsi... June 27 

Ors. July is 

Remand July 21 

“Rcnold .: June 29 

Rothman* 

ImenuuiotiaL July ' r 
Raibactnid lav. . July is 
“Scot. and Kwcsti. 

_ - Brciiv.JUly 6 Final 1.352*5 

S col - and Uah'. 

_ Im - . . July 14 . Final 2S7 

. June!? InLiS 

“South Crofly _ j nn.' 2S Finals due 
“Standard 

Cbanored June 27 Final 18.325 
“SMcnhouse July ;o jut. L65 

Sik. Cnm-crcjon 

and lnw...j4ug. 2 Fmai 0.83 - 

Taylor Woodrow July 56 HA. -US 
Thom Elec. ... July 6 Sec/tiiL 4.55S2 
“Trust Houses 

Forte.. June 23 lot- 2J5 

UnJ»ie July 21 Final 1.S672 

“Union Discount.. July IS InL 6.5 
•Van* Brews. . June 24 See. ini. 6.83 

'* Foard necking* uuimaied. t Right* 
Issue since made. - Tax Ireel t Scrip 
Issue since made from reserves. 


Final 3.705 
lm. ZJ15 
Final 2.042 
Final 3.9527 

Fmal Lists 
Final S.27 


jlic W orks Loan Board rates 


Effective from June 24 


p to 10 
ip (015 

tp to 25 


by ElFt 

U! 

U! 

m 
12? 
12 * 


Quota loony repaid 
at 

maturilyg 


Ntn-nuota Inane A* repaid 


At 

HI 

12 

121 


113 

1*1 

123 

ia 

13 


by ElPt 
1*1 
121 
12* 
\Zi 
131 


At 

123 

12i 

133 

iSi 

131 


miurityS 

tti 

133 
• 131 
13 
131 


-21 - .. 

-quota loans B arc 1 per cent higher in each case than non- 
is A.- 1 Equal instalments of principal. £ Repay ment by haif- 
mity (fixed equal half-yearly payments to include principal 
at). S with half-yearly payments of interest only. 


:ent issues 


EQUITIES 


N ! :M ; V ! 

i : i * \ *'• { I 


* e ; 

“£ e S 
— ° — 


1918 


Sunk 


~ i Blah : tww 



30)6 ‘ b 2 .86 Bumal! O.JJ.i .. . 

5/7. ; 169 buT>'i)n-i ’<1 

„ — ; f 3£ 53 1 Thame* Plrwiwi.. 


66 '4.5 a.ii 7.7 4.8 

162 J3.A4 3^1( 2.4rl6.8 

34 442.0 2 J 84; 7.4 


mury & Niijp 
Milidate o’afeiE- 


FIXED INTEREST STOCKS 


1976 ] 


Slock 


1 

3 & + or 

t-s : — 


1,7 

2*1 


«?»•«. 

12 P : 


WiS'AJrir. Mon. Var. Rate fld*. laS5.. . 99,6 ..... 

iMp. Auiomom-e Frodi,. A Fnu 96p- 

rfh liai ueiJkiX JJe^. wei... -^..... • I0i«:.r,. 


am is • J4 wuuei. Jici. 

.4/7 93p ; 9Sfr CHreDiwwiar-Pi^fuwj. Pier.... 98^ ..... 

31" pin. 7n nV.lirtJloo 12'1- t'-onv. Frf«l. 13J9— £3 7i>uv— 1 

~m ^ S5j5“T'B7p 'UewmrflFflJ./ urt.Lam. r*rw .. - 

' • — } lOOAfl . 100 4'Krfinburgh K-'iiy on A'ar. Rate l*d»i..... . 

-Br7 11 r 1014 K*»ex water •jfc.Keii. I'rei. lUA# 

.5 8" 'SI 4 pm Upm .Fairrle" -Eat*. liJrfii IMh 

S.'S ", 93iyp: &teen6eia Milletti 1% Cum. Prel. 

. n,8 :i 48Xj.‘ 4big tiieen«imta./iU.-ii. Bt iv. un ils^Ked. luir- 

1/8 101 ! 99. .1 Liberty k Co. 6 J»S Prf 

U7 .. 66p | 9 2p ;.\»5s Sewiagedts 95,Ciiio. Prif — . 

i 6 ! liAiL 1 . 96p Flttuni ri.% ouin. I ..." 

: 10& 10* -PrtWMi' 10i % Cum I’rei....... 

-.7.7 . .108 • J MS-kJtilcli ,H.A 4.U04 Frf..r- - 

1 . 109pj l€0p;Hphlnson BrO* US Prflf- 


. 1:7 

ll? 

j.6 

-i-9 


101 64 ii'euHt tott-nv. Lnn. Lu.luK3 

. _ . 60>t- 4l J «- l.vne i Wear Web 

■ 16,6 lOJiffM MpjlVade Potter'** J05 Pwr,..- 

- , Mis 1 26 I'tnt Kent Water 12% Deb. 168* 


7|>in — .1 

lOOA? 

Ik" 

. igfiiii, ., .. 

.^9l2P fls 

/ 471; 

10U • 

.. 92p- . ... 

... 97f>4.1 

.. 106 

.. 99 

.. Jl09p 

... 97p— l; 

8:4 -i« 

. i 9-.i • .. 

. 93ls-l* 

, 4812 

99p .. .. 

25 • • . 


u 

RIGHTS” 

OFFERS 


Laiot 
Ueimfiv. j 

1978 ' 

SUivk 

'.tbiilgrf- c«r 

ft i • • 1 

Higii | JtiW j 

p: . 



.3/6' - 7.7 193 i 176 iBieni L'henihaU 188 —I 

— ; — ijpui llpm, British Tar Product* 11pm 

-• 7,7- w - ‘ 3it • iCemrar Manamcannna 55 •• •• 

21>7i lSXiisi 95 DolHOu Park lnrt*.._ 99 —l 

25/8 115 ' 111 ’ 'Fain-ier' Ill • 

— 1 22pm ltjnn Han well* 2 

19 7 91 W HMtair....... ! \ " 

JB»; 5i 1 ,7; . 162 IC4 H.iw.l« 1 LVIpvaHdrt-..,..-r 159 2 

;.-7 { aS/7!Li4FmSi?pni Hainan <1. A t.-i ^ 

- ’ 20pm- lfnaiSkeiL-hler lSigpio-ria 

a-6' 17/7 i tola 1 ' 21*2 " elan ** “ 


n flaw ftnOr l*» lay for dealw* rre* of stamp duly. » J •» 
aw rSit 0 Assumed dleldenfl «M y.eld. u 
or“ lous year’s eartnnw. r Dhrldond and fioM oasefl 00 prDipSfi-ii 
,) c snm»ce? ior U™ qGws rham asium«i s£"SLJa22 
ll shares Mi cow ranking Hit divide ud or raDMng onW for ™*rriCTed 
tet tw i/mv to uuolic. ft P«J cr unless uUiurwisa.mdjMijML issued 

Offeruil 10 Holders of 0rt, ®* w -JiKI" * s RaiBtroducea n [(wed 
nabsanon. n Minimum lender Mice. SS Raintroauoea. ts 
IRIUbm merger oc a»M»*er - in Inironucuo^ Oi*«« 
erence holders. ■ Allotmem leiwra «or Tun>-0ald». • Provisional 
lilormenr lerwrs. + W'lrn warrants. 


^ AVIV STOCK EXCHANGE 

ru..u tSuhllr ntll I IV 



mi and Rnanca 

Iffrael 

377 

Ur - 

■4BS.5 


. <30 . 

Israel 

tii 

'-Bank. .. 

244 

nee .. 

746 

CSC Bant 
in. BsnV 

SO 4 
80S 

BM . 

nyest. ...' 

MBS 


Chana* 
an 

June 25 week 


T .1 

+ 9 


—4*5 
+ 4 
— 4 


vclop. 
uUdlas ... 


S98' 

J3S 


T IS 
+ 14 


Public utility 
Israel Elecrric Com. 
Investment companies 

Bank L*utm InycSL J*" 

cial ” Israel tnvo*i. . 3W 
-Commercial and Indus trla 
Alliance Tire 

Elco ;• 

Aiaaman Tcxillr „ ••• •• 

:vrA •• Text'le • * . 

'American Israeli P»p*r 

Ays is 

Elite 

Tcva Ret- - 

Fuel and all 

Delek • 


378 


I.4.W 

m 

*■: 

.mo 

6-it 

.-ties 

4$0 

7M 

393 


+ W 
+ 2 


+ 95 
- 1 


- h.a 

- s 

-28 


base lending rates 

^ 10 % - 



& 


fink — mv ju 

Ish Banks Ltd. . 10 % 

1 Express Bk. 10 % 

nk... 10 J 

ik Ltd. 10 % 

DBbacher ...— -10 S 

i Bilbao 10 % 

Iredlt & Cmce, 10 

.Cyprus v... 10 % 

/N.S.W 10 ^ 

3elge Ltd. 10 % 

la Rhone I0i% 

Bank 10 % * 

Christie Ltd.... 11 j ■ 

Holdings ;-Ltd- ll "% - 
:k oE Mid. East 10 % 

^hipiey .J 10 % 

<ia» Perm't. Trust 10 % 
>*:.& G Fin. Ltd. 10 % 

,td. - 10 % 

hidings 10! % 

*. Ouse Japhet... .10 % 

’ ons 10 % 

.•jates 11 5 

::. : ited Credits... 30 % 

* tlve Bank % 

insecurities... 10 *Vi 

roon&is y 10 ^ 

tis popular Bk.. 10 % 

Lawrie |5 S' 

, • list *0 J 

Transcont, ... ij.g ■ 

idon Secs -• 10 % 

t. Fin. Corpn. ll % * 
t. Secs. Ltd. ... ll °o 

jibbs 30 % f 

►‘ad Guaranty... 10 

. i’s Bank *3° J : 

.; -Mahon 10 % 'r 


Hamhros Bank 1° °o 

Hill Samuel §10 % 

C. Hoare & Co tJO % 

Julian S. Hodge ll -o 

Hongkong & Shanghai 10 -o 
Industrial Bk. of Scot 9 % 
Keyser Ullmann ......... 10 % 

Knowsley & Co. Ltd.... 1- % 

Lloyds Bank ™ J 

London Mercantile ... J » 
Edward Manson & CO. 11? > 

Midland Bank J 

Samuel Montagu jo J 

Morgan Grenfell —— 10 ^0 
National Westminster 10 % 
Norwich -General Trust JO % 
p. s. Refson & Co. ... JO % 
jRossminster Accept cs 10 % 
Royal Bk. Canada Trust 10 % 
Scblesinger Umited ... 10 J 
E. S. Schwab — 

Security Trust Co. Ltd. ll % 
Sbenley Trust “ S 

Standard Chartered ... 10 ^ 

Trade Dev. Bank ...... ^ 

Trustee Savings Bank 10 ^ 
Twentieth Century Bk- JJ % 

United Bank of lawait 10 % 

afiaa?"-- 1 

— 

Committee- deposiW 

,.du im posits 7r;. tmonth d ® 1XK>lu ‘ 

jvmsntr anw«w 74 *’ 


I me rnational company n ews- 


Growth at Swedish 
investment group 

BY WILLIAM DULLFORCE STOCKHOLM. June 25. 

THE SWEDISH iavesinient financial year. There was also 
company Prom ol ion reports ao an extra dividend income from 
increase in earnings of W per unlisted companii*. of SKr 2m. 


DSM closing 

fertiliser 

plant 

By Chariu* Batchelor 

AMSTERDAM. June 25. 
DUTCH fertiliser group. Unie 



total payment of- SKr 9.0m. The Hiab-Puco. which is the world bsers. 
pre-tax' profit of SKr 53.1m leader in the manufacture of , LKI. which i^ a >uh*idiary of 
fS11.5tn). includes minority hydraulic cranes for trucks and l he DSM tneniicaN Group, 
shares of SKr 1.8m adjusted earn- Promotion's larcesi subsidiary, announced in April a .Mom plan 
ings per share come out at SKr 31 Wilh an increase in sales of 33 10 expand its fertiliser plani at 
against SKr 24. per ccm to SKr 539m. Hiab-’ 5 ncc on Mersei-side 

Promotion owns 12 small. Foco was able jo raise its pre-tax The companj Plan* to shut 
highly specialised operating com- profii more ihan live limes to down a nitru pud and a nitrate 
panics, the bulk of whose pro- SKr 24.7 id. fertiliser plant ai '-L*leen. wmch 

ducts! is exported. . Tbeir com- More disappoiming was the pa' 1 of DoM - headi|uarler.s 
bined sales increased by -27 per performance of ihe second complex in bomh-haaiern Hoi- 
cent to SKr I.29bn i'S2S0m) fast largest company m ihe group, land, some time next .uvr. Talk* 
year with earnings rising slightly Linden-AHmak. a crane and have begun wilh the works' 
faster to SKr 44.1m. The income construction lift producer which council about the plan which is 
from .'■Promotion's investment returned almost unchanged earn- expected to lead \n the fus> of 
portfolio was SKr 5.1m. an im ings or only SKr fJlm de-spire J50 produeDon j'>hs The value 
crease of SKr 5.4m from the sales up 46 per cent to SKr 246m. or sales from the plant is 
previous year, when tho income The Kiiaberg Property Company F1200nt (S90ni> j year 
reported was exceptionally, low contributed a substantial The shut-down tus> been 
owing to the change in the SKr 10.7m to group earnings. brought about m ihe decline in 
• demand in . weslem Europe. 

There is good demand fur nitraie 

rnp , i . ■ fertilisers in the Scandinavian 

T ax recommendations ss r sr„ffi^¥s 

PARIS. June 25. * n ^he short summers. Tian*pori 

, .... . ‘ , ' costs make it uneconomic lo 

A REPORT prepared for the bilmes than at present for early exporl [rom Holland however 
French Government snssests repayment of loans and for bor- frith total eapjem of around 
that companies should be allowed rowing at floating interest rales. 4 ni unties, UKF is one or ih«- 
tn offset against tax aii dividends The report added that slate i ar „ es4l fertiliser makers in the 
they pay. aid should be restnclod lo cases wt ~ {li tl bus l:,n.e-*c.rfe jrfani> 

The report on the long-term ?/ ur S e ”* need and should then at (Jcleen, ljmuiden. Amsterdam, 

financing of companies, prepared capimf^ijectinns Jathc^lhan ^the" Jl ?' vSl 
by the Finance Division of the loans, ll suggests workers in ] m -iiler Diant m Be(->itim France 
Economic and Social Council, and associates of small companies ‘ an rf irefand Ii i-T huiidinn -i 
•■*0 said companies should be should be able to provide loan S?tr,c aiid and ,'n aiimoSmn 
able to issue bonds that , would capital in accounis that would nitrate olant a> Inc-' and mvnand 
give the holders rhe right to be blocked for five years The ina fertiliser cap-u-ii-. io f'0000 
subscribe to future capital issues, interest paid on these accounts |^nes 

Company borrowings in France would then he given the same ‘ 

should be made on a “ more tax advantages as bond interest, 
flexible basis," with more possl- Renter 


Swiss Bank manual 

SWISS BANK Corporation has 
published a new edition of its 
manual of Swiss shares, writes 
John Wicks from Zurich. The 
manual, obtainable in English 
French and German, gives 
details of operations and 
accounts for S3 companies listed 
on Swiss bourses, wilh charts of 
stock quotations and dividends 
for major companies. The book- 
let also includes data on the 
development of the bank's share 
index over the past 20 years and 
for the first time a list of out- 
standing convertible and warrant 
borrowings of Swiss companies. 


Hoffman la Roche 


Rorento listing 

AMSTERDAM. June 25 
DUTCH INVESTMENT fund. 
Rorento. has listed its shares un 
la the leading Swhs Stock Ex- 


RESULTS of F. Hoffman .. 

Roche for 197S could be less changes. The fund $ shares are 
favourable than those for 1977 if already quoted in Holland, 
the monetary position docs not France. Germany. Luxembourg 
change, outgoing chairman Adolf and Austria. 

Jann told the annual meeting. Rorento, which is the bond 
Last year the net income of the fund of the Rotterdjm-based 
Roche/Sapac group fell to Rohcco group, recently an- 
SwFr 336m from SwFr 475m. counted that it> issued capital 
Shareholders were told that more than trebled to FI. 945m 
the company has been seriously t$422mi in the 12 months to 
affected by fluctuations in the February. 

level of economic activity and • Royal Nedlloyd. Holland's 
conditions in the monetary field, lar^i shipping line, ha* signed 
but there were few changes in a medium-term roll-over loan of 
the tinting of the investment pro- 550m. The 10->ear loan will 
gramme and research is con- partly cover Nedlloyd's invest- 
tinuing without restriction. mem programme for 1 97S-79. 


MINING NOTEBOOK 


Metals Exploration set 
on the recovery road 

BY LODESTAR 

V1‘ THE END of May I was jrivms Ruxion alluvial rin operation in it is argued, should allow a more 
a «entlL> warning here abour the northern Queensland. But ihe generous profii pay-out in ihe year 
clangors of m-chins ^indiscrimin- sparkle in Mr. H.ire's eye 4* r . r 

alely inio ihc nev.lv-flcdged prompted by the 40 per cent The March final for 19,. -iS was 
\ustr.iliiin mining share revival, owned Longns gold venture ih the 30 cents. a ur passing i he cnair- 
Passiutis hj\e since cooled. a l- Philippines'. man i forecast and ' makiw » »®«« 

though next monih could well ^ee This Is ihe first ore body in a oT -w cents (u4.^p> against oi I 
new vxciiemenit Held thm may hold further 2o cents for ihe previous year. A 

, deposiis. Il has a poiential raining September interim of 40 cents or 
Unv of the shares cued lh.«i , jr ^ . lf) vear , j n Qr ^ jjracling more is being looked fur in some 
seemed fo have been yarned up ha |f. nunce } Q ihe tun. Projected quarters. 

" u^uu'j annual output i- N.i.non ounces. Harmony is a low-grade sold 

Which had quadrupled i# % On and Clisls » are asSes ^. d at nn] y mine and its shares thus rank 
1-rid.iy they were Ji|i. 1 pointed s ^- ^ y f , an ounce The time anions those that can he quickly 
oul lh;u im ilramalic improvement n e<? ,| e( i to reach production is responsive io upward movements 
in justify ihe rise appeared to ree j.„ n ed io he to o years. in rhe bullion price. Uranium 

have I liken place in ihe fnri lines L 0I] n 0S - read--’ lo ■■o.’* but revenue, alihougb subjeci to sharp 
of the complins. s maior venui-e firs1 {Nere is a lifile niatier of flucui:in>ins. provide* a very nse- 

cont- 
: are 
added 
ing s« 

already hare other new ventures heavily priced as so many of the 
t i m mind— tin in Tasmania has leading gold stock? these days. 

, ^ . ' r,,e ilrh T+h been the whisper-and the com- * * 

Met ds 'fv r.lora rjon chairman Mr pany can now be said to have its There usod Le 3 v . iiC ,, d 
Reg 11;. re who ,s ,ucr h-re ranking mining market saying buck in the 



Exolorntimi 


rnn'meni" "(m UK share-' U,< - Hare makCs ' , no P re[enL ’ e lhxt gold boom days thru when Amen- 

SET t ',™r, L n,ny »"d “ « m he a (as ' can Jyrlns rush,. , . .h;.rc pne. 

pmmp.ly mrormed .hour ' h ' HarmOnV llOpeS ' ren.i.ided JTh.M" FrldW. jump 

~ .u, *„ r ..sii Knh«.. r w-p>H of 24|» to 4 lip in De Beers, which 
, P v C h»° r ;»^ C nrA^«« e hf Ixvseiy inspired b.v a sudden 
nay be m the process of sur; , e of y s. demand Enough 
ishing a new trading range 


promptly 

L-o->ipaiiy's .icliviiie.s. 

11c made nn hones shout ihe The* 
facl :lui m a depressed market an d may 

for the iiici.il Greenville is still establishing d new iitfuniK ‘ «■* ii.i- ■ j 

going through :■ ihm lime. How- - m t hc S1S5-S190 area. But it is saifl ■ 

ever, he thought that the worst uranium that adds lhaf extra " “ 

mu v now lime b**en -een in ihe much of brilliance io many of Wlule there's life there's hope 
nickel nv<rki*l and made the point ip P South African mine*. As rc- department: I hear Thai Bridge 
i h:ii m lea-si Green vale has no c em!y noled here, the generous Oil is making a bid in the receiver 
problems in >i nunc me unsold final dividend p?.r-r<ut by Harte- Info whoso hands ihar relic of 
sinrk* a? viriu-'Hy all its output heesi was partly prom med by the the iasi A ust rul inn mining market 
i* sold forward tinder \ aria hie Rii.Dm customer loan that uproar Silver Valley hns fallen 
price cunt me! s. Furthermore, the accompanied its latest long-term in cents for the fully-paid shares, 
mine's production has improved uranium conrrnn. in lhar this and 2J cents for the partly-paid, 
io li.'j per cent of capacity in will have reduced ihe proportion The company was last kno\»n 
recent month* of earnings needed lo he set aside for u» Maw son coal and real 

Ho also pointed nut ihai Green- for capital cxpendtlure require- estate interests in New South 
rale i» a maior producer of cobalt, menls. Wales, but it is presumably the 

the price of which could *>«• Harmony, it is now thought, losses that must have built iip 
fresh s; r*-n-. Ui when the supplv could be ’another such example, thal are also am acting Bridge. 
nip«lme from the sinfo-hit mines u js also receiving an interest-free Last year Hampton Areas paid .10 
In Zaire run* dry Greenxale'* j.^n a.s an adjuuVl to a uranium vents a share for an 1S.7 per cent 
annua! ouinm o? S'i ion* could sales agreemem. 'Hie money is slake in Silver Valley, which also 
then provide a useful cash flow to be used m finance the erection lias an antimony property in NSW 
E'en so. he s*;ll for!* rh.il il could of a new uranium plant al ihe being worked on a royalty basis 
take up to live years h**fore ihe mine's Merriespruil section. This, by a subsidiary of Vam. : 

overall operation will be able lo — 

ren.iy iis tot^l riebis. 

In ihc meantime. Metals Ex- 
ploration has fully written down 
its inresimeni in Green vale and 
is thus in a position to rebuild 
ir* own fortune* " how iha; we 
.ire over the worst." This will 
oaf u cilly require fresh funds in 
addition io the honed for work- 
ing capital of some-^ASm f£1.86mj 
by the year-end. But the chair- 
man does no’ envisage making 

any cull oil -harehnlders. 

At present there is a cash flow 
from the *mall but hish-ar:ide 
Nepean nickel mine in Western \^hEN \ V 
Australia, which still has al least - ls , 

a seven year life prospeci. An- maemnen is . 
other paying proposition is the 


INSURANCE 


How to safeguard 
employees’ health 


BY ERIC SHORT 


Currency, Money afnd Gold Markets 


Papering oyer the cracks 




■mm 


GOLD 


4 »hm> SS .1 mu- Li 


. COLIN MILLHAM 


iji.ii.i |{iiii.au >b nur 
..un. «. 


NFlAtION and monetary condi- opportunity to bring down ratesdoliar. but tn recent days the sis&.ose* 9i94 v im 

ions b’ave given rise to some con- in London. But, at the same time Bank of Japan has had a much opening >us-u». stsi t95 4 " 


Aiiei n.'.'ii nxmt . 


lions . _ 

cem-on\both sides of the Atlantic it is probable that merely lifting more diflicult lime than the Mmmus mms.. 

recenUy.\ and there is a general U.S. rates will do little to dispel Bundesbank or the Sw iss National 

feeling in financial markets that fears about the economy and the Bank. 

tittle is being done to correct the underlying weakness of the The Japanese authorities may 

factors leading to the overall dollar. have been reluctant to intervene .imn.^n.nn 

malaise. ■- Several different factors have too heavily in the foreign kiuur, mn.i 

The gilt-edged market tn the played their part in Influencing exchange market, in l ear of s „ 

U.K. has run out of steam, after trading in Money markets and ihe criticism hi the forthcoming 

the initial bout of activity when Foreign exchange market recently, mmooiii meeting of major tndus- um iWivun- . 

Minim um Lending ■ Rate was but most of the interest appears trial countries, but rumour* that 

raised -to 10 be r cent, while the to centre around events in Japan, certain European central banks ■ .- 

U.S. authorities also seem to be and the U.S. have ^ought^yen^ against K ^wi!'i 

Nr* oil ii».. . 


S 165.29 
.JC10Q.s74. 

jL-IOfl.jit. 


9165.55 
ilt 100.466. 
SIB5.5D 
.JtlOD.2431 


lokltig towards higher interest The continuing trade balance th f.*T. y'V* C .w?* « ‘ISS a .l d J 

of io favour of Japan and against ^" h \ .ft.*”?** ’ 


rates - as a possible way out 
their; economic problems. 


the US 0mhS P the"wn i to il to rhere « liI,Ie tfaat ^ authorities 
Expectations of a further rise highest rJte against the dollar in Tokyo can do to stop the • 

in Now York interest rates, have sj nce t he Second World War last appreciation of Ihe yen. s* 

led to suggestions that the Bank b Ur t h e U S currency did ,r central banks have purchased m... 

of England bas only a limited make a partial recovery on news >’<*” r^iher lhan dollars a* an - - 

“• ■ that President Carter is prepared intervention on ^ i ' *dds 

PIIRRFNf'V MGl/FMFMT^ t0 ra * se prices next month lo Japan 
UiRKtNLT MOVtMt.NT& through i nt . rease d import fees ir 

Congress is not willing to increase 
domestic oil taxes. This was only 
short-lived however, with the 
dollar/yen rate back at record 
levels again on Friday. 


MS2. IS4; S 191 165 
iA."I 04< i(l5» i£lO5','-10<2< 
<54i-66i Sa4;-S6; 

X2rA-3br< uaa 9 .5Qj. 

.*=5 57 S55-57 

.ciSj-ao:- 'iao-si. 


■«19D..1«2i S190M92: 
.i'iDc.1i»4i..i. , IQii iD4i. 
£55-55 *53>S5 

.*:J:v2£,. X24i2f;i 
SSa-57 *55-57 

• C2?i 50;- a'50-51. 
*275,-279; .*.75; 278 s 
>155. 156. f 155 159 
*3-. 1D2;' S<*3.|02 


Jun^TF ' 


Sank of Morgan 
England Cuaraniy 
Index change* *■ 


problems. 


THE DOLLAR-SPOT 


FORWARD AGAINST $ 


Sterling 

u.s. ioitor 

CanxcQia dollar 
Austrian schilling 
Belgian franc ... 
□anUh krone ... 
Domache . Mark 

Swiss franc 

GuSdo.. 

French franc ... 
Lira 


.... UJ7 

-41.T 


- 6.1 

.... *S.0i 

-12.7 

... 140. DC 

+21.7 

.. 110.53 

+U J 

.... 115.15 

+ 5.4 

.... 140.10 

+36A 

.... 1SU7 

+7*J 


+2S.1 


- 4.6 

50.40 

-46J. 

ICJt 

+4125 


isolating itself as the 


B«*M On trade weifihtcd changes Irani .. . . . ...... . aum™ ; 

Waihisiton ancoemcnt December. 1971 y aa problems in holding down Sw j s , F r 
rBadk.or Englawl IndexslBOj. * 


THE POUND SPOT 


their respective levels against the 

FORWARD AGAJNST £ 


June 23 

Day 1 * 

spread 

Close 

One monih 

pa- 

Three months 

p.a. 

Crfiirfd'n S' 

nas-m.03 

uasasas 

0. 01-7). 03c pm 

0J7 

0.053.01c pm 

D.ll 

fiUlIiirr 

2.Z336-2J3B2 

2. 2330- 2,2340 

D.75-Q.7BC pm 

3.88 

2.26-2 Jle pm 

3.90 

BolRJiiii F r 

32. 625-32. 745 

5Z. 485-32. 70 

8.757.75c pm 

3.04 

25231c pm 

2.93 

Daru*- 1 ! Kr 

5.4330-5.4415 

5.6330-5.6345 

— 


— 


D-Mjri; 

20*15- 2. MS 

2.0C15- 2.0825 

0.85-O.BOpI pm 

4.74 

L752.7lpf pm 

513 

Pon. Es 

— 

45.75-45.85 

— 


— 


Lira 

S57JW57.W 

HS7-10-E57JO 

2.BO-3.1BC dis 

-4.13 

S^9J5C tfis 

-4.09 

Nrwfui. Kr 

53*«-Sj4150 

5.4125-5.4150 

— 


— 


Freuoh It 

4.M7MJ7M 

4JS70-4J69S 

D.S2-0.62C dis 

-l.M 

1.50-1.70C dis 

-1.53 


4J30Q-4J55U 

4J410-4J583I 

— 


— 


Yen 

2M-30-2M.40 

207.40-207.60 

0.B4-0.74y pm 

4.45 

2.7o-2J5y pm 

4J2 

Muirla Sch 

— 

15.01.15.02 

— 


— 


Swis* Fr 

4-5900-4.5540 

4J81IMJ430 

- L15L05C pm 

4.55 

3.27-3 J2e pm 

6.77 


U.S. corns nor Canadian *. 


OTHER MARKETS 


JmiQ 


"(Bank! 
tatwj 
! * 


LWy'a 

Hawaii 


_ One month 1 % pj». I Three mnnUi»| '% p j«. 

CllW# 1 


£ 

Ihir 


MJ- ■ 7 '1-8420-1.8600 |I.MK-1.64fl6 0.47-0. 37f.pi.i 2.73 ,1.4Z-l.fl2c.pni‘, 2.98 

i.-aaadUn *i 81* 2.0675-2.M« 5.0770-2.0796 0.57-a.47(-.(>m 5.00 :1.7B-T.6K.-.viu' 4.25 

anJldW . « 1 4.TI-L14 ♦■inj-JLiain 14,.|j,r.p.m 6.55 7dg B5a c.piu ■ 6.92 

Belsttn-fr.l Bis) 60.M-60il) B8J2-68.52 30-20 pm 4. SB 30-60 v. uiu 5.64 

Uanisli 9 10^7+10.42 1D.4BM0.4U li-Ji M rc Ui» —2.08 |7*-9* .«*to 3.2B 

D-.Virt ; 3. 1 6.65-3.864 . 3.0J-i-3.«<* 3 2 r,v um 7.11 !h-7& uf pm i 8.33 

F.wi: Ba*. 13 , 84.00-85.00 ; 84.35.84.86 I6.|86 v .<ii« - 12.77,75-4/5 .-.pm ,-13.08 
SpanvTM. 1 8 I J48J55-U6JI5ll«.75-146.95 p& r .10fl i-.rtia -4.11 26-175 •-..{» .-2.74 
Un*- . '-IHji 1.S77-1.B88 ,1.5634-1.586 pai%3 lire *li* , — 1.14 |3j-64 !if<* rt i* 1—1.27 
“ »p.Kr.[ 7 ; 8-54-10-014 10.80 i- 10.01 i i-2^ ljre di» -U0 !i*,-2..rw.U, — 0.40 

Wubffc'; 91* >.41-8.45 11-1 v. pm I 1.07 fB 2 : 1.19 


1 W 
AumTH*-rSch| 
sfwiaefr. - 


■ 31*1 


580-390 
27.60-27 J» 
- 3.434-3.47 


< 592i!-384f 
! 27.60-27.70 
i 3.444-8.458 


2.B0-2. 40 V.pin 


1S-S jlji i* i*ia . 5.47 j35-25 nr 
2l(-2l|r.pin 9.13 fe-7i r. 


iuii I 0.80 
7.83 17.85-7.45 ypnl! 7.97 
lira pm i 4.34 
.■.pm | . 9h7 


Ai-jentiruL Fc-'i 1,456-2.460 787.45 7B9.6B Au-irin .. 

ti-liat... 1.6039 16199 0.8708 0.8784 PoalMm 

Kmltu.1 M». • 7.88 7.891? .4 5710-4.2730 JVmmo.w . .... 

Um.-.l t ... - 32-58-33.58 17 63 18.16 finn«- 

I •>» l.«^. . 67.706-69.376 36.62 37.52 t..-r«ii»u» 

H> l> .Mia 8^612-8.69 4.6500-4.8520 (.«<» 

I. an Uuii .. .. 126 132 68.15-71.40 .U|<m 

K..n»it 0.500 -0 5 10 0.2704- 0.2758 ., 

!jir*.in**.m^ Nn. 60.32-60.32 52.58 32.60 N. .»«y 

11..IMU .. . 4.37-4,3812 £.3755-2.3765 F..im. u »i 

,\>«r 2.79281.8204 0.9731-0.9817 

S-au-l. Amt-ia Ki\»:- 6.316.41 3.413.47 

i-ine«{k.-r+ UnlUt 4^8-4.300 £.5225.2.3255 l nit»i St*n>* , 

S>«rtli .iinnin l|»M 1.5938 1.&106 0.8620-0.8710 1 .i«. i*.. , 

Bale given tor Argentina #s free raie. 


2712-28.0 

60-611:: 

10.30.10.45 
8.40 8.50 
3.80 3.85 
2560 2590 
385 395 
4.06-4.15 
9.85 10.00 
60-84 
2.43 1-46 
3.40-3.50 
1.84.1.86 
34-36 


Belli an rate la tor. convertible francs. 
Financial franes B0.4ft40.C0. 


Six- monih torwarfl dollar 2.73-'2 6fic pm. 
23-month 5WM.90C pm. 


EXCHANGE CROSS-RATES 

- Jane 23 . 

Pound Sterling 

V£. Dollar 

]Dnunch6Ma»t| Ja^oete Yen' 

Fnem-b Franc 

6wi*s Franc 

| Dutch Gullderj 

Italian Lira 

lUanailn Dul.ni 

Belgian Fibiu; 

Pound St*rIU«E 

U.S. Dollar 


1.849 

! 3.640 

383.8 

8.433 

3.449 

4.119 

1584 

2.078 

60JI7 

0.541. j 

l. 

, 2.077 ' 

207.5 

4.561 

1.865 

2.228 

856.8 

1.124 

32.60 


- 0.280 - ! 

0.482 

1. 

99.93 

2.196 

0.896 

1.073 

412.6 

0.641 

15.70 

JapUMe Yen 1,000 

2.606 > 

4.818 

10.01 

1000. 

21J7 

8.987 

10.73 

4128. 

5.414 

157.1 


1.186 

2.193 

4.594 

455.1 

10. 

4.090. 

4.884 

1879 

3.464 

71.47 

Prane 

. 0.290 j 

0.536 

j 1.113 

111.3 

2.445 

i. 

2.194 

4a 9.4 

0.602 

17.48 


0.243 ; 

0.M9 

0.932 

93.17 

2.047 

0.837 .' 

i. 

384.6 

0.504 

14.63 

lulUaiilea 1.00P 

0.631 

1.167 

1 ■ 2.424 

242.2 

5.323 

2 . 177 

2.600 

100Q. 

1.312 

38.04 


0.481 

0.890 

11848 . 

184.7 

4.058 

1.660 

1.982 

762.5 

1. 

29.01 

Belkin Print 100 

. .I;B59 i 

3.068 

6.371 

636.7 

13.99 

5.722 

6.834 

2629 

3.447 

100. 


MONEY RATES 

NEW YORK 


LONDON MONEY RATES 


Prim* Rain .... 

Fed. Funds - 

Troaamy Bills fis-wodki 
Treiaoty BtOa tSB-wseki 

GERMANY 

Discount Kat* ..... — ... 

Ortfriisht 

One. nlteth 


2.75 
, 7.«5 
, Mt 
. 734 


] bterlinc I 

June 23 I ('•ertihceie j incerbsnlc 
1978- Ot depnetti 


Local LOrsi Aiirb.J FuHm.f I Hw-nanc I Dtj;i li le ' 

'Autbump nepMahle 1 Hou*e Company nmrkei • Irctidirr- Iteni FmcTniit 

deposit.* , liorii» | Detail* . Liepr-it- ! ■h-p.-n 8>n- l> • Hil.c, 4> Dili** 



Three months 

Six nionths . — — 

FRANCE 

XMrebuitt Site' 
owrnJeM 

0 jA 6 - month 

Three month* 

Six mooifi* 

JAPAN 

Dlscaant !Uir ..... 

dm ' (tlhc&ndiUCnin ... . .. 

Silii Cut count Rate ........ 


s 

3iS 

3J5 

3.*5 

3.7S 


7 J 

7JTS 

7.1125 

*J2S 

SJ12S 


3J 

US 


Ortrnwhr, I 

2 day* nonce..; 

or , 
7 day* ootiuo..; 
One month.... 
'<*ro monUn.. 

Three month* 

Mit month.... 
Nine monih*. 

One 

'i *rO 


. 10-97* 
1097* 
IO-9-g 
WHO 
10^10 * 
IOU-IOtV 


9i*. 10 


9i«-101 a 

»v 2-10 tW 

1O-10U 

lOtb-lOU 

10Ja-10s* 


9S,-10 

97*-IO 

Blfl-lO 

97* 

97,-10 

9r 8 -i0da 

101a-103« 


— j-lOlf -lQj* 
fli.-lOU i 10l*-10s« 
BVIOI* I lOiB-ioa* 
gtj-97* f 10i* 

9U-9is lO.i4.aois 
9i*-10 j 10»» 

103* 


10 

1 10 U 

! wi* 

! 10 * 


■ 9_9?a 

•912 B»4 
I 9>a 
1 9ia 
9l« 


»>9l4 

9U-9,'; 




9.3-9.,; 

9 i-9?j 
+h+a 
9*4 9.; 


10^4 

lOi» 

I 1053 
10* 




- Local authority a ad finance ftwisM siven days' nnUce, other. 1 ! aeren days' ttccd. Loitaer-ierm local authority nmncjce rale 
hOimnany Ihrec-years I1WI! per ccm; four years 1H-K percent: ave years rJi- 12 * per eem. « Bane bill rate, in i^ble are 
buyinfi rates for prime paper. Buying rales fnr fiiur-mnnai bank mils |U|» per cent: four-mnnth irade hills ift* per cent. 

Approrimaio selling. raifei for one-month Trea/ury hills ,*er cents iwo-momh 91-93]* per cenr. and ihree-munth 
95I6-91 Per cent. • Approximate selling rale tor nne-monih hanh nils gi'nv-SJ Pir cent: and urn-monih 3 1 *,* per cent: and 
rhree-ffionfii 9-'*J.-8 u /« per «nf. One-moo Ui irada bilU IO* per cCnlJ urn-month iw per <.+nf: and aha fhrce-mt.ntlis lOj oer 

Flnanct House Bast Rat** < published by Ihe TmariCP Houtti AisucJarinn > *» per .ccnl from June I. 197>. Clearing Bank 
DeHiit Rate* Itor small- sum* »f se»*n day*' iwncei B+7 per »#ij Ghvmg Bank Bata Halts for leading 10 per ceni. 
Trenaury Bill*: a v trace tender rate* of discount a^SW per senu 


ITAL piBL'e of is dominated by three non profit-* 
machineiy is suffering from a making provident associations — 
certain defect, it is sheer British United Provident Associa- 
cummon sense to put it right as tion. Private Patients Plan and 
soon as possible with the mini- Western Provident Association 
mum of disruption to output — which between them account 
and tiie How of work. This for 98 per cent of the market 
principle certainly needs t»» be Crusader Insurance is the only 
applied when emplovees engaged insurance company to be a( all 
in ki*v functions within a coin, active in this field, 
panv arc involved. These associations aimed 

a kpv pmojovoe sufferin' 3 from originally to provide private 
, - mi nnr S v Srhios not S medical insurance facilities, but 
minor ailment can P ' probablv ^ recent high rates of inflation 
S S®!' hli inh hut it is unlike v have resulted in a sharp decline 
fhJ writ 100 percent in ' ^ numbers of individuals 

efficiency:" ^makes^n^ SS «« M-lff.'ESfh.B 

to the company and to himself. be en a h stroir' ^rowth^fn em- 

thM he , SL b * Si? r» SblS Ipl. 

K*fiAntl P Health Service fad li- themes, with often the employer 

tiM often ^feans foiuin’ 1 two- lhe whoIe of contribu- 

J” 30ID1Db a tion. The associations have been 
> ear queue. extremely active in redesigning 

The solution is to make use new schemes for companies, with 
of private medical facilities. The the aim of keeping contributions 
employee can have the necessary down to a minimum while still 
operation and medical treatment providing the necessary cover, 
in a private hospital or the 
private wing of an N11S hos- Rebate 
pilal with a minimum of delay. 

The arrangements will be made " h 5 re hjg companies are eon- 
bv the employee's own medical corned the schemes can be 
adviser in conjunction with the designed to meet the individual 
consultant requirements of the employer 

consuiianu aJ ,d the contributions can be 

The employee will have a VKried l(J reflecl lhe company's 
private room and this means n ex oer lent* 3 This latter 

there is another big advantage fea , ure can v ^ c i h p form of 

as fai as the comply ls l ? ri some kind of rebate, which is 
cerned. °ncc the PdfWi^ranve s0t off asajnst ^ fo n owing 
period is' over usually -4 or 4& year's contributions, after aseer- 
hours after the operauon the ta } n j ng claims and cost of a 
employee will be able tn l,n dor- particular year. With smaller 
lake some of his normal work, companies, however, the schemes 
Because he has a private room have to be of the '* off-the-peg " 
wilh its own telephone, visitors tV pe j n order tn keep down costs, 
arc allowed to the bospita] for Now that medical insurance 
lnost of the day. Work can be has become accepted as an 
brought to the employee at the employee benefit, the employee 
hospital, his secretary may lake benefit consultants regard it as 
notes, dicration and lepers p arr 0 f tb^f r duty towards rbeir 
during the day - . The employee clients to advise on this type of 
himself can keep in constant market, although at present 
contact wilh his colleagues by numy schemes are still sold by 
using ihe telephone. direct contact between the asso- 

in any case, the provision of ciation'B representatives and 
private medical facilities, wilh companies. The growth in new 
the employer meeting the cost, group schemes since last August 
can be a valuable fringe benefit, has been gratifying, even though 
But il is not lax-efficient simply these benefits are subject to 
for the employer to pay all the Phase Three' of the pay policy, 
hospital costs direct as they arise. Employers have in decide 
Such payments, which can run whether their schemes should 
into Hundreds of -pounds, are cover ail employees or just top 
taxed as a benefit in kind on the executives, senior management 
tax assessment of the employee and other key personnel. These 
concerned. . schemes are quite common in 

The solution is for the the U.S., and U.S.-controlled 
employer to take out medical companies in the UK tend to 
insurance on behalf .of his follow the parent company prac- 
employees. Then under present tice and insure everyone, 
lax procedure only the annual While one may .find it hard io 
contribution paid in respect of imagine a blue collar worker 
eaeh employee is taxed as a making use of private medical 
benefit in kind. So under this facilities, the associations are 
system, every employee covered finding that shop floor workers 
by the scheme is taxed each are indeed showing an interest 
year, irrespective of whether or m private medicine. The extent 
not he receives private medical of such benefits is a matter :_m 
treatment during the year. But be determined in ihe riegotia- 
the actual contribution assessed tions between employers, trade 
is likely to be less than £100. unions and other employee 
The medical insurance market representatives. 

Government ‘encouraging 
increase in road freight’ 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


INDUSTRY paid 37 per cent 
more in real, terms for every ion 
of freight moved by road In 1976 
than it did a decade earlier, 
according to a report today from 
tiie Transport 2000 pressure 
group- 

The report, written by the 
organisation’s director, Mr. Mick 
Hamer, says that th'-s trend is 
due to the rapid increase in the 
average .distances over which 
goods are' moved as industry has 
re-organised itself into larger 
manufacturing and distribution 
units. 

Mr. Hamer says that these 
ebanses— which have also been 
associated with a switch of long' 
distange freight traffic from 


waterway and rail to he^vy 
lorries— are the direct result of 
Government policies aimed at 
reducing the costs per mile of 
road freight by allowing bigger 
lorries to travel faster on better 
roads. 

Consequently "we art now 
paying more for moving less 
than we were ten years ago." 

Mr. Hamer believes that this 
paltcm of development is un- 
healthy for several reasons. It 
is wasteful of energy— ; n 1966 
1 ton of fuel moved -99 tons 
of road freight, compared with 
215 ions in J 976— and it has led 
to pressure for more roads and 
more lorries, with resultant 
damage to the environment. 



i 


: -'V 



4s 


33 



• Fmancial^Eft^s ’ 


This advertisement is issued in compliance with the requirements 
of the Council of The Stack Exchange. 



Ecclesiastical Insurance 
Office Limited 


llnce'paiaied in England under the Companies Acts 1862 to 1886- No. 24569'. 


Placing by 

ROWE & PITMAN, HURST-BROWN 
of 3,000,000 10 per cent. Redeemable Second 
Cumulative Preference Shares of £1 each of 
Ecclesiastical Insurance Office Limited 
at £1 per share payable in full on or before 
28th June, 1978. 


Application has been made to the Council of The Stock Exchange lor the 
10 per cent. Redeemable Second Cumulative Preference Shares of 
£1 each i ‘Second Preference Shares") to be admitted lo the Official 
List. In accordance with the requirements of the Council of The Stock 
Exchange, 300.000 Second Preference Shares are available lo the 
market on Tuesday 37th June. 1978 and dealings are expected to 
commence on Wednesday 28th June. 1978. Particulars of the 
Company and of the Second Preference Shares are available in the 
Extei Statistical Service and are obtainable until 10th July. 1978 from.- 


ROWE & PITMAN. HURST-BROWN. 

1st Floor, City Gate House, 39-45 Finsbury Square, 
London EC2A1JA. 


APPOINTMENTS 


Group posts at Vantona 


Mr. Robert Owen has been Mr. R.' TTUmr? has been Peter G. S.IHero, chairman . anS 
Unpointed mananlnc director of appointed chairman of the Board president of Este 1 . Corporation : is 
’ Sioil and Smith Group, the towel nr Management, TRUSTEE appointed i chaumanof TRANSESL- 
division or WVNTON.\ GROUP. He SAVINGS BANK— South- East COJEdUMCiTIONS .. with .jOr.- 
I was previously with Courtauld*. ★ * ■■ >' 

■ Mr. Orville Hudson has been made BOQZ-ALLEN AND HAMILTON. Godfrey F..Lanrcnce. a dtrectpf'tf 
\ managing- director of Albert management consultants. New Exchange Telegraph (Holdings): 

i Hart lev a member of the printing York, has elected Mr. R. Keith becoming deputy 'chairman.. Mr,- 

division of Vantona- He was with Oliver as a vice-president. Mr. Will tarns E. -.ft vfce-. 

Heaton Mats Prindni- Oliver, who is based in Booz. president and Mr. Robert -E.-J; 

I Allen's London office, leads the Compton, a director of Extol 

* firm's manufacturing practice in Corporation, and Mr.: RexJ-.E 

“ ‘ ' director, of -.-.We 



i MOORE, stockbroker-*, as an eco- .SHELL CHEMICALS UK has 

| nomic consultant. He will be appointed Mr. J. C. . L. Cox as George - TVimpey .and- ’Cftr'j 
working with Dr. Ian Richards, personnel director. He succeeds acquired the BMXmatt ajodluifl 


I *•« ""'(i ■■ * u k vi* »“*■ — , — » * — — m , . jiiii iiii | fc -y-n i nutf vv — p nr 

the firm’s gilt-edaed economist Mr. R. H. T. Hmgston who is ^ Services 'division^ 6 ft ihe 
! Mr. Wood is currently completing taking up a senior appointment in pollution control activity - 

1 a one-year appointment as Visiting Shell International Petroleum iw-h Duffnm. The boanLdfihe 


year appointment as visiting sneii international Petroleum PoweH Duffryn. The boantvfjhe 
i Scholar at the sl Louis Federal Company. n «w company. WBCPEY WASTE' 

Reserve Bank. Mr. Mark Rogcrson • * MANAGEMENT consists,, 

; is joinlns Buckmaster and Moore Following the appointment, of chairman, Mr. D. Wight /manag:- 
.as a senior -gilt-edged sales execu- Mr. A- TV. Mabbs as Keeper of inR director. George ' Wlrapfeyv 

‘ ““ ’le is at pre- Public Records in the PUBLIC deputy chairman, Mr. - A. wT cC 

presenter of RECORDS OFFICE, Mr. E. W. SiVrgM-. Jr? H. Noms (finadej 


live on August 29. he 
j sent a producer and 



sonnet director of DEBENHAM 5 Denham as records administration Sr. Alistair Gregory^SraWi fias 
has become a director of subsi- officer and head of records been appointed a - directorLpf 

I diaries H. and M. Bayne. Hardy administration division. TOWRYIAW AZTO'CO, insuraare 

Amies and Debenhains Inc. Mr. * brokers, and Mr. Kfcnjkroo Boston 

I D. F L Jaggs h 3 « been made a , Ir D _ n . M D Ep]chDr -j— has been made director of 

i& r vft , men n D ‘jSff'S? pr«ide?r a ?dg?ne^m^of ^ Co. (Northern), 

IF A* r lc ^ 0ls and Avery Label Europe, has joined . 

• « m 3 FASSON EUROPE as vice- Mr. Roger Mathews, executive 

| rt ana .u. ttayne. president and chief executive, director of Express - Creameg&s, 

[ * Mr. D. Kember. general manager, and Mr. Christopher • Nelson, 

i Mr P w Tin«-. been of Fasson's UK production plant executive director of Sden'*V«fe; 

1 annoimed financial rfin'cior of TI il} Cramllngton in the North East have been appointed to theSoJufl 

! of England, has been appointed of EXPRESS DAIRY FOODS;®* 

Cribs > urv PiLaEiNCt. - vice-president and general major UK operating company -it] 

division. Grand Metropolitan’s foods efivi- 



manager, graphic arts 


cons ideratidrvLIn j facsl . ■ 
in tine ' . J 

responsibility t6 Jb«giieat^-fDihe iiext* 


sion. 


-* 


I Mr. A. >1. F. Hail has been 

i appointed to - the Board of With the completion of formali- 

; ARTHUR GUINNESS SON AND t j es whereby The Exchange The governing body - of i'TM- 
: CO. I PARK ROYAL i wilh effect Telegraph Company < Holdings) PERIAL COLLEGE OF. .‘SCIENCE 
from July ). He will a-oume the acquires a 45.05 per cent holding .VXD TECHNOLOGY. has appoia- 
. position of fin a rue director. ; n Transtei Communications, the ted Mr. John H. Smith as:, see- 
retaining his present, re^pon- Sfough-based subsidiary of the retary of the Collbge 'aiid' defk 
jsibiliiies as financial controller. Exlel Corporation of .America — to the governors from July - Vfn 

‘ ^ a separate and unconnected com- succession to Mr.. DL J. Dayfes, 

T pany manufacturing teleprinters who is retiring. "Mr. Smithies 

i - . -V- J Raven lia.* .been and lelecomniunications equip- been Governor of the . .Gifbdrt 
ri‘l'ri n ,' pr,L- ddc-u- 0 * orient — the following Board Islands .since 1975 and entered-the I 
j EVERAKDd BREuERv. appointments are announced: Mr. Colonial Service in 1831 . - . 

* . ' . 

.MANUFACTURERS HA.YOVER : ^ ' 1 

TRUST COMPANY has promoted i 


generation.^' 


Mr. Andrew Brett !<> bo vice-i 
! president in London. Mr. Brett is i 
j a commercial lending officer, and I 
! responsible for a range or 
| corporate accounts. 


NOTICE OF REDEMPTION 


CONTRACTS AND TENDERS 


PLANT AND MACHINERY 


m 


... V 


To the Holders of. 

Honda Motor Co. r Ltd. 

71 / 2 % Guaranteed Sinking Fund Debentures Due 


r ' • 

' .* 


Daiwa BarikTsAiotunlque^D^ 
res. po nsi biliiyi irijmaking 
accept^ce^f.||js>r^e-TT^sqcie^ 
part o t tbeir bank tqgse+vjce^," ’'; 'C ... 

Daiwa iHbe oj^ ' r 

combin e banWn^ncttr 9^‘b^V^ss, - Dai Wa;!s' 
thus a fully -v - 
comprisi n^baH^gVint mBnci ng> • ] 
trust, pensidn^nist/ 

T his integration is part Qt dur'^ff ort tafuJtiTaur. 
social responsibility.^ society’s 

needs " ' 

5i- 


L-irUf. 1 


- .. . ' • 5!^ . 

a fully integrated -banking service 


Democratic and Popular Bepu&lic oi Algeria 


M1MSTERE DE L’HYDRAL'LIQUE. DE LA 
MISE EN’ VALEUR DESTERRES ET 
DE LA PROTECTIOY DE L’ENVIROiXA'EMENT 
International Invitation for Pre selection for 
the Project of Sanitation Improvement 
of the Town of Algiers 

The Ministry of Hydraulic Engineering. Land Develop- 
ment and Protection of the Environment wish-** to Inform 
compaoies. member countries of the Barque Inter- 
nationale pour la Reconstruction et le Dovcloppement 
(BIRD), and of Switzerland that the.' v.-ill undertake 
important works on the Oued El-Harrach reservoir in the 
Greater Algiers region for sanitation improve, nent. 

The work includes the construction of. 

—A main sewer of approximately 7 km? for used water 
and rainwater along the left bank of Oued El-Harrach. 
Ground excavation of approximately 3S0.000 cu. tu. and 
05.500 eu. in. of concrete are planned. 

—A purifying station Tor the treatment of domestic and 
industrial waste waters for a population <if approxi- 
mately 750 , 000 . The maximum flow of purified waters at 
the station will be approximately 4 cu. m./see. 

The Algerian Government has obtained a loan from 
Banquc Internationale pour la Reconstruction el le 
Ddveioppement for part ef the financing of this work. 
The Ministry of Hydraulic Engineering. Land Develop- 
ment and Protection of tbe Environment Invites con- 
tractors in this field of activities tr. submit their 
qualifications Tor the icallsalion of the two work? 
mentioned above. 




The ore-selection files may be obtained from the Direc- 
tion de 1 'Hydraulique. do la Mise en Yalenr dc- Terres 
et de la Protection de i'Environnement Je la Wilaya 
d' Alger — Immeuble “La Pcpinierc" — R.N. 5 Cinq- 
Maisons — El-Harrach — Algiers — ALGERIA, as from 
15 th -June. 197 S. 


Interested companies should send iheir ilos-icrs in the 
above-mentioned address by :{lst July. 15 » 7 S at «hc lairs*,. 



The Burma Ports Corporation 

propose to purchase 

WORKSHOP TOOLS AND EQUIPMENT 


in connection with a project Tor the rehabilitation of 
the Port of Rangoon, including: 

I'uel Injection Pump Testing Machines. 

Injection Nozzle, Lapping and Reconditioninc Machine. . 
High Pressure Washing Plants (Garage Tjpe'i. 

Battery Charging Sets. 

Steam Jet Cleaners. 

Mobile Air Compressors 

Diesel Engine Driven Welding Plant. 

Transformer Welding Plant. 

Oxy-Acctylene Gas Cutting Machine 
Portable Cylinder Boring and Honinc .Machines. 

Automatic Coil Winding and Taping Machines. 

Electric Baking Ovens. 

Varnish Impregnating Plant. 

Portable Solid Spray Painting Machines. 

Gas Cutting Torch Sets with Accessories 
Various Tonis and Equipment including Hydraulic Lifting 
and Shifting Jacks 10 / 50 -ton capacity. Hydraulic Ram. 
High Pressure Greasing Units etc. 

Payment for these purchases will he made from the proceeds 
of a Crpdil provided by the International Development Associ- 
ation. 

Tendering i? open in manufacturers and their bona fide 
approved agents from World Bank member countries and 
Switzerland. 

Applications for lender documents should he made in the 
following address; 

The Crown Agents for Oversea Goicrnmcnis & 
Administrations 

4 AUUbank, Westminster. London SW 1 , England 

quoting ihe reference E 5 B/BURIDAPORT 7/15175 and should 
be received at the Crown Agents’ office before 1 0 th July 1978 



Descriocion 


felephone 


100 TON CAPACITY COINING PRE5S by 

Taylor and Challen— virtually unused— fully 
automatic— 160 s.p.m. x_24 mm stroke. 

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

9 DIE. 1750 FT/MIN SLIP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20“ horizontal draw blocks. 

22'" vertical collecting block and 1000 lb 
spooler. I Ma*. inlet 9 mm finishing down 
to 1.6 mm copper and aluminium.) 

8 BLOCK (400. mm) IN LINE, NONSLIP WIRE 
DRAWING MACHINE in exce lent condition 
0‘‘2fi00fc/min. variable speed 10 hp per block 

( 1968). 

74 - u aMETER HORIZONTAL BULL BLOCK 
By Farmer Norton I 1972). 

SLITTING LINE 500 mn»x3 mm x 3 ton capacity 

TWO VARIABLE SPEED FOUR HIGH ROLUNG 
MILLS Ex 6.50“ wide razor blade scrip 
production. 

MODERN USED ROLUNG MILLS, wire ©d a -d 
tube drawing plant — roU forming machines — 
slitting — flattening and cut-ro-leugrh lines — 
cold taws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble S Lund with batch control 

1970 CUT-TO-LENGTH UNE max. capacity 
10QQ mm 2 mm x 7 tonne coil fully 

• overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27"— 29'— 31- 
diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
by A. R. M. Max capacity 750 mm x 3 mm 

6 BLOCK WIRE DRAWING MACHINE equipped 
wirh 22” 4ia x 25 hp Drawbacks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
S.QQQfi/Mln. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
—pneumatic single blow 

9 ROLL FLATTENING MACHINE 
1.700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 

6-ron capacity farrice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10' x 8“ rolls x 75 bp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoiler, air 
gauging, etc. Variable line speed 0/750 It/ nun. 
and 0;'15QQ ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE 11973 » by 
Thompson and Munroe. 


0902 42541/2/3 
Telex 336414 


3902 42541/2/3 
Telex 336414 


0902 4254! >1 3 
Telex 336414 


0902 4254 f. '2/3 
Telex '*36414 
0902 42541/2,3 
Telex 336414 


0902 4254) >2/3 
Telex 336414 


0*02 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 4254 1/2. »3 
Telex 336414 


0902 42541 /2/3 
•Telex 336414 
0902 42541/2/3 
Telex 33641* 
0902 4254 1/2/3 
Telex 336414 
0902 42541 '2/3 
Telex 3364 1 4 
0902 42541 72/3 
Telex 3364M 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
090242541/2/3 
Telex 336414 


NOTICE IS HEREBY GIVEN, that One Million Two Hundred i Eshwsn 
Thousand Dollars <> 1 . 218 . 000 . 00 ) principal amount of Honda Motor Co., 
Lid. 7 ‘e'r Guaranteed Sinking Fund Debentures Due 19 BI. and beartonbe 
following serial numbers, base been drawn for redemption fot account ok the 
Sinking Fund on July 15 . 197 S at ihe principal amount thereof and accrual 
interest to that date. ’ - 


DAIWA BANK 


...s «:• 


DEBENTURES IN DENOMINATION OF $1,000. EACH? J 


•>R IIS* 1947 2956 3925 5047 5357 6788 7923 9443 1G»Z#,.l2282 

34 1171 1952 2939 3927 5058 5966 6798- 7940 9467 

38 1178 1956 2946 3936 5064 5970 680ft 7945 W7S SJgMS* . 

47 1182 1962 2956 3932 5065 5976 6318 7952 9518 

56 1200 1963 2960 3967 5072 5980 6854 79« 95SB 


f rankturt BAnc^tsr^MHwnerjjar^lstraae 14> : 6000.Frankfiirt . 
4 m iSfeirt 1 , F.^, CeHSwfy ; ^ ;••• 

Now York anrfloj Xngeles' Agencfc* 

Singapore, bydndfCv'Sao-Paulo, Hong Kong and Houston 

Repre>f^Ut»ve r :- '%-r " 

f LIU -if— - .. 


0902 42541/2/3 
Telex 3364)4 


0902 42541/2/3 
Telex 336414 


BAR PEELER — 4 CENTRELESS. Reconditioned 
BENDING ROLLS 8' x i~. Excellent. 


CONTRACTS. AND TENDERS 

CONTRACTS AND TENDERS 
Rate £13.00 

per single column centimetre 
For further details contact: 

FRANCIS PHILLIPS on 01-248 SOW Ext. 45B 


CONOMATIC 6 SPINDLE AUTOMATIC. Fully 
reconditioned, will turn and index to maker's 
limits. Capacity 3i" bar. 

SCHULER 200 TON HIGH SPEED BLANKING 
PRE5S. Bed 48" x 40" 200 spn. 130061® roll 
feed stroke 35 mm. excellent condition 

TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
■DEEP DRAWING PRESS. Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40" x 
36". Stroke 8*‘. NEW COND. 

MACHINE CENTRE. Capacity 5fr x 4ft x 
3ft 5 Axes continuous path 51 automatic tool 
Changes. 5 tons main table load. Main motor 
27 hp. Had less chan one year’s use and in 
. almost new condition. For sale at one third 
of new price. 

WJCKMAN 21 6SP AUTOMATICS 1961 and 1963 
EXCELLENT CONDITION 

4.000 TON HYDRAULIC PRESS. Upstroke 
between columns 92" x 52" daylight 51”. 
stroke 30". 

COLD HEADERS BY NATIONAL 
I" and r DSSD EXCELLENT. 

ANKERWERK 400 TON INJECTION MOULDER. 
Reconditioned. 

UPSET FORGING MACHINE ' 

4" 750 tons upset pressure 


01-928 3131 
Telex 261771 
01-928 3131 
Teiex.261771 


01-923 3131 
Telex 261771 


Oi-928 3 13 f 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3 1 31 
Telex 261771 


01-923 3131 
Telex Ml 771 
01.9283131 
Telex 261771 


01-928 3131 
Telex 261771 
C1-928 3I3J 
Telex 261771 
01-9283)31 

Telex 261771 

01-928 3131 
Telex 261771 


WANTED 


MODERN USED ROLLING MILLS, wire rod ] 
and tube drawing plant — roll forming machines ; 

—slitting- — flattening and cut-to-length lines — 0902 42541 > 2 .' 3 
cold saws — presses — guillotines, etc. ■' Telex 336414 


92 1264 2035 2986 -VO* 5096 6000 0 46 8004 9597 1112&r-T23B2 

102 1273 2039 2SS9 4033 5105 6005 6982 8010 9598 

113 1282 2058 2994 4042 5108 6010 6991 8015 9801 

120 1290 2063 29S8 4046 SI24 6013 7000 8138 9609 . 112 13 f . 

129 1302 2069 30C4 4060 5131 6028 7023 8148 3814 11 28 0 > 12*13 

140 1308 2103 3009 4071 5142 6041 7026 8152 - |62+ 11237 .Wfe 

149 1315 2104 3015 4079 5158 6043 7030 8167 S6M 

160 1326 2113 3017 4087 5178 6045 7037 8201 9680 11249* 

190 1331 2 ISO 3025 *093 5185 6053 7043' 8512 . 9 684 112j^ T-436 

193 123* 2137 3031 4098 5139 6059 7050 8518 9670 11275 1^439 

203 1241 219+ 3036 4105 519B 6063 7064 8522 8674 1f2£1 -12445 

£15 135G 2J32 30*2 *11 5 5199 6068 7078 8538 908 11307 12451 

:22 1353 2147 30*6 4129 5234 6069 7080 8536 .96 9 1 11|28 12488 

231 1367 2253 3049 4139 5246 6072 7088 8541 969 6 11344 12470 

23* 1373 2264 3057 4151 5255 6076 7092 8M2 :®»7 1IS49 12*74 

233 1378 2274 3068 4184 5257 6081 7095 8547 «11 .1354 12484 

2-8 1385 2278 3086 *121 5262 6085 71C5 8653 9721 11360 12491 

251 1393 2281 3103 4262 5263 6090 7182 8584 *787 11368 12498 

259 1394 2285 3115 4263 5250 6093 7144 8595 . '9749 11370 12502 

267 1401 2297 3122 4275 5281 6111 7182 WOT -W0 11881 12506 

273 1+05 2307 3130 429 V 5287 6120 7185 8607 . 9771 11387 12803 

2ai 1409 2325 3133 4305 5311 8123 7200 8611 9779 11416 12?S3 

291 1412 2332 3137 *31 A 5320 6132 72£8 3617 ? J7B* 11427 12993 

323 1415 2339 3146 4319 5329 ft142 7220 8621 979 1 11437 13011 

357 1*19 2343 3152 *329 5336 6153 TW 8829 : 9800 iMg 13060 

364 1421 23S7 316* 4132 53*0 6168 7209 SS37 9811 11|2S I^OS 

332 1427 2374 3173 4339 5345 6172 7246 86*e ; 9817 11533 13258 

323 1438 2378 3180 4350 5351 6176 7262 8®6 9852 11539 13283 

457 1*53 2331 3185 4412 5361 6179 7266 8660. 9878 11548 1S361 

478 1459 2335 3189 4+2i 5415 6182 7272 8669 9888 1-1551 13403. 

4B1 1471 2392 3195 **£4 5425 6186 7281 8678 9837 .11582 13481 

490 1503 2402 3202 4430 5436 8188 7297 3887 9908 115® 13508 

409 1515 2418 3207 4439 5441 6190 7313 86tf1 9914 11573 13537 

509 1520 2422 3224 4*4’ 54 52 8194 7329 8702 9927 11688 13600 

5 -.4 1534 2429 3233 4448 5466 6201 7355 8210 9937 .11594 13674 

5C5 1537 2440 3239 4454 5471 6211- 78® 8718 9954 11597 13667 

532 15*0 2445 3245 4469 5479 6213 7372 3727 10004 11604 13711 

542 1551 2451 2251 4490 5+86 6215 7383 8781. 10013 11607 137® 

560 1558 2434 S281 44«9 5500 6219 73® 873 7- 10026 11609 139® 

578 1567 24® 3287 4506 55® 6223 7394 8790 41634 14184 

539 1575 2463 329S 461* 5510 6227 7406 8764.10061 71636 14273- 

60* 1580 2*66 330* 4520 5519 8232 7415 8801. 100® 11896 14489 

637 15® 24® 3315 *528 5530 62® 7418 8818 10087 11699 14510 

6*4 1587 2476 3325 4632 55*0 6254 7422 8804' 10115 11707 14550’ 

648 1389 2481 3347 4537 5550 6257 7476 8834 10127 11716 14680 

658 1593 2485 2355 4547 5560 6275 7480 8841 101®. 11730 14765. 

679 1603 2*83 3257 4573 6569 6285 7502 8861- 10160 11744 1*856 

696 1608 2491 3365 4575 55B0 6300 7507 8879 101® 11760 149B4 • 

703 1613 2503 2370 4331 5533 6309 7515 8881 10187 11763 15241 

710 1627 2511 3396 4590 S601 6321 7521 8887 10196 11779 15540 

716 1635 2518 3399 4593 5606 6337 7532 8894 10208 11734 15715 

726 1643 252* 3410" 4603 5611 63*6 753* 8902 10222 11793 15858:, 

737 1657 C531 3*18 46T2 5625 6364 7546 8910! 102® 11811 15919 : : 

743 1664 2549 3425 4620 5638 6380 7562 3820 10239 11834 16050 

7*9 1673 2552 34® 4626 56*6 6395 7566 8928 10254. 11839 162® 

757 1635 2570 3442 46*7 5650 6428 7586 89*3 18256 11844 16267 

765 1700 2573 3*48 4651 5857 6430 7599 8959 10276 11854 16339 

767 1703 2M3 3456 +6® 6732 6435 76® 8971 10285 11865 16383 

773 1705 2583 3*62 4672 5734 6*39 7616 8986 10293 11878 16423 

762 1715 2613 3*67 4®0 674*- 6442. 764Q 9003 10299 11893 10469/ 

7R9 1717 2617 3469 *700 5751 6449 7644 ?02l -10312 11901 166® 

810 1726 263Q 3*73 - 4705 5755 6456 7650 903B 1C3t9 11920 16716- 


lo.irit Yen tu ®'Banks: P^.-Bank,P&itl 4 nia, Jakarta, 
Jn’ternatfonaj Credtt‘A 3 J 6 i^‘UcL>'HongKqiiff : .- 


coiwPAisiy: 


'!■ 




... _ • ; -* :j 

Notice is the tvrdv >• ■ 


ThoqUz rpenod endihg Jime/.^ 4 ,. JSGS, tio- B onds -ha ye bee: • ... 
purenitsea. r . vt ?•’ -p**- • ■/. .■ . 

■- Dirtstaiidine'amount^JA! ■■ . . . 


ttSCALAGEtt,;' 
, ...-. aV ^ .j^J^RkDreEBAN-’-; v ' ■ 

Luxembourg, June 2^979. • 


"I sir.. J . . 


TRAKSP&KEKT PAPeR'UMfTED . 
’• OROIMART -SHARES 


t- : n» FU«1 DI*HeM In rBBcrt of 

'-enrletl ur AerfJ.1 978.07 7J6Sfyjpor iriyire, 


1 at - ‘Attfil-1 978.. of 3J B£#»jpcr - 

on tfie 4**oed . Oroinirv SIbw of. WeXora- 
ianr-JS pav*li>«: on 4tti Aoouit -TvT S tp 
Jwrchoklirs on the registers 

^ , - , T8»"ortl6r ot ihe .BOai'd.' • - , ^-yvl 

. - -i 9 . 

SBBMBSfe- v 

Burv.iOMCtthire. ’. 




THZ TOR .lMVESmSMT. TRUST UMIUI7, 

iWlC£. 
cmj: 


IS HEREBY . GIVEN-' that the 

_Ttlrt OfOt»>ti»rtf'S« 7 dis wWl t» 

O- Aore -8U1-- fo- -2*41 . Jtrt*:*97,a 

\%t- jprder’ of the! Joard. ..M' 

■T: ' *' 7 ' - J Tbo&. seorouw.. 




LEGAL NOTICES 


■'•v - -f -vWicTUifTn 

’None*- .15^ HEREBY ^GivEN 'ttwt th« fag or A : , 
— . — ^ --t ordinary Bracd- wtH-- be-rConna. of Jnsticc.^Smonl.. Lofloon. 1 

■lOOl - to Hit Of . J 0*7 1975. 


i V-'- T v itfc iioiaw of isw ' Z‘\ 
* .18 the JqqtfTCOJJB^ ; OF- JUff 

taeukerj- Dlrahin Comnanle^Cwi. 

ofc^OILSERir Jt^ SSA- 
•-Ijatrrag/Tiaif ~l»- tbe.. Mancr of 
’Criatgams AOT.' 1 M 8 - 
' XonttR -» HEREBY GIVEN'. 

ifdr. ibc -Wto3W2 np et 
; jbcKfroamed. -Company bf ®e High « 

i oC.^usO or, an. Ibe.Ull1..iIay of 

te^- wRaw at: J 

BBtweV'fOiWflj; ^Koard. ^wniwood. K 

— -- iEw«lptn«it. and 

K. dirBCia to be 1 

sluing ar tho 1 


.ol ihe 

j ' lroro- _ 

•...lor 1 the preparation- ttf.. Dividend 


: By. Order, of the Boom. : . . 

- J-rtOOD. SBOTtary: 


B16 1731 2634 3*73 47li 5759 6+61 7659 9045 10380 119+1 167®' 

11®6 16857 


861 1735 26® 3482 4722 5764 6+70 7663 9074 '40346 
865 1740 2643 3484 4735 5757 6490 76« 9081 IBS® 11966 I&993 

874 7747 26+3 3493 4748 5769 6561 7676 9096 10394 11991 17159 

881 1750 2666 3497 4771 5771 6531 7681 9.1® 103P7 >12018 17356 

886 1754 2571 3502 4735 5776 6598 7694 9113 10402 12022 17421 

391 17® 2678 3520 4300 5779 8601 77® 9119 10411 12036 1 7499 

901 17® 2683 3553 *802 5781 6612 7716 9122 1041S 120*3 17598- 

905 1791 2696 35® 4314 5785 66 IS 7725 9127 1 04 W .12048 17716. 

932 1799 27® 3587 4828 5790 6622 7728 9130 10427 12051 17845- 

935 1821 2710 3594 4839 5795 6630 7732 9138 104® 12077 17956 

941 1830 2712 3S9S 4844 5789 6633 7738 954S 10486 12O80 18051 

959 1834 2714 3611 *858 58® 6545 77*4- 9167 10463 1208S 18117 

966 1841 2728 2621 4864 5606 6649 7747 9190 . 10486 12096 18284- 

972 1849 2736 3623 4875 £808 6653 7755 92® 10494 181® 1836ft 1 

986 18® 27*9 3631 *890 5212 6658 7764 9221 10610 12113 1841Y 

1000 1859 27® 3658.+901 5818': 6668 7773. 9229. 1®12 12117 18471 

1047 1861 2774 3674 4914 5820 6670 778* 9242 10568 12129 18548 

1052 186S 2301 3633 4922 5822 66® 7810 *2+7 106® 12134 18899 

1066 187* 2803 26«4 4923 5855 6699 7819 92® -10616 12140 1S829 

1077 1878 2805 3702 *930 5872 6708 7827 9278 10628 12155 18632 - 

1084 1880 2822 3806 4937 5877 6710 7329 9292- 10630 12164 IS *31 t 

10*4 1826 2826 23TS 4974 5890 6714 7838 93KT 70868 12172 1885! 1 

1101 *892 26*4 38*7 *952 539* 6716 7846 9312 10672 12190 18*»62 

11C+ 1901 2870 2-460 *971 5898 8724 7862 9320 • 10704 12202 19®5 

titr 1907 2874 3847 *932 5905 6 730 7S69 8324 108SS 12220' 19143. 

1T26 1*13 2876 3883 *989 5?11 6733 7880 9337 10859 12234 

112* 1915 2839 2385 5001 5914 6738 7881 93*5 10921 122*1 

1132 1926 2842 S328 5005 5920 67*3 7889 9364 '10*29 122*9 

11*0 1930 2899 3855 5014 59.11 6753 79tt 8372 10*60 122S6 

11*3 1*33 2*13 3899 502+ 59® 6765 7913 9*06 10968 12261 

1152 1942 2924 3909 5042 S9S0 6778 7918 9432 1W7< 12272 


mtmstMtmismm 

Qt&ntwmnts 


OPPORTUNITY SOME 
PRCfCRTOMI^; 

EXHlBrt^ AT DUBAI 7KADE 1* 
,'^sojs' ccr^Noy/ 7ft : ' ■. 

f- A •' 

Texparidnc*,^ '.m. the '• United ^Arab 
- • a Brittsh Rfstpbrt 
'wogldTHltt To-^repra.'- 

jMamot*. »1»*. qf -UK , -Pro^J 
.:d9Ct»l'/**d ' ee a er»fc*» onv.birin If-' of- "' 
Ui*pdtaWt. MPf./naipotvri- 

• arid- bvildfrqt «*teriai» ind : xUie4 . 
nets.' Canute 'Mr.' 'A; iaHvr, 
'Y.dJi. -J 127. -Ai . AW.- Abo MabL ’• 
'WCt; .Telex J 53 S ALNpfcP.vv^ - 


p feKm 


or . bdatr^rtory of dw 
f.rvnm nfj y, deslniaa ib-'-supoort or' v 

Pedtlon -■ uHer : wsxar , « tfie Urt 
he«rijW. to -pereon .or tor -bis -comae 

.do&'tttiMtfWnd a copy of Ote TV 

.vfB'b* tdriilslwdTiy *e «a 6 erston* 
f'any- 'crwHkjr ar^ ^contributory of the 
Cotnaany remilonB-sodt copy oo pu 

W'Sa' reaMlawd ctutac for tbe ran 

BRaBY Si'VfAliLER, 

. 2 -V. Hiod Court ' 

FHfOl.ftnwH. ' 

. ■ • • I^bdon.- icjCA 

BH.1. F+TTR: TBS.: 91-685 *5 $ 5V 
*. . Sobdtors-Xor Hu Petitioner . . c Sac> 
•KOTE-rAny perw»^ w»u) toteaff 
Mpear -,oa the -fie ari ns- T of. ;tiK^.' - 

mltKm .mRst: Ee9Te.on;:-or eeuft : 3 

s'. Gw abav^-aattwd notice «i vrlli . ' 


i-aadr^-^th^$m--»nd ‘ -wum be t 
hr ' IMe 'r'prt 5 Q ftF® r -'^ v -'- ^ ^ 1 ? «°T 

or, ?unat;bc wn t tor pq. 

.aqfflClert >Wna^tovT^» -tor.'abOTM- r!». n ^ 

top _«ne -^arri 


> ■ .i;V.”rrL'j«; voiwa of W3 _ ■«:. 

1 HiGS-CWmE- QE -EX ,C :S ta* 


motor cars 


Hnlders of the shove debenture* should present and surrender them Tor 
redemption on or after Julv_l5._l*78 with the Januarv 15. 19.79 and Mibse-- 


«a». New York. N. Y. 10005 . ot at ibe offices of The Babk*of Tokro. 

In London, DmsttU and Parix. or the main offices of Mees & Hone In-' 

tfnnni. Cn.M.1.- T X .J, /_ r . . 


Amsterdam, vforpan Guarani* Tnud Company of- Xcw York (o Frankfort, 
Ran® Vonvfflor & C. S.p.A. in Milan or Banquc Gcnerale-du Luxemboms 


Kan® von«Hlor & t. h.p.A. m Milan or Banquc vtmralc- 4 « Luxembonn- 
fa Lujcmbtwra. Coupons payable July 1 5 . J 973 should be detached and 
collected in the usual manner. ■ 




Jmrrc+t on. the debentures so called for redemption tfHJ cease to accrue 
from and alter the icdcmpiion dale, lo -wit, July 15 , 1978 . • ' • 


THE BANK OF TOKYO TRUST COMPANY 
os Trustee. 


j MftfcedesFBenz OeaSers ;• 

. _ (-CtoyeRLEAF CARS 1 

[' 230-4 TSj/t -lopki brwxir, ftapbco J 

V vtxZ | qwneri- 26 

: ■* '&&* ■ 

! int -VlV3.‘ . WWte broWh itwc I 

•Slam Bto. 46;000;- nfilij J 


• . -,.,"14,295 J 


June 12, 1978 


NOTICE 


The fotJowms coapon Bonds previously .called fot redemption have not 
as yet been presented for payment. " . . 






i 2 te» 4 Tfijr. 


At® 


■CONTRA (Trass' ■. I 43 BTC 1 J 


» s . 


PeUJkft- 'Tor s . 



PSHKINS . J ... 

Oface: fs-ftltwtto'ftt: - CotHnw; 
RijMr-AywrfofliAsajiiBKtoe, : 

Mdrchenfr jiii . Oal TUN «« - ’ 

dlwciM ■ to. :tn? bean^t^for^.toe-r 3,1 q* r 

Striuxfi L««fWjJK2iL-2Lt.. J>a - to. 

vT : July ws, abd.-Boy . cned^i . * J 


day- 


t WiteHttLComward? 5 ^. 
u>. snpiwtt nr-OTjxaw too ,maMH8 1 'a 
6 WdT«ltl 9 ir : nay> 



.•.^.Mr .raTO^wr- '‘'"orr* . 

rrftwt(ii 7 ''or'tlHr a »Bn 

■sudi / ^oosty <m;«a7menLX toe ^rea/yv'^ 


48 2260 25S2 4792 8878 6224 7505 &19S SMS 

133 2280 261 4 4794 5897 5263 7558 8911 10071 

700 2263 2633 4842 5902 6276 758 1 fc)2l ' 10152 

/09 2287 2637 <8*6 5586 6328 7620 pfltz 10162 

743 2295 2731 4*17 6C39 6591 7623 0014 10241 

1300 229S 32® 509* 60*9 6771 7700 9068 10252. 

1371 235S 3982 5236 6056 6888 7743 9073 10296 

1*29 2370 3959 5*26 6129 7065 7766 9297 10439 

1439 2400 4130 5*55 5166 7245 7777 9559 11264 

1625 24 2T 4731 5765 6191 7251 7783 B722 11338 

1635 2447 *733 5801 6£T6 7290 7835 9Bf2 12568 

1847 2579 473S 5868 6220 736+ 7847 9919 12396 


12.4U. 15247 18400. 
12421 15740 18418 
.12424 17407 13445. 
12430 17*09 ■ 19634 
1C483 1741 T 
12440-17427.' ., 

12446 1747® 

12458 17606 
13037 17769 
1367U 17769 
14638 13583 i 

14819 18396. 








Financial- Times Monday June 26 1973 


COMPANY M^£ t T°Nu5r^-' ' 

Oiit-IWB In*. T«. St. St., t<„ 

£■30 

Penilint Ind? Kln^milit' House Station 
Posd. Herts,. 1 2 

Pickles iwm.i. Midland H«el. Pettr St.. 
MoncneHer. 13.30 

BOARD MEETINGS — 

Finals: 

CauJo'i 

Sonic 

'Ajikcr and Staff 
Yim ict role 

WHlon oris. 

Interim: 

Cranite 

Tridsnt Toi«vnio« 


WEEK’S FINANCIAL DIARY 


The following is aTecord of the principal business and financial engagements .during tie *eek- 
The Board meetings are mainly for the purpose or considering dividends and official indications are 
not always available whether dividends concerned are interims or finals. The sub-divisions snowu 


below are based mainly oo last year's timetable. 


Cronite micron: 

Trl d «m Tolgwilon l l 

Dividend a interest patmENTj- wn«ring» 

DIVIDEND 6 INTEREST PAYMENTS 

s^-riFa £■ ^ «-s. 

?SKn S' l sa9a *P,£‘ A “‘ m lu ‘ 

Til- of Scotland. ».85o ai -ijT'dcri 9i-ocPl 3 

3 «*«. fenjsin.n: 

Bzshv T,c - ,oca » b £ & 

wcllco. 0.1 T 3D Ai.narf Lonno" Prcn. 


4MirJie Induct 5>jOCPf. 3.63 
Allied > iMjl.ro rj GdcPI. 2 Ipc 


TOMORROW Am 4 a 4 Power Eng. Ln. 3pe 

_ COMPANY MEETINGS — Am;riC*n AilK. Do. 2';K , „ 

Bri!i»h shc-e. 40 Duke St. W.. 11-10 Angle) American Asphalt tKPf. • *« 

British svpftsn lid:.. Notnennocoe Haute Arrs.d S:ai;i*n li»» Tit Da ■*': pe r%. 

C SMIond II Angia-Tran*v«al Conu.19 l n *- 

Eivilith National 11 Austin Fr'arv E C 3 7TS66i» Pf. 3 1 -1b3B6o ' 

12 Angld-Transvail Ind. Pf. 3 461024a 

Eauiiv taoual Ind.. 20. Aldcrmarturw Anio>aga*u Sock" 2'ipt 
EC.. 5 Anplcvard Grp. 7ocPr. 2 4 5a: . 

EvetUUx ClmHei Queen's Hotel, leedn. A-mtlaac IGoorgcl 5ocPI. 2 Sot ' UI;DG 

• 1.30 PI. 5 2 Sac 

Faseco M‘ imp. 36. Queen Anne's Grove armvtronq Edanxit. 6i.-pcP*. ' .?5ae 
THE SKY. 12.30 Amd4<e Proa. T«. In S-Soc 

* Mraoln It Ween. 40. Duke Street. W ».. A*h and Lac* Det> 4 k 

SdVTC TO. 50 - • Atcr.-v a':«PI. Z 27S«x 

Se#rs Holdings. 5e*tHda« Hotel. W 12 Ajprd.Nitnolai S'-KPf. 2 012SOC 

(lent sur* Engineering no Duke 5t.. W. II IS Asmi” In**- SoePf. 2.1m 

. SlIentnlgHI Holding*. MUJ'antj Hstel. Assoc. B.KUit Minn 3 & jn'P' t B25 bc. 

lest Marehestw -11 ' 5 dacIndPf. 2.7k. Dh. Jloc _ 

l,.. 4 Wire and Plastic Prods. Soutntlift Hotel. Assoc. Book PuBI stiers T’,ocPf . e.Sec. 

nave FoIVntuiK. 3.15 nn 3 'jDC 


175 pe - 1075 J,:8t 
ray Lane* Pane- Lw fitb 3U ne. MESal Closures DD. 3K 

E«t M'dland A Tiled' ^pc Pr C f. KSSlra^Tl’oPl '3 625« E 

gffiTMS ~ SE5SH1. S*. Cans. 

All.ed Insul.rors GacPI. 2 tas CnglKh 2nd Now York Tit.. 5 BC Frer. £.;/*. I Red PI I OBI-85 1.9250*. 

*ifAVSHiS?JtE-.*!lSL S ..oc EngjisS Card Clotning 0 ac Pro*. 2 B “3- ^ ll?™'™*''* 6«I R« Pr 

sac IS* IS SJS2 p, feJ“..**J|: i: -- *= fg°7B : :io t 2..«. 2,K 4.iSi l * l rni fi . , I e ‘65 £ 7R.d 

Fn nu -Fmonce 'k V ' ijf ' 4i- oc pf. IVES -ST 2 lac. a.2oc mtlr Sac ■ Red 

U°Zi *¥,•■?! A.'jFi.tAV?"""’' 6 :04 

«• issar^rr. uw t.rs 'yr"iwmr an * :T:* rn Mi « 


Eltitys intf C «n. in*i 

. 2-45 PC. 

pf. tyoown Ferriirs !,8 p. 


nave Foivnfu*?. 3.15 

island eo^hd meetings — 

any Cairo lOunaeei 

f - ve Eomtu Co n SSrt l"T. Trust 

SBj 5 Halrna •:.■ 

play lcS *”* 1 Conljoejiul 

l " se ; E^K. Hold "” ,nd lo *' 

tne »u Stand ard Ch art^m 5a ok 
_ _ j _ Ifitfirhw ... 
meae A^woown Inv. Trust 

tO V "«*- . 


DD. 3 'j»: 

AssoC Bntish Foods Db. 3’.a< 

Asso' L-iSure Ln 3'<ar 
An") Cm lacPf 2 45ae 
Avon Rubber Ca 4 9utP*. 2 45a* 
A.lesb'irv B>ey Db. 2ac 
Avrsn re Metal Prod*. 2.1776s 
BICC fipePI. 2 I oc. S'ipcPI » «25oc. 
Db. 3 Jie ._. . 


!W'JSS N *e a 5 flJSf- Vi* «■ P"*I- M IB laris' Ban? L n S', or S'^t 

1.^5^ t0 ‘ s '. t* r * Midland News Aisocn. BoiRI. 2.30C. in. 

Evpandod Metal, *H pc Pr«. 1.57b oc. *»■ 

Esar«H D 4 |rv ^roo. DM. 2'*. JW M.‘gL J^KEE" qS' ? ^ 

Fa'rbalrn Lawful. 7 OC Pr«l. 2 45 BC. K.J5IS |S5 T«i Ln. 41-K 

»sx fisrsrfc-t%.Jv“- sjprifis- c -- ” s «- 

F el lest owe Tank Oeveicp. Deb 3‘. oe. Monk -A lii-arPi 1.9250c 

fS S r £“**i sSVTis? 2n8 p,e,i - sssw^icSs-iiR^v.ii* sicVfVTso* 

RwraSSsHs 1 Jrtsef**'/ 8 ! oc In MSre'NUSlf FS*jS!?* 

* .i, c ® w|1 615 P,E| ' *'‘|5 ln ' Morland i 5 d 

BirS-'iirSi t. - ._ Moms A Blakcv Wallwaers Db. S'iDC 

FltewlItGii 6') oc Pref. 2.11.5 oc. L"- Muculbw «A A J i 7pcPI. 2.45DC 
Pl4etw.r 1 1 w k « Mvddiewn Hotels Ob. 51.0c 

Fooarlv (['■, !(ji. "cjc" p r gi s 25 a*. Narborgugn .FM5i Rubbe' E«l. 0 7o. 20oc 

Folknione and Dlst. Water 2.6 oc Prei- hi. *» _ _. 


mad? AshGoawn ln». Trust B P.M HldBS 5'jOCPt. 1 9- So*. 

tO V '"SlS- BSG^nlnl. Dh ^S'a 4'^or. Ln. di.K 

beyor DIVIDEND. A INTEREST PAYMENTS- SjMbSc' 'W ilroS l ‘“. 3I3BC 
a.b. Aberdeen fnvsl.- 1 4So Bamolon Dh 4 lux; Ln 4NK 

rtllKd Ha liburlqn 35cta. Bamoton Prao. Db. 3>* 3 'hoc 


Forward Technoted* Inas Ln 4 oc. Newport lisle ol Wighn aot Gas 19BG 2ot 

F«i M,m™ T. K >rd 2.1 S7S oc- Nejp lnll. 70cPi 1 45oc. BoePI 2 80*. 

Ln - Vs75' J " nl * n0 50,1 * ■' * Pr " - N?^n*cnan.bers SocPI. T.75oc 

Foxbora 27.. n . Northern En9. mds. SocPl. 1 .5os. S S75PI. 

Francis Inds^ 5^: oc Prei. 1.925 oc. ?n 6B 3i 5o< iii £ 25 S‘ si , * SDe ° b S ‘* K- 

Francli Parker. Ln. 3‘. DC. .. Ln i. 5^'r.C v v „ 


Aberdeen Invst.- 1 4So 
AnK3 Ha'liburlqn 35cta. 
aVTTID MY. Dart, to 
synip OulvWcTi In*. -Tst. 1.75c** 

Cvpr. Vereofklsan*- Refractories Orel 2 

fight WEDNESDAY. JUNE 2B 


Biraoora Tea SocPI 1.75oc 
Barlow Rang Uns. Note: 3i;p: 
Bv tel 1 3 : .0C Red. 1980 6 '.PC. 
Red. B4-8S 7 « 

Earranauill4 In*. Db »>* 3 ‘ipc 
B arratl Devs. Ln. 3i«pc 


Francis -Parker Ln t ». nr In. 3*:. 4l.'0C. U1. 3U0C 

Frmeb Kier Hildas . Ln. J'j'uc. Northern 5e« Tsl Ob 2. 3 :0* 

Fuller Smith and 9 Turner. 6 0* Pref. 2.1 PC. Narv'C In- 

Future HldBS 7ocPf. 2 4Spe Oliver -Georgci Footwear Do. 2'jnc 

SAT3C. 45 CIS. Ofrea Grp Db. 3:yOC 


UK ( COMPANY MEETINGS — . Harratt Devs. Ln. 3i*p« 

.j B t2 h & "Commsn.lal Gt. Nortnem Hotel. 5^Jt*p_Jlil?J lr Bh Lfl ivS? 
cMuc KFinai CfOLs N. 1 1 0 ilh Port'ano do. J’rpc 

li » srcsajK-ir * FC 

be se ’Vi^, , l rC t 3& S; 

— ot ^$”12 " d Shwwotf - H * d - *"* Ho,e '- SnSSSn Db ^« ° tl - 5 "* 

nn C Crbvrthw .John., Union Mills. Hudderj- gwan ^D. ;- K 

bOUr De Veee Hotals^M R^uiiranU-Connaugh, s&Pf.^gxsoc 

■ Cdwriebrae. 7. West George SL 12 pi-irkwo^d Hedge Ln 4 , » 0 « 

MO Feflev DalSr Hill. BuSturlek, North I ord ^ n * i Db- * ‘ 5 

H-imbers.de. 6 BauRfl" ‘THIin.1 Lo 4 '.DC 

* Gloss OP (W. *' J.i. AmisAeld Houie. B i water Coro Ln. 3 i;BC 
A Hlioerhelmo. Halilav 11.30 B"*r ji <C. II 7 ;Di.Pl. 2 625c.. 

null Ceepee. Cafe Rcval Regent Sr. W. 12 SDt 

pull sti-tujj, Heritable Tnrsi II Georg* 5 t . Bewfioroe Ln. 3 -toc 

’ Glasgow 12 3 Rradhurr Wilkinson 6 nrPI 3nc 

S'i'w fFraneW. Corbett 5t . Manemsier. RradlO'd iRebt i Ln. S’idc 

2 J50 If. r. J M.i DKrf a is 

I— e - d Twist Drill & steel Cutlers Hail, "'asrai a C'v pi 6 oe 
5"'Pield 12 Brdaewarer In*. Tst. Ln. 3 .or _ 

Tneia/. 56 Ot*oth si Manche-l;' 12 Bride" Db 4 SUO*. L" 3*i- J' 


line S-S- Hldgs.i. 6 oc Prof. 2.1 oc. 
G-T. Japan Invest.. T«. 4i. oc. 
Gaeek Malaysia iBernadi. Srv. 5 oe. 
Gall«ekamo in. Dob. 3 oc. 

Garpcr Scorblair. 6 oc Prei. 2.1 oc. 


Olrea Grp Db. 3:yOC 
Gnne Oe». Ln. ai ; oc 

Oxley Printing Gre. P'jDCPI. 2 275 oc. Db. 
7 lx 

Paramount Realty Ob. 4 bpc 
Peachey Prop SocPI. l ,7S0v 


5 Jli « n iBxcuni. 5 pc Pref. < 75 pc. Pgarsen Longman Db' 3 4i>- 5 'jdc 

1^975 51; 06 Pr " f ' Pearson ia!l* SocPL 1.75oc. ^£4.1137. 

sg^h&j w-i-i*. .... «. “ ,s "' 

KP s&seiwb^ - BW™ 1 " 

S SiL*52Ji Discount. Ln. 5 pc. Philips Finance Ln. 2 -,dc 

g««3S. w2:khSd«rt ■ 2 pc. 


gra ^ pe - psanr^Sc*- 0b - * 

S SiL*52Ji Discount. Ln. a pe. Philips Finance Ln. 2 joe 

*££% > ~ « Pr -*' N(*Im 0*8750°* 

Gramotan 7pc Prei. 2.45 pc. Deb. 3U DC. pSJJi? chlniffn RnrOi y in- 

»• G ^^ B c Umw “' Stor «- BB^8?to8ffi p, iis!i? 

Greitermans Stores. Pret a.t eta. lB MW n nK l 5,k 3|< 

Cf"?nt Kira n<,h *.'* oc Prohor »UK) Ob. 5 <»pt 

Greshim intfi.. P?if £ pc. F [-° r £L*'\ a H V 1 Vmnm fT 6 :pc Pf 2 * 7Sdc 

Groiua Invfttars Deb. 2.» pc. ■ n _ 

Guln'cu Roar Go 4.2 oc' Pref 2. le. Prpir. Financial 7pcPf, 2 4Spc 


fnr I^cUl. SB Oxford SE Mdnche'i ?»■ 12 

IOC Trust Unicn. 7T. L^^jn Wall 2 30 

the BOARD MEETINGS — 

Finals: 

aer a > . e.i Baiiour 

TL BPB Inds 

in c.iubo 

Du Eiecirocomponents 

011 G>« ham Hcusr Estate 

•in' H.oblrg Pinlecost 
MU Electric 
l_y Sou;n CroNy • 

Interims: 

tlO Belt Bros. ' 

B. jn; gll.Permogiaoe 
tO CG&B 

cn Harass and Hansons 
su M rand G Dual Trust 

»a' Norfolk Capital 

. Trust Houses Forte 


Brdaewarer in*. Tst. tn. 3 Iix Ln ac ■ ' 

Bride" Db 4 SUo-. L" 3',- J VC ul v- . 

B-'vnniC AiMir. SoePi 2 5n [J A 4 oc. 

Britts" Elrrtnc Traction SocPfO * Sec. JJAWn Carrier. S-roe Prof. 1.925 oc. 
6"-Pf 3. for . Hill and Ham Rircr. Drbs. 2 a. 3's of. 


A*vk. - ~ orrilig* Grp 5cKPT. 1.750C 

Greitermans Stores. Prof 4.1 ets. Ef^*j, ?° 5,k 3|< 

Greine Kirn nnh oc Prcxor iUK5 Db. S-apc 

Gresham Indj.. pftf 3 pc. '.!*** 4 v ' n - r ' 6 ' ;pt P ' : 27 

Group Investars Deo. 2-> oc. *1" ■ *^PC 

Guln-es^ Pear Gp d.3 oc' Pret 2 IP Pro*. Financial 7pcPt. 2 4Spc 

Guthne Con.. 3.925 oc Pr*f. 1.S62E ec. Pvs 01 Cambridge Db Stirs. 3'a G'.oc 


RFO S>:pcP> 1.92SOC 
Ramar Te» tiles 5ecP(. 1.7Sac 
Rank Org fi'AbcPf 2 1 87 Six. BpcPf. I Boc. 
Ln. 5tks 2 k 3. 4oC 


s”> :0T25* Db"lK “ &-;PCP '- , - ,250C 

B-.t.sh Svcic.-lr.di 7oc Pf. 2.4 5 ck Hxmbros Inv. Ts:. Db.Stk 2*-oc 

Br fish Vita Ob S rflC Hamoson Inda Ln Stk c or 

8ri*ta'nt RocPf 2 187S5oc. Db 5 .pc. Hansor Ttt. fl 7‘'DClN t " ! '2^£pc 
Ln. 3 "DC Hardy fFurn.) Dh.Stk. 5 ubT 

BHtifin rG. I ' Db. 4 ,nc Harris (L.i (HareHa* SocM. 1.75K 

B'Nton Estate SerPf 1.750c. Db. *‘oe. Harriaons Cntsheid 6-ocPf S275ec 
Ob 3'-oc ffartleoooi Ob.Sta 4pc. 3p< 

B-iwr Bros. Ln. 4Uoc Hawker siddulev Qb.Stks Vj. 4 J,k 

Brown (John) Siaoc Hawthorn iR. W) Leslie SpcW. 1.75b 

Rrun-er In*. Tst SocPI l.79ae 4 55DCM. i!275dj 

Burk try's Brwy. Dh 2i«ee Head lam Sims Cqao.nt 5.6ocPl. 2. So 


ua DIVIDEND A INTEREST PAYMENTS- «*.r")h Ol' Ln. 3 'jOC 
na '•!'»» 9%nr Bds. Rd. 28 S7S CS.09BB Rur"i-And*r«e* Ln. 5'ux 
Cy gor DbSftarU Dvryfor 9-stc Bd3. Rd. h-rrmlf Bwp R.i.RC 

pa R.*-||-« rih. X'« 33* 4 nr 

7. ' a In*. Ord- T.040. Da. C.S.C. In*. T«. Ln. 3'4'PC 

(.1. a 1 71o dkebread Robey Ln. 4L>oc 

K. v ,1 Bds Rd 2&E 78. £5.0996 Campbell isnerwood SocPf. 1 7 5 pc 

n< <r v Ne'tiv|aids Ln.. 3 j «pc. Do. Canning Town Glass Db. 60c 

Cape indust. Db. 3', 3',pc 

P -rating Tin 9180b Caoilal Counties Prop. 60* Pf. 2. Toe. 

in Rnrmney Valley 9 hoe Bds. Re. 2B.B.7S. a «oc 
111 Carpets mini. In. a'.oc 

ni 5':D[ Bds Rd 2D17B. £.5 0998 Carnnglon Inv. Inept 2.80C 

Y.'tit Dffbvsnire 9I(BC Bos. Rd 13 6 78. Carter Penguin Gro BaePf. 2 Joe 
If £ j -C99E C*iap*?« Cora 70cts 


THURSDAY. JUNE 29 

<T7MPANY -MEETINGS— £b 062 

3l'.cllev Edgbaaion Hat Well.nqton Central Wagon Ln. 3 »pc 
;J,. p. 1* v Chamberlain Pn.ops Ln 4',oc 

Es:J;ns and General ln*4 Winene^etr Ch*rlwood Alliance DO. 4‘.oc 
House EC.. 12 • cnarnes 7eePf. 2.J5«x 

Fiixes Hefc* (Jchn). 75 Hamorne R;ao. Cnener Waicrworks Db 3'. 4oc 
irT'-nham. 12 Chesterfield Proos Db S'uN 


Central D st Proa. Db 3 at 
Central 5heerwood Ln See 
£6 062 


K aunJn 4S5ocPf. 2.27501 ■ W 2.4SoC 7ljpcP«. 2.625PC 

eadlam sTms Cogo.ni 5.6 kP1. 2.8oc Rowton Hotels Do S'usc 
n»ai Son 65P) 2.1 oc Royal Worcester Db. 3'tpc 

SSftSS 0 *!. 4 ohl lL Dt> A t,tt fc. z "t 2 ' Jpe Ravnat Ser. Q 4J,oc 
He one of London I2pcn.- 6oc Ruberoid Ln. SLu 

fiSbSJorth^iMSVr WiT&'i; RlIBby Portland Cemaitt Ln. 8. 7'* 

Hlricson Wekb fHoldinos)'' LnJfit 4^pc T«t. SJaDCP'. 1 .83750C 

Higgs and Hill 7ocPv 2 45oc Catherines Col'ugc S'aot 

* N.ll (CharlM) BrlttSl 6 kP?2.1d« 51 Joh" D'el Rev s|rt*. lOocP*. 

Hill Thompson Db S|k 4 ex Samuel Props. Db. 3 -jDC 

Horroft T». 6pcP*. 2,ioc Sanderson Kavser 6ocPf. 2 275ec 

1 oc. Ln. Hofliduy Of AHocPT 1 BTSoc 5a«o* Hotel Dbv. 2.4o«. 

Hess ins Horton Db.5l» S'jor Schrcder> Ln. 4 Not 

H.-ver Ingham Go 7pePf. 2.4Spc DD StY. SCOI Sowvers Ln. 4J.0C 
, 1 *°c , Scot Australian Db. 20c 

IC H.™ .Holding* 6ocPf.Db 5fks. 2'i (Al. scot Heritable Tst. 7orPf 2 4Jo 

u;,iu'ni rn... C „.BI . , „ .Stilt. .Un ti'd Inygsliry Obi 2. 

•u .. M.m*l?Pnfi C r£? 1®“? 2-,rc St01 Western invests. Db. i*a- 2')bc 

N«w tn. 1 ’So Sears Eng. 6o-:Pf 2.io< 

Hyman fl J • O-d. 0 i9?425p *3 Udc ‘ frane ‘*' ^iioePf 2 625ec. Ln 

!£>. P h 4lks 2>oc _ Six Sheffield Twist Drill 5ocPf. 1.75oc 

Sh'O Mortgjge Fin. Db. 4 or 
Shlastone tjames* Sons aocPf. 1 75oc. Do. 


Refian: h-.oror 2 lac 
Relvan P8W6 Ln. 3'>oc 
Re« Trueform GpcPf. log 
Richards and Wallingron Inds Ln. S'iDC 
Rib Tlnio-Zmc. Ln. 3'adc 
Rock ware Gra. 6 hpcPi. 2.2750C 
Rolls- Rovcc Ln. ,4or 
Romney Tst. Ln. 2-aK 
Rowntrr* Mackintosh 6ocPf. 2.1 k. 7k 
P f. 2.4 SoC 71'pcH. 2.625PC 
Rowton Hotels Db S'*a< 

Royal Worcester Db. 3'tpc 
Rovnat 5er. Q 4J,pc 
Ruberoid Ln. 5 Uk 
R ugby Portland Cement Ln. 8. 71, 

SL Andrew Tst. 5<«KP'. I.8375 oc 

5L Catherine's College 3'ipt 

51 John D'el Rev 3 Sets. iQocPt. I Dels 

Samuel Props. Db. 3 -jPC 

Sanderson Kavser 6ncPf. 2 275 k 

5a«b* Haul Dbs. 2.4ac 

Schroder* Ln. 4 Not 


IMI Ln.Stks. 2‘«. 3V 4oc 

lastuck Buildina Prods Db.Srk J'joc 


Iceland b'jpcstig 19B3-85 3 ^*k 6L-K shiustone Uames* 5oi 
5l!g- <Br.| 3 -IOC ciu BC 1 

1 m a ico Cless A Con* 37 cents Class 8 J'dro* Ln. 4'ipc 
Con* 31.45 Signodf Ln 3 :k 


' • ’i ;*ctlsiar Hoiei Heathraw Ch.ltan 4':fle "ie .*1 3cc) Combo. Ri. Bds ton * 3 ' cents t,ai » ■ signod? Ln 3 :k 

AITuort. W- 11 t rtffi, Norrh Paliwav Da 2 oc Imoerul Chem Inds 4i.or.Bos. 1982 • Slue D*rbv Ln 10 ‘Lndni. 10 >Ma)4i>. 

T JI . JUi-rciAe Road. War»Kk 3 On V*.ne ' iT-senal Ccriri Slcrage Pf. 3.442 Mo 10i5ngaoor B i 

R - .- SD MEETINGS— ChJbb Fire SncLr.tv Db 2-.be' 1 W^g'g, C °' rm • Fln ° hMk i '* l!mL D |n2 V ' .nc : - 6Z5[,C 

Br”***eslie ril' : yTSUv'lh ^V^or A ' SOt Dl1 ' 2 ' ,0e Inge-wi^R and Ln.S-k a DC Sirdar ^iSicjf? 2.625DC 

^-dawfnd. C'i* fSktharJi IscPf. Z.lpc I n S? r«u* onaf Standard Hmk »UB.Dir Ln. Mm* l*rj U 3»< 

fi'iJSf Clfford .Charfns) BkP'. 2.1k inve^ment Tst. Coro Db.5tk H.k Smurtt fjeflTrMM 6?Pf ' 01393',,,,, 

iiead^and Simpson . C |$ A “' har,W 4;: '«« ,9a ° OlToc!^!; ' lnC - 

V-riton- Evans CoJ . s p Jlons 4ocPl. Woe. SocPI. 2 lo;. ls,ael Elec. Ob.Stk 3oc s?a?<* Pofi22i>. £ l?‘ P- b Sr 3! * D: 

niutrumn a iutb-dect aivuiuii- Ln SI* S‘i 3 'ik l>(k%On il ■ N.B.' Db Slk 3 - ioc .vP^eHel In. "lOE 


Br.r. Leslie 
Cawdaw Ind. 
Giii^aur 


Gili sour 

u Renoid 

U Siead and Simpson 
wciron-Evans 


Chli.gn Norrh. Pillws, Db 2 ;pc 
Chloride Gra Dh. 3*. oc 
Chubb Fire Sncur.lv Db 2*.oc 
C-v! Serv ee S*e"lv Assoc Db. . 
CH* Cro»» Ln. 3 ’.or 
Cl* (Richsrdi fcsePf, 2.1oc 
Cl fiord .Chartnsl BkPi. 2.1k 


Clide Pori Authority 3pclrrd. 1*707. 4s: ni.ngton IJ'.k 1980 6 aK. U«l955-66 

Irnj. 2 qc 7dc 

Coats Patons 4ocPf. 1.4 k. SocPI. 2 to;. is,ael Elec. Db.Slk 3oc 
L" 2 ■* S‘i 3 'jpe J»cks0ii ij • H.8.' DbSIk 3'»PC 

Canine fWllm 1 Db . 3pc . I"ds tn stk ■ 5 k 


BriK 0 h -11 ' • U r, B r/ uo - J * 

1 Hcrrglt Trait 25 Milk Si.. E C. 1145 ,.5 P ow in 

* Vio 18 ClbSOn ' ,1a - 127 ' Pirl: llne w " O^UVcud Db !•„. 

*«• 1 1 B-1 27 Dark Lane. W.. fe^DaT 

I ev.or Ullmann. 75. M'lk 5! . E C.. 12 SS2E"f. SIS* r - — 
■ *«o*v. Tower Held. E. 12 °r~' Jfn'31 v^^'rgnfnJ 

H :^ c , M^ulacrurin, w.ncnesto, oji^^iieTai Bo”.' 

Mere QTerrail. Brown's Hotel. W 12 _I.57>K Db Z'l ’ 


L?p a <iriu 0 rS 5K^: S y5 3 K^_ Ln - S,k - 2J,P< KV HunSp WateV Db 2« 

L."rrofi Kiinour Ln iK Thom Electrical inas. Ln. 3. S ioc 

Lockwood Foods 7acPr 2 xsoc Throgmorton Dbs 6'* 60 M986-9ti 7>. 


t2 h "' 5 " B, ''' hi ' °^u,«K Bros. VfsKP.. 2 625 k 

.•Br toar- UA - Gre * t To ~ er s: - §!“omTin R v oD i. n “ n 5., L K 5 ^ 


F Scrifnh Ontario. 29 Chariotie 5a.. tun- D.kon (Day.dl S'-ocPi 1.925 k 
.. biirdfl'T2.30 " “ Dor»d» L". SHOE 


l-S-.ncourt ■ White House. Alban* St. g^lSSn ™ ^ 

t ’ " Drake Scull 4 9ocPt. 2 45PC 

^ ’"■* RIJ ME ETING5— Drivtan Cammewial In* Ln. 3 


> _ Finals: “ 
u 0»lr,'S -f Yorkshire 
c M'H • Robert! 

I f ltii'Jiyl Carbamsmo 
^'"••vre MPI F.T"*ihifns 


Drivtan Commerrial In* Ln. IMx 
Drayton Premier I-**. Tst. Ln 1', SV 
Dun ie Si^cls 6 d«P!. 2 .»k 
O ifa* Titin.ne L". 3 '.sc 
Dunloo Db. 2 >, 2\ 3i.ee. Ln 4p: 
Dulian-Forshaw Grp. L". 7B.80 6'*K 


M "• PC Ob. 2\oc 
M L Hltfgs Db 4iioc 
M'Calrns Motors T 5» 

M-Kecnme Brg* Ln. 3oC 
Markinip'-l' ijohm 6lsDrPf. 2.3625DC 
M-Le-d Russell Ln. kfk. S:?oc 
Manganese Bronre B'lOePf. 3.BB7SP’ 
Maonin webb 6ocPf 2. IK S': 


_3:;k. Ln. 5VPC 
TraBord Park Estj Dos. 4>pc 
Transoan D4*el. Si : tkPf 2 275oc. 

Pf. 2 lot. Ln. 3'*. 3': 4 '.oc 
Tribune Irvegt Tit. Do. 2'ioc 

TUM Ln. Ji t pr. 


S5750C. D». 


■lOC Mjnqaneit Bronre B'lOCPr. Turner Nfwair i n ■ c nc c ■ 

sl(OC M ,‘r«t wobb 6ospV 2 - ,k 

. Tsi. Ln J-, J-. iA) Manhaii Thomas r Lou lev. 7pePI. 2 45oc Tysonl l-SJSoc. In. Vi 

2.1 K Marihalls 'Halifax) Ob 34K 'v? , l. 7 * 


Martin Ematei Ob. 2 k 
M axim's So 

Maynard* a.ZocPf. 2.1 oc 


John Brawn 

AND COMPANY, LIMITED 
Preliminary announcement of results to 3 1st March 


Gas turbines and specialist fabrication 
Process engineering and construction 
Machinetools 

General engineering and miscellaneous 


Corporate interest and charges less investment income 


Turnover 

Profit 

Turnover 

Profit 

71.2 

7.5 

52.1 

2.7 

101.8 

9.5 

62.1 

4.1 

48.2 

2.3 

48.3 

2.6 

62.6 

4.6 

52.2 

2.4 

283.8 

23.9 

214.7 

11.8 


UOS Ln 3Voc 
U5MC Inter. Ln. 4 i*k 
U nicorn Inds. Ln 4>. 5 k 
U nique q 6i j:, J -^r.. Ln. 3i,pc 

Unllerer Ln. 2 1. 3'.„ * 

Unjteo Brit-sh 5e*i Tsi. gocP* ».73ec 
United Domirlnns Tst. li5k.pi, i-i. *nd. 

3rd' 1 57 Sk. Ln. BK 
United Kingdom P'03. Ln. 4:«3i 
Unitod Newspapers 6ocPf. 2. Toe 
Vauvhal. Motors Ln j - =r 
Viking Resource* Tf». Tip 
Wad0lna:en .John. Sor.Pl 2 Ik 
■V* r a „TbSS 1 D;b 4: iBC 
wwi f,r. : W.'c. Ca 7« Deb. I J-V 5K 
Winn Inc* SpcF* Deb. J-» 4 \k 
V boman lev. Trust Ln 2',oc 

SATURDAY JULY 1 
DIVIDEND A INTEREST PAYMENTS— 
J" " lr- en 4 or 

A^affu,.! Mig Coro. 5 k Ob 59- B9 
■ ", •" 7an* 2 '2o 

Albright ar d Wlls&n SoC Pf. 1.75 k. Ob. 

Alginate IrVusrs. 9 J938D 
Antofagasta (Chilli ana Bolivia Ra>iwa, Co 
50C Pf. 1.7SX. Do 2p: 

A„ M i m Dooar* HldBS. EbC Pi 2 I B : 
ASiX'iwa Book Publishers 7 -:kP 1 2 625oc 

8«Pf. 2 8 pc <nt " eS 4JD '■ ^S, ,Db2 ^ 

M.lT\ 77 - B0 

BSC FiK.wear Db 2':K 
Bama 5x Fnc ip. gf i9;a Plan A Int. 
now Hik 'Jieoc 

O-.i'r ,lfi dlJ/rtr^ Property ppcPf i ?Sioc 

n e r*m , KS , ii. Sl,< f!' 17s « 5 socPf. 1.925BC 

Birmingham 2:ax 192S 11, pc 3pc Sik 
J?*; ’S®*- , Joe Stic. 1 19021 1932 
IliifliN 3---DC StL 194 6 11a pc 

D'Mrlet In*. Trust 5o;Pf. 

8 Db ICB 2 oc 3 ' !De irr *' 1, ** e - 4pe csn5 - 
6ocPf. 1.1 K 

Bird Confectioner* 6 pcP*. 2.1 dc 


■ouraejiwilti P*al»*s» Jhfa»ar S jm tirmt*. 
k- Cgns. Ora. 1-.3BC. J.Brc rfrmiv. 
4CCI Pf. I.40C opt Reg. Pf. I9g2 doe 
Brxdiow-i storw Pi. A Pi. 3ox . r 
Broon SocPL 2.lP« 

Bristol Waterworks 3 5pe ttrmly. Spci 
Cons. Pf 1-;5ot. 3.15 k Ifrml*. 4':aei 
RCO. Pf. ,9 £, 6 '', 8 „ 3 5K Ifrml,. 

S«i Red. PI 1.75 k, 3.B5k 

Ifrml*. 5':W, R «l_ Pf. 1M2 1.925 k 
2 Hot Ifmlv. 4DCI W.1.40C. 3 . Sk 
■ frmlY. 5SC' Pf.. 1977-76 1.75K 
4 025DE ffrmlv S1*i #N. p». 1983-66 

2 0125k. 4.55K Unnlv, 6 i,ki Reg. P) 
1QB0-S2 ;. 27 SBC. a :iK Rod. Pf. 19^2 
425K 9 b: _ 5p0. Pf. I960 4. EM- 10 k 
R co. Pf. '9-9 SBC. CM*# 2 (Cons.) 2 
i Perm. i J : 2'- l'nc 

Brijlsn AmerlC*-' <«" “run 5KPf. 1.75pt 
B'H'sn Columbi) Elect. 1st Mtg. Bds. 

:5*Tlri F- 2 p* , 

British NorfnroD a? 

British RollT>a*ers Deb. Stale 
Brilnh TrtpsOOH 3K >976-88 li ne 
Bulmer ■ H.P ■ 9 .-ptPI. 4.75ae 

Burt. Boulton HIMl. 7ncPf. 2 45dC 
Caaburv Scnweoans Ord. 2 0914 Sd. J -dc 
PI 1 .750* 

Caledonian Tm« 5ocPt. 17 Lw 
Cdirfarv Ednio-’lD'’ Railway Deb. ape 
Cambrian Gen iota. 5p<Pf. i TSoc 
Cambridge Wifr 0><BcPf. a.isftoc. Ob 
2. 2'i S „-oc. Db. 3 «. 

Camobell isnerv-aoo 2-94390 

Cdn-'ing rw.' 2 026 d 

Cedar inv Trusr Do 2 '«k 

Cnl'oa'1 4:jo« i-<ow 3 PC i 18B7 (AIM. 

1 94 di 2»K. 534 ‘no* 3oo Ln. 1696 
lAiwJ. 1 048' *':“*■ spe tnow 3oe> Ln. 
1905 (Assn IB4Si 2 'toe. Pi. oc. 'now 
Jot' Ln 1972 -ASM. 19401 t-jpe. 5K 
Ann*, ber. A lAsvs. 19481 >,». » K 
Anns Ser. B iAsu. 194bj 2‘.-k. 

5 or Aprs. Sfr C ‘Amo 19431 21 DC 
Coates Broiler* Ord. A 1.549920 
Ccine^yaiicr wa-et j . isj-boi 2 i;pc 

Commercial Union Asuranca Co. SkPI. 
1 75o 

comoion .J.I sons and Webb 7 k P f. 2.43tn. 
Continetna' Unio- Tst Ob 2>«. tyw 
Co»u Rica Ra-iwav Oas. J’.k 
C'OSOV House laroup 7 k Pt. 2.43 k 

-at.. 

Oalgetr Ltd 6 ao7n 

Oimth i'lac -19911 \ 'os 
□ravtcn Cons. 1*1 2.0KPI 1 dpt. 3.5 k 
P f 1.73 k. SsxPf 1.76 k. DD. Siks 
a ; r69-BO' 2 'a PC 

Oravton Premier Invest Tst. 3.5piJ>l, 

• iu: ■■*' r./aaC Dtfv 4'. ovn.i 

East Angha i'. Vv*l»r 2 MC mil, Mi 1 ,4oc 

3 8SK ifmli S'-coCi 1.925k 4 2dc 

ffmi* 6 pc • 19 rg-BI 2.1k. Do.' 19B2-B3 
Z.l K. Das. 4 • Jan ang Jol*,. 5 -Jan 
and July, 

Easl W;iu Water 2 .Sdc ifinlv 4KI 1,4 k. 

3 5oc 'fmlv ibt' 1.75 k. 4 foe fiml* 

bar 1 2 1 K 4.SSK <lmly b*>oc) 2.273 k. 
6oe if mi* 9ee< S.lSoc. Soe Pi. 4k. 9k 
P i. 4.5 k 

EattbSurre Wafer 5.6 k (fmly Igtl 2.8 k 
E ldr dOC Pas* Ob 3tn. 

Lien ana fad l r vest. Db. 2 k 

E-: eft B. 4.;o:P< 1 575 k 

Ellis Goldstein 6o;P*. 2.1 k 

English Calcacme" In*. Tjt. Dos. 21a. Mk 

Eimjrii m. 46cts 

Ests'es *te--i» 3 ‘jkPi. 1.75k 

Ferranti b.SocP' - Bov 

First Chicago 25cts 

General Accident Fire Ufa 4.4ioa 

General cersd Inms. Ln 2' IB . l ux 

Genff-gl Te* and Electron It* 56 Cts 

Gill and Duhns 4 752o' 

Grand Met SccPI. 1 -7Jpc. do. S'aKPf. 
Gt. Unlversil <'!PC « cm. 1.575 

ee. TocBP!. 2.1875 

Grtef Sk : :k Do. 1884 2 ^k. Do 
Monopoly 4o* 2 « BocLn. 1963 f ipc. 
an: Railways Ln 2 K. 

Ha-tleapo' w«:»r 4 025 kPI 2 0l2Str- 

7 sc PI 3 Sgc 3«Pf. 4w 
Hax-lwocds ‘Preo.i 7 'jkPI. 2.62SPC 
Heidlam Sm>. Cogg.ns 0.7296a 
Hen3e.-so>- P : i Ord. and A 2 81 So 
Hj'ert* RfS-er'CS Db IfaOC 
Hull 3 ;ntlrr<*d ■ ‘aPC 
l.l. Inas Inc. 42c:s 
IC l""ultric* 4 2 CIS 
l"dia B j"dlng; Co. 1 sot 
i*:ri u-ODear Pr&o. 0 75a 
Tniarrat Dis:> lets and Vintners Dh 2 'to* 
Ir-p-na-. Inv 2 p: 

Infernal. Te'eohane .and Telegraph 
US10 53 

Jbhnscn Grand Ocanrrs 9 k P f. 3.15 oc 
K C.A. lnt*rn.i:<Onat 6KPI 2 1 gr.. 10oc 
Pf 3 5K 

Kenning Motor Group 5 ‘:kPI t.925 pc. 
7o-Pf. 2.45 or. 

K-nnmgs Estatcf 5 :KPf. T.925 K 
Kershaw IA.) Sons BocAPf 2.8 K 
La-jgnisn Son: 7 : acPI. 2.625 pc 
Lee Valiev Water 2.8 k (fmly. 4oc) 1.4 
k 3 5p: ilmiy 3ncl 1.75 k. 2.8k 

1 fmlv 4o:J PI 1.4 K. 3 1 3 pc Clmly. 

4- k) PI. 1 .STS k. 3.85k (fmlv. 

5- .-K) Pf. 1.925 k. 4.2k (fm<y 5 kJ 
PI. 2.1 K. DOS. 2 2>; 2Ja X 3>< 3-: 
J-. 4>. o- Db' k dc I1R73; 

Leeds 2'gpcRd. 1927 or after t'aoc. Sec 

J-. l -K Sec rrg. 2 - : k 

Lima ic. of] Pro*. Council SpciuMto. 
2>|K 

l ■ in 33*R°d. 1 *k 
L iverpool Shoe irretLStk l.'aoc. 2>:KRd. 
I’aPt- 2J,K 1952 I tax 

a -t.i, -ci , 4e 
London County Freehold eng Leasehold 
Props. Db 1'*. 3‘i. Sb 3'ioc 

L-. . . a JDC • i.il.W 
t ■«•#.< Q-SC-.-v 2 f IWs 

Lvcn and Lwcn s>)P$Pf. 1.925 k 
M mcnesrer L non 5 ';kPI. 1 926k 
M a-yier Tnompsun and Evcrshed Ln S*lf. 

Mersev Docks and Harbour Co. Deos. |:» 

£ ■ c. 

s.-»:re W" Br 30'Db ■ sk 
E av London WW jocDb-Stk. 1 irac 
Mjvyr 'Montague Cl 7'iKM. Ord 

2 625PC SccPf 2.Bpc • 

Mid-Seurnern Wafer Co, 2-45pePf. » 225oc. 

J.I Sor Pf 80-si 1.575 k. 3.15k?*. 1978 

1 573SC 3 5o:P< 20-87 1 75 k. 3.B5K 

PI. 10-31 1 925BC. -.l-aSBcft. 82-83 

I. 925k. 4 02;ocPr. '78-79 Z 0125K. 

4 SocPf 34-35 2.1 k. x20<Pt. 64-86 

2 IK. 4.553rP* 80-81 2.27 30C- EkPI 

1932 4p C OrrP 1 1978 a.Soc. lOocPf 
UN Sac 

» s • . w. D«as 4 

Mills and Air*, International Rd- Cum 
istPf. 2 2794 52pr 
Mawiem 'jgn.: ac 

Wat. Electr'i Com. SoePi I 75 pc 
N ew Br-jnswlcv Rai' Db t?c 
n-v» Jeaiana 7 : .k. 5fk Joe 5 *« Bd'. 
2 .oc 

Newcast.e Gatasneaa Water 8ccP». 4 k. 

9ocPt. 4.SDC IOocPi. 5k 
N ewcas: e -oon T,ne ji,k l ik 

Ne*v»r 5 k Pi 1.75 k 
N ge.-'.r PjVfs Authr. Ln. 30C 
Notlinaiiam Minn Ln. Jl*« 

Oldham Fi'arirg Rale 4ecDb. 2oc 

Olvmoa Dt 2 DC 

Pearl Assurance Pi. 3s 
Pleswv 2 42o 

Parian 4 J77t> bocPi : IK 
Pgrlug. e-.v Extht. Sk « I *-t Ser • 1 '-PC 
Oo.^'j-'O S«y I I l-K Do f 3r»| Ser) 

Puvv*'"' Duffrvn 4 .prP* I 662 Sac 
Pror.ps'n- life *! London SkPI. lReg.1 
Do. fBr l B rsc 
naebum Invst. T<t. Db :.;oc 
Ranks Hays McDouoall SocisiA and B Pfs. 
2 1 si 

KafcT-ffi <G. B l 6S-:P1. 2 l pc. Do. Boc 
n .50- 

Read-nj jk 1 iroc 

Rrra.R ana Caiman SocPI 1.75oe 

Pevxrtev Cnems. J Id 

R n; m ?iu , . W T h . . U ^r-oge J.5 k I.730C. 

□0 Dtl. 4 (34.55> 

2 V 'tK ar ' 0 M ' r< ’ 5P£Pl ' , ' r3DC ' D ° 0e ' 

"! v « JPIBW a no Gen. Invsi. t« Db 2oc. 
R « iDHverj Dh J-iDi. 4 k 
R obertscn Foocs S.ioiPl 2.75 k 
R ural and industrial Bank C f vs. Auit 

c? : ^ A . Do ' sl'P 1 --.' 5 ocADb So 
St. And ■«■*.• no : i.oc 
Sila Saltairo. 4.;K"I 1.575K 

5'O’tsn Agriculture secs. do^Do. Jec 

* ‘Sh • •»!, • , -s. 4 > 0< 1 S75oc 

*•»£» H TocPf. 2 45 k. 7 i;ocPF. 

2 62Soc 12 >;kPi 4.S7 5or 
SnencoiBhi H: 0 gs 2.73333a 
Simons ano Co 7 :kPI 2.62Spc 
bmgio HldBS. IOkPi Sac. izocPf. 8 k 

L bfk ?.;k 

5imtn .jenm 'Field Hsaai S.-KPr. 1.925 k 
S ouih Aus-raflan IKCgns. 1 1, 0 , 

South Staffs Waterworks ’ lo.;Pf i-OSoc. 

3 5KPf 1 7SoC 2 8 PC PL |4pt. 4J p c 

* 3 « a 5. Pi B6-9u 2 45oc. 

lOKRd W 1980 5K. Db. 1 2. 21?. 3’». 

Sutton DI51. Wtr Co 8 ‘-kPI 19d2 

Soe' 3 ' 1981 JBC ,yeeW ' ,seo 

Swansea 1W 1 *ik 

• n. at ).>rl, ,.lj K 

T.i> lor Wcoerow tn Sti. l\ pc 
Tcndrlng Hundred Waterwks. 9 k P f. 4.5 k 
T illi-.g -T.i 4.5SKPI. (£5) 2.275 pc. 4.55 
KPf. £1l 2.275 K 1 2 SocPf 2 623 
Dt 

Toronto Gre* Bruce Rif IsfMi 80S- 2 OC 

Towles. Ora ars A 1.663 pc. 5 kP1. 

_ 1 75 OC . SkPI. 7 K 

Truman Db* 1 -r. 2 oc 

Trus* Union Dea. 1 r oc 

Uid. CH» Merchaou 6 kP*. 2.1 dc 

' -uk- ‘orL ■ 2- " 

Wam White Gra. S.SkPi. 1.73k. lflifK 
PI 5 2 5 DC 

We*: Hanu Water Co. 3.1 SccPf. 1 575k. 
3.85pcPi. 1J925K 4 ZKPf. 2. Ipc. 3.15 k 
P f 80-81 1.575 k. 3 5kPi 77-79 I 75k. 

J. SSkP*. 83-84 2.275K Db. 2. 2 L-K 
West Ken! Water Co_ 7ocPI 1978 3 Sk 
wesierr □ soars Tea 6 kPi 2 Ik 
W huelev B. 5 and *1 J ecPf. 1.S750C 
Wilkinson March 5'aPCP' 1 925K 
Williams ■ Ben) and CO. 6 kPi. 2.1k 
W illis Facer 7ocPf 3. So 

Winston Ests. 0 8612670 
W re and Plastic Products l.34o 
Wrex.nam ana East Denbighshire Water 
Co. 3<vDCPf. 1982 4.25 k. Db 1 >»K 
Xerox Cora 5D eta 
Yale! i-W E.i 7i;KPI. , 2.&25K 
York Waterworks 13mPf. 1PE0 5K. IN 
Pf. 1980 4.3 k DB 7':k Db. £1 95 
Yorkshire Fine Woollen Sainner* t.BISBo. 

Young and Co.'s Brewery Do. Iak 



U.K. TRADE FAIRS AND EXHIBITIONS 


Date 

Gurrent-July US... 

June 27— 2S 

-lime 27—29 

June 27—23 

June 2&— 29 

June as — 29 

July 2 — 6 

July &— 7 

July 10—15 

July 11—13 

July 11—14 

July 12—29 

July 16—20 

July 18—20 ....... 

July 19—30 

July 51—29 

July 24—29 

July 25—27 

Aug. 2 


4 I «« 

international Wool Secretariat’ 5 '*''\Vool, Interiors 
El A Engineering Exhibition.. 

Leeds Electronics Exhibition “ ' : , _ 

Security and Protection Exhibition and CoofercM* 
Solid Waste Management Conference and Exbn- 
Royal Norfolk Agricultural Show . 

Royal Show— National Agricultural centre 
Motortradex ’TS — Exbn. for retail motOT trad* 
British Open Golf CbamplonEbip ExblblUoo 
Great Yorkshire Agricultural Show 
BMA Annual Pharmaceutical Exhibition 
Royal Tournainent 

Harrogate Gift Fair - '-r-.-. 

East of Englami Shovi^ 

World Wine. Fair ■ 

Middle East Business Expo 73 
Brighton Antiques Fair _•* 

Royal Welsh Show . ' 

Third Rational Sheep Demonstration ■ 


Venue . 

Carlton Gardens, S.W.l 
Meiropole Centre. Brighton 
Leeds University 
Leicester 

Dome, Sheepcote VHy, Brghto. 
New Costesdey 
. Kenilworth 
Bristol 
St.' Andrews 
Harrogate 
Cardiff 
Earls Court 
Harrogate. 

Aiwa It on " * 

Bristol - 

Grosvenor House Hotel. W-l 
Com Exchange. Brighton 
Llattelwedd 
Kenilworth 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Current — .Tune 
June 27—30 .. 

June 27 — 30 .. 
July 1—7 

July 2—9 

July 4—6 

July 10—14 .. 

July IS— 26 .. 
July 25 — Aug. 


30 International Dairy Equipment Exbn, and Conf. Paris 
.... Public Transport Systems in Urban Areas Exbn. 

and Conference Goteobrs • 

.... Offshore' Brazil Exhibition Rio de Janeiro 

....Market Center: Christmas Gift, Jewellery and .Dallas, Texas . 

Housewares Show _ 

.... International Rehabilitation of the Handicapped. -Basle 
Exbn. and Congress --. . 

.... Third Int. Conf. and Exbn: oh Marine Transport Hamburg 

using Roll-on/Roll-off Methods 

.... First' International South African Training and Johannesburg 
Education Symposium -and Exhibition 
.... Photographic and Audio Visual Exhibition Tokyo 

20 International Fair Damascus 


BUSINESS AND MANAGEMENT CONFERENCES; 

June 27 Executant: Weights and Measures Legislation . . Hotel RuiseU, WCl 

June 27 European Study Conferences: How to Increase 

Royalty Payments Kensington palace Hot*], 


F j ! 

asfiLi* 1 


June 2 " 

June 28 

June 28 

lune 23 — 30 


June 2S— 30 

June 29 

June 29 

;June 29 

June 29 — 30 

June 29 — 30 

June 29—30 

June 29— July 2 , 
June 30 

July 3 

July 3 — 4 

July 3—6 

July 3—7 
July 3—7 

July 3—14 

July 4 


July 4 .. 

July 4. .. 
July 4—^5 

Jttljr 4—6 
July 4—6 

July 5 .. 

July 5 


July 5 .. 

July 5—6 
July 5— T 


July 6 

•Tilly fi 
July 6 

July ' R 
July 7 


Executant: Weights and Measures Legislation 
European Study Conferences: How to Increase 
Royalty Payments 

Robert Vince Org.: Lie Detector Seminar os the 
Voice Stress Analyser ... 

Oyea: Planning for Superstores 
Executant: Business and Politics ; 

London Chamber of Commerce: An appraisal 
seminar on the 1978 Budget and its effects 
on commerce and Industry 
International Centre Cor Continuing Education 
Minicomputers and distributed processing . 

New York University: Injection Moulding 
AGB Conference Services: The Law Relating to 
Dismissal ' • 

Oyer. District Shopping Centre Development 
Industrial and Commercial Techniques: Export 
Documentation and Finance 
Metropolitan Pensions Assocn. Pensions in Focns 
Qyez: European Investment in ITS. Real Estate 
Retirement Counsellors: Planning for Retirement 
Lloyd's of London Press: The Pearson Report — 
Implications for Insurers 

British Institute of Management: Effective Report 
Writing for Managers, Engineers & Scientists 
Brunei University Managing Construction Site 
Industrial Relations 

Bradford Univ.: Sales Management Programme 
Kepner Tregde: Decision Making for Senior Mhgt ~~ 
London Chamber of Commerce: Understanding 

the Arab World 

Lpeds University: Practical Intro.- to Geostatics .*- . •: 
European - Study Conferences: Computer Frauds 
. Protection of Computer Use from Plagiarism 
. and Abuse 

■Executant: The Pearson Report— Liability for 
■Product Safety- ' 

Business Perspectives: Implications of the Finance 

: §nu.“- ■ ' 

Brrt In&LMnet.: Rapid and Efficient Readme - 
Manchester Univ.: Textiles in Civil Engineering 
Anthony Skinner Mnet: D. P. Fnncl-.Svvt Control 
Lenorfem: Print Buying Professionally 
Council of British Manufacturers 'of Petroleum 

Equipment: Safety Offshore (lunch address by 
Home Sec.) ... .. 

Local Authorities Management Services: Mini- 
computers, and Housing" ' ' . 

Inst of Vfarirnf.ina: Whi te. Collar Trade. Unions' and-' 
Sales Management • . 

Fairl«ieh Dickinson University: Financial. Coii- 
<i derations Larse Projects in Arab Countries— 
Water. Telecommunication* and Power . 
European Study Conferences: Tax Planning for the 
Family Business 

Interface Mngmnt. Resource*: Employment taw 
Tnst. of Personnel Management: Productivity—- 
A Conflict of Interests 

T.«»nr>rfern: Colour in -Print •; > \ 

Brit. Inft. Management: 'Interpreting Accounts to 
the Non-Finandal Manager 


Sea safety 
conference 

By Paul Taylor, Industrial Staff 

THE INTERNATIONAL confer- 
ence on the training of seamen 
moves Into its second full week 
today with, working parties con- 
sidering a new convention and 
a dozen regulations designed to 
Improve safety at sea. 

Delegates from about 60 
nations arc attending the con- 
ference in London organised by 
the Inler-Governnjental Maritime 
Consultative Organisation, the 
maritime arm of the United 
Nations. 

The conference will lay down 
new minimum standards for. the 
training and certification of sea- 
men and is seen as particularly 
important in terms of minimis- 
ing the number of casualties 
caused by human error. 

The conference is expected to 
end next week. 

• Tough rules on crew training 
and discipline are overdue but 
efforts to introduce them will 
meet with considerable opposi- 
tion. Mr. lap Blackwood, man- 
ager of Esso Europe's maritime 
department said yesterday. 


Ins. os the Park, WX 
Royal Gardes Hotel, W 8 
Hotel Russell, WC1 


Cannon Street, EC4 

* 

Sheraton. Copenhagen 
London Hilton, wt -* 

In tnl.. Press Centre, EC4 ’ 
Royal Garden Hotel, W 8 « 

London Penta Hotel, SW7 *• 

Trinity Callage. Cambridge .» 
Carlton Tower Hotel, SW1 
Cornhill Man. HtL, Tewcester 

IutpL Press Centre. EC4 

Parker street, WC? 

Uxbridge, Middx. 

Bra4/psd .... - 

Egham. Surrey. 

Cannon Strrot, ECft " _ 

Leeds - " ' •'** “ 


HU ion Hotel, WI •• - - . 

Hotel Russell. WC1 
London. Tara Jlotei, . WR 

Parker Street, WC2 
Manchester 
Cafe Royal. WI 
Mark Lane. ECS . 

Cafe. Royal; WI . 


Sussex Place,. XWJ ' ,r_; . 
London Peota. Hotel, 

London Hilton, WI 

London Hilton, WI 
London Hilton: WI 

Reading University 
Mark-Lane, EC3 

Parker Street. WC2 


26 June; 1978 


$40,000,000 

The Aiitsubishi Bank, 

Limited 

(London Branch); . 

Negotiable Floating Rate 
.. Cert ificatas of Dcpwit ; s . ; 
•- Maturity date 29 June^^S&T - 


\\ rr 

■ $ 

i \ .-.-I 

* t 


Group profit before taxation 


This week in Parliament 


In accordance with thc proNdsiona or the 'Certificates 
of Dq5osit notice is hereby given that for the initial six 
.month period from 27 June, 1978 the. Gertifica tea will 
carry an Interest Rate of.9J% per annum. ' 

Manager '& Agent Bank * . . • : 

Orion Bank Limited 


ORION) 


m m 


Profit after.taxation (Note 2) 

Dividends - Interim 

- Proposed second interim 
Earnings per share 
Dividend cover (times) 

Return before tax on stockholders funds 
Net assets per ordinary stock unit 

•Assuming ACT at 34% 


£l5.5m 
4. Op 
4.71 2p* 
98.3p 
11.3 
38.2% 
386p 


£9.1 m 

2.6p 

5.2p 

58.28p 

7.4 

22.3% 

309p 


1 . Excellent results from CJ B and J B E GasTurbines. A good year far Craven Tasker 
and general improvement else where except for machine tools. 

2. Taxation provided in accordance with EDI 9 principles and the 1 977 figures 
revised to compare. 

3. Further improvement in liquidity and bank borrowings eliminated. 

4. Orders on hand £272mas compared with £1 76m last year. 

5. A second interim dividend will be declared on 1 8th August, 1 978 payable on the 
6th October, 1 978 of 4.71 2p or such larger amount as would reflect any reduction 
in the rate of ACT. The maximum total permitted dividend now will thus be paid. 

6; Following the good year the directors expect the current year, given reasonable 
economic order, will again be thought satisfactory. 

Report and Accounts posted 6th July 1378. Annual Genera! Meeting 28th July 1378. 


TODAY 

COMMONS— Debate on trade 

* n . d , wv Prosperiiy of ihe nation. 

_ LORDS — Debates on the official 
seerets Aci and moneiary union 
in the EEC 

SELECT COMMITTEE — Public 
Accounts. Subject: Appropriation 
Account* 197t5-if. '\"iine?*eN: 
Department of Industry. Scoilish 
Economic Planning Department 
and V»el>h Office 15 pm. Room l«'i. 
TOMORROW 

COMMONS — Remaining >liigcs 
?L -Employment iConttnentai 
Snell i Bi.i. the Hou^e of Uommons 
(Administration) Bill «,nd the 
Parliameniary Pensions Bill. 

LORDS — Tran-pun Bill, com- 
mittee. Judicature (Nil Bill, 
consideration of Commons amend- 
ments. Community Service bv 
Offenders (Scotland > Bill, -ccond 
reading. Petroleum rejulation 
erders. 

SELECT COMMITTEES — Euro- 
pean Legislation Sub-Committoe 
l. Subject: Sheepmeat marketing, 
witnesses: Lciponed Meal Trade 

Asscwlation- Scoiiish NFU tlO^O 

am Room 151. Nutionalj^d Indus- 
tries, .‘■lib-committee A. Subject: 
Innovations in rural hus service-*- 
Wnnesses: Tran.-port and General 
workers union i4 pm. P»oom &i 
WEDNESDAY 

CO.tDIOVS — Motions on EEC 
Dorumcn:* on fnniracry nrv- 
Hated -av-jiy from business 


premises, on the aeronautical 
sector and on criminal lav:. Motion 
on Ancillary Dental Workers 
(Amendment) Regulations. 

LORDS— Theatres Trust t Scot- 
land i Bill, third reading. Nuclear 
Safeguards and Electricity 
« Finance Bill, third reading. Sup- 
pression of Terrorism Bill, 
consideration of Commons amend- 
ments. State Immunity Bill, 
consideration of Commons amend- 
ments. Protection of Children 
Bill, third- rending. Local Govern- 
ment t Amendment) Bill, com- 
mittee. Rating t Disabled Persons) 
Bill, committee. Debate on the 
3rranaemonts for the protection 
of British shores against oil 
pollution and on shipping Janes 
and compensation^ 

SELECT COMMITTEES— Expen- 
diture. Trade and industry sub- 
committee. Subject: Measures to 
prevent collisions and strandings 
of noxious cargo carrier* in 
waters around the United 
Kingdom. Witnesses: British Ship- 
builders. Hariand and Wolff 
(10.30 am. Room 10). Parlia- 
mentary Commissioner for 
Administration. Subject: Parlia- 
mpniary Commission tor AdminlS' 
tration {Review oT Acce*s and 
Jurisdiction). Witness: Sir {dual 
Pu^-h. Parliamentary Commis- 
sioner for Administration i4 pm. 
Room 7 1 Nationalised Industrie*; 
Suhcammittce C- Subject -and 


Witnesses: The Independent 

Broadcasting Authority (4 pm. 
Room S). European legislation. 
Subject: Preliminary draft aeneral 
budget 1979. Witness: Mr. Joel 
Barnett. Chief Secretary to the 
Treasury (4.15 pm. Room 15). 
Joint Committee on Consolidation. 
Bills. To consider National Health 
Service Bill tLordsJ (4J0 pm. 
Room 4). 

THURSDAY 

COMMONS — Debate to 7 pm. on 
the problem* nf pharmacists, 
when opposed Private Business 
wilt be taken. Debate on the 
fourth report from the House of 
Commons f Services) Committee 
Session IB77-7S on Members’ 
secretaries and research assis- 
tance. 

LORDS — Home Purchase 
Assistance and Housing Corpora- 
tion Guarantees Bill, third read- 
ing. Scotland Bill, third reading. 
Consumer Safety Bill, commltt.ee. 

SELECT COMMITTEE— Science 
and Technoloi»- General pur- 
poses . sub-committee. Subject: 
The Elenf V. Witness: Mr. Edmund 
Dell. Trade Secretary 14.30 pm. 
Room 15). 

FRIDAY 

COMMONS — ■ Motion on the 
Northern Ireland (Emergencv 
Provisions) Act 1078 r Con- 
tinuance! Order and on The 
Northern Ireland Act 1974 
1 Interim Period Extension) Order. 


This advertisement is issued in. rompLUtnce with the 
requirements oj the Com cil oj The Sloth Exchange. 

It does not . constitute an invitation, to any "person to 
subscribe for or purchase any Preference Shores: 

J. B. HOLDINGS LIMITED 

(Registered la England No. 53650) 

. Issue of 1 vOOOJTOO 10 per cent; . _ 
Cumulative Preference Shares pr£l each 
The Council of 'The .Stock Exchange hiw admitted the 
above Preference Shares to the OfBeiat List. . 

Particulars of. the .rights attachirig.to^the'Pr^firerice-.- 
Shares are available in the Extel Statistical Service 


m 


during normal business -hoiffS on art /weekday 
(Saturdays excepted) up to and including 
10 July 1978 from: 

MO Y, VAN DERVELL > CO. 

20 Copth8lJ.Averme r Lond6n.EC2R 7JR .. 

■ arid Stock Exchange*.' 


— — '» "'^.-'/v Ky..”^gggii , w^ '. 








INTERNATIONAL BONDS 

Markets 


across 



BY MARY CAMPBELL 

board 


CUH&NT 


Borrowers 


• "• a y ' w 

Amount:' Maturity )' 6af ^ 


fERN^O ^ ^ 

Ay. We. Cwg^n v 


VIRTUALLY all sectors of the 
international bond market have 
weakened in recent days. In me 
case of the U.S. dollar bonds, 
the pressure continued to come 
from the rising interest rates 
while in the case of the Deutsche 
Mark sector the problem for the 
newly reopened market was feed- 
back from a falling domestic 
bond market. Sterling bond 
prices, also under pressure from 
domestic capital market develop- 
ments, fell between half a point 
and two points on the week- 
The actual rises in short-term 
Eurodollar interest rates were 
relatively small last week— up to 
a quarter of a point, but only 
a sixteenth at the longer end. 
However, with the six-month rate 
now straddling 9 per cent short- 
term money rates are well above 
outstanding bond yields despite 
the recent falls in Eurobond 
prices. A glance at the yields 
on the Bondtrade index in the 
table below shows this up only 
too clearly. 


New borrowers 


meet Bank. News of the issue 
came out on Friday. 

Societe Gene rale, which is not . 
a traditional lead manager for 
the EIB, apparently won the man- 
date to arrange it against 
stiff opposition in something 
approaching an auction. In order 
to win the mandate it had to 
allow for the possibility of taking 
the whole lot onto its own books. 
I n a system more closely re- 
aembting the techniques of the 
syndicated lending market than 
the bond market it set abont 
putting together a management 
group to divide the underwriting 
burden after agreeing final terms 
with the borrower. 

This group is now complete 
with 11 managers in addition to 
the lead manager. The Ust does 
not include any Swiss institution 
and is notable for the absence 
of traditional EIB lead managers. 
It comprises Algemene Bank 
Nederland, Banca Commerdale 
Italians, Bank oE America Inter- 
national, Banque Internationale 
a Luxembourg, Caisse de Depots 
et de Consignations, CtBC (the 


new joint venture between Cana- 
dian Imperial Bank of Commerce 
and- Ham tiros), Credit Lyonnais, 
First Boston (Europe). Ham- 
bros, Salomon an d Skandmaviska 
Enskrhla. Each of these institu- 
tions Is underwriting np to some 
$8m., depending- on -how much is 
taken QfF them by a sulwnder- 
w riting group. wrenWy in the 
proccss : of being formed and due 
for- completion' by tomorrow. The 
closing date for subscriptions 
from the- selling group is this 
Friday^ making the whole issuing 
timetable extremely short 
By comparison' with yields on 
outstanding issues in the 
secondary market, tiie terms of 

the nevr issue do not look bad as 
dealers were- quick to point out 
on Friday. The killer is the 
current s relationship between 
money market and bond yields. 
At the- nominal rate of 9.185 per 
cent the new EIB bonds are 
hardly yielding more, than six 

months Eurodollar 'deposits.* Full 
allowance . fori .the 'selling group 
discount Ibrings-tbei yield to 9.375 
per’ center about.the same as the 


rate on four or five year Inter- 
bank deposits. 

Given the all but u mv * rs " 
assumption that rates „ ,“* v ® 
further to go up. the recent focus 
on floating rate notes looks likely 
to continue, and certainly the 
issues launched recently made 
for wide debate on this subject 
last week. 

It is claimed that the Credit 
National issue, despite its aggres- 
sive pricing (the margin has 
been set at an eighth of a point 
over LIBOR instead of the usual 
quarter) ' is going well. But it 
has become evident that the new 
Zealand Offshore Mining issue is 
a particularly peculiar animal. 


Issue proceeds 


This means that new borrowers 
may have to offer above secon- 
dary market yields to attract 
investment funds out of bank 
deposits. 

The dichotomy between pri- 
mary and secondary market was 
illustrated by the different views 
taken on the conditions of the 
only big new straight issue to 
be announced last week, the 
3100m for the European Invest- 


Hedlum tar 
Unis wra 


BONO TRADE INDEX' AND YIELD- 

June 23 JmU ***** 

99 j 4 sjo fins ' an., wnowo bm-wh 

92.77 7.75- BJ1 ' Ml . . ' ' H« 09/0 «.77 02/5) 

EUROBOND TURROVm ■ 

(eemieel valaatnSm) 

Oi dolUrbeed* -Dther*^ 


Eurnctcar 

Cede! 


UMJ ‘WBl 
77*5 i MM 


gu mi 


The proceeds of this issue 
(together with pan of the accom- 
panying mediumrterm loan) are 
to be used to prepay a S-OOm 
nine-year syndicated man 
arranged in 1976 at a spwad 
over LIBOR of 11 per cent. The 
new FRN has no minimum rate 
and in addition to this the bor- 
rower retains the right to prepay 
it at par at any interest payment 
date. 

Nonetheless some bankers 
were arguing on Friday that tne 
advent of the sovereign guaran- 
tee to" the FRN market in these 
two major issues opens .up the 
way to a larger range of inves- 
tors, most notably central banks. 

In the D-mark sector the 
pressure entirely arises from 


developments ■ in the German 
domestic bond market Faced 
with the problem of - a large 
Federal deficit financing require- 
ment the Bundesbank has had to 
buy substantial quantities in the 
market in each of the last three 
days In order -to support the 

^Dealers say that if anything 
foreign investors, starved of new 
issues recently and facing a 
further bout of early redemp- 
tions, have been a support to the 
foreign bond market recently. 
This might account for the fact 
that the foreign market has been 
less weak than the domestic 
market, . __ . , _ 

Due for announcement today 
from Deutsche Genossenscbafts- 

bank is the DM 100m issue for 
Austria which was cut off by tne 
imposition of the ban on new 
issues early in -May. Several 
small placements are also under 
way in this sector. 

The Moroccan development 
I bank's nroposed issue in Saudi 
. Riyals is being rethought follow; 

; jng the decision by the Saudi 
r Government that it wants io 
t restrict use of the .currency 
internationally. 

s « The latest issue of the 
5 OECD's publication Financial 
- Market Trends ■ contains a 
9 special chapter on the Japanese 
s bond market since 1970 m addi- 
► tion . to Its regular detailed 
. analysis of trends in tne mter- 
s national and domestic bona 
a markets. 


US. DOLLARS 

ittglto-Ypkad® 

jfflto-Yokado -. 

ffCCCE (g*teedr Franci 
BASICS Corp-. 
tHydro Quebec ' 
■fLjuWfanska Bank ■ 
tj-Norway 


• • • WJ . ■ — V s "• 'i&'i Iv l&v; . [. ft 

ff - -=■ '.'-225a : TV • ■ .iY*- ' pV 

« SfV-VvJJS " r , •»> -t r b*v€SVW 

■Sfr, B 

XW 18* Is - . m- -- .:.--. ; V _Sxi4t* Gt 

■ iS-'A* ‘35 * 


1-Offshore MmingCo- 

(tftce d Hi. Zealand) ... W 

tCrMfr National ' " 

(g’teed JF ranee) ^-'5 W 

tBanque Internationale; 

pour PAfrique Occ* f r - 15 


TBWiqu* uiwn*""™*'. x V-.. V.- % IW-. • 

pour I’Afnque Occ, - ■ Jjg - ' AS1 ' *’ 

tArab liit- Bank . - . , 




d-marks 

§Sanyo 




Gtr of Kobe: . . - ■ - •' ■ ■ . 

( g’tecd japapy • '■ '-106 C-L • 198& 


SWISS FRANCS 
jFinfand - • 




YEN - 


guilders 

ECSC 


ilOdt r -1993 10 Si 




UNITS bF 'WCOUKT^j: 
{Sot de Dev. 

(^ri-.tan)- . vr#K 


• ■ I - 1 Noera-YfcMt ^ a .»y^-.-^,.o-N 


Indices 


X;Y.ft.B. ALL-COUEOH 


Rj«a« and 

I June 22- June > 


[GERMANY ♦ 


NEW YORK-dow joiras 






i 1378 

23 “| 

22. 

r 2i 

SO - 

High 1 

Low 

55.90 

54JI7 

55.91 

54.22 

58.20 

<8j8) 

4BA7 

(6 & 


Issues tnded-.,. 1.080 

kU«< 695 

Full* 7A5 

Dm?hance>i 440 

>"ew 31 

Lcrant 41 


1,852 1.871 
747 346 

653 1-161 
452 374 

21 174 

42 B55 


1 Price [+ oriurr. i«. 

Jane 23 I Dm. I — % % 


lomwNEss wsgc ; 

American Caron, 


AUSTRALIA:^ > ;yv T '^- : 

...u. ...| 

vCUUi QOaSifZ 

,onw 1 VlSrg? ^* ln ; A3t^*q ayL . -r». ^ 

* '»«1 Mn*;in4^. 7 fi§p|S -TTV 

vmpo> Peteote nra . ; ,, ga , .-tOfO;; 

, mac. mnamlM'; ' B'. flTf ! B b a nr* ... ■ 

iusoc. °.t" ff 1 ] aBjeflaor 

\ BOO. Coo. Inrittrf rio*-^ ^ 


tEAMSv 


~1 77.ll — 0,4 1 — 

AnmiiT V«rsW>n 480 1+0-6 31^1 
Hinv .] 844.5’+ 28^, 

uasfII! J 


! June! June June June JnnelJunej- 

a i S si 20 la lb 


‘ Since comp! lari 
H i [r h Low 


MONTREAL 


June I June I June Jnne 


Hrcer 13a6— 0.1 18J3| 

BnVer.XereuuKKJ 314.5 lo 


ln-1ustriel...'i S21.02! 827.7oj B24.BS ! 8M.04 858.62. 856.B7) 


H-meBu'ds-l 87.39J 37. 85 BB.Blj BB.Wj BB.19. B7.S0| 
Trane pi 2J9.B1| 220.0^ 218^8) 221.171 222.S4.' 22!.5*j 


10B1J0 <1.22 
f 11/1/73) 


Indostrml — 

Combined — 


18M9 162.28! 185.58) 1B5JIBI15/6] 
19ILGB 191^71 182.51-' 1MJ0 (Ufa 


1E2-3Q (16(2) 
170. 82 130,1) 


Utilities 1 104.65|l04.88j 104.28-104.28; 104.87| 106.11 

T «SB \ Z8.5jol27.l60! 29,100; 27.920 2BJOO; 27.891^ 


279.86 lSJa 
(7/2/80) (8/7/33) 
188.52 10-58 

(20/4/6*1 (28/4/4?) 


TOBOHTO 


1123^1.120! 1151.7) 114£.ri 1148.0 t!5l6) I lK)il) 


JOHAJniESBTOG 

Qou 

Indnatrlai 


123.8 225.1 224J 
Z5L6 240.0 241.6 


224.9 (21/8) 
24L2 (SO/6) 


IB3.0 1 204) 
134.7 (13/?) 


I Sever. V ereuubk J 314.0 J® 

CibeintJ«ed.isTt»j log i--— ] _ _ 

Omimentenk — | 226.A+X.1 17 1 

LVnLGummi [ 7 ®-JrT?- 7 L 

Daimler Benz + A a. ,7 , a’x 

D«u« aH»J5j-a4{ 17 13.3 

D^«£Su^ *oW+0.7ja.l| J6 

sw Sf eMB 


*Ba.-ia of Iniiex -bfin/pe>t from Aujjiret 24 


Ind. JJv. yield % 


reap tepproaul 

4.79 


I June- ! Pre- 
23 < I Tion* 


Jane | Pre- telB 107+ 
33 nous Hicb 14>w 


D.vckeduff Zemu 
Gulehoflnang^-. 
Hapae XJoyd ~~- 

Harpraesr— 

Eloectaaz 

Hoeacb — 

Honen — — - 


121 [-I 114JXJ 
294^+0^ a18J2{ 


1271—0.5 118.70- 


46 T+OJl l 4 
131 J 9-36{ 


STAND ABD AND P00S5 


, . I ‘ : j 1072 plnoevona pi« 

j, is' J !ri J r|H,.i 1 


AosmUBCC 
Belgium .0 
D emnrk (** 
Fnnw (tl 


-488.76 1 489J4 
B6J3 1 96.18 1 


Spain UTl IOSJO 10L93 IUO. rt* 
Sweden (*• W 376*o SJSo.M 


i|7jf5T^04l 

)i-ivudt 52° Jr} 


94.82 8000 
. 68.7 «L1 


SwitzerL'dW 293J 203.4 


I3/&I I <3 !| 
. 0 ; 1 I -«"4 Cl 


>23.7 SfiXi 
[ ,l4.-2> (254) 


hnUtlM 1 

tLMKknerDMIOOJ 

tvHD —l 

Kmpp j 

Luuie.. ■■ -I 


OSJ t — a M.T-.F - 

SBLn — 1 16-72 - 

BOri+0.5 — 
184 [—0.1 |18.76j 
94.5; — OJ — 
244 +2 I 26 I 


Luuie 2*4 +a *0 

1 Zsm kttd+w- LH 


79M 782.4 


*4ndu.trJ 105.9oWSlD6.15l IDB.BSj 107.79^ 107.64] 1M Jj'jM 
I bj jb fl6.24j 9BJT1 «JBll 97.491 97.42! 100.82 B8.M 125.85 | _4.40 


tCompoaite 


tf-/6) (0/3) ( LL, 1/73) 130/6/32) 

. 42 ! 100.52 98.80 125.85 4.40 

” (6/8) (6/Sl ( ll/l/73)| (1/6/33 

| June 7 1 Year ago eappitaa 


Ind. <11*. yteld % 

lml. P/B Wane 

Lon/; Uovi, B-jnd yield 


HoUuddn 

Hong Xou 

(TT) 

Italy III) 
Japan W 
BiBgapore^ 


B6.4 66-6 

648J0B 649.72 
:SL87 8LB3 


41232 4U-73 
332J7 330J9 


Indicee and base dates tall base v atari. 
100 eacew NYSE AU Common -So 
Standards and Poors — 10 and Toronto 
300-1,000, tfte last named based on itfTa). 
t Excluding bonds, t wo industrials 
<400 Inds.. 40 liUbaes. w Finance- and 
» Transport. If) Sydney All Ord. 
if) Belgian SB 81/12/83. CooenlWMn 
SE 1/1/78. <Tt) Paris Bourse 1981. 
(tJi conanerabanK Dec., IMS- *99* Amster. 
dun. industrial 1W0- ‘W Hang Sen* 
Bank 81/7/64. Him Milan l/l /TaMalTo^) 
Mew SE 4/1/68. W Straus TtoM 1 1966 . 
(o dosed. idt Madnd SE 30/12/77 | 
t«) StoddMlm industrial lrt/58. U) Swiss I 
Bank Carp. <*> Unarallable. 


L^iweomu ■ — n id 

i.niH«nq^ I 110.5; — ^—1 9^61 


MAN 1 197.5- 112 1 

— I ,aa ci . nTn7 U 


Manna- mann— 

Metauge- 1 

UunchenerUncfc. 


1B8^:+03(17.18 
214 U-U 10 
549 1+1 15 


r-hi.rtUr vA. -J "3-55- T r^TiligOO 

East Drlefonnria 

BJstan* ■ 

Harmons - — : ^ 

Kinross tJ — : 

Kioaf — 52.: Ife. 

Bnsunbnrg Hattanm 

St Helena — ■ — 

Sooth Vaal —— i- — — 

Gold Fields -SA 

Union Corporation ‘ 

De Beers Deferred’ — W.tf.-TfR 

BJyvooniltxiEtat- — — ; tfEjgSj* 

Kasr Kand Ptr. 

Free state _Cedi ffld- 

President Brand 

President Stem — ; 

i stffltmiein CiTTT 8 

i WeDunn — .. ■ .n ■ • 

Weffl Priefonteto — 

Western Holdings 

Western-Deep -'i.- 

* 

Aogto-Amer^lwbistrial — 

[ Barlow Rand • — 

1 CNA Intrestroerta ci. - . 

i Cotrle Ftnan oe ■ 

1 De Beers lndnsOdal 

Edgars CwoqUdated.llBr. 

\ Edgars Stores 

J Ever Reads SA - — ; — -• 

* Fedende VODjInJiBSlnn • 

3 Gzeatennann Stores- 


1<W2 CteH«a*l*»^uJ+&lQ .. 


-asaNSBi^i g 

•U tionth. ; ' i /’ :-T? rtSF 


Codrtwm.OoBieis*-J~^~» 
- .ina. Gotdlteld, * AmtMM 
.mtainer 

.aizine Etottaco..^ ^ . 
uateln AtUtnUs'l.^^ 

■ Minln p Kuhtwr 

tSOia 

iiI>ler-UmiEh.r. .'—.Mi 
HJL. lnd uitoi eb . 

Gen. Property Xnwt^V 
UmnB»lnyv.'— 

Hooker 


•h booth,; /• T^ScJ.rr: 

•4?as57»® ■ ■/ 


* tiao 

r4*aa 


MoMBfanwmy^, 
O Ma nR a y, :.., ' ..! - . ' 

JfeMnay. : ■ » ; ■■• 
'VOr, 4«fan l._ 


dl' 


igte Wmt Gr-7 


=>-RKBCsV 

ll&sai 

V»P 


.\cchermann— J 129^j+0^l — — 


Prauttee DJIJOO- 
ithejnWortJt'ect- 
adtenng 

jtemeo-. 

»ud Zoche r 

ItiyprenA-G— — 

Varta ...— 

VBB3 

VeretiMJfWeMBk 

Vnlkf-waoen....... 


Guardian Assurance CSA) ■ 1^^-; 
Hnlette >- ■ ■■■■ 


U5.3+ai — . 
189 1—0.5 25 
267.51+1 28.12 

289.9 + 13 16 
241 \~-Z 2&56 

118 +0.0 17.18 


11B +OJS 17.11 
175 -0.5 14 
12(X2 +2JB 12 
291 +1 18 

2ia»+OJ825 


HnJetts — ~—r: IS ZLA i. 

McCarthy . Rodway : . — ~... 

NedBank ■■ — tzgggSgS* 

Premter Miffing 

Pretoria Cement 

Hand Mmes Pnmertes - - 

Hanbmndr-GzoBP -v* — r ^ 1 ' -*Yai 

^Brewerie s rr^ 

\ } Swnrilies-ltiiita-^ 

* aHscMmt : -«f ' ' / 

AMSTBibioi ^ ; 


...| : Pt»OO.t?l*.«-14»fJnd 


1U1 Aosnaiu. .-;. ; , 

Intci^Coppril,. 

i — «—p— r^- ' ‘ 


2j£r4iA3D hatft -TWmlqneli 
0/70 1 -tfll — . >'040, V 

: -tii? Bbcei&BMilena^ 

Sul5-:K*^ SUeJftwigmd^fc--- 

JtVox. ML- r: ■ StTpr 3W 


i Jonee tPevM y 

r an 


Leonard 

MemlagmfaraNori..‘....-Ji 
HIM ftnghMfflf*- V /I 
MyerJatapagcta..L.. X ~^ 

Oakllp M Rfc ? . »■ 

OiWieairii-.i i i '■ 




Si m .. 




rndmlwMocnallorikt-— W ■W**i 

North Bfotosn^Pdlii«*{60? -;- r -.',-"fiixne2r.:',.- Lv'Jt'.' : 

toctitaalOofe nn;.. ■ ■ ' T 1^/ 


>rrir/WM IT ^■leie etbSI ~ ' :-._r 



•* iaaB.-Hne 


Lm?* 2 * Co. Lb 


5? 


SS>: 
























































































tmcs Monday Jam? 28 1978 



m 


- ^ *VAHW 114*5. ftjKfftaet Co, Ltd. 

:•_. v-tllSSSFWB?^ 01 -. 

l«a Fund ___ 

'fSS^L_, 


BONDS 




y, , 


m inmi. ®*®***I Portfolio Life Xjis. CL Lid.* vn* — . 

SUI WBMtjMkaiew Ct . Waltham C» m, wmibti p *n linns Management Ltd, 

-f 1 *9" I JT| A* J* terM«rburchS(.,ErtlP3KH. 01-0234300 

l§Xg -M„! _ Gmbau Life An. Sac Ltd. Pne ” ,un * 1 KcxldeaHw July S. 


Ei&sfc! 


Ltop/W' 


-« 

SI 


A—. Soe. Ltd. . 

c tiSSsK.!!? 1 ** 2 ?s B’oouUi. toast 7S705C Zealand Ina^Co, fU.K> Ltd.? 

Si^tTrjb-flS, 5 , M9-5I I - ^‘ l “«*P«!f-««**]»iiiissi2is tmcnatu 


= Ssaffia 11 "-® 
i| £| - jSBSMErfi' 

Growth * Sec. Lift AS1, Soc. Ltd.? teSSW*- 

^ "si* 


SSdtalTsSSf'-l a< ** I I - CQa - SSpeau Fa.... 


— Ludbuk Set <Cc| 


Vi. 


SiwtfoanarioriijrTtiaBtay. G-fcS. Super jut 
AMuranec Ca Ltd. 

a,WL . 01-037 SOW 


- z \ $ 3 ? Jr : = 

yuHd =: 


l*69t ... 


= 


M-** ~ 


*«« -i'-al - 

in i 

JOU 



GnsnUon Royal E trhmw “anawgiFunciT- 

J^^EQ 01-2837107 f&gSSF*-*----' 

' Fixed Int 


Property Band* Ipf) ~~~j~ — 
ajmhr* Ufa Auatgnca United ? 


— ^Pf7^ rit t^n*. London, wi 


Norwich Union Innnneo Groan 
["O Bax A. Norwich NRl 3NC. 000332300 

23*01-0.11 

zb 

£ol 


nd . ! 


^MMiT&TT^HgS 


IM# 

*&£}'**- 
fSSrfcfisI 




fiSfifii+i- 

©SSSci- 

J&nwdAM- 

«SwSar-r.r 

gw-guiMtcC*. 

Jen. GiltEdjj. Ace., 

]**a- AS. Can hw» 

geo. as. Art-, zr.lawj 

Pen.D_A_F\ Cap „ ^ 

Ben.DAP.Aet.., 



01-4000031 


Nor. Utdt JuneTsV 



Lift? ft f witt anc e 

iTMsrfdfeRautWja. 

■'^waafei 



ooLi-^i zd 

•»»■ j | 

0* Osh Benefit Society 


Phoenix Aoauronce Co. Ltd. 

e-a. Klnf WlDlein St. BC4P 4HR. 01-028 0078 

lg ,, ^::.:r;|? # 77.7 ak !| :.::..! = 

^■r.Ph.En.a iTti oosj ::::::[ - 

**»*■ Equity ft Ltfo An. Co. if 

1 10. Crtwtord Street, W1F 2AS. 0S-*M 0867 

bscei * 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tot,, Mm. Ltd. (i) Gartmare Pund Managers « <*hk> Pemttial Unit Trust Mngnu.¥ fa> 

7sn0. Q«tBbHi» Rd_ Aylmbury. ISM9M1 ISLSUryAvfctO^ap. ______ 01-283 3531 48 H«8S!-, Henley cm Thame* Wt>12*388 


Abbey Capitol AT 

Abbey Income . — SOJ 
Abbey Inv. Tea m. 315 

Abbey Gen. T»t 


Allied Hsubro GroupV dXO 


Himbn, H»n.. H utinp. Brentwood, Em. 
01-688 SOM or Brentuuod iOC77) 31U90 


Batenced fund* 

Allied 1*1 K3 7 

nrtt lad*, fund U4 

Orth.fclne. 

Elect, fc lad Qcv. 32 2 
Allied Topi tel MJ 


AUtcdrapitel -IMJ 

Ilantbro Fund 0002 

H*mbro Acr. Hd._.fll*J 
InMQH Fund* 

HUh Yield Kcl IM.Z 

S3S!Mr.rr« 

loierHUeaal rnd* 

Intamuioiul -.1213 

Faclhc Fund. . . — fo7 
Sega, or America _ H3» 

U SA Eacnist4 |UO.0 

Special ui Pumla 
.■Smaller Co ■» Fd .134* 


2nd Smlr. Co 1 * Ftl -Ig2 


IraieyBd-__f Mil 

Property Growth Atsttr. Cn. UdV 


— Leon House. Croydon. CRB 1LU 01400 0608 


Property fund. — .. 
Property FundtAi . 


A0ncuUuz*J Pood. 
*jnc. rundfAi. .„ M 
*5Jwy N«t. Fund ... 

__ Abbey NaLFtUAI. 

2®-17,TavlstocitP5*c*, WCUfBSM 01J87 5020 SSSJSSO^tr 

01-7*00111 JjMft*. IN 8*“' 3U| -„.T- '3,”^^'"- 

HUl Samuel Ufe Assim Ltd.¥ Equity FundiAj 
J^A Twr.. AddlaeombaDd. Cny. 


I - 

Ufa Asnr. Cb. Ltd. 

0UMBM 2S33ISS£r. 

Money Unit* 

KSHSiSfrz 


Unit* . ... 

„ ^ _«rioi A.. 

. Managed Cmta 

Managed Senes A^, 


-Pn*.Uanjued'Cop.; 

ftSSaEatS; 

Ptui etcod. Aec„. 
Pena. Equity Cap. _ 

Pens- Equity Arc.... 



•Cmr£irSn|t*«Iu« June UT 
ehlve Life Ammr. Co. Ud.¥ 


maEagli _ 
PmJPXiL lacdsiZ. _ 


Pn«.Fid.Int.Ajcc 
Pons. Prop. Cap. 
Pw«-Prop.A«C., 



'*» teSKsip: 

— Actuarial Paid 


l fund-.. 
1 Fd. f Ai_ 


JA1I Weether Cap, . 

Jlnv Fd. Utt !... 

Bfitalon Fd. UU..... 
Com Pan* FU.. 


--I - 


S?«. p«wj! CgpTX't 


barriSL, W3. 
3ftneK.it-- 


ja^s-- 


VM| _ 

Imperial Ufa Ass. Co, of Gauds 

71335 

pfcDt : Ufe-- A3 * w r Ju ice Co. - 

«23W£l%? 

“m |=J : 6 — " 

Aasdranee Ltd. f 

e Vr. VomMey HAMNB 01-802 8670 
73 — 1-04171 - 


Prop. ftna. . 

Prop Pena, Cap L’ta. 
|^SE- Soc. Pen. ULi 
Bldfi.Soe.Cap.L4L., 


•ReurcAnaulty„_ 

♦immed. Aunty 

*Tsar."i i _ 


M2-6__ 


*07j 

+o4 


Provincial Life Assarance Co. Ltd. 



222. BUhopagala, E.CZ 
G'B Fbnd 20 (U4A 



Equity Fund. |8A0 

Irish Life Anonace CoTjUd. 

13, Finsbury Square, EC2. 

BlueChp. June 22_ 171 7 
Managed Fund..... 22 li, 

Ewbwl Man. Fd... 101 3 
Prop. Jfcd. June 1_ 177 J. 

Prop. Mod-Cth. P931 

King & Shaxaoii Ltd. 

52. CornhUl. EC3. 


BSSSKT** — “ 


«od. 


F*d. Kt. Fdad |*53 

Prudential Pension Limited* 


01-2CIBS33 




m 
A- 


014B8B253 Hoi bora Bars, EC1N2NH. 
— J 4.40 EquILFd Jm»a..l£2a5* 

H ” F»d. InLJune 21 Efl.72 

Prop. F. June 21 ...... 62576 


01-4030222 


Bond Fd. Exempt _.Q0A02 

mne di 


_ - Next deal 

Govt Sec. Bd.. 


value lime 
Aaanraneef 

>Bnue,Cbapet AahWton QB02285U 

Ed. ,■(•- imw f [ _ 

orS^Jr .; lOM U - 

tlUgzm Gpi¥ 
sSq, Uxbridge UBfl 1NE 
.JSB.4 40.4] _ 

B 3 M: 

1 uu 57, j :: 
mo I _ 


Reliance UntuI 

Tunbridge Well*, Kent 0802222! 

01^033433 B^l Prop EW*. 1 3*>X J J — 

UfSdHUSf — Rothschild Asset Management 

SI- SwuhlnsLaae, London, EC4. 01-6204936 

N-C. Prop. Mar. 31.. 0143 UUU f - 

Next Sub. Day JqmSD 

Royal Insurance Group 
New Hall Place, Liverpool. 051 2274432 

Boyal Shield Fd. _|1333 1<U] | — 

pteswgod Itouae. KUjgswood, Wd worth, f*!®* 

Surrey KT20 BED. Burrb Kaatb SH36 ®- CLStHelen^, Lndru. EC3P SEP. 01-554 0880 

Onto Initial RS.S 1M61.7T — Bal.lov.Fd. pMi US.7I -OAl — 

». MJ _ jbjAp—HI 


wru*!j-- 

langham Life /insurance Co. Ltd. 

Uanaham F», Holrabrock: Dr, NWa 01-903 8211 
La n gham ‘A* PlatL-l&l.B 67.ll __J — 

t&MsraW flE: 

Legal & General (Unit Assort Ltd, 





52181 


Do. Accum. 

Equity Initial 

Do. AMiim . ...LI!... nifft 

Fixed Initial 1354 

Do. Accuhl 117.5 

TwH T„ttui 571 

Do. Accum. 973 

Managed Initial 1156 

Do. Accum. 117 6 


PropotyUitlBl l**S' 


. . ~ g Wts hninatc r Asa or. Co. Ltd. 
, - * wpSouse. 8 WhiMwn* Road. 

.Eatoata. oi-smboba 

-5dFuM.-i^A . | - 



loon 

Lege] A General (UbU Penal 

Exempt Caah InlL .. M.4 

Do. Accum. 96 0 

Exempt Eqty. IniL.. 123.9 

Do. Accum. 1219 

Exempt Fixed IdIl 1095 
Do. Accum 122 A 



Exempt bbigd. Ixdullt 9 
Do. Accum — - 121-8 


Exempt Prop. bolt. . NM 
Do. Accum. |98.0 


-dUl — ■ Deposit FdT.^ 123 J. 

— LWDp.FeaaFa.f..>. 20L5 
+03 — Equity PerniFd...... 1759 





_ItyPcnaFd. 

Prop. Pea j.FJ!.- @83 

Gilt Pen* Yd. KOJ 

Depoij'enjJ«.t.M..|9a5 

-■Price* on Juan 20. 
TWcekh dealing*. 


& 


mS+03 

255 +til 


Schroder Life .Group? 
Enterprise tiouK-PorUmonth. 


Equity Jutto 20 

~auiiy 2 June 20 


Equity 3 June 20 : . 
Fixed Ini June 20.. 


Fixed (n L3 June ar., 

Inc. Ui Jan*, 20 

31 1 5 GUI Juno 20- 

K4 ScJunaZO 

MnpH Fix. June 20 




1 

. — ~ ^Westminster Asaor. Soc. Ltd. 

,-r j* 01-684 0684 

1 iS±:| = 

s:;r. gctaJ Union Groop - - 

. EC3- 01-3837500 

f!Sta-:58 :m~ 

a&Hb Insurance Co. 

fl+pdrWGCAlHE. * 03-3420282 

"WiW - 4 

3273 

396.4 

389.4 
1MB 
5742 


Legal ft General Prop. Fd. Mgra:l4 !& < ^S 20 -- 1 

It Queen Victoria SL, EC4N «TP 01.1480078. Money- 3 JunozSZ 

LAGPrp JU June 6 195.9 .101.71 | Property June 30. „ 

Next *ub. day July 1. , ./Property 3 lime 20. 

Life As* nr. Co. of Penssylnmla ^ 

3042 New Bond SL. WIT ORQ. - 01-4838396 Mni>nCpBliuie20. 

LAOOPUnlta 1987 X8SS| «...! 'U« • MnPnAroBJunoSg- 

Llnyds Bk. Unit Tst. Mpgra. Lttt jj 
71, Lombard SL.EIC3. 


014BM28B,^^S^r!!!w| 


E^pt mi • IDSTJ:..^- 730 Sgftfefggfc 

Assnrance ./ . Mourr Pev Acc. H 


Lloyds fife Assmance 
20, CUfton SL, EC2A 4MX 

1J2456 


Moser 

Owns* 



Blt-GthJnne6—_ 
OpL3PropJunc22. 

Opl3 EqWJunB & . 

OpL Hy. June22— 

Opt.5 Man. J Linear Q45 9 

Opt.3 DepLJune3£~ 


1233 

127.6 

1533 




070537733 


lnv.PlySeriaj— ' 102.9 
lor. Ply. SericcS^, 97 1 
lav Cash Juno 23— *7.0 


dMt’ Group 

uburgb EH16SBU 031-8596000 


^:|a 


1354 ....: 

M ::::: 

"153 6 .... 

1214 127.*| -... . _ 

London Indemnity & GvL Ins. 

18^0. The FoHmry, Beading B83911. M*dJ?o June2?! _ 

3] -0^1 — . - SoInTTlfr Asdiirmnce United 
■«l — -I - W1223y Place London ECIN6TT. 013422903 

““ -MJ4 


..Atf 


^3} 


xed Interest — 

The London ft Manchester Ass. Gp.f SoJar Uanagcds 
The Lena, Folk** tone, Kent 


Cap. Growtn tUBO.. 
If Fl ex. Exempt Fd. . I 
aftwmjpt Prop. FoJ 


CjExpL Ttrv. TM. Fd. 
Flexible Fund, 


-■ .J^lnsnrance Co. Lid. 

' ; '-.%XCA -•; 014K85*10 Fu^dZI' 

PropcrtyFutKl—, 

JuneflO—lW.O 378.0f +L0j — 

t Commerce Insurance 
;l - JJ8L.LccatottWlR5F&. 014307081 

— *^Jd ’11210.' 132. Di 1 — 

yfeAraurainee Co. Ltd.? . . 

LGVZl 1XW 04862 5033 f'J'Bjmd; 

"-“■Mi 


2241 

133.4 

}M7 

sa 

62.7 


M ft G Group? 

Three Quay*. Tower HIU EOT 6BQ 01-028 4588 


IS’iE&fcp 

-- - Solar Fxd.2u.S_... U*J 

SojarCashS 9*.0 

Solar InlLS — ~ *93. 
Solar Managod P.._ 1255 
Solar Pro UM 

SolarPXdjSt PZZ U4.0 

Iplar StftTmr^3 


- 


1057] 


105.71 




‘031 


+0.5^ - 


+03^ - 


FemFeasion 
Conv. Deposit*, — _ 


— I -431 




Faipl ly S} -88 ** 






•\:i s 



1^.0 -0^ 
1043 -03 — 
1017 

101.7 .... , 
10L7 .,... 

100.5 
1005 


1613 -9M 
Ml -0-3 

1013 — L0) 

1014 +03 
1014 

,UU -03| 
1093 +03] 

ioat 

1003 ..... 
low +0121 


509 



lnternamL Bond—. 

Managed 0d.—* 

ssats.^.s.’--; 

Japan Fd. Bd." 

Price* on ‘June 
Merchant Investors Assurance 


Sun Alliance Fund Mangmt. Ltd. 
Sun AiliwceHouac, Horsham. . 040364141 




Snn Alliance Linked Ufe Ins. Ltd. 
Sun AlUaneeHoBBe. Horsham * 04030*141 


Equity Fond _..... — 
Fi3cadIaUre*tFd _ 
Property Pond... — 
, lutr-rnnilonnlFd •_ 


[U4.B 

0JJB.4 

108.0 


m 

UM 

w 

113.71 


+03 


+03 


San Life of Canada (U.K.) Ltd. 


5.18 


125. High Street, Croydon. 

Property 1 J|A| 

Property Pena. j 1594 

«» SSgffifer! 

B.75 PepoaiL 


1230 


049 


Kwraqce Co. Ltd. 

. i,;*an,TQTO Pl;EC3. O14B0 8031 
-^‘'8*rt T .J70r ' ’ 79J| -..-.I — 

■ . . trlngaifl tadUnd A m. 

-y. nadlflSUBCa. 

. 'Ontai._|$89 

-•'imw Ufe Ans. Soc. Ltd.? 

1 0had.Hiyb«5q»mbe 04M33377 
' "~X03 - 12*31 -031 — 

14 uio 

&; $3 



Deposit Pena 

Managed 

Inti. Managed. - 

NEL Pensions Ltd. 

Mtlton Coon, Dorking. Surrey 

oj-088 1212 N^Si2:AS«a::Kioi 

a* +0.3) 6A6 

NeleaGthJncAcc. 47* ^ 

VelexGthlBcCap.- W.5 51-tj 

Nel Mxd.Fd.Cap-. £» 

N«l MxAFd-.Acc™ «3 


01^880171 2,a, AGock*purSL,SWlY5BH 01-9305*00 


+0J. 

+ 0 . 1 , 

-i.H 

-4.21 

-La 

-i.a 

-o.a 

+ 0.31 
-L4 
-1.71 
-13 
— 0.B1 


MaplaU. Ortl) 

Maple Lf. Mangd. 

JWWK= 


194.8 

1333 


5011 


115 


M.« 


s3-°4 


Next Sob. day June 23 
For New Court Propgty ■«««*' 
BoUnehUd Aanot Manage™* 1 


df 


-13) 

+ 0 . 1 , 

+6.1 


Target life Ass a ranee Co. Ltd. 

He ““““■AigiSffi'hu 

Map. Fund Inc B0OJ 106.1J 

Man, Fuad Acc — — 115.7 104 .... 

i^pFTTnc-.- VfA luq 

PTOFFd,A«U— — ia _ 1300 

I'rup. Fd. Inv. 188 

Fixed lot. Fa Inc. 1009 

BMWEitB 

sastsssKcK, 

RoLPliuiMaa-CaF- U42 

giS5t6S=»! 

Tranaintematlonal Life Ins. Co. Ltd. 
2 Bream Bldgi-. EC41NV. 0L4056467 


_6i .:«. 


SAtl 

7fc« — fl.4( 
M3 -0.41 


^CflAL TIMES STOCK INDICES 


]_23_ 


June f •fun* 

22- I 21 


“June 
’ 20 


June 

19 


June 

It* 


A tear 
*£U 


- •' ^ec* ^.,.i 69.ai! 69.69; 69.76; 
_ 71.62i -71.93; 73.00; 

-«2.7 4B5.fi! 

C,si.r..“f ;iai.s; lei-o, w.s' 

5.79 ( 6.84 6-8® 

t(foilin) -.16,74; 16.06; 16.76! 
*8.0 if 

PWd.-.-i!. 4.436] 

■jper £»...(• _ 



7.94. 

4,898) 

B5.39- 


7.99' 

5,057j 

67.88 


69.74. 

72.Q0j 

463.4] 

164.2] 

6.7B; 

16.48' 

S.13I 

«-77lj 

66-94! 


69.941 

72.29; 

467.0^ 

160.1] 

6 . 66 ; 

16.31, 

8.231 

4.4B0[ 

66 . 12 ! 


70.44 

rg.52! 

470.6| 

157.fi| 

5.62: 

16.39! 

8.16 1 

4.841- 

64.88! 


67.98 

68.01 

449.6 

110.9 

5.23 

13.79 

0.23 

4.435 

64.68 


1 14.528: 13,324. 15.906 1 14^75 


jtoi VitH.;;- — ■ 24,513 13.256' - 

F^ramv^aTiraiD «s J i.'_Sooo t® ; i- 1 1,1,1 ^ 


Vi am 45:i.l- 

* pro 453.3. 3 Pin 

£.-■ . • m im t Index 01-246 8026. V+j-tb 

* Baaed on 52 por cent corporation ifl*. ^ q^'i.T'S. -Gold 
’ > ^ Fixed lOL »SP- *»«■ 0rd - 

’.. ; R r*E -Acdvttr Jnly-Dec. 30*1- 

: &i^ AND LOWS S-E. ACTIVITY _ 






•imy Coirpi'alfP 


rHiyV 1 -.&nr - 1 UirIi j ^4* 


iUaa' 
14- L 


68.70 

. .t|v6/ 

°V?T ,1.70.73 


r.s 

I ol. 


597.0 
: l *if -I 
-'.lSB.b 


127.4 

fB>l«68| 


4t,.16 
(iil'70) 

| lfiu.4 j 80.M 

[tar,li.4?«' W/l.-Tbi 

430.4 '! 549.2 f 40.4 
• f2li) I ta/u.77 | l28Ai40i 

442.3 ! 43. 5_ 


June 
. 25 


June 

22 ■ 




—DaliV 
Giit-EdE** — 

Induatnee—' 
opecuintiVB... 

Total*--;- — ■] 

«»««?? ; fin 


132.5 , 142.S 
151-6 , >*••} 
■ 39-7 1 46.1 
lOlio [HI-5 


Lnduairian- 

yperuintlye., 


. .ja'isaUiSBi.i— M 

FT—ACTUARIES IN DICE S 


166.8 ; 163.! 

39.9 : 39.4 
107.6 I 106.7 



^fe-T;-2O4.46 8O4.0l VflS.mj 208-27j SOfl-^. 

^ ^ w ^ s se 

t'tJi 7.06! 3.00! 8.04 S-« 

’SUw^^ 6 - 215 - 94 18673 




■ * 5.62- s.57 

g .^r 7.84 

P-X...V 209.W: 208.86. 010, 

+*’•- *■ — ‘ 


Map- Pen. Fa C*p..U*9 
M an. Pen. Fd. Acc.. 027 3 


122.7 

226-“ 


Trident Life Assurance Co. Ltd.? 

RcntladeHouau, Gloucester 045S3S941 

Fit Equity Fund. UM.l 

HinhYldcL, .: 138.1 

CluEdged 1203 


K«SS5BS^”ip 

SvrtVipCZT.!!.". 1232 
firowth Ai£L JL.-_ usa 
P rtia. Maid. Cap. _ 113,0 

sstiBAfibcaa 


Pena 1 


TrduBpnd_. — ^A 


IU7A 



'TrdL GJ. Bond 

■Cash value (or U00 premium. 

Tyndall ABsuranee/Fenaion8? 

18. Caityngejloaa Bristol 0272322*1 


3-Way JurwaL^. 
Equity June 22 


Bond JiuxtX}™..— 


Property Jane 22-.. 
□epoal(Junu22.^. 
3-way Pen. June. 32. 


3-way Pen. June 
O’seai In*. June 22, 
Mn.PnJ-W June L- 
PoJ r,jj/cyJufK? 1 - . 

Da. Band ... 

Do. Prop. Jim*]- — 


1231 
1 bSJ 
U4A 
105.2 
127.5 
146.9 
77J 
IMA 

21,3 B 

>741 

HS* 


Vsnbrugh LKe Anarance 

41-43 Uaddek St-Ldn.VMRBLA. - 014004033 
MlmagadJRL B«* 151 Z) 



Fixed Intaret Fd-... t 

ssiasE =1 

irngh Pens! 

did dm St, Id 

5+-- E-7 - 

Inler*»i~rw W* • +L4| — 


Vanbrngh Pansini limited 
61-43 M#ddmSCLdn.W190LA . O1-404B23 
Managed—'—. 


Fi 

Pro perry 

Go* rati lend ’Mo 7«. Ban Rales' table. 
Welfare insurance Co. Ltd.? 

The 1^*0, Folkestone. KM t. , 03“ 87333 

Mrtev*dl?rl?l. 1 ,|... 


FornUlwfuo^pIereerelMtol 

Windsor life Amur-' Co, Ltd 

j High Surat. Wnisor, _Wmh0.r#B44 

Life iuv.PUnjij T .-W.3 - 
FuuiroAJirtStolsi. \ 

FutureAWd.Gtmbl- h.*. * — • -1 


RvcoveiySin . 

Met. Min. A C'dly. . .[3* J 
Owntu EaruinE*. 195 A 
Exp t Emir. Co's - .#@5.* 



inAmcriranTi 1 — 12 « 

Rrib*h T «l 1 Aral- «1 
1:0m modi lysine- J*S2 
E*iraljico«*W- g2 
c- Far East- lira*- 
High InromoW— 
Income 7-uaA- — ■ {if. 
■Ina ABonclea-— — 

1 nil. Exempt PB--- "J 
.s*InH Tat(Aeci- P J » 


J1J4 
)B« ... 

166 <hd -c.;| 

[g samssra— 

3 ia C'apiMil funO- 

6 11 lm.Cnn.&AiMli_ 

in Pm M* Fluid 

m Gibbs (Antony) Cnit Tat. Mgs, Ltd. raLc: 

S SI ».BlMntl(M&t,EC3MTNl- OI-3aB «m 


76 fil -0 C 
Knaf-ot'il 


42-81 1 3.41 


012 Ppviiifll'.;p.liih......p9.t 

2.72 Piccadilly Unit T. Mgrs. Ud.? UHb> 
0 82 


rnids'K H»t., 39a LnrrtOJi Wall EC2. SBrtWI 


:::srsssss^- 


411 


no 


American Fund 


28* 

30.9) — - 

**0 

369 

. 39^ 

534 

*17 

«+*■* 

40B 






4*1 

«? 


Jsa 

144 

68 Oj .... 

■ 4J4 

26ft 

28 5 ..... 

150 

SEX* 

25*4 

X30 


OVERSEAS FUNDS 


Arbathnot Securities IC.L) Limited Sing ft Shoxsoa JJsrc. 

P.D. BOX 384.. St. Hchcr Jersey. 053*72177 lCbnnnr 

jyn —I MS gSBSftE! flfe *NS ::::: i-S 

{AwtriU*. Selcllaa F„d NV rM ' - 1 ‘ 


snnr Cross. St Helier, jersey. (PJSii 
ec Hse. St- Pcier > I ert. Gra*: 1 . fOaSD 2»i- - 
homu Street, Doufjlor. LO .V ‘Od-l'dT- c. 


5 Practical Invest. Co. Ltd.? fyMcI 
0JB 44.rUooinabun-Sq.VnCIS.atA . U142338GQ 

Prat-tiM.l.Juoe2l,..}lSl.*. 1U.^.. .. |. 4JS 


Accum. i-'nita . _ . ..1214 a 22T.1 


4JA 


.2 
2 

laiA. U. Far S»*i" _ 

Dealing *Tuo*. ts'A«L 
Go vet t (John)? 

77. London Will, EiC_2- 
S-hMr.JiMW 
Da. Accum I 
Next 

Grirveimt Hanagement Co. IAd. 

0i«M4433 Prudi. Portfolio Mngrs. Ltd.V raffbxci 


fflid 5 

M- 1 0 

147 boi 0, ' S r®S < 55 1 Provincial Life lav. Co. Ltd.?, 

l UnB.,-Jl6A2 177 3J '..I 1_*7 233.Bishop»«te. EVC. 01-941 

nm dealing day June 30. Prolific fnto I82J 88 21 .... I ' 


KiRhtoeome _UO*0 JL16J 


■3478333 
SIS 
7*0 


SO U reah am St, EC2P2DS. 

1.554 a 


BnrnnKtoo Jus* 31( 767 2 
Accum. l< nil 


> w ... ,C i> 

mnB.K.VjUuiwa2. . 

1 Accum. Umtsi- — f” J 

Endear. June* 

1 Accum. Lnitai^r-*- g*’ 

rirnclurr. June33 - gj 

< Accum. Ur 1 iii • 2 S 
I n tn, l ■ JunaSl 6* * 

Anderson Unit Trust Managers Lid. (Accum L'nitei 173 5 

138 Fenehureh St. EC3M0AA 
AndraMn U.T M * 3 531) J 4.33 


SM 
1*3 r 
210 £ 

205J 
212 5l . 

** 33 — J.Q 


1338 
73 1 
76 ai 


-2.1! 


452 linlborn Bam, ECIN 2NK OI-MSBSS 

Prudcr.Ua! U305 1MJK -03| 459 

ie Qu liter Management Co. Ltd.? 

2 0* TbeSllc. Esrhange. ECTN1HP. 01-000417? 
Quadranl Ccn. Fd. (107.3 1107J .. J 4M 


,!U7, 


131! 


7,91 


ae« 

2 9Q Quadroht lucpmo 
|w Reliance Unit Mars. Ltd.? 

C- .... Reliance Hac.. Tunbridge Wells. KL OB02 22571- 

0B39S1 Guardian Royal Ex. Unit Mgm. Ltd. otmartimiiyi-u. — 16*4 69*1 J. 5jf 


Royal Exchange EC3P -IDS'. 


01-8380011 


SardoT > Acc 


*33 ' 

]40A 43 91 — 02| 


501 


Anshacbcr Unit JHgmt. Co. LDt .ag'nuardh»iri«-lf-= 90S -0.2) 4.49 seUarocT. i» 1 «a 43 ol -02I 5A1 

1 Noblest- ec2V7ja oi-ita 037a HenderMn Adminislration? (axcHR) Ridgefield Management Ltd. 

Inc. Monthly Fund. IttS.O 1730) J 0*0 Praminr UT.Mfanin., 6 Raylc.gh Road. Hutton. 38*0. Kennedy St .Manchester 08123689=1 


Arbuthnot Securities Ltd. (al(c) L , K 

37. Queen St London EC4R 1BY 01-2305=81 Cap UrowthlnC. 
Extra Income Fd....|104j 112.11 -0^1 HJ* Cap. Grounh ACC. 


US77-217338 Ridgetield Ini LT. 1101 8 107 J 


High Inc. Fund. . .-(M-l 
OiAccum. Ui 


.. Umiai... . S3* 

i0i*% Wdrod Uts.1 53.9 
Preference Fund— I2A2 





Fund — :.'^p7 

Commodity- Fund _H*.t 
pfcft 

ll7.S 

Giant* Fund U* 0 


M-F Un,w ~ m 


1 Fund, ,PZA 


iaaBJSftfczr* 


64 

Eastern A Inti. Fd. . 37 0 

«r*.WctnvHjia.i 212 

Farolgo Fd. . 84.1 
N. Amer. tt Int Fd. 31.7 


Tf = 


1 


2Z 
650 
*3.5 
56? 

18L« .. 
*L5| -0.3| 




-0.1 


as- 9 - 11 


*.25 
*.» 
9AS 
12 JO 
1130 


Income fcA**«U 
High Income 
High Income .... 
Cabot Extra Inc. 
Sector Fuad* 


tJi 




ItldgefieJO Income |*3A • 9*X 


2*2 
10.4* 

Rothschild Asset Management fg) 

632 7=-flO,GBiehouneBd., ftjleibury. 0E9A5941 




Financial t IT0^-.{S.4 


Oil A Not. Re*. 
International - 

Cabot — . — |i 

lutomattonai ~-L 
Wrld Wide JunatOxF 
Ovene** Fund* ... . 

Australian- ? 

European-. . 






an N.c.imi Fd.iAcc.i|9b 
On X.C. Smllr Coy* Fd|Sl 


1733! 


N. t . Equity Fund. 1164 6 

ait N.L\ Er.ay Rea-Tst. 109 8 „ 

a*7 N.c. Income Furdl 143 6 2J2.7nf 

.V C. IntL FA One. jW) 2 *5 4 

■ “■ iSl 


+0JI 


+02 
*0.4 

-04 

—05 


30* 

251 

6*9 

173 

U75 

466 


M7J+01I 2.' 
34 31 +Q.li u 
7lfl-2-3 41 


133 

133 

1.80 

100 


North ■(}!* 


KLAnuirsaJunaOX 
C*boCA merest. C0- 


E& 1 


361 
411 
78 2 
424 
126JC 
541 


- 01 , 

-03 

+0J 

-o5l 


Rothschild ft Lowndes MgmL (a) 

li? St. Surithiua Lane, Ldn^ EG*. <M-4E84SE«' 
67 New CL Exempt _ .1025.0 132 0) ..: ) 354 

Price on June 15. Next deslins July J7. 


+0.U 


I “ Rowan Unit Trust Mngt. Lt<L?(ai 


Archway Unit Tst. Mgs. Ltd.? taXci 


8J7. Hlfih Hoaotu. WCl 1 V 7N1_ 
UThwayFund — 

Price* at June 

Barcli>-B Unicorn Ltd. (aHgj?(c) 


HUl Samuel Unit Tst. Mgrs.t fa) 

vreochSc.ECaPSLX 


01-831 on. 


Are bw*y Fund ~ . -JW-* raw -,-J *1* is'imTtrera' — 

2R Next wb. day June SB. - - — — - 


Unicorn Ho- 33= Romford Rd.E7. 


Colrocn America— U 6- 

Da-AmtAw 70.4 

Da Aim. Inc.. 55.4 

Do- Capital 1643 


(gi DollarTiuJi . -r 

iU Capital IViut 

1 h/ Fi oaocial Trait 
01-5343544 (In Income Trust 


DO- Exempt Tit. [103.2 
Do. Extra Income ~L 


Do. Financial. 


273 
57.9 
712 

Do. C-cr»cr«l .,. 304 

Do. Growth Are 39 J 

Do. Income Tst B24 

Da PH. A'n*. T«L . |UT 2 


Prices at May 3a 


Do. Racorery. |4l3 

Do. Trustee Fund— 


In? 7 

Do. Wldwtde Trust 4*.b 

BtsUoFdJnc 60 7 

Do. Accum, |69.4 



U1 


on ty Trust ^ 


lbi_. 

(hi Hi 
Intel.? (aKOT 
i5.ChmtopbraM»ef- zcs. 
Inlet. Inv. Fund.. „ ..154 6 


11454 

1556 



39 5 


ri|9 

an 


-Am 

J0 9 

-0.7 

B7 * 

*41 

-0 6 

256 

27 i 

-01 

505 

54 T 

IS 7 

30 7al 

-4)4 


American Jure =sL 

1685 

71_5 


Securities June =0.. 

168 0 

177.0 


HiBhYlrf. June a. 

532 ' 

561 


i Accum. L' niter 

750 „ 

790 


Merlin June 2l.-_. 

79J 

83ft 


(Accum. Untm 

968 

101,7 

— 


0*7 

420 

7.79 
779 
300 

3.80 


Royal Tst. Can. Fd. Kgrs. Ltd. 

218 54. Jaroivn Street, SWi. 01-6908292 

g8i:.':f IS 

Next dealing June M. 


-0J fapttalFil .1 Ml 73Jf. 

“SSI 122 lnromoFA. P19 703) . 

1J .99 Fricc-i at May J5. Next dealing 


339 


627 

4J8 

626 

_ _ , . 3.02 

Next aub-^dav June 90. 


a.23 Save ft Prosper Group . . 

4. Treat St. Helens. Iflndoo EO F 3EP 
Ol "47-7-10 S3- 73 Queen St.. EduUjurcb EH2 4MX. 

*1 51 | * 465 Dp-l,Bja l ° : 0l ' sw 8899 or Tal 

= « Key Fund Managers Ltd. uxg) * Pnw P fr Securities Ltd.? 


2a.MllkSUBC0V8JF. 
Key Energy In Fd... 175 « 
Key Equity Sc Gen.- 



e- Key Exempt Fd--. 
Ko Income Fund- 


Key ,_ a 

Key Fixed Int. Fd. . 


Key Small Co's Fd. |94 8 


66.3 

11530 

B! 


InlernaUioiul Funds 

... f-apl»L 

3 60 j Yi < . ~ _ I249 

Jg UlUY G,iith“".I.|S.l 
8 42 Increasing Inronw Fund 

1220 High- Yield |5L4 

6 28 High Income Fuads 


■02! -oT— f* 1 - »• 

705) -02) 

162K 
81 Sd 


- JSL7of -Mill 3 U 
=6 7l -0J 421 

71JU +02] .202 


Baring Brothers ft Co. Ltd.? UXx) 

88. latadenhall SL. K.C 8. 01-388=830 

Stratton Tst- 169 4 176. 

Do. Acvugn. _f210P 219. . 

Next sub. day July J. U e C,« 1 F d .„ E 37J 141. 

Blahopagate Progressive Mgmt. Co.? lac nui it Gen Fd. p*2 io23| 

o.Rish«q>agsta,E.C2. oi-588«2BO Lawson Secs. Ltd. ¥taMc) 


iooa|-o«| 

Kleinwort Benson Unit Managers? High Return 164.7 

20. Fenehureh B,EC.l 01-8238000 *"""»■■■ p— PL3 

KB.L'nltFd Jjm....|a4* *231 . .1 5 M l-’.K. Panda 

*KB.UnltFd5c_~U«iO 11521 .... 1 50* t-Tt Equity 1422 

KJ3 Fd.lnv.TVs._p5 2 S96) .. . j 4.47 (hersets Ftutdsw 


5521+0.1) 7S3 




8 M 
9.13 


B'catePr.— JuocSO, 
Acc. Ut« **J una 20- 

B'aateintJune 
(Aacua.)JiinBl2 
Knot sub. 



...184 9 9231 . , 

_jl«i0 11|^ .... 

& "TIM i'fcC Unit Trust Management LUL? $$ 

J ■* ^ The Stock Bchanfie.^'.=.N lltP 0I-S88 am) fE* i75.3 «.*i 

N ] Z41 Sector Funds 

01 J commodity..— ..~_J74 8 

Energy ,..]fi83 

.... J Jg S3 George St, EOnbureb EH2 it G. 031-2=8 391 1 >1TU,TM:ial Srai - -H 8 - 7 


4531 +0.1) 4.92 


-0 , 
+0 6 
-03 


331 

077 

124 


734! -+o jd 
7* a4 -o5| 


438 
181 
33S . 


124 

124 


Bridge Fund ManagendKaKe) 

Mas William SL.E04R BAR OX-8234051 


Americas &Geo4~, 
Incojnc-.._- 
Capital luc-t 
Do. ACC. t 


P 

io 

163 

1>1 


2628 

54.1 

s 

344.1 

17A 

193 


1.45 

632 

121 

321 

336 

3.43 

531 


4)31 

486 

605 

667 

407 

266 

276 

51.7 

725 




54J 


• 25 Hlgh-Mlnlmmu Fbndx 

6» Select InurnaL 1254 L 

3 25 Select Income ..... |5L2. . 

Scotbita Secnrities Ltd.? 

Scothita. «a 3 4Q.i 

484 52.1 

IU.6 59 7: 

ms-j 


229 

729 


830 


tRaw. tbtfatiala— 158 0 
ArAccum-Unitflu— 52 7 
■Growth Fund S53 
■(Accum Urtta)™. 612 
ttGlll and Warrant. 372 

xAmerion Fd.. M0 

if Accum Uni la)..-- 25 0 
-n«gh Yield 470 

+riAccttra Unltai_p6-0 . ... 

Deal. ftMOn. *Tues. TtWed. JThura. “Fit. _ __ _ 

Legal ft General TyndaU Fund? Prices at June i-L Next sub. day June SB. 
IB Catiywre Rout Bristol 0=72 X2361 Schlesinger Thist Mngrs. Ltd. laKzj 

gSffljfcciiBi $6^ ::::;] » ti^wMiastweraTYuaw 

iN 12 


1 IM3 

Id W04 

ires _.|S5.6 

.. 12442 

Jl672 

14 Next 


030 Scotyleld._ 

10.87 Scdohara 
}0F7 SeoL Ex. Gth*$ — 

Scot Ex. 11 d.*A- 

.„- it , --i. Prieoa at Jane 

SS®s3” 

DaAcat _ 

Dealing Tuts. fwed. JTlwrt. Prices June 

3QOUZ1 Neat sub. day July 

Britannia Trngt Management (a) (g) Uonine Administration Ltd. iS^iuHinSriBa 

8 Eondofl Wall Bu Dd loMLonilOn WulL 3.DntaSt,UwloilW l MWP. ___ Ol^OSUSl IS^ 

Extra is 


395 

766 

448 

138 

695 


526 1 -W, South Street. Dotjar^. 


Am. Exempt 

Am. Growth 


London EC2U5QL 

Awiels. 1M2 

Capita) Are. SOA 

Commit lad 542 

flmaoMMilty , 762 

Domestic- [362 


01-838067810*70 teeDlst. 


533 


Extraincomc. 
Fur Earn.. 


Si 7 

2X0 


Plno-icialfiecp...^.. 602 

Cold A General 882 

Growths— 78.B 

Inc. ft Growths 71.0 

Int'l Growth... 622 

Invest T*tiiharc4_. 473 

Minerals- tt.F 

Wot High Inc ..J7L7 


New Issue 342 

North American — , 293 

Proleaslonal 4882 

Property Share* — 12.9 
Shield?-.- ...... M2 

SUtue Chiuicc— — ■ »■* 

PnlvEnergy... [313 




5 AS 

22.6 

65.4a 

94.9a 

84.8a 


66.9 

50.9 
992 
8*7 

503M 

111 

47.6 

32.7 

33.7 


-03 

-02 

- 0.1 

-at 

+02 

-OJ 

- 0.6 

-02 

+0.4 

-ft* 


—OR 

iar 


-03. 

- 0 . 1 ) 


526 

433 

429 

531 

AM 

732 

922 

339 

427 


„ _ jTOJ ‘772) -DM „ 

Leo Arcum- — . (so 3 8431-0-9) 4 69 

Uoyds Bk. Unit Tst Hagrs. Ltd.? (al 
Registrar's Dept. Gortng-by-Sea. 


Worthing. West sucre *- 

FtretCBnlncdV f*33 

DoiArcum),__ 66.4 

Second (Capj 5)1 

Do. tArcnmj-.— . M3 
323 Third (income) 79.6 
427 Po-f Accum.)— 109 0 
726 Fourth (ExZneJw- J73 

225 Po.lAccum-1 |653 


fnc-Tst....^ 

Income Dlri- 

Inc. UF.WdrwL„ 
Intal GrowIlk... 
Inv. Tst Units — - 


°''® 3 Market lAodcra 3! ]28 0 


272 


4»S -Nil Yield* L-_ 

Jg Prel.&GHtTrust „ 222 

331 propert? - Shares 25 1 

311 SpraUlSlLTi4.--268 
iJ " t.K. Grth. Accum. 209 
UK-Grth-thst..- 184 


6.41 
6 41 
830 


218 

274 


247 

291 

379 

237 

483 

251 


219, +D2) 
. 292 +0® 
‘ 26 * -01 
26 He -0.1 
313 


10305)86441 


2.67 
185 
826 
441 
*53 

40 Sol -02) 1035 


»sra^a t, 


51.91 -0.1 
713 -03 

54.9a 

691 

855 —02 
1173 —02 
6X6* -0.1 

702) -03 830 J* nrniy ocurvaer n 

iS Uo y d s Unit Tst. Mngrs. Ltd. 

857 73-80, Gatehouse B4. Ayteshwy. «»*l SSaSni?!? .IT IB 7 
4.76 Equity Accmn. 'P53.0 1613) — | 437 IneemeJune=D.__. 1B23 

Mft G Group? (yXcHz) \!SSfiSl5kZ 

2.95 Three Quays. Timer HS. EC3R fiBq. 0lfta6 *588 tAcStn. V 


15 ®| 


266 

4gT 

4 66 


519 +0 2) 

27.0m -0.1 
301a .J.’., 

29.3 +0.1 
240m -Oil 12.63 

27.8 -Ojf ‘ 

28.8 -03 




250 

ss 

538 

538 


2x2 *_-^ ataftStoc ^,SF h * ns ^, ll 2s* 1 i , W 

530 Ameriean.-f^— |5ftf 53^ -03] 

2 J O 


{Accum. Units) 50.9 

The British Life Office Ltd.? (a) “i 

Raliatu*Hra.TunbridB6 Walla, Rt088225»n Caginodlty 753 

J *n i Accum. bnicx) uj 


BLBrlOab lilo- — M&4 5U ..._, 5.78 

bl Bela need* M63. 4*3 561 

Bl, Dividend* f*2.4 45.4 930 


Compound Growth. 1043 
45 a j 938 C murexal on Growth UJ 
riYfcfa June SL' KWt dtaUlag Juac 3ft £irt^d°!. lnC ”7. U38 

Brown Shipley ft Co. Ltd,? E 5 / 

^wKu'nitiC."' 4* 3 
229.9) ..._j 4.75 Extra Yield, |S2.6 


Mngrs; Founders Or, K2 


BS UnlUJtUM99_g3J| 


Do. (Acc.) June 20 
Oceanic Trust* (*) 

Financial 

Genera l 


4.75 


Growth Accum. -,-K 
&x>wth Income™.- 1 


15&ZZz=i 


0*cr»«*a 

Peclormanee — 

SSfRsnr...) 


ZZStsi 

M3o| 




4 31 
3.94 

4.85 

485 

*.72 

38* 

UD 


fAreum. Unttsi 1104 

FarEasteru 36.4 

(ABntm.Uniu).— .. 6L9 
Funded Inv Tsto..... UUX 

(Ac rum. Units) 74.7 

General — 7... . , 1643 

r Amun. Utntiu 23X5 

High Iacx>at« 98.4 

(Accum. Unitsi- 1*53 

5J7 Japan Income >1533 

«4S (Accum Units) 1543 

5 '93 Masnum 1853 

489 (Accum. UmUl-»- 2533 
Midland 1673 

Canada Ufe Unit Tst, Mngrs. Ltd.? ‘ AreraLLaitei 27*9 
W High St- Rotten Bar. Haifa. p. Bar 01132 rASum7UnluT.:“ M2 

OULGeaptEi. ns 393+031 464 B*«ondGen. [UftO 

Do. (Ion. Accum 45J 47.7) +0.1] 444 

DO. ItK. Dirt. 323 34^ +oj) 7 86 

Do. Inc. Accum — W3 *551 +o5) 736 


47.0 -0J 

378 -ftl 
3U -0J 
21J -ftl 

2*1 

20 7o +0J 


Capri (James) Mngt. Ltd.? . 

100 QW Broad SUBC2NI»J 01-588 8010 

SBSSr^=« 53 :: •:■! S5 

n on June 31. Next deallnfi July B. 


(Accum. Unibi - (252.2 

Special ....115*3 

l Accum. Units) 12003 

Specialised Funds 

0406 


Europe June 15 

(Accum Units) _ . ..134.4 
•PenAChsu'FdJnSO (2667 


r'agg ft Co. Ltd.? 


OJC4034M 

105 9n 


ZJ7 

12HJ 


137 

1*090” 



7.16 

280.7 



86.1 


337 


I-"- 

3JT 

3311 


iji 



217 

1711 


4.44 

.250.6 


373 

195J 



4.97 

fUndn only 



Marfeot (lpparrumuct. cn rn«h Young ft 
Ctuth waits. 127. Km: 5t. Sidney. 

U 651 Shares. .1 SL'S154 | — 


lot* Girt. Secs. T«. 

Fin: tiler ting (1*57 

First InLL — .1185 16 


70t5f — 

ISi 19| — 


Eurnint. Lux. F 

Guernsey Ire 

Do. Accum. 

SB Far East Fd 

KBIntl. Fuad 

KB Japan _Fund, 


K-B.U.b.CulkFd.. 

Signet Bermuda 

•I'mlnndsiDM 


Net Asnot Value Jane 15 
Bank of America International SA. 

35 Boulevard Royal, Luxera&ours G-D- 
W!d!nreilInromc..lK’a:!M U2 m|+C 3K *49 
Prices at June S= Next sub. day June M 

Bnh. of Zuidn. ft S. America Ltd- 
4088. Queen Victoria St . EC*. 02-8302313 
Alexander Fund til Si ft - | . 2 — 

Net asset tulue June 31 
Banqne Bruxettes Lambert 
3. Rue Do la neconce 8 1000 Brussels 
Renta Fuad LF.. -11,865 1.923] -JJ : 782 

Barclays Unicom InL iCh. Za.) Ltd. 

1. Charing Cross. Sl Heher. Jrsy. 058473741 
Ocerses* Income -.146 8 50 01 — 131 U25 

L'nldoHarTniit. . . SIH1H ILW ...Zl 420* 

Unlboad Trust. ..IR'SUQJ* UU?I 1 800 

*3. u eject 10 lee and withboldinc taxes 

Barclays Unlearn Int. tl. O. Man) Ltd. „ . _ 

1 Thomas St. Dou Bias. I oji 082**858 « p Group 


Kleinwort Bcdeoc Umibyd 

20. Feuchurrh St . &T3 3i-£Z> C 


VSoS I -1) 

163 * 5T 7! ‘ 4 :u 

73 9 ,-J.e ill? 

srm.es 1 

susii-a |. — I 7 ^ 

Sisis » j q.t-, 

SI'S* 79 _ -c.l let 

15 65 lO.fcd 1 ' 


OSO^i-Lxl 


KB act as Loudon payir.E airsr.to oaiy. 
Lloyds Bk. (C.i.l L7T Mgra. 

F.D. Bo t IBS. SL. lluher Jersey 

Lloyds TraO’seu. 150 4 614) | ii* 

Neat drslitis date July 17. 

Llorda Tutcrnatloacl Kginnt. S..“. 

7 Rue du Rhone. P.D Bor 170. 1211 Gtm tr.= 11 

UovdJlnuGrowih.jSrniB iwtt I I fe.: 

Lloyds I at. 1 ncomr . |Sr3J j SJ Jliitl 1 c i- 


Unlcorn Auil Ext. . 

Do A Utt Min.... — 

Do Grtr PaclOc...... ... 

Do.lnU Income- ....1385 

Do. 1. of Man Tst 
Do Manx -Mutual 


» 

62.2 


-M 


160 

170 


Throe Quays. Toner H*!I ECJft Br+J. 01-C.j 


a. so 
890 
140 


Ailoolir June 20 
Ausl.Ex. Junc=I. 
Gold Ex. Juno 21 — . 

Island — 

lAccum Ua:ui 


SIS2S 
SIMM 
S5'S»20 
U4L 
176 4 


,t?CJ 
2511 .... 
iau .. 
132*1 -0.1 
lt7.7| -IJ 


Samuel Montagu Ldn. Aglc. 

11*. Old Broad St. Ei'i:. 91-526 L'. 


Apollo Fd. June 14. 
Janfut June IS . ... 
117 Grp Slav 31 . . 
117 jereev May 31. > 
1 17 J rsyG sJ une7 .. . 


8F4S49 
IKxUSl 
siTir ra 
£5 05 
£JL55 


K-5SI 

331 


ilii] 


57.11 

"4 

. 414 

Bishopsgate Commodity Ser. Ltd. 

PO.-Btus4ftDouslaa.7oM. 08J+239U 

ARMAC-Junej Stll — 

C.\NHRO~Jiine5 . U.155 12^ . M .J — ■ 

COUNT— June 5 lOJU 2.6651 L97 

Originally issued at >510 and —fXDft 
Bridge Managetneut Ltd. 

PO. Bos SOB. Grand Cayman, Cavraon Ta. 

Vbaaht JuneZ ... .( 5T5.3J8 f f — 

CFO. Box SW. Hon IT Sons , • 

NiBP0nFd.June21.^17M p[ . t 17a| J 0.70 

Britannic Tst Rlngmi. iCI) Ltd. „ 

30 Bath SL.SL Holier, Jcrrey. 053473114 A- 

Starling Dawoluatod Fda. ^ ,0b Bou,e,,ard RotmI - 1 

Growth Incest — -ISJ5 34 0j -17 J 80 
86 J —8.4 1M 

1«^-J.l J-SJ 

2M-0.J1 LOO 

2.CKU-0^I| 12-00 

IIS. Dollar DeiicsnlnatH Fds. 

Umvsl 3 Tat IRWIIS 

lotHIch IcL Tst I5i.i58.47 181] I 98 

Value June 23. Next dealing June 2ft 
Brown Shipley Tst. Co. i. Jersey) Ltd. 


Murray, Johnstone Hot. Adrirer) 

1S3. Hope St.. GlDS)loiv. Cft 

•Hope Sr. Fd...> 1 5'.'3J1&3 | j — 

•Murray Fund .1 5‘.;;2Ll? \ J — 

•NAV Miy 13. 


IntQl.Pd. 


79 8^ 


NAV June Id 1 SL’Slfto-i 

Negit Ltd. 

Bank of Bertuu-Ja Bl'iCf . Ertrfu 

NAV June 16 ;C5 41 — )-J.C'| — 

Phoenix ZotoruGfinnsr 

PO Bos 77. St. Fetor Tor, Gucrr. -•<?/. 
lisfer-DoilarFund |tt:3 2.5:; .{ — 


Property Growth Overseas Lif- 


P.O.Box 5R3. St Heller. Jersey. 05347*777. no,_. hT ' 
a. I ^ tnn m »+++■ i»m JinJi tsoiLUi-raiiar 


VS Dollar Fund -I 
SIcrJtnfiFunQ . | 


Sterling Bond Fd. ..|QD 07 1303! | 1280 

Butterfield Management Co. lid. 

Bm rSt ..l 1.98 Qnesl Fncd ««»*'• 

BumwMom . 11*7 2 G4| IM.-J 5 85 P O. Box 1W. Sl Heitor. Jarecy. wdi**. 

Prices at May 12. Nort auh. day July 10. Sues; stlyrvdinu j - 

Capital Isternstional SA. §{Jg! (Eel Bri C! ‘ j 9t'l; 

37 ruo Notre- Dame. Lusemhourp. Pncey ct nen difthn; 

Capital InL Fund .1 51S1780 I 1 - Rjch^nd Ufc L -J. 

4®- Athol Street. Doufilr.M O M. IF. J - :.V 

qi4(83i?» uiThcs. Iror Traci. ;129J . ::: :j -u.j; ... 




Charterhouse Japhec 
1. Paternoster Row . FT* 


A dim ps 

Adi verba. . 

Fuudak — 

Fondia - . 

Emperor Fund.. 
Hlspsno 


mm w 

D.»i*9» 

ni£EJ8 

PM2178 

JSl'SftTl 

m'iW!2 


-33M 


534M+0-101 

35 ttt 


22rt|+DJ0j 
301 


580 Richmond Bond T- 175 3 1CJ ‘ 

Do Platinum Bd —1123.7 I» ? -3 J — 

do. Gold Bd titVi i l'j* •:[ ; - 

277 It -l-i! 11 


Sl 5 
5*2 
5.68 


ft BO 


Clive Invest meats (Jersey) Ltd. 

FO Sot 320. SL HeJier. Jersey 0534J73SI. 


Do. Em 97102 Bd . .)!:£ 3 

Rothschild Afset rilnszccnrent 


r 0 Bos 33. Sl. Jisl.ant Cl G«m-w 
O CEo.Fr ht.it 30. . *55 ? 


. o:s; j-.tv 


1180 

11.00 


1.82 

un 

1.90 »Spoc.EJt.June7'lte45.1 
1.90 •Recovery June 7 . .)1B9S 
A 40 -for ti 

SS Scottish Equitable Fnd. Signs. Ltd.? 
3 02 '28 St AndrewiSq. Edinburgh 031^309101 

SfS Ineoaro L’niu M9ft '«3J . .. J .5J7 

Areuro-Unna . ....phi 59i| 4 

Dealtltfi day Wcdnaday. 


'587 


3.44 Setag Unit Tst. Manager's Ltd.? (al 
J« pOBex 51I.Bck!hiy. Hfc-.EC 4-. 01C36M0O 


2 08 Seha* Capital Fd... 132 3 33.K +03 5 92 

200 Sebae income Fd.. [298 -0.1) 


1136 


2.08 Senas income ra_ ..izf . a 11 

J-S Security Selection Ltd- 
593 15-18.Unrolnslnr.Kieids.WCS. 01-fflIfl!QW) 
5.93 UnvIC.thTiU Ace... 1248 25H ... .1 ftft9 

055 UjtvlGthTstinc.. .Pil 2£5^ . ... I 2.29 

Stewart Unit Tst. Kfenagere Lid.- ta) 
l.g 45. Charlotte Sq- Edinburgh. 031-2363271 

3 9q TSlewart American Fund 


6.86 Standard Unit* 64.7 

Accum. LnlU - 69 7 

a 35 Withdrawal I'nltt .. 51 6 


1.40 


435 

ASS 


Prices on June 31. Next dealing 

Carltol Unit Fd. Hgrs. Ltd.? (»Xc) 
MlUnorn House, NewtasUa-upoa-T^ne 

SESfa: vsszfii- SU ::::::! 
&SS£lSfaj» f «Ld 

Next dealina date June 2ft 
Charities Official Invert. Fd4> 


6 66 EyxF^. 

10 84 VTne Foroily f«L, 


SUBS 

5.92 

3.92 


U3 

U) 


Tnutec .■*. 

(Accum. Unit*)— .'.(27U, 

Chari bond June 20. 

Chari (d. June 20.- 
1 Accum. Unim ...... 

PensJ^Junr 10 ... 

ManuLife Management Ltd, %ESyIEET: 

SL Georjte'* Way. Stevenage. 0*3866101 Tara« Eoullv. „ . . 

Growth Units — 150.1 52,7) -1.8) 455 Tnrgct E.v June =1 _ 

Mayflower Management Co. Ltd. J^ciitFute 

14/18Groxhani SL, EtTJV 7AU- OlftOBPOW Targat Growth 

Income June =0— I1077 113* I ftU Tanret Inti.. 

General June 2ft. ..1690 715)- ..J 5J3 Do.Relnv.Lnin..,.. 


69 
74 

4J9 wntHtrawni t niix. pjo 55, 

4J9 *stcmut British Ccpiul Fuad 

5.41 Suudniri . -1323.4 14491 .! 

541 Accum Units P52.8 16* l| i 

425 Dealing tFti. *Wed. 

* 25 Sun Alliance Fund Mngt. Ltd. 

Sun Alliance H*e.. Horzhurn. 040364141 

.Eq.TfIJutM Hf£2HQ 222 21 I 4 34 

...7l9«2 10021 -0 Jl 338 

784 


666 


JU Target Tst, Mngrs. Ltd.? (»HS)- 
5 87 31. Gresham Si.. ECft Dealing*: 038659*1 


77 London Wall. EC2N 1QB- 
iucotne Jtrac30— -,|U14 — 

Accum. June 20 (253.1 — 

♦UnautK Only available to Rag. Chanties. 

Charterhouse Japbet? 


01-SB81B1B Mercury Fund M a n ag er s Ltd, 


Target Inv — 


30. Grosham Su EC2PSEB. 
Mare. Gen. June Sl .1185* 


Ace.L'is June 21 . (??l-9 
v.lm.Juneat-pA 


. Paternoster Bow, EC4. 
CJ. Internal'! .„. — B3.8 

Arcom Units 280 

CJ. Income — Hi 

CJ.Euro. Fin 26.4 

accuhl. Unit* — SS.6 

CJ. Pd. lov.TSt— .... 27.1 


Aocmn. Units .....SU 
~ ' ic =1. Nexl 


Price June : 


HI :::: 

54J ... 
210 .... 

SJ::; 

_ ... . 
ext dealing June 


01-3*83800 


105 
105 
7 74 
506 
306 
506 
3.64 


as 
6 * 0 
740 
22i( 
266.) 


01-4004605 


B 


Pr. Juna^l. 

Inc 1 


2ft 


AremUtA Juno 2 1.(690 

fSStgt&mJb 

Midland Bank Group 
Unit Trust Managers Ltd.? (a) 
Court wood House. Silver Street. Head 
Sheffield, til 3RD “ ‘ “ - 

Commodity A lea 
Do. Accum-- 


402 TcLPrel — 

4 62 Coyne Growth Fd. .. 
155 



5.90 

400 

H? 

507 

3.00 

5.07 

108 

1.&C 

3ja 

S- 55 

22A 

1155 

4J3 


155 Target Tst. Mgrs. (Scotland! laKhi 
442 10, Athol Crescent, Eriia. 3. * 03 1 -=96621 .ft 

4-42 Target Aroer.Eaglc|27.1 291ol-01[ 1J4 
Target TWrtlo--...T|3B 7 <L6( -0JJ .5.97 


6U 
76 a 
167 




1507 

JS5 


(irowth— — 

Chieftain Trust Managers Ltd.VfaKgi uo Aomin. (H3 

New Sc BC2M4TF. 01-383 3BS2 5d p K* i .ft t "— 

mfissywff - . U=A « £«-• 

Confederathm Funds Mgt. U4-? «■) 

SO Chaneciy Lane. WC3.A IRE 01-3120282 Equity Exempt 

Growth Fund ..|4t5 430) I 4J5 JDo._Accum." 

CbsmopoIKan Fund Managers. 

3a Pont Street. London SW IX PEJ. Q1-C368S05. 

CMmoboln.GilLFd.I173 1I0| -0.11 « 95 

Crescent Unit TsL Mgra. Ltd. (aXg) 

4 MalriltaCraa. Edinburgh 3. 0314304831 


■Price* at May 3 


3*.4d +0.1] 

' MU Oil 

553 -0.1 

Mi —Oh 
iS«| -07i 
1093) 
.1093 


Extra Income Fdt,_ 1583 62.71-03)10X8 

Trades Union Unit Tst. Managers? 

■rei 0743TKMQ JD0 W codSIimfi.EC2. . 01-623 Still 

gf IS TLTTJonel -—-150.1 53flf . ..J 530 
Transatlantic and Gen. Secs. Co.? 
33? DI-BO New London Rd. Chelmsford 0245 5 Its 1 
323 BarhlcanJuneSa.. 1741 .7871 . f 50* 


323 

AM l.V.t-um. Unite ) . 1110 

6 65 BarhJJxpt Ma-.-Sl... 130 
2J0 Bnrtm June 22 ... 780 
2 20 lAreum-Unmi— ..97.3 
832 Coletso June 23- ..1231 
8 52 tArrum. UqiLxi . |14B4 


5 4* CumhW. June 21 .(50.3 
5 *9 (Arcum Unlui 


Cretcpta Growth — 126.7 


Cm. ltuarmitl.— p7.* 
i.Hj5fi.Dlrt-.r 


High. Dirt _.R25 
Crex. Rexorve*. • 159J2 
Cre*. Tokyo | — 


400 
0 75 

4*2 

030 


If 

103 6 

1056 . _ . 

Next deal i DC June =0. 

Minster Fund Managers Lid. 

Hi tutor Hue . - Vthur SU ECJ, ' 01-633 1 050 

Minster June !2._|353 37.3) . I 557 

Exempt Mag.- Jl |90 7 *47| 

HLA Unit Trust Mgemnt. Ltd. 

Old Queen Street. SW1H BJQ. 01-8507333. (Aenui Unite.) ..! |4£ 1 

MEA Unite. . -.139* 4191 - | 4=9 IrtcfcfrJuneK g*5 

lAeeum L nitx< ... -|70J 


548 


Glen Juno =o - • |SZ 

(Arcum Lolte» 169 0 

Marlboro June 30. .152.1 
Aerum Unite) — 159 ft 
VanCuth June fflpO 0 
(Accum L'nltsi . . 161.4 
VanTiyJuneJj — .|7ftl 
Vans T'eeJuneSl (455 


Mutual Unit Trust Managers? (axgl 2 


Discretionary Unit Fund Managers 


10. CopUiaU A% e. . ECSK 7BU. 
Mutual Sec Flux W0.J 54 
Mutual Inc Tat- --Jrajj 


01-006*003 Do. Accum... 


73 6 



2ftBlomfleMSt,EC3M7AL 01-0384405 SSSrtSgh^. |»8 


Tyndall Managers Ltd.? 


Diac income — |16O0 1710) -LB) 5 26 SSSTVnd ci^mexetiT "" 

E. F. Winchester Fund Mngt. Ltd. 3i. SL Andrew Sauare Edlaharfh 031-550 9151 f r vg .^ J ";Sfte! ' 
OldJewry.ECa 010OBS1BT IncmneJuM 13.. -IK64 Igtf 602 Exempt June 21...' 

Great Wine hector.. 1180 ljtt | 624 1 ' Kg ?«3 SH l Are um Unite) 

OLWloeh-er O-soatfW.O . «■?.... 4 ■» CapL JutjcM - U2*> 15141 36« InL Earn, JunoSI-, 

1 (Areum Unit*).... Its* a UU| 3 64 ( Accum Units'— - 

Emson ft Dudley TW. MngmnL Ltd. National Provident urr. Mngrs. Ltd.? pret. june2i 


SO, ArUngton SL, S.W 1. 
Emm Dudley Trt (673 


01-4007531 48.GracechUrchSl .EC3F3HH 014=34=00 


(Arcum. l r nite> 


380 


N.P.l Gth.Un.TK- 
> Accum. Umu>* 
NPI CTneas. Tratt .. 


W5.2 

652 

1246 


m 


n-5) I 

Equilas Secs. Ltd. (ftl (g> 

41 Bisbepwtei eca 

progrreslve 1650 «-!-»■*» " « -fMo’S t* N«t tatag jJm » 

Equity ft Law Un. Tr. ML? (aHbXcj National West minster? (a) 

Amen ham Rd- High Wynmjbe (MM33377 10], Cheaprid*. ECVd®?. piece 0000. 


72? Scot* Cap Jtuiu 21- 
f.vccum LnlU' 


itcuL Inc June 21 


Equity u Law -!- r .-|645 670( ... 4 400 

Framliagton Unit Mgt Ltd. (a) 

5.7, Ireland Yard. EC4B30H. 01-2488871 


Capital (Acnira-i- 
Extra Inc... 


6*2d 


Financial — - 

in I 




^4 


AauerlCHi>- 

Capita l Trt. 

Income Tot. . ... — -RO10 
InL Growth FA. — QO60 
Do. Accum. 


100 

5.92 

715 


”6 ft 


-8.11 


rty 
93 2 
37 4 -01 


-0.1 

+0! 


4 32 
a 0b 
535 
514 
6.80 


Do Accum - . .. 
Financial Frio . 

Do Accum 

MieMnr Frlpmy 
iniamational— .-130 7 
Special Site - 


976 

102.6 


178 4 

1874 


1252 

1316. 


175.0 

u;i 


110 6 . 

116ft 


1560 

1«0 


=436 

255 S 


1710 • 

264 6 


94ft 

1042 


173.2 

129 4 


US* 

143.4 


16=4 

170 6< 


(163 4 

171.5 


res • 

ssi 

-0 7 

ns 

872 

-0 7 

36 B 

39 5 

-01 

92 8. .. 

460 

-01 

14 8 

is i 


110 

192 


60 4‘ 

64 4d 

-0 2 

M7 

330 

+0 1 

006 

■32 7 



827=32211 
a 30 


428 

703 

,515 

r«5 

.559 

855 


TSB Unit Trusts tyl 

206 21, Cbajitn a'ir, Asdevcr. Nanu. 


Growth Inv., 

Income.. - ... . 

Portfolio Inv. Fd. 

Universal FtLlrti . 

244 NEL Trust Manager* LfcLV taiigl ■ DeaJUifis.to om 034K-3 

*44 Ml ton Court. Dorking. Kurroy. -Wit 

BSaa-S, JHiai 

Far >ew Court Fund Managers tat Tsb Scottish 

tite Rothschild Asset Management [>» Do. Arcum. 

Norwich Union Insurance Group (W Ulster Bank? (ai 

i* n»k.»«n+iMReumn «mwa»*i P-OBox4.Norwirh.NI4.l3NG. 000322300 w arine Street Bcllasl. 

cVc^lS Sa^ Irta^^lSl Group TYt-Fd.—— -13373 >H31 -03) 521 (b.Ll*ierGro«h,-|361 

G-T-c^inc g.u ,gfa^U ||g Feari Trust Managers Lid. (a)igi(i! 


607 

Woo 

544 


Clive Gilt Ftl tCl.t (1005 ID 077 | 

CtlvoGUt Fd. tJ&i- 1.110.03 10 05) | 

Cornhlll Ins. (Guernsey) Ltd. 

P.O. Box 1ST. SL Peler Pori. Gucrasey 

Intel. Man. Fd (X&B-Q I33.D| ..._.( — 

Delta Group 

P.O. Eos 3012. Nasuu. Dtthama;. 

Delta Inv. June 13.. IU0S 1.94J — 

Deutscher Investment-Trust 
tatfach 2863 Blehe.-finuaS-lOGCDOmiikftixt. 

Concentra „..|Dsa96H Z9<q) f — 

1st. Aenumfonds ... |DUM 10 — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712. Nb-isbu. Bahamas. 

I.NA.V June 20 - ,._-l«as«J 3535) | — 

Emson ft Dudley Tst.MgLjrsy.LUL 
P.O. Box 73. SL Heller. Jerw.v. 0534=0591 

ED.LC.T. - jUO.O 127 01 1 300 

V. ft a MgraL Ltd. Inv. Advisers 
1 -ft Laurence Pountncy Hill. BC41TOBA. 

01-823 4630 

Cen LFd. June 14.. .[ Sl-'S500 | I — 

Fidelity Mgmt. ft Res. fEda.) Ltd. 
T.O Box 070. Hamilton. R.-muida. 

Fidelity Am Am- -I SUS2S4* ... 

Fidelity tnL Fund I SUS21.Z5 -0-7 
Fidelity Poe. Fd.„| STJS4hJ7 
Fidelity Wrld Kd _I SUS1425 
Fidelity Mgmt Research i Jersey! Ltd. 
(-Waterloo Hse., Don SL, SL Holler, Jersey. 

0534 27561 

Sfflrl SB; 

Series D CAxa-^Sl- 07 (Art 

First VHdng Commodity Trusts 
B.'SL Georeo's SL. Dotiiilafi. I-6.M- _ 

5aP^I Kail, LoiidonSWlfiUH.* 016307857 

iffiSI ht 

Fleming Japan Fund S.A. 

37. rue Notre-D+me. Luxembourg 

rims-JuneS! I SL'S4S.K ) | — 

Free World Fund Ud. 

Butterfield Bldg.. Hamilton, Bermuda. 

NAV May 31- ....) 51^17*^ j J — 

G.T. Management Ltd. 

Park Hie.. 16 Fiovbury Circus, London EC2. 
Tel: 01 -038 613L TLX- 860100 
London Afiente tor 


O C Inc Fd. June !.. 

OC.iall.FdT 

OC.S.-m'cFJ'.lyai . 
O.C.CotnaM>dii:* 


255 -?r.! 
iff-! 


1-77 1 
:J 23 
[Wfc? 

v.i.. ^I'uijH'uu; .. .Lit 11 7 2 c] [• 

O C . Dir CoBdty f .fcJilZ • i 

•Price on Jane 14 7.‘e--t 4 la-; 

tPncw on Ja=a 2L Neit di-L=; .'u!y 


Royal Trust iCfi Fi Kg- Utl 

P.O Box 1E4, BoyiH'.:. ”-.e.. J l-.*- 0:c,-j: • •: 
R.T. Inl'L Fd. - - !Si'S924 -T' 3 j .. .. 1 7 

H.T. Ibtl.iJci'.lFd. jJJ-l <::| . I : V. 

Prices at June IS. NV-x; cier.l.'a>; IS.; 1- 




Save & Prosper 5&ten3£:i3Sfti 
Dosllnx to: 

37 Dread SL. St Helicr. 1 srs 2134-2“ 

f'S. DolLtr-dcooitd mice Foods 
Mr Fxd. InL'* 

Internal. Gr-= 7 01 7.z2- 

FarSosicrnri -4149 
North Aniencan'r j 79 -77; 

Sepro-t. i004 lS7k| 

SterUnrr+iroatnln&tis'l Fladi 
CBannelCapUai0 .I22B1 2W 21-20! 
Channel islands^.. |l« 7 1 *;;|-ij 

ComnuKt 
SL Fixed 


i’*7l 

1*74! 


5 5“ 


-$nj — 


"Prices an -Jt.ne IP. "Jenc 

tWcckly Lealinfis. 


x : 


•-'use 2ft 


m 


Schies)ager Iatcrs?itosiat Sinri. L.C 
41, La Motto SL.51. Hciicr. JctSvv. t«3i~”- . 

S+LI.L- |SJ Ml - .1 -e 

S .VO I. . - 50 M 

*#«--- Sf 

51058 


Intl.Fd .lerse;--.-. 
Intel Fd U)ir5rc 
•Far E+st Fund 
■Next 


OSS 


mb. 3use 12 

Schroder Life Creep 
Er.lcrprlie!:oL-se. Foru&octh. 

J a tern ml md Fond* 

Bquils -.11192 

SEauity jll/i3 

£Pi.'xa Interest — i!3t 1 

S Fixed Intoro^l ^2^3 

CUanaeed .1150 u 

SManaceit _...|115 * 


iwV> -2l 5i7 
31 15!-C.')J] - 

ie:» 


2:2 £ 


2-M.7I 

Ills 

iftii 


J. Kenry Schrader Wa S3 i Ca 1. 


130, Cheapsldc, €C.~ 
Chap S June 22 - 


.l-Mi 


305 JUI 

T rural fa.- als> 31 
Asian Fd. June 12... 


DcrttncFnd 


Japan’Fcl June !3. 


^ .CT 

15=02 i'-tI-wh} r.' 
KsLii 7 si; . . • 0 : . 


1 ,173 

J+O.OS 1285 


+ 0.1 


Anchor 'B' L’nite ....BTSai* 

AnchcrGllt Edge. . W02 

Anchor InL Fd gliSiS 

Anchor In. Jsv. Txl. 26 2 _ 

Berry Pac Fd. - . 517545 05 

Berry Par Strifi 1275 03 

G.T. Arte Fid. (KHKB.71 9. 

G.T Asia Sterling.- 0307 14 

G.T Bond Fund. .. . SUS12.K5 

C.T. Dollar Fd SUS7.09 

G.T.PaclticFd . -I SVSS 
Gfutmore Invest. Ltd. Ldn. Agls. 

=. St. Mary Axe. Louden. EC3 012833531 

Gartimre Fund Mart. iF*r End Ltd. 

1303 Hutchison Hxe. 10 Harenuri Kd. H_F.enc 
HK & Pas. U. Tst. . .pmiZ J <RJ+01l?5i 2.M 
Japan Fd — By5UBl ]««..) O.M 
American TSI... htnilf UJU? ... ; 15 

InU Bond Fund-.- lUSMitS laftUI .... I 5 70 


-0J7 


Cmtoart lowdonl Nap. LuL 
P.O Bo* 32. DoesmsJoM. 


Garlmoretnll Inc 
Gannwrc Inti Grtl 


65.1 


13 90 
4.0 


Hambro Pacific Fund Mgmt. Ltd. 
2110. Connaught Centre, Hong Kontf 
Far Eaat June 21-_|lft22 12.B91 . I — 

Japan Fund m’STAJ 7O|+0.ie) — 

Bambnra (Guernsey) LtdJ 
Hambro Fund Mgrs. (CJ.) Ltd. 

P.O, Box 86. Guernsey 


Sentry Assurance Interna' lotal L'.Z. 
P.O. Box 326. Hamilton Bemutte 
Managed Fund .._.|«Lii:'.a lt+’-C t — 

Singer ft Frioclandjr L j. 

20, Canno.i SL. EC* 01-2,2 r -.- .' 

DchnJondtf -Ji'SCS 4: ftw! . ... | 

Tokyo Tsl Junsft..| ILiOICS 1 .. f *-*■ 

Stronghold MaiiESJK.’r.t Uniltcft 

P O. Box 315. S:. Helicr. Jfrie/. 0M4.7 

CoRunedityTrust . 192.23 577*! .. . .( — 

Snrinvest ijersevr 7Jd. 

Queen; Hre Don . RA Si HcLir. -. » 2.T. 2 

Amertcaalnd.Tsl...!C238 ft-'-v-O P.'[ — 
CopperTrasi .... ..|5i0 7-7 lil.l-n>): — 
Jap Index T»l — ItllTa 12 20i-6tn — 

TSS Unit Trust IZzr.^e-. l : s 
002423811 Fifialcl :e Bd.. 5:. Sane-ur. Jrr-, v. C.'X.ft,-*. 


L75 
279 
a 39 
1.00 
168 
141 
450 
070 
L15 


.:j 


Jersey Fund -- 
Gucrnsev Fuad 
Pnees on June 


■ jj*” No- 1 su 


1’^f 


t. 

suh dj>l 


CJ. Fund . 

Intel. Bond SU9 
InL Equity JUS 
InL Svp* -A 1 SI’S] 
InL Sves. 



ii.: 

B 1 sosilot Lui : . . . 
Prices on June 21. New dealing June 28 
Henderson Raring Fend Mgrs. Ltd. 
P.O.Box N4723. NfliMu. Bahanue 


Japan Fd pl'SHU 1UH . ... | - 

■ June 21 Next deal I nd date June 23. 


mcea on 

Hlll-Satnuel & Co. (Gnenuey) Lid- 
8 LeFebcre St- P«er Pnrt Guernsey. C I 
Guernrec Tsi - - -|14S4 155 6] .. | 3 65 

HID Samuel Overseas Fund S.A. 

37. Rue Notre- Dame. Luxernbours 

Wa*) 19551-0.071 - 
International Pacific Inv. Mngt. Ltd. 
PO Box R237. 56. Dn St Sydney. Ausi 
Javelin Equity Tbi ISA2.07 2ft0|-D04j — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 1 84. Royal Tst. Hae- Jene+0534 27441 
JerwvExiral.Ttt. J16J0 173 0! I - 

As at Mav 31 Neil sub. day June 
Jardine Fleming ft Co. Ltd. 

4©h Floor, ttennaucht Centre. Honp Ron 


Tofcyo Pacific Hc-dincs 
Inti ml a Mtuiafcnenl Co \ V. Cera.--**. 
NAV p-: shore June IS *V?}& V- 

Tohj-o Pacific Hldgs. (Seahcr.rsi 
'ITci -rt*"! Jr.timls llaQBserrsnf Tn v.v.. ?:r .---.-.r 
‘ ■ 3TO NAV per ihare Jun« 16. 51 SIS 7; 

TvndsII Croup 
P.O. Bex 1X6 Hamilton 3, 

Cierre&s June 21.. 
iAscuki Cnitt. . - IEU53JJ 
2-V.'a« Int Jure 22. [V -loti 
2 New Ft- SL Hriler. >re:y 

TT'FSL june=2 f? 7? 

lAo.un .‘aioresl. . u, -.0 
American June 22. >22 £ 

1 4:<;um <t»arc»i _|‘J2 5 
Jersey Fd Julie 2ft 1114 D 
iNon-J. Acr.Vu 1 ..1273 ? 

Git) Fund June 2? .jlC^j 7 

(AeeunL 0 


a so 
ft so 
£50 
3-53 


V-.ii * "• r 


1 :.cc 


1C. 




^’tetmry Etouse. Poerft’o. 

J tan aged lunc 2ft IJJ9 5 12s 


JardiaeRnn Tsi 
.Tarditie I'pn.Fd ■. 
JcrdineS E A... 
JardlneFlPBvInr. 
NAV Juno 15. 


ISO 

150 


SHX254J6 

SHJ5SU5 
5US1624 
5HK9 70 . . 

- - Equivalent SUS71JH 
,4ext suu June 20 
Keysetes Mngt., Jersey Ltd. 

PD Box 83L Sr Holler. Jon+y. fErg.O].000?nTil 


Fonaolex 
Bondeelox 
KcyBclo'iInt , l 
Kc'-'selex Europe-.. 
Japan Gth Fund 
Keyselox Japan .... 
Cent Assets Cap ... 


F--JCJ 

MB* 


L553 
12SO 
729 

. - - 4 46 

si'san du 
0274 1392 

033 SS 




2 *HI 


•ObO — 
♦0 03J . .. 


Utt. Inenl. Tnafsini. ‘CS;. L.-'.. 

II. lluU-abtor Slrvo'.. S'. Ht 
K'Bnicd.. . Hi' j* 1 14 * : -i 

United St atm Tsi. In!:, au: 1 . C-i. 

M. Hue Aldnnflcr. Lu’emb.'-jr; 

1 S Tnt.Inv.Fnd j I'. 510 4 1 | j >; -.j 

Net ftF'et Jin-.- 23 
S. G. Wzrhnrg ft Cl. L'.d. 

t. : re;h jni SI.-i'k!, ECK C-i-CIC--!7 . -• 

rn- HdFd. jjac'jfti !T.M.r;- I- 1 :''; — 

F.r.r. tnt Juno 22 . I t* 517 *2- l-C ?'• — 
Ur.-.t*rd MflvJI .J 3 - | . — 

Hr Fur Jun-*=! IHiUJi 2 '-r. ..I — 

Warburg Eel os t. 'tir.ci- .)5y. L‘.iL 
! i'harincCrei r . S' Ho!',«r “ Ck - '.T-. I 

CUP Ltd. liar 26 111 AS?:; i:nl . j - 

l. MI i. Id Ha- -25 05 5J ftft 

Vrt--il'. 1st Jure 16 |::2 17 12- ;. i — 

TMT Junes -iH-DF L’" . — 

TMT— d Junot) IC10 « 10 M . . — 

World Wide Gror-Ki Mscr^raeatv 
fii Boule.-ard RfjO! , -u--rr.'.P..^r,’ 
n'crldmOi 1 Gin Fil SL Sit 2* 1 ‘ i — 


NOTES 


Prices do no. include S premium, except whin? indicated t. j ad arc :r. P'-nce i::: - - •--. u..-.or.i . 
indlealed Yield* % ixhrvn tn Ism column altow tor u!l buyim; exi<-.iy-.s n rr,-.- 

include *11 expenses h To-day's prices e Yield bnsrc! on offer nxiee U ll'.-m* 7- ■' ■ .' 

openinerncc b Ul'tnbution Irecot r K. ui-.e; p PerSoritt premium In -u-r . •> : 

premium lnutirance. x Offered price include;, all exp*- , nrex «x<-ppi . iT.i.ni.i” 

OHered pnee includes all eipenses If bu»ch> tnreurn m.wb'tor/ r r're-i-u- > p.i -.-. 
* * — -rest-.i- i;r> •£-•• j jMiii'"--'. / . -. 


V .Vcl of Ur on realised capital palru nnfe r mdf cared t.< O 1 Gm’riU 
. ♦ Yield belere Jcrv:> Lit. t ft.-wibdlil--ieu. 


6 02 
26b 
521 


0C64SM38 


|U»*^ 

Friends 1 PrevdL Unit Tr. Mgrs.? 
Plxham End. DorUnfi- O3O05O5S 

sssaa^e i vtixi ss 


MSB. 

469 


55ft 

594 


572 

6094. 

-02 

5*6 

63ft 

-0ft 

in- 

871 

-01 

877 

5Jft 

-01 


3.91 

SOI 


m 


.T. Unit Managers Ltd.? 


S& 

G.T. L'JEL fiTCen }*?■* 




GTj«t>anJcGm!- W.T 


*OL Pena.Ex.Fd— ..L, 
C.T.latX Fuad — g 2?«- 
G.T. Four Ydst'iL—lMA - 


169. 


“If 


BK?? 

*2? 


KKiasai 
3S« ... | 344 
Unit Trust Account ft Mgmt. Lid, 


2« ^ ,*„ Kins Wllltani St. EC4P-SAR 


- E Knars Hse Fund.,. 1153 0 16ft 


cm r n+r-4 me Fund.-,. 1153 
646 Wirl«TGrth.KDtt.^U93 


& ft A. Trust (Dig) 

RayJ^thfld.. Brentwood 

PU 


Peart GrowOi Frt 

i-55 Accum Units — . 

5“ Pearl Inc Ug9 ,3X3^ -0 1, 

JgJ PearlUoftTsL... .®* 3£ffl-aii 
(Acetua Uniyi. .-...|43 8 47 2J -0 g 

Pelican Units Admin. Ltd. (ffUxi xinsWllllaaiiik.EClRSAR 
rtHTT) 227300 ill Fountain &T-M*rv: hex tor 061-'JS8 568f> Income L'nite. 129 5 

AM Pelican Unite |aiJ, *7$ ,„.j Amua. Uiut* , 


527 Do. Areum. ... . .. ... (J4 D 

527 wieier Growth Fund 


f ! ::::J 


01JCft4951 

4.19 
436 

4J6 




01-623 4351 

4.33 
4J3 


Three ino:i:>t Tin 


I.G. Index Limited 01-351 3406. 

25 Lomont Road, London swiii OHS. 

I- Tax-rroc trading on eomaituiity fnlure«. 

2. The commodity futures jnarhet for the Miia!!*-r i? 


CLI\X INVESTMENTS LIBHa^H 
-1 Royal Exchange A\e.. London EC3V 3LU. T^l ■ :i0i. 

index Guide as at 20th June, 1078 (Base 100 as J-?.(.77 i 

Clive Fixed Interest Capii:tl U’^^l 

Glive Fixed Interest income !i-*S0 


CORAL INDEX: Close 454-!.'0 


INSUKA^CE EASE E-A7S3 

t Property Growth f-. ri 

+ Vanbruen Guaranieer! '' 

' Aidtrih sbn-n miller !.:>ur.->r.i -'"p- “■■■ - ;, -'i ,: T+-' 


L,. 



_ 



4s. 








SERVICE 



BONDS & BAILS— Cont. 


Henry Boot Construction Limited 


Infant 

Due 


WJ 


Sheffield Tel: 0246-4101 1 1 m 


Stack 

ItUtlrdand^jpe'Sl-Sa 


Price 


lad Dta ®r 
a Gross 


Rei 

Yield 


1J 

SAT 
I \ 
30.r 


mint' 


TbpCW-ffl 

cC«! — 


'Interest 

Due 


**BRITISH FUNDS 

w "?! m. 


ID Japan V'lu *»- 

3 1I‘ I»6pcT8»Si 

W FVraA»:ipc-— 

3lT>feUlfl»jpc 1991- 
May 1 (Turin Ope 1JBL— - 
ISA lnOjTorinPrpc 13M — 

JF.MA X |l. ™euay-1**pc 

U.S. $ ii U5i prices exclude inv. S premium 


83ri 

126 

?,= 

80>« 

15.; 

9>4 

365 ul 

16 

— 

71 'j 

31 

6 

155 

34 

3 

75n 

5941’ 

31 

25 

6 9 

DT-191 

174 

6>2 

96 

25 

3': 


n.% 

12.94 


mo 

1.95 
8 67 
952 
10.70 
390 


Stock 


AMERICANS 


“Shorts” (Lives up to Five Years) 


26\I 

AS 

175C 

1M 

J.iM 

a.' 

MM 

Jftl* 

inn 

2«i\l 

IM 

i:..v 

i" 

120 

AV 

21F 

KU 
SIM 
1:M 
J. r -\ 
1SS 
3 SO 
. 5.1 

£2M 
fJu 
21 A 
17S 


2i?s| 


tih ape Tr-Tb-i--— 


BM Tim>,u> i I'-jdi ’■&?— 


37S! 

1»5S 

1 

15N 

.1M 


ItJ 

1SI 

2fi 

l.Ylal 


Treasury 3pe7!te — 
HeOncftiipc'TI-T?.-. 
Vreasiir lit-ip"^-. 

|Tr*3-ur.-^f»-lS’fC: — 


MMnrcfcurlM* ^ --■ 


[Treasuri _*_■ W— 
rlirdm.’ Sisp*- iJ , -i»cr 
EyhequsT lip: iWC 1 
Trctour- 1!';f MM*. 


I9TCS1 


t.\ 
lil 
4.\ 
21.'. 
17 V 

aox 

li'a 1 


Twaiiir; y'jjc IWI — 

n-l%iik.tr«pc 1 %l 

Evh ff’pc 1981 - 

iTKA'PjnjUeVitfl 
F.vh. Vl'-ip. 1981- — 
^ftivWjpc'MWSa _ 


wi) 

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2L*S. 


M 


1741 


InFjTreaur. T!pr S27 .. 


-Treasury IJp’. 1 _ 

rTi-At iunaMp ?±&- 
Tr.jLjur. fVjpr 

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E.eh.O-.p.'ISK.'A 

E-fh-^pc ISO 


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Five to Fifteen Years 

S9--.d! 31 



i'll 

1M 

2H.I 

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1SJ 

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22.1 
21 k 
251*’ 


1M r'uiiiiiiijF’p. 7587 S- 
2»ila Trea&lltV V-*!**- T&SWJ4. 


Jreasur? 

i.lu Trin>p«in3w. in-f* — 
lf^i Tretturynpc 0K-3? __ 
]Mj Treasure lap: llftrt-. 

l.-J TreaMui fit c! 902 — 
ll'IoTwjjic lltaprlWI — 
fiA runome .V«p>; -791 — 
22.'.' T re-sMiy Klip*' £CH .. 
2 IF Treasury mp>- I9F--~ 
2SA ta'Ji. l-'4p>- y~ 


I3“s - 
Siva ? 

8ti"-'d 5 

78>- 285 - - 
79-1. d! Ht 9M 
61'ic 25ft 4 £5 
fcS'.l '3? 772 
102'-«s! 8 d 12 b5 


Dividends 
Paid 
937 

9.43 Apr. Ort. 
4.75 Sert ember 

7.95 nita*.!* 
10 E2 JiAp.lv O. 

554 April 

10.95 December 
10 90 X® Fella Mi 

7 38 Mr.lu S TV 

9 06 D Mr.lu SP 
1135 MJCSD. 
1143 Ja.ApJy.0. 

821 F My.Au.N 
1151 ApJyHJa 
3140 MrJuSerK 

1163 J-ApJy •.!. 

8 07 F.MyAuA'. 

10 79 b’.MvAuN. 
3166 MrJe.S.D. 
31.38 MrJn.S.1). 

8.34 MyAuSF. 

1164 MvAuNF. 
11.27 M> AiiN.F. 
1135 F Me. AilS. 
1L7B MaJuflelie. 

11 81 M> A.N'.Fh 
11.65 MrJe.S.D. 

. B 32 ApJj.MJa 
1 3170 MJn.S.D. 
F.M.A.N. J 
J A J.Ol 
11 B3 Mr.Ju S.D. 
1156 J_ApJyO. 

9 93 \p.lv L'.Ja 
10 94 j.Ap.Jv.M 


Sleek 


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m 


7S"; 
9 65 ,C 
87 r 

100>4 


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q - 10 49 

1J 9 03 
3 all'll 7b 
it llll 91 
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. I. Ap.. . - 
10 481 Mr. Jc S D 


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J-'.M 1RS| 
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3S 
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17 M 

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frnxi#u.7sipc Wi; 

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101 


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— *- f 2 iJiifrrva.-i'irv lH-r»- ?T— 


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97 i -«dl Tfi22 76 


283 


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Jrcjsuri Bkpe l^W— 
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Er.ch. I'Jpc 1S90 

Treasury Sbw: lfte>S.- 
Treasury lU-.-pc 1W — 
Fui’oin- 3 -:fcfP 4'4 - 
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Treajur.'T'Ji'.- ' 
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blu 
306'; 

134-a 
101 s ; 

78: 

93 ! i4l 
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33'4’U 
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103"; 

42'. 

101 -si id 

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tii 5 51 


7 413 C5 
3^1317 


16 112 84 
mi: 6i 
14 J 12 70 


693 
12.21 
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13 31 
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711 


15ql2 95 
la ill; 42 


212 


1 

12 


1187 

11 2b 
13 27 

12 77 
1214 
12 50 

5 E8 
1211 
11 96 


3113 Mr.ln.S D. 

8 B0 Apr. iX‘l 
1035 Air .III. S.D 
1253 Mr Ju S.D 
11.59 M9>L> 

12.66 MrJf'cpfc 
1113 Mr Ju S.D. 
1277 SD.MJu. 
1247 Mr.Jc.SD 
83 F.MyAuN 
\p.luuja 
___ JuApJs.lV 

12.81 \ K Mi. Au. 
11^ MJrvS.U. 
2292 jut)e.lA 
— 9b March 

12 88 J.A.I.O. 
J219 FMy.XuN 

12.82 SD.MrJu. 
10 05 Mr.lu.SD 
12.56 M r ..| e s.rr 
12.05 MrJeS Dei 

Au N r .Mv. 
1310 Vi.i u ceL*»c 
12.90 r l > J .»■! 
991 June Dec. 
12.92 j An J%. O. 
1L67 Mr.JeSD. 
123S Mr.lu S.D 
Ja.ApJu" 

13 09 MarJnSpDc 
12« MrJe.ii.D. 
12-« Mr Jc.S D. 
12-69 Ap.Jj'.OJ. 


19 y 12 20 
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1116 

KH2loja.Apjf. 


«.v - - 

\w s'ti’nw.rr.. 

.\JIBV SI 

Mwr.canFATffess. 
,\ro.T.M«l"-. InL... 

V&rrnlnC......... .. 

lEjfccr Irlr.l forpSl. 

IBarnesiitp.S®:.— 

BetvIUUurp 

KcfhSleelSB. — 

Brown'll Fer ilSu 

Brnn.- - wiib 1 '< , n , ai: 

Rurrourhsi-'urp.Vi 

ll-BSSlSO 

iC.P.r: Si — 

(.'iterpillanl — 

k'baieMTitTiSliS- 
IChaehroushSl— - 
IChryslerSbV 
iCilientpSJ ... 
ICitvIm 51 2S — .- 
[ 10 1 ,'m.Prl. BSl 
.‘olsaieT SI — — 
i.’oll lr»i- SI. ■ 
(.■ont. IllirwisSlil— 

Cent, ml 55 

Cjt.vmZell.V* — 
Cutler- Hummer 55 
Ealon Crp SO jU — 

.Eauri: 

|E»onll 

FiresbineTireH — 

JFiKl ChKiiW 

fl-lu'x'-'erp.Sq- 
pent Motor 52 — 

Ij'ATX - 

..tan Her 1521; 

(toilette 51 — 

Huneyv-ellSl 50 — 

HurtonEF. 

BMCorpSS 

-ln3««ll nS2 
|lols‘.>ttc;i<"D 5 
1 l 1 International!! 
Kaiser US — . 
Maid Han L SJ7. r * 
More.' n-J I*' ISS15 
N'-'RonSiBiuolcr S 
littfenSrlH.Sa.U5.. 
Quaker Dab- US$5 
Reli:incrS)25_.. 
IRep.NY.Corp. Sa 

RcrjtnrdS5. . 
Riduisn-MirllJl‘4 

SjuI-BFiSI 

LshelLOilSI 

SmaeriSIOi 

Sperry Rand SOSO 

rntnlw si* ..._. 

ITenreco .. - - 
irm.liF.-USTk 91 

ftewrvp: rsa». 

tteiavuStiS 

(Tiniclnc - 
ITroreumieri'.-a SU. 
Did Tech SLS5_ 

VS. Steel 51 

jlVoolirortta- S3!;. 
Xenix Corp. SI .- 
Xiumslnt 10c.. 
ZapolaCorp 15t 


16- s { 85| 


27’s 

29 

21*4 

12!, 

211itt 

18»4M1 

307 t nl 

10';*d 
12 
59?4 
44-*s 
42U 
44*4 
25 1 
19*aidj 
89!p 
19L 
12* 
21 
17^4 
43J 
23 7 g 
21'a 
24‘; 
43 
30" s 

12 

38 

221; d 
4laJ 
23 s ; 
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13 

215 s c 

46 

19S £ 

29*» 
36U 
15!s 
17^4 
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24b; 
2Bi; d 

20?j 


25 

255 

66 

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la: 




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80c 
5% 
51.75 
SI 40 
JOl* 
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Me 

9P.; 

S2.28 

5100 

40c 

70 


30 Jj S1.00 


486 p 
26U 


261; 

16* 

34i; 

30*. 

25 

152<tl 
840 p 
20 
325: 
12>4 
34i;<d 


42id 

810p 

13d 


BANKS & HP— Continued 


Dhidfnds 
. Paid 


Shxi 


Price 


June Dec. 
Jan. July 
Autt. Mar. 
May N<n- 
lun. July. 
Yiiv. Jirnej 
Jiin. Au, 
June 
Sept. Mm 


.T. A. .it*. O 
Nor. Marc nl 


NiLBfcAustSAl. 
NaLCmGrp— 
|*».iL\Ve'T.il-— 
|5i'hroncr-£l . 
4j.iri.imbr MCfl. 
Smul'Si ;\uh 

J*itjial d'Turi £1 
iTrwk Dec SJ 50 

Union tiM.£l_... 
, ... 
•AelLi KjivuS 3_ 
•AuttnifCJip— . 


If | S WMli? 

4.11 * , 
b.0 55} 


CHEMICALS, PLASTICS— Cont 

'1 Price! 


ENG] 


IvHDfKHI 


HG^Cimiinued 


DhridendS 

Paid 


Stock 


I lad 
d 


IS? 

Net 


aaijtoi;--: 

15^ t.'.SJ* 

1331 11.49 
341155 
?0S 15 3-5 
% 5 01 —J 

305 055c 3.2| 
301 lib 81 — 

1 81741 -J- 
28y5143j — 
.333305 1 - 


Feh. AUf 
May 


Aut*. Jan 
tub. 3umH 


■let Mar 
Mar. 


52 40 
27? S150 
144 D 
34 S220 
255 94c 
95 S1.00 
2EJ SL06 
28 5 51 00 
33 S2 
19.4 SI. 00 
E5 53.15 
2SJ 5132 
95 SI 40 
45 SL90 
255 51.40 
35 52.25 
33.6 SI S4 
95 S3.20 
303 S1.10 
o.b 51.00 
233 5120 
85 iiJO 
18 52 50 
26 52.20 
261 1150 
215 51.90 
145 S0.68 
9 5 511.52 
105 53.00 
2b 6 25c 
95 90c 
95 SI 60 
TO; 52 .05 
155 D 
15 76c 
95 hSl 061 
20o 51W 
9 5 15c 
126 SLD0 
92 68c 
125 90c 
1174 - 
12hSlo0 
195 60c 
283 SI. 12 
95 5180 
95 S2.00 
30 5 1 0*. 
1191 - 
35 52.00 
222 1150 
30? 8Cc 
22S 52.00 
15 SL60 
253 51.40 
255 S2 00 
- 7U- 

12.6 s3fle 


17 
2.8 
42 
3.1 
21 
3 3 
10 
3.1 

3 3 
23 

5.0 
2.7 
63 

3.1 

4.41 
5 4 
3.3 
42 

» 

4 4 
1.9 
41 

4.21 

50 

5.21 
3.3 

Z3 i 

4 7 
b.3 
3 0, 

5 6l 
23! 


Sept. Mur 
Feb. Fe-pt 
Jan. July 
Dec. 3 unci 


May 

Jan. 


Pec. 
.lull 
‘.ug. Ft-h 
Jan. July 
April All 
August 


Apr. 

Feb. 


April 


[Alta's •lii.i'* '.'Ip 
iv B ite Kr I0U. 

[t?atbtiv«j I Op. 
i.l*‘vd;i5r , 'u2'ip_ 
Lwi Si-rit F in. li)p 
jJliwrjdteJicrc sop 
|Prm. Financial., 
itrlii reiiil I up 
Sturia Hliiss. Ii*p 
'Aa^onbmanct- 


Apr. Not-. 
Feb. Au*. 
Feb. Aus 
July No». 
Mu-.-. Mar 
FVh. Juic 
At>r. Sept. 
May N n v. 
July Niu 
Fc-t*. Mu'. 
Feb. Ntti. 
May ‘.Vi 
Apr. ».*ct, 
Noe. May 
Apr. uct! 


Ini. Paint. 


Rcfllolul l'-'p.- 

Reicrtet ... 


[r-nr^'F.-aiii Uf 


370 

272)1632 

42rt 

126 35 

73*4 

lit 2.29 

106 

155 6.77 

£27 

31.SC Q12"o 

77 

31, ri 1-38 

200 

132 +2.79 

58 

133 L61 

65 

25 h334 

220 

132 12.0 

M2 

32 1d2.31 

. 14 

31 0.68 

. 20U 

372127 

. 205 

3-1 7.83 

. 95 

5A 4.77 


1VM 
CYtlGl'sl.flE 

6.81 




FOOD, 


2 .S 


if 

ill 

2 2 

HI 


28 


4.8, 

4.7 

36 

18 

2.11 

A2 

a 

3.0 


3 01 7.4 1 


95 


751 Dec. JrJriAwys—— .1155 
— I Nov. May BsbcockfrW^-| 127 

April Baileyiu Hl ...' 

Feb. June Bata Pptfe, 

4 April ' Buni£ds'2w^-1 
d May Nov. BanroCtmaOp. 

95 you, May Barton S: Sons. 

134 May Dec, Beadordlto. 

7.3 Feb. Uci BerantftF.iSi . 

7.9 Mar. Sept BtnnidQiialeSt. 


3551 ffl 
37/1 5^5 


sum 


9.0 Jan. 


.Mtat-.!-74 


12.1214 JO 
15 5 1.76 

3.4 h2.l6 
3 l 4 h2.il 

17.4 dJ34 
Si sl33 
272 4.46 
1112 4.42 
1 61 5.6 
25 hL94 
3.4 1.44 


t;..4r 

3i| ^137 
rr>* - 

B3 1 Si _ 
Bjh?3 4 

Z74 hZ-Otj f 


” = CINEMAS, THEATRES AND TV j- 

9 4 6.8 93 .... .. v.--.- 1 to t rr 7t +4 vfl I Til 9.01 53 t*n JumBhomelkid 


2 4 t .8 

30 69. 


May Nov. 

| Mar. net 
Jan. June] 
1 Noe. Apr 


AndiaTV.V.— 
A-i Telc.-.Y'— 
.rampian'.'i l*Jp 
Ireen'Jriuj^^lQp 


23 731 


beers, WINES AND SPIRITS 

10.1 


AllsiiFrwi ..._ 
ini-l IT I0p_ 

Fsi.-.-- i.Tiarcton _ 

Bell Arthur sop.. 
BehsinBr^rciy. 
ftiidu'rtfJL) — . 
border F.wu\._ 
f.rwn iMatthcu 
iGdcfcw,''. Brea. . 
Bulmunll P> — 

RuTUTiWri — 


t u-l 
f'CL 


Fob. AueJCVl? Lon IW — 


Sue. July 
Auk. T'eli 
",uj. Feb 
Aug. Feb. 
Jan. July 


Au? F<.*h 
April N»'i 
June Jan 
Jan. June 
May Auc 
let. Apr 
Mar. Auj: 
Jan. Ju 


Vlnrk ■ Matthew', 
liiri JI«ifV3p — 

iorifc-niL'lCji... 
tauj:h Pr-is 2up. 
.rwiBillWInUey 
Inter*? Kin" 
lioannes' . . 

I'J Thl d PlSl ^91 
Irr.erjnnwn . ... 

IfL-h DirOllere... 

Mik allaiuClen _ 

Martand£l 

Sanrl^nwn 

ISmtt & New J)p. 
iToirotm 

V3U.1 ... 
iTthiibre.vi' V. ... 


DlH, JuLl'miiaiCnWAaOpl 3.7&xd| 126|3..a ; 35 


84 

33 

151 

226 

46 

1 D 6 

7b 

130 

48ri 

133 

154 

57 

132 

174 

24 

45al 

111 

263 

163 

129 

99ul 

154 

3ZO 

475 

57 

65 

112 

114 

83 

207 n! 


T3 0 ? 
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174ll»4 78 

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16: 
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31 

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126 

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310 


1-5 21 


2.20 
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17.4 


305, 

% 

ii 


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4 62 
12.45 


13 1 
300 

tJ 01 


93 

13.6 


» 

23[ 

it 

421 

n 

to 

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24 


9.4 


| May Oct.| 
Apr. Oct. 

I Jan. July 
Her. Mac 
k'ei. April 
Jan. July 
Dec. June| 


HwrdWi d3lp. 

HP. \ .V 

LVITt— 

g - 1:1. T'- Prt! i: 
ftIV-A-BD 
dlTV'.V !0p. 
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i\I«wardTViOp-| 


2721 it 18 
5W 16.55 
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Q4 23 
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; 4] to 19 
. 6 04 
25156 
132 233 

, 15l5 73.9> 

[ 153 fl.6S 


3.1 21 
* 95 
Z7 8.8 
25 65 


DRAPERY AND STORES 


14.8 

10.8 

11.7 


5.W101 


72 
9 5 
14 6 

7.7 

si 

13.7 
7.0 


Mar. Aup. 
Apt 'Jet. 
Jan. June) 
Jan. June 
June Jan. 1 
Auk. Feb 
Jjn.-July , 
June Sept, 
May 


Feb. Sept] 


3.6I1Q.4 
114.7 
82 


Z er I 23 

75 74 59' 


38 

66 

33 

3.4 

31 

40) 

61 

72 

4.1 

5.3 

6.8 

42 


Jan. 

Dec. 

Jan. 


179 

* 

103 

23.1 

14.4 

* 

103 

13.9 

11.7 

65 

122 


Feb. Aut 
'Art. Apr. 
tX-t. Apr 
May 'Nov. 
June Dec. 
Ort. Apr 
Nuc. July 
jao. July 


2.81 15.6 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


5.3 


.lime Nor] 
Jan. July 
Feb. "it 
Feb. '.Hrt 
Feb. Auy. 
February 
May Dec. 
Ian. Sept 
Mav Dec 
Feb. Aug. 


“I ^ 5SSIK XES*' VfflSS 1 " per £ 


12 30 
1274 


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♦‘INTERNATIONAL BANK 

I'.A (‘.pc Stock 77^.’ 1 S4 [ 611 5 95 ] 

^CORPORATION LOANS 


9.77 


IF. 

!M>- 
25M 

1 «K lOAud 
15 My US' 
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1 K -M IAS 
15.1 151 

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153 642 
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■ i 13 19 
bJ 5.74 
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1117 
1128 
12.07 
1248 
1L78 
10 63 
9.63 
11 51 


Mi?- ID. 
I" My.Au N. 
A ,1.1.0 la 
May Noi 
'.id. 

F.MiAuN 
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July Jan 
JAp.lv.'J. 
ApJiJ'Ja 
I'MiAuN. 
Apr. ' hi. 
Jan. July 
MrJe.S.D 
Jan. Ac. I .*.• 
F.My Au.N. 
MrJe.S.D. 
June Dec. 


CANADIANS 

16 


10 53 
10.96 
10.47 
10.31 
1039 
1L16 
11.91 


10.69 
11 42 
11.45 


COMMONWEALTH & AFRICAN LOANS 


1A 

■IJ 

I. -\ 

II. 1 
2P.F 
l.M 
1M 
1A 
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1" 

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99". 

28.3 558 

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315 5.E9 

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301 6.47 

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3S3 10.16 

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June Dec 
M.Je.S.1* 
5efieMr.ru 
F.MyAuN. 
J.Ap.lyO. 


Rk Manm-Jlil.— 
Bk. No-, a Scil .... 
B*-ll ' madiStfi — 

&.u Vulievii 

Bm.ranli • 

.an.lmp BE SJ — 
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91.6e 


6.10 5103 


51.50 


12t 92c 
7*0:1 80c 
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Mar. Aue.| 
iug. Oct 
(v?t. May 


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Oct. Apr. 


31 
•9 
4 S 
CO 
J 6 
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34 
12 8 
2.8 
3 4 
38 


May Nor. 
Jan. July- 
Dee. May 
Auj. Jan- 
i'icL Apr 
Jan. June] 
Nov. July 
.Ian. July 
June .lun 
Mai Not 
Jan. Juli 
N'.v. July 
Sept. Apr 
Mai- ' ni 
VL -»pr>! 
May « 'cl 
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Ann I «'«ct 
Mar. 5?epL 
Feb. uct, 
N'iiv. May 
Lie-. June] 
l*ec. June 
Jan. July 
Jan. July 
Nov. May 


iBrwrfun Line.— 
.Brit nred?in-:._ t 
Brwn Jk«n. 20p| 
Brownlee — — 
BiyantH!dei>. 
Burnett £H.„ - 
Burt Boulton £1- 
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October 
Jan. July 
Apr. OcL 


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il.li. List Premium 5(FL (based on 52.0787 per £) 


BANKS AND HIRE PURCHASE 


biiiiireub 

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10 . 10 1 

102 a 

1L01 
9%' 
10 35 
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11 88 


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3 

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Apr. July 
.May Auc. 
uct. Apr 
Dec. June 
l'ec. June 
Mar. Sept, 
luly Jan 
Mar. Sc pi 
May Aue, 
Aus. Feb 
lan. July 
\o-.. May 
\. .1. O Ja{ 
Apr.LK. 1 . 
Jar.. July 
ijn. inly 
May 


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1236 


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12 G6 
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12 82 
1120 
1160 

13 00 
13 40 
1370 
13 DO 
1315 
1330 
13 40 


May 
March 
luJv OcL 
May 

Jan. Apr.; 


FOREIGN BONDS & RAILS 


Interest 

Dor 


IJ 
3 1 
1.1 
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May 1 , 
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54 
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F.aiik imer S; 95. 
:Rk. Ireland El — 
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Fk. Leumi U! 

F.k Le»imi'L"Kiil 
Rk.VS.WS.42 
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Barcloy'EI 
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ll'onntbian Hip- 


Tune Dec 
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Mar .\u;j 
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Nnv. April 
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Dec. 

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July 


Prirt 


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Net 


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i'xt iir's] P/E 


Ni-pt. Mar 
Tunc ."it* - . 
.Ian. June 1 
K— 1». Aua. 
June Tw.-. 

xi.iv N.ii 

Ju:. \pr 
lan. Sept. 
Sept 

[July Apr 
Dev. June] 
lune Dec 
Jan. Jul 


'.'red. France 
Daues-'LRi. - 

i’HJcneRjrkt'S'yi 

F.i." Finaif.-e — 
FintNaL 10p — 
Lhj.IYnt-i. i^83. 
Fraser Ans. I0p_ 
tarrord Natnl _ 
;ibbs'A'i. . ._ 
iT’lleil Biur. £1 — 
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llamhm. 

Hill Samuel 
Iw WairanU — 
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278xd 
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295 
185 
157 
£18H 
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£175 
18 
160 
550 nl 
275 
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312 
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41 
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net 


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July 
Feh. Aus. 
Mar. Nepl 
Feb. fc'ept 
Jan. July 
Jan. July 
Jan. June| 
Jan. Jul* 


FravcisFhT.lOp , 
fracas "IJ1 • I'.-p— 
French F.ier — .. 
tallutarri Br.ap- 
li^T^AMp 

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Jan. Jut: 
Jan. July 
.Mar. Scpi 
Apr. Dee 
Nov. May 
Apr. Vet. 
Jan. July 


145 


7.0 


5 3 


8.5 
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35 


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90 

355 

4 61 

221 

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155 3.07 
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May 


Allied Retail 10p 
Amber rw 10p- 
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d8.71 , 
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6.9 Aug. Feb. IT tom Pallet Bp 

, 4.4 June . Dec. Blackw’dHo*- 

35^. 5.8 7.4 Apr. SepL Booser.&i: 

l.^- 7.51110 May Dee.&wlUwWm 

Feb. Sept BraharnWHlCt.} 36 
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55 Jan' JujylE'hMiseitoiLMpl. -42 
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65 July Dec. British Nartiax^i I "76. 15_H 6.00 
43 Jan. Aug. 6iLSeam30B_! 92 ( 3l)5J4 
105 j UBe Jan. Broriduxise 

6- 7 Feb. Not. Brora's Cast 

7- 6 Kov. May Bronx Eag.' 

— April Brooke Tea 
3.7 May Sept Brote^'dP. 

, 5.7 Apr. Aug. Brown 4 Tange- „ 

2.6j 9 Zl 6.4 Apr. SepL BnnenJehofl— 322 
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Id Hr?- 68 
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Mar. Sept FitctiLOsrtl^ 
t\ov. Apr. SagaQwwSPy 
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3.6 7.2 (4^ to, Jan. Lm (WniiS^J — 

3.7 5.1 7.9 Dec. July I^iortaiJ.lHLj 
35 7 5 5.6 Qct. May SWtlwisfB 1 — 
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23 12.6 55 Mar. Aug. WwsanSfe®- 

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471 9-8l'6|ISc. June 


I lL3£tl ttT 
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Stji hMlwi 2 ^ 


25] 91 
25( 7.9 
19.6*12.71 


June! Ertim Peri, op— I 


[Brcrrwrr 1 


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Burton tlip.^5p. 
Do -.VSVapp -| 


... ... .T0p. 

fanwis A Mp— 
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Church- - 

Crcnb EnS. 12-31 




May Nov 
June Sept 

July Jan. 
Jan. July 
.lun. JJov., 
Mar. Oct 
June Nov. 
Nov. June) 


Cornell D/eis5p.l 

Courts A" ! 

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9.4 


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KiiittMilJ IDp — | 
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l-o *:o- V4 r -ni -j 


Jan. July 
Jan. July 
Jan. July 
Mav Ort.' 
Mar. Septl 
Jan. July 
June Pec. 
Apr. OcL, 
Julv Feb 
Pee. June| 
June Nov 
Mar. Dec. 
Mar. Iwc 
Aug. Apr 
Jan. Oct, 
Jan. Oct. 

Sept. 
June Pec.' 


slDp. 


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5.6 10.4 jan. A' 

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Jon. AUC. 
May Nov. 
Auc. Dec. 
Apr. Scpi 
Nov. June 1 
Jan. July 
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June Pec. 
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BRACEEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886M1/3, 883897. Advertisements: 885033. Telegrams: Fmaniimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Bi rmingham , 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


Harley 

Mnry.aUi-H!*'.- 

MaV tl tfcb**r!l .— 
Mi-jnEr-i: . .. 

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Jlcvr i Monti.- 
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2721 1262 

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July Nnv 
‘lev. May 
.l.in. June 
Apr. Oct 
Dec. July 

Oct May, 
Dec. 3une| 
Uct May 
Nov. July 


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Rv+ias-WjIUup 
Ro-oens.4dlanL. 

RuhapilnHitj.. .. 

Rcnlmson Iup5. 
il^.-u'Ir.Hu: — 
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IvIB'.rmip .. . 

Isjoan Timber I'T 
.Sharpe & Fisher. 
Smart a i l'.'p 

E ’ll! hern Cod .in 
iHM’.T 1 1‘tp - - 
jrtnac»ip ; . - 


5.-W 




EDITORIAL OFFICES 

Artu.lerd.im: P.O. Ro< 12M. Auislerdain42 
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July ti-t 
Mat- tict 
May «.'rt 
Feb. Aup 
Fed. Auc 

AUC. Feh, 
Mar. «.'fl 
Apr. t'rt 
Dei - . July 
luly i»m 


Jan. 


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.Ian. June 
\pr. bent.; 
May, 


Nov. 

Mar. 

nil. 

May 


July 


116 

250 

7E 

96 

86 

90 

31 

36 

75 

156 


1 17 4| 

i:3u 


t3 88 
M4 61, 
577, 
t3.51 
d4 5 
4^2 
. £-5 

.rtf dZ.43 
1J0 


! 15_5| 


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:oi! 


M3. 9 


155 

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nilfurv nt£i . 
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Uctltt iropc;- ltn. 1 .-— 


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350 

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260 
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172 

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42 

30 

24 

136 

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2fld5.81 


1 


155 


28 


30 1 


133 


5.25 

1.63 

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1.69 
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74 


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7.7 

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July 

Jul:- 


LiEireit K. !Vii - 
MriFu'SU-jiii'Jp 


Maple 10? — 
VjriyJ.- jpenit; 

Marjn Ne’»i 

— 

Mrlwri'J'iC-p— 
MidElucat 3"p. 


rjbw 19B! 


4.2|lL6|jan. Au^ tenBgL 


5| 1 55' June Dec. - — . ___ 

L0 — )Giai3?ea KHB — 1 825 

Ll — May OctBreenbauMHiu.r 47 
5.4 4.0 not. JunelGrooiflEcooZi} 1 65 
9.7 — May JaSG.KJ4. EI- - — ,251 


Ol JanjHaMUl yaaS gi » 


luly JarulM^hercurelilp- 


Feb. Sept 


NSSNewr ldp..~ 
CmenUwen...^- 
Parad!rt“B- 1'^- 
FawsonilVL'— 
Peter, Ster*;: Rip 

Polly Ffa , :k 10p— 
ppjedri.Vjuoau. 


Dec. JunqRamarTeiLop-. 


Mar. Sept 
Mar. Oct 
Dee. July 
July Dee 
Apr. SepL 


Fe'». 

Dec. 


July 

July 


Feh. 

May- 

Sept. 

Oei. 

Jan. 

.lan. 

Feb. 


1 +4 24 1 
2.92 
1 72.12 1 
I2.S5 


^Tdi-OOl 


4.8 


July 

Nov. 

Apr. 

Apr. 

July 


RanwnlOp 1 

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Readicul 
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1.^ 

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341 

164 


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\ZS5 

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3011.14 06 


J uJi-fTtiltepruis. !0p..| 


IDS’iroup. — 
LptomE' A — 
VantwaaSOp- 


For Vernon Fashion fee Bombers 


kSJfartl 

■briFriS 

t-Iah-l 


67 3J +3.62 

30 28U ,20 

30 14 4.57 

.-ffla I T 2 j 
I 34 15 b635 

W 272 4.81 

13 2 8.71 

3ai 16 . 1 ^ 

374 tL33 

16.1 +2.13 

132 +3.51 
326 Z.11 
3212 e3A2 

34 W64 
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fed 32.6 +L» 

« 31 t2Jl 

X 25 439 

1076 — 
161 32 5.43 

89 361 +3-62 

305 +239 
13-2tdl5 r 

133 +L0 
302 fi0-9. 


60 


5.3 f Jan.' J 

76 H jan. Ju. 

5.9 83 OcL Ml 

6-0 |-2 Feb, Ju! 

t -5.0 Feb. J . . .. 

27 62 ocL Feb. 

27 56 jao. May 

3.0 10.9 

58 10.6 Aug. . 

8.6 40.6 A 116 . Feb] 

449 3-0 June Dec. 

, 9.0 14.9 Feb. Se 

l Oi 1 ?-? H-S Jan. Apr.) 

52 14.7 Mar. Sept 
+24 8.4 M ar. Aug.' 

49 — Aug. Feb. 

: K ?£ f- 

5.1 7.8 ort. Apr.] 

0-9IJ7-8 Apr. Oct! 

, ,220 Fehmary 
4«,6J Jan. Jum 
33)103 Feb. July 

Mar. July 

9./ (7.81 oet. M ayUteswuner — i_i ■ jju 
3 41 63 Dec. July DownieteaeH^. -34 
25} 6 2 _ Drake iSculU, 27 

ll.ellOJ Dec. May DuctUeSteds— 218 . --, 6 

4513.0 June Dec.Dtnwrt — ■ 70!; I KS4.49 
J 5-7 Jan. OdL|EdMi>lHWB»fcl 160 I 3.1)631 
133-0] 4* | Feb. Ju 


lHouaLiLL __ 
s7B6£L.r£98 
sGowHton.r 67 

atfel5W.5pi.i- SIM 

kMeL‘A-lCl. 20 

pint. 

35 

HHtaLL^.-tSfa 
eJ.R10p- 41 
iSQltl. 150 

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MglS! LS.».< 


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133 h0J>6 
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305 +282 
305 9.97 
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126 d229 

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fUl r.- - t 'MSIh 12tf53?, . 
CardCtath, 85 1222 +2-66 1 

_ Jn*B*iSfe_ 89 1222 48 
Expanded tfrtd, '65 3.4 3.68 

e^atS.W2— 121 ,25 d5.05l 

FmriderlireSn : .9 155 


FirtillQfi] 


13 . 016.0 not. Jane KadeaCaritarL- - 
5.8121 Aw. pet Man 'Frig Sfr ;. . 105 
32 146 FebL July Hall 3Wftw“ 213 
J- 4 ?-8 Mar. SepL HaBteS^p-iiL. 143 

5.4] 5.7 j„[y DecjtetfkerSi—t- 208 


«Hi3 

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1321 

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271 

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9.0 Mav Nov. 
6.3 June Jan. 
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82 Jan. June] 
85 Jan. Sept 

8.6 Mav Nov. 

4.8 Apr. Oct 
7.2 
65 

73 • 

<6 jone I*ec 

4.5 Apr. Octi 

6 3 January 
53 Nov. May 

i 4.0 1 July Jan. 
— Apr. iiov. 
82 OcL Mar) 

6.1 Jan. June) 
112 Jun Nov. 

6.8 Slay Nov 
,faj' Apr. SepL 

67 June 
4 3 July Dec 
i<673. Auc. Feb. 

7.5 Apn! Nov. 

4.7 Apr. • teL! 
I*ec. May 

1L7 Apr. Per 
103 Apr. Pec 
8 0 Feb. July 
8 2 SepL Apr.| 

5.0 May Dec 
4 4 OcL 
^ Jan. July 

5.5 July .lanj 
19 4> Aut Feh 
52 Feb. Oct 

2.1 

5.7 Mar. Aug 

6.6 Jan. And. 

8.9 July Jan. 1 
i62i June Nov 

8.2 July Jan.| 
12.5 MOT Nov. 
Mar. Ort. 
January 
8.2 1 '-teL Apr. 

7.8 pan. 
9 . 1 |Mar. 

4.4 (June 


Wades'.A'aJp— 

Wjlkcrrjdi .1 

Do. NV 

Wallis 10p 

Warinfc&Gdtox. 
iVeareellSp — 
Whin Mill 10pt. 
lU'ilkwn ffarbUi. 
Wool worth 


272| +2.01 
2 J| ?232 
' 232 


151 

ii3.Z3 


26 4.0 cicL Apr. Hill tSmfth 
2-9) 83 June Dec. 

_ 29 83 xov. Mar. 

39) 9.6 30 May Qct. Bowdeti Qw^ 

3 2 ian - Mav Hurt MosnopSp 
— 1W7 May Oct LM.I — t— — — 
4.6 141 Aug. Mar. JaetenJftHBatt. 

4 4 64 j u |y Jan. Jeuks&Caaeffi!- 
2 j> 9.4 jan. June Johnson 

« Ta Dec. June Jones QronpM tr. 
6.9 8J Mav OcL Jones Shuman- 
£-8153 j D ne Nov.Lairt - 
H I Z Ort. Apr. Lake) 

5.6 78 Dec. kray Dme 
-38.7 July Feb.Ue,h 

S:S a SS fills 

uwfifitlSg 

9 3(481 Jan. July DftJA’ 

9-9 6 6 Mar. Set*. Unt 

65110 Apr. Nov. EL 

6.4 « January. 

4.7 7.8 Jan. June Marti . 

?‘75J) jane Jan. McKeduue 

— OcL Apr.Meg&Bt^ 

— OcL Apr.MetrtraiOT 
,, — Apr. July jBtflaad lnds.5n 
55 * September MimQgSap- if 
6 32 Mar. SepL Mil JieUSonL 
• — Nov. July MoleiSIiaip- 
23 10 4 May ‘ Nov. «•)& b_.._ 

5-6 93 July Jan. MossEng g_. 

3 7 15.7 Apr. OcL Neepsend — 

8.0 10.5 jJne Nov. N'SuTas'Hd 
2 * May Nov. Nwnnan Toni 
. SepL Feh, Norton (W.E . 

89jOOIri July Jan. Osborn iSi , 

,10.7187 ja^ Aug. Pe&kr-Han‘rvlei_| 
63| 5.7 jan. June PDrter Chad. 20p. 

__ Apr. Aug. Pratt iTm 

5.7 sept Mar.lPnesUBcc' 
fa-2 July Dec. Procorllinc 
64 June Dec. RCFHoldims 
8-3 Dec. Apr. RaiacEng'g lOp- 
02 July Jan. R.ELP. 


.. 1.44 
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133)4.18 


— 24.0 htay Not. ffnswnesSnn.£l 
15) 9.lllll Mar. Sept Ratdiife itids — 
23|l0.9) 6.0 ^ov. May Ratcli/teillB.) — 
13] 9.7]U.7 OcL Apr. HecordRi^way. 

Apr. OcL R'dran If nan lOp 

ELECTRICAL AND RADIO ljunj* NOTroSurdsofLeic. 


AiLBvclronic- 
.Aihed InsuLHors 
Auilin F ideliiy lOp. 
Auln'ied IOp 
BIO.' 50p 


Li! 


25 

i.e 

10 

4 * , 

3.B 

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11 

27 

10 . 1 | 

152 


7.4 


BSR 10^ — 


[test & May IOp.. 
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July) 

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Hci-lninu- M.wi 
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Faraell EI-C.20P 
Fidel id Rad. IOp 
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|j ones Stroud — 

Kodelnt., 

Laurence Scot.. 
Lee Rein c 


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4.4 
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9.9 

7.4 

5.4 
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4.9 Mar. Oct 
7.1 July Jan. 
8.6 Mat SepL 
5 6 Jan. July] 
5 6 May 

* twc. 

133 Apr. 

82 Apr. 

10 0 luly 
U9.' Apr. 

* Apr. 


Pec.] 

May 

OclJ 

Ort 

Jan. 

N'oi 

Oct. 


ID J Feb. -Aue 
July 


CHEMICALS. PLASTICS 


Jan. 

ijrl. 

July 

Jan. 


May 

May 

Tiec. 

June) 


AKZ" 

\lhnvh--V..!snu.. 
Alcinatelnt 


advertisement offices 

Eirrainpliam. Gcnree nnuso. I'.wrfiB Hoad. 

Telex KJfc&Vi Tel: 0CM54 0!«2 
ErtinhuTtih- :i7 cteorce Street. 

Tclev 72-MM Tel: 031-226 4138 
Frankfurt- Ini Sacteenlager 13- 
Tclex 1821® Tel: M4687 
jjeeri.4: Pemranunt House, The Hcndrere- 
Tel : iikc 


Manchester Queen's Th*usc. Queen StreeL 
Tclw 666813 Tel: «*6’.-KM EC81 
New York- Tfl Rockefeller riaza. N.\. 10OI8 
Trte«. JZiigfi Tel: 2Uii 4R0 83i» 

Paris- 36 line di, jkmtier. “3002 
Teley C2'JNM4 Tel- 2M.R0WI 
Tokyo; Ko-sahara buiMine. 1 - 6 - IO T’chikanda, 
Che.nwtii.ltu. Tete’c J 2T|i>4 Tel- "-IDS 4iV*i 


4pr. ftapl. 
July Not. 
luly Not- 
1 >.-l. Apr 
Nov. July 
Mar. Sept. 
Fell. AUC. 
Jan. July 
■lun. July 

■ion. May 
Pee. .lune| 
Mar. Sept 
Mar. Scpl 


,M,da Pai-I W[- - 
Ail'd Tulin:' I f*'l* 


SUBSCRIPTIONS 

oLbinable from new.vascnte and hiHikiitalls vrnrliltfi.Ie or nn rcrular >ubacriplion from 
v Sulncriptwn Deportment, Friumciol Times, London. 


Jan. July 
t;,n. July 
Sept. Juno] 
. 1 . 111 . June 
Ma; 
■lun. Au-t 
<aiL July 
Jan. July 
Mav N-v. 
,\u”. Fell 
live. May 


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2 3 54 Apr. Not- 
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■jk Jan. 
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11.0 42 not. June Rotnrk IOp. 

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- 95 Mat Oct Savilk 
721 65 now. June Senior Eng’glOp 

§-6 Feh. Aug. Serrir 

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7.6117.6 jan. July Sbw Francis 30p 

8010.6 Jan. Aug. Sheepbridfie 


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17 lfl 066 
134 74.79 


27JN135 


qM 


6.9)12.6 ban, Junel&mimEag'g — 


3-9 44 Aug. Jan.p00 Group__ — 
' iSmUfaimutisp.. 


. August 
3.0 10J jan. May SpearfcJacbwn 
8.5 75 July Mar. Spencer Cik.20p 
— — Jan July SpewerGearsap 
2.8 14.7 not. June SpWx-Sarco _ 
35 12.9 July Feb. Spooner lods — 
3 9 !2.6 Ma y Not. Ssnnte 

S-l-6-SJ'riF Jan- Sta\-el» 

9-3 132 nov. May Stone-Plan 

!?•§ Ort. May SytasOtenryi 


41 ® 

7-9 Jan. 


W-a-Feb. 


- — Apr. Ort rofukin^ FJI. 5p 
6.4 * Jan. Aug. Triplex Fdrw*_. 

3- J $. May Oct rube Invest £!_ 

4- 1 72 iune TumB. 

35 12.0 Apr. Not. Itock'WA'iIOp 

95 108 j^y uec, rtd-En^g lto__ 
§-4 16.4 j^y Feb. Uld-Sraingir 
22 9.7 j u iy Jan. UldwlwGn__. 
4.617.9 j an . June Vicfews£l~._ 
7.7 62 Apr. Oct Victor Products 

6 ° 6.4 jan. AugW.CJ 

7-2] 7.1 Nov. June WadkinMp 
5.4 Mar. Ort. Wason Industrt_ 
80 Dec. July WaJkenC.tW.l- 
B-f Apr. July WardfT.W.). 


5.' 

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9. 

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55 Sept Mar. WTwick 

♦ Jau, Apr. Weeks Assoc. LOp 
— jan. BfoylWeir ' — 


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g|Wbi-«ay WIsu. 5p 


6Jl 56|jan. JulyjWiUiomsiW# 


Jjan. Majd; 


2 

8 

4-6 74 July 1jan.| 
9 512-5 A pc> Novv 
9-9 J Apr. Aug. | 
3-S 54 ocl. Apr. 
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2.« 


a.o 


4.B <6.4, 
6 9 111 
30 89 
3b 82 
4.6162 


JWTmsi James, 

(Wolf El ecL Tools 
Wol&iyHieihcs 
Wbwll F*-. 10 
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Wh'scRisnl^kj) 

Youns.Vsl'ni 1 ’ 



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1212 j+hL«l 6.1 5.1 

^Sth3-871 9-2 4.3 3.8 t ml 

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4 12.0 ♦ September &wp!tws-i 
(6 85 A Feb. June Spilleiw — ^ 
2.5 85 (55j Oct Apr. SqunrelBbl^p 
2.B|l0l| 75 Apr. Sept StortsUasepbl- 
44 Ort. Apr: Taw 61,' 

•7J Sept April Tawsna 
l 4 Mac. Sept Tes«i5p 
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jan- June United EhcuitK- 
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108 
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65 35 a4 Dec. Juiy|»crtWdV05p 
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hotels and .catehess 


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155 *4 6 
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62 l an. June AGBFjraraxs 
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Feb. Oct Airfixln*. 

50 jury Dec 

Ocl May - - 

Jan. June tag. jlatAiphaB". 
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mx 


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Jan. Aron Rubber £V- 1%- ' 

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pr. BOC-foMi— J ii 3?^ 

Sy Not. BTR — : — Z73 


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2. 9i hi:ij» 


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July - - EBar&WAX A .100 

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98 jan. An&SaUyTiBk. 

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133 834 
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72 Dec. Julv ChHnberfraGrt 46-2 
33 Jan. Ang CbamMaTMOpL 44^2 
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6 0 Dec. Auft a«bb20 p^: r IO 

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64 Apr, Jaly &mLSWwBy Mp- 36 

6.7 ]j raw Feb. CbpeAfiman5p- . 60 
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. iov.' July Crostf Hdusefl. 157. 
f-1 Jan.- CroabpSprikBfcn _18l: 

52 jan. July Dareest . mMn . 

* Dec. Aug. DeLaBue — — 340*1 

68 Jan. June DinbieHertS»— 

7.6 Apr. Sept DipiwnalnYs^— 161 

9.0 Oct Mar. DoteooPfirklOp. .98 
„ 4 jan. July ton HJdflF;Wp- M 

8.6 MaJnStfDeDowrC'fljs.lSJU £36- 

* lan. .May tkrara SmfL Ite 3&i 

43) May .Oct DafayErtmaHIp _33 
45 NOT.- Apr. DunbetCom.Mp IM 
5.8 June Feb. ttmdojnan2Qp^ .• 5M 
73 jan. - DeptelntSp. — . K 

5-6 Ang. Apr. faraptae-Ws 1OT 

6.0 — . DwebGroaplOp. • 9 

,5.9 Feb. Aug Dykes Oj r ~—^ 27 
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6.4LAnr: . OcL Do. ‘A 1 .:. 56 


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8.8 B13 

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52 
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16.0 

3.0 

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148 


ENGINEERING 

machine toois 


V April Ajrcatfkuieiy-. 

8.4 OcL June » P \ eflp. — — 

_ Apr. &?pi Acruii. 

_ Apr. Sept _!>■•. 'A 


Nov. 


i.x 


4i 

5 4' 


Apr. 

— May 

■h — _ 

77 June Dee- 
76 Nuv. Fob. 
61 Ort Apr. 

5 6 Jun. July 

6 2 Feb. Au-JJ 
11.0 — 

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72 — . ., 

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110 

84 

249 

158 

48 

132 

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FOOD, GROCEBIES, -ETC. 

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i " S'? Jan. June[\aHcjciril20pi.! 

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.Ass. Dairies 

[Ass. Fishenes 

, A ran & Group 3pu 

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Barker* D.Ufr. 

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filstop'sMtores- 

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June Dec 
Jaa Aufi.1 
Feb. SeptJ 


May Sept 
Jan. July' 
Jan. July 


SepL Mar. 
Mar, Not,, 
-lan. June 


June Jan 
May 
May tXL] 
Det May 
Dec. May 
.'an. May 
Feta Dec 


Jun. June 


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|EnL Sugar 5to_ 
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Dec Jun«CadbmrSch'ps2 


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an_ July FereuqBnlnd.^ 1W.. 
an. Sept FerfiwinnSflp'... .29- . 
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56 6.3(5.81 Jan.: May rrthHjilHmey, il®' 
'M . 5.4 63 MaJcSeDe FraoHraHiiBlL. 710. 
[29.4 03 143 Feta Not Erp^.Thte.1% : -b> 
33 93 4A OcL - Apr. F«Hfl4pd.nrt-4 - % 
a- 43 * July- Jaa.|Ui;tBltefflS6L4.470; 
33 7.4 5.9 " - - 




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303 +3,92 
474 — 
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6 yjc Sept GeStCtna'A;.^ 193 J 
|Sov.. i&3 Gibbons Writes. !*.• \ 
Sot. June tilttnosfSy'M. 371. 
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Ian- Aufi. GHtophrMp-l-' 'K. 

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(an-^Oct Qi “ 

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41 3.9 9, 

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31 53(621 
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EVDUis l'itfAI S-— Contin ue d 


DM*** 
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INSURaxqj. 


43 


PBOPERTY— Continued 


M. TRUSTS— Continued 



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> |nj t _ _ 

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mcehber Httoiluo 
flyman IL 
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rune iktiov. 


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34 
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!.» 58 12.9 Sept Britmw'cipJ^ 
6_1 £.9 FJLSJO. Ctmhnwd Am.S!_ 
0.71 "* v - MiyComuLl'nion 
4.B lu& EigJeSur. _ 
1 Z 2 ~ “ Ldtt.tfta.lKUpJ 

Jun« Dee. 83 n*FK 0 Wa»_ 

8.8|(4JI 7«»- June Equity & EawSft. 
53 J«. July Gm.A«ae*t_l 
5J> Jan. Me® Cuardi» 8 «at. 
9.9 4017 Dec. Borin life— . 

July Hailh lCEl20p_ 
Mate HofgRobuuon_ 

. Apr. HordcofA-^lOp.. 

— Dec. June Lstfal*0ea.5tx . 
7.4 ^Pt- June UBg.tcawn.lOis 
63 Not. UsyUu.tMu.te_ 
* Ocr. Apr. CBpdiBl'nduZIk. 
12.7 ^e*- July MltUw<rWr.20p. 
— Not. June iSmtUfldes 3>p. 
4.8 Mar. Aug.BamiCMKSOp. 
U 8 get Jtrne|Pari5p 

LZt P«e- Junerffcaeatc 

|1IU Dec- Msv Pi(iuMait*'A-__ 
May .BorJT, 


run 


?i 


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14.11 4!OT 
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38 a ?* 1 

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132 9.0 
305 2.0 
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39.9 td3.4t 

132 t4.65 

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124 200 
272 3.94 

17.4 3.84 , 

17.4 hL63 

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272 264 , 

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25 d249 
126 7.02 ' 
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103 

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26.1 Oct 


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053 Jan. 
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99 

160 

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143 

139 

22 

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148 

202 

212 

317 

243 

178 

162 

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lot 

128 

2 £* 

160 

188 

57 

228 

238 

128 

128 

140 

136 

352 

402 

512 

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£29 

252 


15512.95 
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7.65 
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17.4 

17.4 

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133 
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23 

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301 

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817 
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99 

ui 

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115 


July Sim 

4> June Dec. &mlila5j» 

43 „ April TaMwHar.EDR 
8.7 Star, May rmtoTinfAiwiiity 
43 MbJilScJDc rnwderaS250l 
9.5 Dec. JunelfflltiiFaaer, 

371' 

H MOTORS, AIRCRAFT TRADES 

51 ^ Motors and Cycles 

H' — fBLSto— 

62 MrJtSJJ. Os 3fn. Coils.- 
5.4 Jan- July LotasCirlDp— 

H.6 August RriiutMrr.Sp__ 


22.9 

73 


Mailer Estates — 
MclnerneylOp— 
Mar. Ocl UcKaySecsZOp. 
Apr. Nov. SBs&nis Wt tSp_J 

April Aug UeualvIewSp 

'Jan. July MucUmlAt J.) 

Oct Mellon 

Nov. Pgarliw — 

Ju)y PiopliUfLklav., 
ocl pip.inr.ftnB.a_J 
Auc. Prop. Parl'shi n— 
July PiuptBeVAV-, 
OcL Prep.Scc.Ia»5Bji_) 

RaeJaaPi 

Rcaltin 

(A'prll Oct Retloiul Prtm— 

[April OcL Do. 'A' 

JuaelRufa A Tbnytkimi 


e 

linn. 

fc 

pan. 

Apr. 


May 


(37) {Sept Mad»oto-BiweiaH.J 91 


VftbvXnO- 


23 

_ 

__ 



245 

4S 

85 

675 

Q34c 

17 

7.8 


775 


_ 


91 

34 

315.16 

2.4 

B.b 

£ZJJ 4 

305 

Q 1276 

0.6j 

<sil 


HjFrtr. Ang| 
August 


Commercial Vehicles 


193 

S3 


iESJ.rHUfsJ^ 
iFodwstpQp 1 — 



Jan; 


one FebjPMklnvesU. l&p 


Pkrtons 


OcLiYort; Trailer 10p. 

Components 


107 

161 

62.17 

6.4 

3.1 

55 

257 

$325 

57 

9.0 

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5 77 

tox 

2.9 

78 

305 

th3.9 

33 

7.2 

59 

115 

d214 

55 

55 


5.3 

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5.9 

83 

5.0 


5! Uar. Sept. Abbey Panels 
Sv Feb. July Airflow Streaua... 

S J ja Q o v :^ffi 10p 

T* September totonoHim- . . 
?- Aug. Mar. BluemdBlOt— 
33 Oct June Brora Bub-IOil. 

7". Mar. SepL DmaCorp — 

ft Apr. Sept. Do«rty50n_j 

5-2 Jan. July Daniop50p_— 
-43rDct JuneFUSM ” 


nmvz: sss 


04 


11.94 
2811 tZ66 
17.4 13? 

174 - 
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326 338 
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31.101 1.45 


155 1061] 


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12jH 18.00 ! 
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July 


1 PJ-6 Mar. Dec 

jHa ^ 

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i t -. Jan. .ui, 

1 1 Feb - Aug. 

Ini “» 

48 
82 

44 Sept April] 

7.3 „ — , 

9 6 Nov. May 

Feb. ,\ugi 
137 Jan. July 
7.7 Aug. Star. 
5.1 May Nov. 

5.4 Mar. 

_ Jan. July) 

fM5» Jan- Sept] 
87 Jan. July^i 
... 53 Jan- Aug 
5Jj|39.7 J»a- June] 
Jan. July 
7.7 August 
7J March 
May 

Jaa. June) 

55 Jan. Join 
!jl6.5 Aug. Apr.| 
il'HOi Oct April; 
1123 May Nov 
_ Dec. June 
73 Jan. Julv 
Apr. Oct 
Ocl May 


n -mnCmW iI 


Ju lpjSupraGrsUp 10p. 
Feb.jTuSerMliJll 
lU’ilmotBreeden. 

WoodbeadiJ.i 

[ZcniUi'A'SOp—. 


58 

201 

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4 

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112 

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52 


Garages and Distributors 


Adam Gibbon — 

Aleunden5p 

ApplefinIGrp— 
.'timitoa Motor. 

ESGfit.lflp 

Bmd Group 5p- 
. BriLCorAuclQp 

July CG.S3.llh> 

CaffyusSSp— 
Coloorelovs. 
CowierEJSp— 
Davis Godfrey— 


jDuttoaFuahait 

Gel»(FX.) 

iGlsnheldLBHT- 


H 

1225 Oct April 
I 52 May Ocd 
Aug. Apr. 

45 September, 
52 Dec. June 

- tMt 
85 Mar. Oet 

37.7 — 

— , ^ 

7.7 June Nor, 


9.7 1 Dec. JuIy|WesterBlftr. 


SH£E 

HanraHs. 

RcailysMp 


Heron Mb: Grp. _ 
' Do.10pcCoc.__ 
HuntiUuirtml, 
|JejJup5l0p— > 

Lex Service Grp.. 

Lookers^. 

.L]OotLyon_ 
[Min chest erlT 
Nelson David 
PenajueHlr.l , 
Perry (ID J3trs._ 


Quick !H iJ.110 
Rerno 


ioldsVJ. _ , 
Ru(Oiiyeri5p_4 
frsteof Leeds— 


69 

19 
92 

122 

40 

40 

44 

20 
125 

40 


78 
471a 
50 
30 
42*2 
124 
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130 
132 
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73 
75 , j 
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39 

44 

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90 


361 

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121 

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126 
23.11 
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305 
577 

301 
17.4 
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302 
27 
17.4 
25 
305 
161 
133 
13 3 
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lb.1 

1372 


4.35 


M625 
1775 
2.13 
133 
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1.42 
6.40 
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IdLT 

& 03 

2X1 

1.43 
125 
d0.4fi 
d4.12 
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9858 
T323, 

SB* 

155 

T4J5 

3.47 

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60 

050 


h2.69 

1.65 

40.62 


0.63 

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220 


32! 


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9.6| 5.0 
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105 

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6.7 

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7.4 

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DHMeaAi 

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1“ 


M ur. SepkJfaay P rpffBrir 

Apr. SepLIntmcanncteUp. 

AagUSC Jemiya Invert™ 

July Oet UndlBTest 

Jam July Land Seen 50p_ 
Mar, SepL Do.5WCbt.KJ 
Mar. SepL DaS<tC8«r,TB[| 
Mar. Sept Do.'i%Coar.’95 
July Not. Law Lam) 3 

Drt Mar. lenOLem , 

Dec. June Lera Pro* ShplOp 
Apr. Dec. Lon. Shop Prop „ 
Apr. Sepl. Lralflo Hdg*. 25p 
Dec. June METC 


December Sana el Props 

|Aug. Jan. Scot MetropL 20 p 
{Mar. Oct SccondCIlylOp. 

(Oct May Souah &t* 

LTuna Dee. DaiOSConr.tO 
jApr. Aag. Stock OonrerfiL. 
“ Oct SunleylBiln*__ 
Swire Properties 
December Town Centre— _ 
Apr. OcL Town* City lOp. 
Apr. NOT.fTraKbrti Pkifc— 


UX Prop er ly— 
Hea l Pro 


Nov. April L'(4 _ 

Mar, Sept Warner Estate— . 
Apr. Ocl u'arnbfl)lnr.3toJ 
April Sc pL WehbrJosi SpZT 
— WminslerP 20p. 
July Oct Winston Esu 


3U 

31 

34 

3«; 


061 

038 

040 

38 

250 

93 

58 

320 

320 

26 

92 

220 

135 

46 

77 

303 

UD 

311 

295 

140 

if 

74 

60 

H4 

79 

302 

34 

123 . 

238 

204 

12 

107 

38 

248 

327 

275 

35 
18 
37 


soil 


154 Ml 




155 

113 

132 

305 

894 

674 

132 

4'7Sj 

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153 

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2U3l 

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374 

474 

272 


Mr 

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160 ■ 
[toOM] 
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& 


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22.0 

1141 


132 

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12.00 

£634 


8P 


526 

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ll53Jd2X7 
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ID20 0.94 
11 tl73 
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126 Q1D%! 
132b2X 
272 3.95 

201 8^ 
228 0X1 
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674 — 
272 517 
155 +2.66 
113 6.95 
272 bd0.48 
373 — 
155 127 


Pvri 

1X1 O^amilDOT. 

7a] f [Juno 
2.9|44.0 1 Dec. 


qlS 3.9)23.9 


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7J Su w ««. Mjmi— 

May. chanllilnc.il. 

7 ‘^i2a An*."” Mar. 

_ — Mar. Sept OwACwnlnc.. 

3.7 A — Da.Chp.CEl) — 

2.9 279 [2y if Of. Inr — 

6.6 471? May Dee. 

3.9 — Nov. June fflynlpriord — 

JJ 392 Mar. Sept 
53 (363) — Ollwojgn M il. 

24 40X Jan. Bdayiag ^lctav— 

jj Auk Mar CktaUSKsm. 
— — F«fc Aug toetoehn ft lnd 
_ _ Dec. Jane omBagflUaion J 

2.0 $U) — QtfhtJapMiMpJ 

23 SU) Mar. Ang. Qmofrms-. 

3.8 nil) January Ctomlnuv, . 

7.7 

3.0 27. 

K2 . _ 

U 49 J Dee. Job Dorimn&Ga. 
3X — Apr. Oct DtasmOouTcl. 

33 a May Dec. Do. Cons. 

22 570 Ape. Aug DtFkrEastera 
ZT _ Apr. Ang DaPwrier 
53 283 Not. Apr. DoalwHXic . , 

ZZ _ — Do. Capital £l_ 

3X412 Jml JoJyDmdeeADw.--, 
33 30.7 April Dtnbm8hA»TBt] 

3.9 318 Apr. Nov. Ehln.lnr.IK. Ll_ 
4X12.7 Jan- July Eleetnlnv.TjL. 
_ — Feb. Aug EtoetAGea— — 

s ■ 2|l5 • , SSf^fiSSS: i 


Sept 


SHIPBUILDERS, REPAIRERS 


|June Dec 
Dec. June] 
June Dec. 

| Jan. May 


Hanibom 1 50p. 


Swan Hurler _ . 
Vos per. — __ 
Yarrow 50p^_ 


68 

1175 

__ _ 

128U 

126 

686 rs 

166 

3.4 

4.65 45 

270 

155 

14X1 4.7 


L Da. 

_ JEqaUylnc. 50p__ 

UA I Dec. June Enatc Dubes £1- 


_ I _ |May* ,P Dec 


6.1 


SHIPPING 


Dec. Augl 


May 

Oct 

Dec. 

Jaa. 

May 


iBrtf.ftftra.: 


Dec. (Cematt Bros. £ 


May 

May 

July 


Jan^uls'l 
June Oct 


July 
tv. May 


[Nov. 

Mar. Sept, 
[Apr. Oct 


Apr. 

Jan. 


OcL 


[Fisher (J- 

Puroess Withy El. 
HnnliacGibSh. O. . 

O8uSntolJ.U30pJ 

iLon.O'Sns.FrtnJ 
Lylo Shippings 
Man.Lwerjato, 
Mersey DLL' mu 
ilfiltord Docks £1, 


Dceaa Transport 
P. Jt 0. De(A £L-. 


Reardon 5m.S0p 
Do.-A'SOp.. 


JulyjRimcunao tW.» 


291 

130 

156 

234 

147 

35 

25>2 

116 

220 

W 1 

115 

90 

72 

35 

7b 


any 926 
15 5.81 
17A 153 
305 817 
DIO 5X9 
3.4 dlX5 
677 — 
38! 4.90 
155 5 JO 


305)2X8 
153 825 
155(6 54 
277, ‘ 


±164 
. tl.M 
305(616 


October 
80 [May Not. 
'Sept Apr. 
Not. Apr.l 
Jan. July 
.May Not. 

*UJ4.« * 


Oet 


7.71 92 |Not. 


U 


SJjMlAog 
sept 


aoliS.® 




5.6 


1610.91 


,160 


1*1 


IF.tCEunrtrusL 
' Inr.Tst. 
iftatSoJLAm.— 
fterefgnftCol 

Jf.uxitjmjsi., 

fFundiirrest Inc. . 
j DtCsp- 
MIT. Japan 
JbegJsCotBa'rL. 
(Gen-CoaarildbL- 

iGenertl Funds_ 
DaC0nv.]Dp_ 
Apr.MsL Investors— 


Mar. 

Apr. 


£: 


_ Oct 

„ .,514 Dec. JunejGen. Scottish , 

35] 16.1 Jan. Sepdfis-StUldra ISip 
10 Mar. Au t|Gl*5P» St'JiMrs—] 
* Apr. Not. " 

(4.11 - 

i59> June Feb 
8.0 — 

3.9 July-Jan. 


45 


SHOES AND LEATHER 


Julv FebJ 
Sept. Feb, 
April Dec 




6.6 

4.6 

3.4 

60 

if! 


21.4 

If 

3.4 


NEWSPAPERS, PUBLISHERS 


Jan. AuglAssK.N'ewx— 
Nov. KayAss.Bookf.ZBp 
d> Mar Dec. BPMHJd?r.'A’. 
on Feb. Sept Be rui Bribers— 
59 July. Oct BladnA&O™ 

* Febr SepL Bristol Pesl 

-- *'-■ May Colli ns Willism_ 
May Do. “A 1 


A 61 Oct. 
5.7 get 
za F eb - 



4.9 | May OctlSharpe (WS) . — . 


49 Dec. June 
_ Nov. June 
41 Oet Feb. 
5X April Sept 
5.8 


IE Mid. .Mlied A’ 

(Gordon ft Gotcha 
Horae Couwies... 
Indonendenl'F — 


AprJLpac^PoHSOi 


Marshall Car 1 

Nows Inr 

'FesnonUwpcan 
Pyramid 10p..- ... 
RwtledseftKP- 


Thomaoa — . — 


Vld. Newspaper* 


WehaersPjbjp 
Wilson Bros. 20p. 


160 

237 

50 

69 
95 

122 

140 

136 

295 

89nl 

73 

70 
145 
135 

48>j 
250 
1 W . 
41 5 

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190 

235 

348 

44 

40 


28^11 

15.23 

4.1 

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28/- 

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16LB 

25 

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3 3 

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13.6 

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135 


Oct JnnctuamarScolblair 


December 
Nov. May 
June Dae. 
Apr. Ocl; 
Apr. Oct 
Oct April 
Jan. May 
Feb. Aug 


July 

Sept Apr.l 
iSept 3uyj 
February 


AllehonelOj>?_ 


Booth .'Into _ 
Footncarlnts — 


Kcadiara.Sias5n- 

HlltoMtOp^— 

KShoes. , 

Lambert Hfr .Dp J 
.VewboIdftEurln.i 

I Obter iGl'A? — 

PiUardGip 

Stead & Sim -A'- 


Uar. NotISItodeA Fisher- 


StyJoShoes 

Tanierff&ElDpJ 
Ward White . , 
WeanalOp. 


18U 

15 X 

in 

70 

87 

56w 

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439 

34 

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74 

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93 

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173 

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3.17 

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777 

760 

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177 

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5.8 

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Julv 
Mar. SepL 
Sept. Mar. 

March 
Jan. June] 
Mar. Sepl, 


IGlendeiaa Inv 

Do.-B” 

[GtcnmutTaylav.. 
Do. 'S Oid 

f ' be lav 

ett Europe. _ 
HgeTru:-. — 
Corf bn Iav_ 
[GraenlnarLT.'._ 
Gresham Inv — 
Group In wro. 


1-7 (Dec. JulyjGt6irajMhv.T«_ 


5-? July Dec 
f-J Inn. June) 
3 | July p«, 

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fq ? una 

o? June . 

Dec. June 
-Ii Sept Mar. 
m SopL Apr. 

' June NovJ 
10-8 Dec. July] 

II “V 

73. 


SOUTH AFRICANS 


(May Nov. 


Apr. Sept. 
Sept Mar. 
Pen. Aug. 
(May Nov.| 
I September 
|July Dec 
Feb. Aug 
[Dec. May, 
[March Sepl. 


Dec. 

May 

May 


[Aberrant ROJO.. 
Anglo Am In. R 1 
ABg.Trslnl50c 
Edworts 10c...... 

(Gold Fids RJiy: 
jGrunns'.VJOe... 
HuIensCpn.RL 
OKBtLraars50c.. 
IPmnrnielOcts.^ 
IR« Tiseforn ‘V5W 
JuIylS ABram.McL 
fTiperOflURl 


Nov. 


Nov.fL.nwec. 


103 

2T2 

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3.7 

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565 

3.4 

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130 

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tw. 

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3.0 

79 


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112 

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440 

155 

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7.9 

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133 

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06 

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160 



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81 

15J 

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♦ 

81 

585 

69 

liJ 

14 

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53 

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?■? July Feb. 
6-1 Apr. OcL| 


, * 
115 
13.2 
9,1 
4> 

215 


Nbv. Juul 
March 
Apr. Oct, 


Aug Feb, 


January 


Z-*TMar. Sept 


Doc. July] 
Mar. Sept, 
October 


TEXTILES 


Not. 

June 

Feb. 


98 

452 


55| 6.1] 


PAPER, PRINTING 
ADVERTISING 


JulylAwoc. Paper™ 


i.9>2PcC«iv.. 

|Oee. JuneUnlt & alborg- 


July. 


Dec. May 
June Jan.] 

Jan. July 
Jan. July 1 

Nov. Junet 

Dec. JunejCapseals 


Mfif 1 


155 L 
272 525 
Z72 525 


5.9 Hi 
3J 


, „ Jan. Aug 
Sept May 
'Jljune TSovJ 




17A8i*0\ 




April 

Nov. July 
Sept Apr 
July Noi'.i 
Apr. Nov. 

Apr. Oct 
Jan. June 
Dec. May 
Mar. Sept. 

Apr. Sept 
Dee. June 
Jul*' Feb. 

Sept 

(May Not. 

Tufy Dei 
F.J.SJ X 
Sept Apr.! 

7 . Jan. June] 
f, Jan. July 
6 ? Feb. Oct[ 

* b Jam July 

Jan. July,. v . 

Si- 


m 


Jan. July; 
Feb- Aug 
i * i Nov. May, 
111? J “- ^ 
295 
86 

^ | July Dec 
(6.4i Jan. Sept 


Do. O': 


Bemrose 

[BriL PrinUjS— ■■ 
BninnroeGro — 
Do. Ren r.r. t tg— 


Banzi Palj* 


Caustoo (Sir J.'— 
Cupmau Bal 50p_ 
ClayiRichardi— 
Collett D ron I Up 
CuIterGuard. — 

Delve 30p 

DRG 

(Ea*i Lanes. Ppr_ 
'Eueal'pius.. — 
FerrvFicklOp— 
iFmJaaHoldines- 
[GeersGroHlOp. 
Harmon & Son*. 
JiTClOCto....^.- 
ilnrereskGrp wM 
L ftP. Poster 50p 
iMcCorquodaleD- 
MelodyMiIlS — 
Mills ft Allen 50p 
UonOTecr.lOp, 
0fShy*M.S2 _ 
UlimP.lEUZOp 
Odey Print Cip- 

g ichltSaa;chi..| 
ithtDvidaip. 
trfiLtJeffsn-* • 
j ranspsrent Ppr. 


rtt'nce Group MP- 
WeddlsctoniJ. 
H'atotot>eb£..... 
kraiBWorow'Sp J 



,'Sept Mar. Allied Textile _ 
[Jan. Aug Attans Brns...^. 
Dec.- July Bealwll i20p_ 
/May Nov. Beckman A. 10p. 
(June Dec. Blackwood Mori. 
Apr. Sept Bond SL Fab. Up 
[Dec. July BrigbUJohn).._ 

w SSEESSt 

Apr. SepL BriL Mohair — 
Feb. Aug Buhner L'rab.30p 
Jan. July Caird i Pundroi . 
Dec. May Carpetslnl 30jx_ 
May Nov. Carr'ctn VfjeUt 
October Qwdaulud — 

Dec. June CmtsPatotu 

Oct. May Corah — ^ 

iMar. SepL Courtaulds ... . 
7 (Mar. SepL Dai*. Deb fid. 7 
July Cronberili..._ 
[Feb. Sept. Dawson In tL..„ 

[Feb. Sepl Do. ‘A’ _ 

Feb. Oct Dixon (Da vidt_., 
I Not. July Early iC l ft ILiejd 
oUan. July Foster 'John i. ._ 
lApr. Nov.HBfSary.iIOp. 
Apr. Not FncWngPsLSJp, 

: July Hieid 3ros.5p_. 

Jan. Aug. Hichams 

Mar. Oc l. Hollas Grp 5p 

Ang Feb. Homfra? 

Ocl. Mar. ID fiworth JL Mp. 

iOct Mar. Do/A'SOp 

Jan. Aug Ingram fH i lOp... 
jNov. 3Say Jerome I ifldfiB.1 .. 
(Jan. July Letds Dyers. — 
November Leigh Mills - 


Apr. July Radley 
Aug I>cc. ReediWmt 
Mar. Oct. RriianwKmiWp.. 

May Not. Rtf hards lOp 

, Mar. OcLSEET.aJp....- 
ID.0j(53ipuly Dec. Srotlflbbcnsoa. 
Sept Jan. SekorelnL 18p._ 
[Feb. Aug SbswCarpeuiqp. 
.Tune Dec. Shiloh Spinners., 
Mar- Sept- SMlawIndsSOp. 

|Jaa. May Sirdar 

July Dec. Small ftDdmas. 
.Apr. Aug Sn.n*cosaL12Mj 
Apr. Aug Do.Prtv.L12M.. 
Feb. Ocl Spencer (Geo.) — 
Apr. liov. Stoddard 'A'. — 
Jan. July Stroud RflryDr'd -4 
Jan. May Tern-Cmsnlate. 
Mar. SepLTett’rdJisy.lOp. 

February Tomldiiiens 

[Feb. July Tootal ... . 


PROPERTY 


3.6 


set 


OcLi 

63 (Mar. Oct- 
August 
£ 4 — 

5.6 Sept Mar. 
_ jan. Apr. 
110.0 Dec. June] 
— July Dec. 
5.1 Nov. July 
|l52l Oet- Aitg 


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355 d0.48| 
16J tl.54 




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25 dD.9 
25 01.75 

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32.12 td205 
12.6 748 
30J Td3.35 
974 


[July 
93 Jan. 

6.4 t 
6X Feb. 

9.0 Jan- 
75 

.. *. Aug 
.135 - , , 

.62 Dec. June] 
52 Apr. Sept 
jan. July 


(Ail'd London lOp 
(.MlnattUndon 
*wilpatTw^w« 
Acer rrops 10p- 
■Aqins.Sew.5p.-. 
[Aronue Clse alp 
'Bank* Com lOp- 
.Beaumont Props. 
jEeareriC.H.'lOF- 
BellwayHldgs— 
Ea-t^erHamUnU 

iBilumiFercy’ — 

BrodfordProp — 
Bnt.AnraniSp— 

British Lmo-j— 

do 

Brixioa Estate- 
Cap. ft Coiniues- 
I Do. Warranto - 
Carting Grtwp-S- 

k££B;S 


117.4 July Apr. 
(12.4 Apr. Oct. 
6.2 February- 
9.1 Mar- Sept 


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15 4X5 
132 d4-4 
12.12 fil32 
677 - 
34 3.75 
3J WW 
30 J 1837. 


1.9! 




155 tl75 1 
17.30 155 
2811 13.2 
25 2.B0 
712 3.M . 
2J 

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1 20.1 June Dec 
62. Jan- May 

5.6 MW., Sept. 

55 April. Oct 
_ July 

8.0 Nov. June 
_ Apr. Not\| 

7.7 Jan. AU£. 
— Apr. D4C 

5.8 — 

* Ape. Dec- 
13 Feb. Sept] 

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Chest , 

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Churchb iv E*i — 
City Office?- 

CtoieNtftoUfc 
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CwnErehangplUP 

CntrvNewT.IW- 
CnivftDisiIdP- 
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po. lip: Cov. — 

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0.83 

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3.09 
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Apr. DecJLLrtw — 

[Jan. July LrtcsiSJSOp — 
May Dec. Mackay Hugh.- 

Apr. Oct. UacUnnon Scot? 
Jan. July Marlin 1 Ai3)p_ 
Nov. June lHller:F.tlllp.__ 

Sept Apr. Mtmi/ort 

July- Dec. Notts. 3tin(g — 
'Mar. Sept Nova Jersey »p.. 

Jan. June Part [and ‘.V 

Jan. July Fickle* iW.ii Co. 
Jan. July Do.'A'.Vl'Iflp . 


Apr. Sept|RK.T.lOp. 

‘ y Fashions 


T»rarY5i) 

[April OctlTrafioi 


uni carpets 

Jan. Julymicoville UJp.... 
Mar. SCrpLmU-Tta20p...._ 
Mar. Oct York* Fin* ft'. 2Sp 
Oct MayiYtnghal 


144 

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Jan 

Oct; 

OcL 


f'o 1 Nov. June] 

il»flt 
3.2 
4> 

49, 

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,19.3. 

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4.9 

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53 

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[Hambrnr 

Harcros lc-..10p 
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OctlHamcHlai. A'. 

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llndmtna-tc-en. 
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105 

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55 

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103 

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144 

80 

153 

114 

100 


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Mar. Sept iMdiseSec. Iifi55J 


Jers^£u.PL]p 
Nov. Jane Jersey Gen. H_ 
May OcL Jes Holdings. — 


Jotelmr.bc.10p 
Do.Cnp.2p, — . 
Keystone In; 50p 
Singadelm— 
LakeVievic''— 
Laac.fi Lon 1st 
LawDebencri _ 


UwdS-'i^ P*f_lp 


LedalBs-.Inc.23p 
Do.Cap.3p..— 
UValloBerlm-.., 
Lonfi Abin FIdJpj 
LoaLAIlamie — 
(LtraAnstliiv S.L1 
ftGart 50p 


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iLOtfiLeann: 
Loa.fcLiv.Uip — 
Ua.filanond- 
lLto.fi Kamrose. 
iLon-tProy;.^-. 


Dec. July Lcc-Pn-doitul. 
May Dee. Loo.fiSdydc— 

June Dec. Lon T*L-„ 

June Dec. Loalnndlav — 
Sept MarjMiG Dual Ine. lap 
Da Cap. Up— 


Jao.|D*M£itftiLHl 
Do. Cap 4p - 1 — 
Jan. June Han ft Loo.5Dp> 
liar. Sep. JJeldrora lavt— 
Apr. Sep. MerroufJeJcv- 
Sept May MerrtantoTst-., 
Feb. July Monks Inveti— . 
May lloaL Boston lOp 
Do Wire £ll. 

I Hoo!oya:£U—_ 

Moors ale Inv — . 
Hoars ide Trust- 
XegitSA-Sl'Sl- 


N‘c^Thrtitlnc„ 


Do. Cap tl,— 
Do. Ne«- ft'nts _ 
April N'.V.tCarimore. 
Aug Dec. JBueir.iejl— 
May Dec. NIKAtlaaQcSec 
June Dec. Nthn. Amen'ran. 
Dec. July Nonhnn Secs _ 
Jan. Aug- Oil ft Astor Iar_ 
June Not. ODtrteblnv^.^ 
Apr. Aug PendandlR?-.-. 
Dec. Aug Froj. Set Iot. SOp 
Mar. Sept, rto-.isci a] Cities 
Aug. Feb. Rseburo 
Feb. Sept . ReatTOOi: lav— . 
Apr. OcL Rights ft las. Cap 


9.4 

15.2 

4.6 
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86 

7.7 
64 

103 

fi 

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6.9 

5.6 

4.1 
fi 

3X 

6.1 
3.3 


Oct Mar. 
Sept Mar. 

Apr- Nov. 
Apr. Nor. 


Aug Mar. 
Apr. Nov. 


Sep. Dec 
Dec. June 
Oct April 
July 

December 
Mar. Dec 
Apr. OcL 
Dec. July 
July Jan. 
--.June Dec. 
6 *> J June Dee. 
♦ (May Dec. 
July Dec. 
Aug Mar 
Apr. Aug 


13.5 

10.3 

3.9 

92 


Apr. Oct] 
Jan. Sept 


8.7 

53 

32 


L 8(13.2) 


12. dj 

6.4 

8.9| 


Dee. June! 
. , June 
fi Apr. Sepl 
November 
"J Dec. June 
2 ^ Dec. June] 

^SjJan. Aug. 

Aug Apr., 
^"•June Jan. 
September 
Mar. OcL] 
Aptal Nov. 


5.8 


TOBACCOS 


Apr. Sept, 


[Jan. Juaej 
Nov. Mar. 
Jan. Sept, 
Jan. July 


(BATInds ^ 

DoDefd.. .... 
Duahilli.VilOp.. 
imperial 


RdheanslSlm.,, 

SiemssenHiLlDp.-l 


322 

112 

13.01 

X3.4 

61 

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— 


— 

355 

12.12 

8.72 

♦ 

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132 

5.66 

2.0 

11.3 

54^ 

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94 

5.7 

£0 

25 

2.79 

9 

7.0 


Mar. Aug 
May Nov, 
5 b J Mar. OcL| 
October 
l Feb. Hayi 


all Oct 

* 


Apr. 


TRUSTS, FINANCE; LAND 

Investment Trusts 


Dec. 


Jan. SepL 
Dec. July 
Ocl May, 
No*-. July 
Not-. July 
Dec. July 


Oct May 


JundAberdMnln.s . 

Dec. June! Aberdeen Tnm 
'Alisa lnv . ... 

Mliaace In-. — , 
Alliance Trust.— 
AJUfusd Inc 50p. 
Do. Capita) 50p. 
Ambrose hi lac._j 

Do Cap 

Amer tan Trust. 
.American TsfB' 

1 Anglo Am See a. 
[Aagliflm. Dir..., 

] Do AsietSIto. „ 
'Anglo-SwLInv.. 
Arobimedes Inc.. 

Do.Cap.50p 

Argo in*’.' SAJI— 

.Asbdora In** 

Atlanta BalL lOp. 
Atlantic Assets.. 


Aug. Mar. 
SepL Apr. 


Juno Dec. 
Aug Feb. 


Dec. June) 
Aug. Mar 
January 
November: 


October 
Nov- July 
December 


Nov.. June] 


Jaa. Join 


ElUnr. S«H 


•May 
Feb. ■ 


Not. 

AUg. 


Dec. JuneWffas Elect 


AusttlnLlaOjft. 
Baskets' lnv— _ 

Berry That 

retetejpsplePrnpL. 
__j|KihojugaieT!«t. : 
May DscJBorderfiaha IDn 
■ June Brazil Fuptl CrSl j 

' 5rari/lar.C«l.- 


tertOaptTieta.;;..- 


Br.t.tmSecs^j. 
It Ind.t Gea~ 


firit 

Dec. June Brit InvesU..,_ 
Oct AnrjBrpwijMBeLBw 


50 

136 

107 

95 

224 

116 

182 

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44 

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102 

43 

130 

42 

67 

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246 

122 

64 

93 

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56 

64 

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368 

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SUP* 
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1012 
100 
166 
147 , 


153] 

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28Jli 


3.4^730 


15« 

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3.41 


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301, 

2811 

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a.in| 

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15121 

2811 

1 

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2.35 

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3.00 


830 

0.42 

43 


135 


3X 

32 


tl 61 
515 


Qll?, 

4.04 

03 

0.40 

1.90 

12.7 

235 

10.87 


d6X5 

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67UQS0.44 


05521 

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4.85 

525 


Dec. June]' 
Feb. Aug 
Apr. Oct 
April , 
Feb. Aug] 
May Not 
1M 7.1)20.7 1 Apr. Ai 

$ ^tarjune 


l.« 4.8IM.4 


Ui 


tl 


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18 

21 

1X| 

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5.8 


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12.7 


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Aug 

July, 


Riverft Mer.- — 
Fti»»rFlaLeDe£._ 
iRoiecp-Br-lFBO 
Do Sub.Sh'sFlS 
Edincti NVF150- 
Do Suiaa's FT5^ 
RwnnevTni5t 
[Roscdinjindlnc 
Do tap . — „ 
RDLceccild To. SQp_ ; 
Safeguard Ind 
|bL .Andrea Tat _ 
|5wt..\B.Inv.50p_| 
ISculi-(.'MLlnv_ 
jSrot.Ciliei'A', 

IScoLEhii.Inr. 

iSeoi European- 
StotdShlm.. , 
|Sc«- Mon. fiTst.l 
SroL.VaiiooaJ— 
[Scot. Nortbern— . 
iScn. Ontario. 

J ai.L'id lnv. 

«, Western. 
oLftteto.'S'— 
sec-.yiianreTst— ] 
[Sec. Groat Ntlra.. 

, Do.'B 
SecurtD'eaT.Se- 
SctertEisklnv 5t£5 
Shires In. 50p_ 
[Siro^eli I3p 
Sphere Inv 
skrrinc. 10 p_ 
spur Cap. lffp- 

Siaabope Gen— ] 

Srcrlw Tfl 

Siivktplilirrslnr.. 

Technolt'gy 

Tempic Bar . 
IThrog Growth 
Do Cap £1... 
iThroc morion — 
Do.Sj'iLoaa.. 
(Tor Imesi.Inc— 
Do. Cap... r — . 
(TratL? Oceanic— 
Tribune Invest*. 
/Tipk-e-LlacjOji.-J 
Dn Capital sl_ 
iTniSiLmon 
[Tni-UoesCorp— 
Tyneside Inv. 
Updmrn Inv— 
lad. Bn l Secs.— 
Did. Capitals —j 


July 

Maxell 


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T.i SaaipIajs.H- 
Wnrawoj'SOc.— 

[LcraineRl. . - 

Prei Brand 50c 

Pres.Ste.naUc— 
St Helena Rl>— 

L : aiael 

WeikoraaOc 


Iff Holdings 50c 


80 

£16 

83 

3S7 

97 

923 

698 

872 

172 

268 

£1B3 4 


135! 

•TH 
34 
4 75 

n Cl 

3? 


Qllc 

fli240c 


Q55c 

SISc 

ta 20c 


14 


2.7\ 90 


47 

B5\ 

2.6 

99 

2.5] 


8.2 


FINANCE 


AngAm.Coa]50c_ 
Angto Amer. 10c.— 
Ang Am. Gold Rl_ 

AagVaal 50c. 

CharlerCoos. 

[Com. Gold Fields .. 
East Rand Con. 10p 
Gen '4rnu3CR2 ...., 
&JdriridsSA3c_| 
Uo'burgL'ofls R2— . 
Middle ffi! 25e 


Aug. 


20J | Feb, 

30.4 
71.8 1, 

52 . 0 1 Jan. 

28.0 

5 3 Oct Mar. 
710 M*r. Aug. 
— September 

2 fi .4 July Nov. 

32.8 Apr- Oct| 

4.1 . 

August 

132.6 October 
Z3.2 gee- J«|5 

32.9 Ocl July 
I1M Oetober 

25.9 My 

134.6 July 


JulylAkrtml Snatbers 
]ArmourT«r IDp. 
AlthvIpU'. JOp- 


Bntannia AiTtw. 
Chsddesley—.- 
CtallengeCrpSl 

Chari eriuwro up 
Comnwn MkLlp. 

DalgctyLl 


4.422.8 
3 2 


24.9 1 


mDo)01*el 
lEdia.Zn<n.lZ 2 P., 
H0ro3fintaglop-| 
tertUae House— 


ErptonUiootaSp 

FhJiion4Gen.Sp. 
F:cuce& lad. I 1 


— (FiUrov Invest— 


222 

10 

44 

9 

1*4 

JIB* 

143 

65 

s?- 
282 
' 40 
27 
14 
57 

40 

& 

117 

17 

13 


15-5)20.0 
1273 _ 


D75 

if 

475 

4-47 

332 

111 

217 

155 

14 


fl 

2811 

fl 

I 

514 


Q25X 

11176 


11.0 


d0.99, 

172 

1.12 

d0.49 

4.94 

10 


♦7)13. 7| 


2.6 

65 

117 

2.8 

6.4 

&9 


_ .. Mar. OcL 
2 ^ .Mar Sept 


2.7 

November 
Ian. July 
Aug. Feb, 
-May OcL 
July Jan. | 
Mnr. Sept 
May Nov.| 


(92)! 


7.8 SepC ' Uar 


|Jlinct>rpI2!g— 


.UinorcoSB 
N«-ffit50r 
'Patino NN Fls.5-_ 
Rand London 15c- 
SfcJeflion Trust— 

Seamiss 10c 

Silvenuncs 2 ! jp 

Fiaai Cons.LttRU 

I'C Invest R1 

iL'DionUorpn.EJSc. 
Yogd?2 : iC— .. — ™ 


34) 63 



18 

8.8 

10.9 


DIAMOND AND PLATINUM 


Nov. 

At 


SA9S 

83 Jan 


an 
. Not - . 

I Nov. 


Waj 

SepLj 

Nov. 

Aug 

May 

May 


lAngio-.Are. InvXOr - 
Bi.'EopsjaiePlI- 19c— | 
De Beers D(.Sr...» 
Po 40prPf.Ra— 
Li-deahurfi IP 3 C— . 
[Ruft Plat lt>c 


£42 

34 

0600c 

11 

84 

412 

JUA 

34 

tone 

052.5c 

1.0 

33 

£L13t 

.31 

Q2t)0c 


62 

1/111 

0O2.7f 

in 

82 

477| 

me 

14 


10.2 

i 


Serving the world 
with 

financial expertise. 


SANWA 


BANK 

Tokyo, Japan 


DMteada 

PaU 


MINES — Continned 
CENTRAL AFRICAN 


Nov. MaytFtleosRhXOc. 


May 


Dec. 

Jan. 

Nov. 


July 

July 


fed: 


RhodTn Corp. lPjp. 

Roan Cons. K4_ 
Tanganyika 5Qp.__ 
DaProLffl 
May WanMeCoL 

lZam.pprSBIX)j:4— 


Not. Apr. 


Oct May! 


September 


Dec. AprJ 


June Nov 


June Novi 


Apr. Oet 


Oct May 


AUSTRALIAN 

13 
314 
109 


Acme* 25c.—.. 
BonnalnvilJeSOToei 
BH South 30c— 
(Central Pacific 
CoariccRiottEtoSie^ 
GJLEaleooriieSL. 


I Metals E*. 50c 
MJJL Hides. 50c- 
MwintLyeU25e_ 

NewraeUlUV ■■ ■■ 

North B.ffili50c— 
Nth.KalgurIi_ 
OakbridgeSAl 


(Psocont'l 
lParlngaMfiEtSp 
Pete- Waibend 50c 
SoatljeniEaaflc — 
Kestn. Mining 50c. 
Whim Crock 20c — 


Not. 

Apr. 

Apr. 

Jan. 

Feb. 


Apr. Aroal Nigeria—. 


OctiAyer Bitflm 5Y1 


Oct 

July 

Oct 


BetaltHu 

BerjnntalSMl 

Cewor 


June Dec! 


May Not. 


Bold ft Base 12fcp_ 
GopengCtns. 
Qongitong 


Jan. 


April 




Mav N<xJ 
Sett 3im 
Apr. OcLf 


Sooth CrolrylOp— . 
STjihKintaSMOXO 
ISlhnUabianSm. 

[Sungei Besi SMi 

Supreme Corp. SMI 

raajonglsp 

TJogtifl Hrbr. J1Q 
TronouSM! 


Me* 


3X5 

17 

73 

152xd 

90xd 

36 

13 


500 

230 

54 

121 

27 

194 

30 

«2 

119 

13*2 

165 

40 

9 

484 

190 

143 

50 



143 QSc 
914 




25 J] 145 


1321 Q9c 


153 


7.4 


19.9 


3.4J 


QSc 


IQTLc 


Q15c 


tQ6c 


L4) 44 


221 2.7 


4.1) 13 


L7| Z9 


15: 




4X 


u 


42 


42 


L9 


TINS 


25 

355 

53 

28S 

132 

9t2 

285 

165 

88 

10 

75 

480 

395 

69 

60*d 

215-d 

50 

59 

200 

310 

225 

75 

92 

96 

210 


13 3 12X1 
133tW6Jc 
&fi 3.75 
33 tQUfe 
161 b4Xl 
1074 ~ 
17.4 15.0 
1T67 — 
17.4 120 
«7 


152 

ul 

5^ si 


0-91 


16 



P 

as 

BJS 

ixi 

4.6 


ai 


ZL8' 


4.4 

ns 

Ys 

kB 


UllOX 


&4 

92 


29 

10.7 


9-J 


COPPER 

Jtxas Dec.|3lc££inaH050 [ 92 ]1232|*Q30c| L9( t 

MISCELLANEOUS 

[Barymin. 


Aug. Feb. 
November 
J aa. June, 


Not. July] 
October 


Burma Mines lTtjp. 
(Con!’ MuretuUte— 

XorthgaleCSl 

IRT.Z 


Sabma Ind&CSl 

Tara Evpm. 51 

Triiid? Minerals 10p_ 
YitkmCons.C51_ 


52 
14 
245 
395 
22 1 
62 

£103b 

43 

180 



[133 
15.9) Q7e 


* 


2 M as 


7 } 

18 


NOTES 


I'ntMi atherwise imS rated, prices and m( dividend* m la 
pence and dcnoninannsi are SSp. Eadtnatod prlce/mnilngn 
railM ud cwrfi are baaed on latest annual re porta aadaccannl* 


and. where pwalbte. are updated on halt-yearly agaze*. WE # m 
ralrnlaird an the basis at net dMribartH: bracketed tlgmea 
indicate IB per renL or more difference If calculated an “nfl ) 
di Kiribati on. Cnrcra are based on “m timn nr dlstrlbntio; i . 
SIHds are based on middle prices. a« gras*, adjusted to ACT of 


3i per rent, and allow tor value of declared cOslrlbaliaas and 
rights. 


_ I*. Sec orl lies wilh deoomliiaUoiu othra- than ttarUag am 
quoted in cJ ns ire of the larrauaent dollar premium. 


ft Si er ling demotmaaled anenritto which jpchide Invratump t 
dollar premium. 

"Tap* Stock. 

Highs and Lows marked thus have b«ea toailov 

for rights issues for cash. 

♦ interim since In created or mtuned- 

4 Interne since reduced, passed or deferred. 
tt Tat-free to non-reridenta On application. 

♦ Figures or report awaited. 

It Unlisted security. 

Price at time of suspension. 

Indicated dhidcud after pending acrip and/or rights ban; 
cover relates to previous dividend, or forecast 
Free of Stamp Duty. 

Merger bid or ni-organlsaUon in pmgiesa. 

Not comparable. 

Same interim: reduced final and/or reduced earning* 
indicated. 

Forecast dividend; cover on earnings updated by latest 
intenin statement. 

Ceier allows tor conversion of shares not now ranking tor 
dividends or ranking only for restricted dividend. 

Cover docs not a) low for shares which may also rank for 
dn idend at a future dale No P. E ratio usually provided. 
Excluding a final dividend declaration. 

Regional price. 

No par value. 

a TU* free, b Figures based on prospectus or other official 
estimate e Coats, d Dividend rate paid or payable on part 
of capital; cover baaed on dividend on toll capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 

] Payment from capital source*, k Kenya, m Interim higher 
than previous toLtL n Rights issue pending q £arzunga 
based on preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment- t Indicated 
dtiidcml: cover relates to previous dividend. P;E ratio based 
on latest annual earning*, u Forecast dividend, cover based 
on prenou-. year's earmnea v Ta*. free up 10 30p in the E. 
w Yield allows tor currency clause, y Dividend and yield 
based on merger terms, r Dividend ami yield include a 
special pavment: Cover does no: apply- (o SFvcial payment. 
A Net dividend and yield. B Preterence dividcrid passed or 
deferred C Canadian. D Coverond P.'E ratio exclude profit* 
Of U K. aerOTpace subsidiaries. E Issue price. F rnvidend 
and yield based on prospectus or other priicinl estimates for 
1S7T.7B. C Assumed dividend and yield after pending scrip 
and, 'or rights issue 9 Dividend and yield based on 
prospectus or other official estimates for 1975-77. K Fi cures 
based on prospeems or other official estimate* for 1078. 
N Dividend and yield based on pro* pectus or other official 
estimates for IBTB. N Dividend amt yield based on proapoctna 
or other official estimates for 1079. P Dividend and yield 
based on prospectus or other official estimates tor 1977. 

G Grass. T Figure* assumed. V So significant Corporation 
Tax pavoble. Z Dividend total to date, tf Yield baaed cm 
assumption Treasury Bill Rate sta>s unchanged until maturity 
of stock. 


Abbret ia> ionr at ei dividend: m ex scrip Uana; n- ex rights ■ 
all; 4 ex capital distribution. 


** Recent Issnes ” and “ Rights ” Page 37 


His service Is available to every Company In on 
Slack Exchanges throughout the L'ni ted Kingdom tor a 
fee of £460 per annum for each, security 


REGIONAL MARKETS 


The following Isa selection of London quotations of sfiam 
previously liMcd only in regional markets. Prices of Irish 
issues; most of which are not. officially Listed In London, 


Albany lnv. 20p 
Ash Spinning . 
Bertam... 
Bdg'wtr.Ev . W P 
ClovcrCrofi • . 
Craig i Rose £1 

Dyson (R a. 1 A. 

Ellis ft McHdy.J 

Evered 1 

Fife Forge.. 
FirdayPkg. 5p . 
GraigShip 11 - 


Hi 


lupous Brew— 


»LSlm £1— 
HoltiJosj25p— 
' li» n. Goldsmith 
Pearce iC. H. 1 — . 
Peel Mills - 
Sheffield Brick 


23 


45 


22 


267 

-J 

26 


445x4 


37 


61 


18 

— — 

50 

...... 

24 


154 


78 

... 

150 

llfll , 

263 


55 

...... 

165 


20 

...... 

45 

...ra. 


Sindoii < Wm. j ] 


52 

100 


1=1 


IRISH' 


Conv. 9*« '80/82J £90>i 


Alliance Gas— J 
Am ott 


Carroll tPJ.) 

Clandalidn— 

Cone r«e Prods.. 
HeiCon ifcUdgB-J 

Ins Corp 

Irish Ropes— 
Jacob 


Sunbeam. 

T-M.G 

Uni dare- 


73 

340nf 

96a) 

94* 

130 

44 

148 

13® 

65 
' 30 
173 
90 


+?" 

-1 


OPTIONS 
3-month Call Rates 


Industrial# 

A. Brew 

A.P. Cement -. 
BB.R. 


Babcock. .... 

Barclays Bank., 

Beecham | 

Boots Drug 

Bowel ers. 

BAT 

British Oxygen 

Brown fj.) 

Burton 'A'„.. 

Cadburys 

Courtaulds 

Debenhams—. 

Distillers. __ 

Dunlop. 

«r.„, 


Eagle; 



Hawker Sidd.J 
House off nuer. 


LCX. 


Ladbroke^ — 
Legal ft Gen. J 
Lex Service— 
Lloyds Bank .J 
LoCs”... 


London Brick 
Lonrho 


Lucas Inds.. 


Lyons 1 J. 1 

"Mams" 


Mrks-4 Spncr 
Midland Bonk 
N.E.I. 


Nat. fled. Bank- 
Do. Warrants, 
PtODfd. 
Plessey— 
R.H.M 


RankOrg. 'A'J 
Reed Intal 1 

Spillers 


Tesco.™ 

Thorn., 


Trust Houses.. 


TiiKaJ V k-Mt. .. 

30 

U oil ever 

35 

L'td. Drapery- 
Vickers— 

& 

Wool worths-. 

5 

Property 

BriL Land 

3J. 

Can. Counties, 

P 

Xotreurnpean 

4 

Land Sees— — 

36 



Peachey 

Samuel props.. 

8 

4 

Town ft City 

Ui 

Oils 

BriL Petroleum- 

45 

Burmah Oil 

5 

Charterhall— 

3 

sh.i) 

28 

Mine# 

20 

Charter Conan 

U 

Cons. Gold 

14 

Rio T. Zinc: 

36 { 


sl. 1'.'. 



“I 



----- — £■ 






44 



600 


GEORGE COHEN MACHINERY ITE 
23-25 SUNBEAM ROAD LONDON 
NWIQ 6JP TELEPHONE 0T-9bs 6566 


I 

i THE MOST 

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LOBBY 

1 

FI 

n 

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\A 


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Cl 

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1 LOADEB 

[ 


Monday June 26 1978 



;;;-m 

Spedqlhtsia l^i^fbrced^mci^t&^Sign^ 

, & Supplies ofRvnfetxpngis. _ 


yftf-t: '* 
«*■ : ■— js*/ 


Tjvrv 


Executive salaries 


in UK ‘buying less’ 


BY JASON CRISP 


Further rises 


THE SALARIES of Britain’s paid around twice their UK of these improvements have; 
executives have a lower purchas- equivalent and are, therefore, occurred in other countries.” 
ing power than almost all their eligible to pay more las. Employment Conditions Abroad 

colleagues in other industrial The gap is least wide when is an independent non-profit- 
countries and it is getting worse, measured in terms of purchasing making organisation established 
according to a survey published power because Britain still has by a number of major UK corn- 
today by Employment Conditions u lower cost of living than most panics to monitor overseas 
Abroad. of the countries surveyed. earnings. 

By comparison with 11 other The survey says that the reason The 1978 inter-country 
countries the purchasing power tbc V Iv ’ s Position in the table has Remuneration Report is cratf- 
of the UK executive's salarv has QOt Ifl ?P rove< * In of a Less able from Employment Con- 

fallen 10 per to the j^Sr up ? lrict locomes *»“«* a reduction ditions Abroad Devonshire 
- - H - — - F in income tax rates and lower House. 13 Devonshire Street, 

inflation, is because “some or all London WIN 1FS. 


in U.S. interest 
rates forecast 


until the end of March. 

This, according to the survey, 
was because the comparatively 
higher rate of inflation in the 
UK and the hardening of sterling 
had reduced the advantage of 
Britain's relatively low cost of 
living. 

The most recent tax cuts 
would reduce this decline to 
6 per cent, says Employment 
Conditions. 

The surrey compares the 
salaries by job description in u 


EXECUTIVE SALARIES COMPARISONS 


jvm vv.-v. Rfllinnm 

number of companies in each ficigiuia 


sterling. 

The widest 


;ap between the _ 


the salaries are measured in 
gross terms. Surprisingly it is 
less wide after tax. implying a 
lower lax on income in the 
UK than elsewhere. Employ- 


saying overseas executives are 



Grass 

P«r 

£ 

Hci 

Alter 

Tax 

E 

What 

That 

Bun 

C 

Grass 

Par 

t 

Nat 

After 

Tax 

E 

What 

That 

Buys 

£ 

UJK. 

3,709 

~6,43tT 

6,450 

12,100 

8,145 

8.145 

OTHER COUNTRIES 

Australia 

15,087 

10.435 

9,317 

20,688 

12^81 

11,591 

Belgium 

27,272 

”17,432 

~ lL62i” 

"40,085” 

22,619 

15J>79 

France 

21,172 

17.830 

12.301 

29.641 

23.781 

16.400 

lYetirer/ands 

23.876 

14,392 

9.407 

34.000 

17,866 

11.677 

Spain 

15.87S 

1L390 

10.079 

22,793 

14,610 

12.929 

Sweden 

19,097 

8,078 

5,889 

25.602 

9^015 

6.349 

Switzerland 

31,237 

22.613 

12.157 

43,775 

29,520 

15^71 

U.S. 

22,143 

14.670 

13.840 

30^85 

~17,967 

16.950 

W. Germany 

~27,910" 

18,865 

1L718 

38^32 

24.010 

14.913 j 


BY STEWART FLEMING 


NEW YORK, June 25 


Bank loans 
to private 
sector 
show rise 


By Michael Bfarden 


THE RENEWED upsurge in 
bank lending to the U.K. private 
sector, which was one of the 
main reasons for the recent 
official measures to control the 
growth of the money supply, is 
confirmed today by the latest 
breakdown of bank loans pub- 
lished by the Bank of England 

Id the three months to mid 
May, the underlying increase, 
after allowing for seasonal 
influences, appears to have been 
about £1.5bn. This was nearly 
double the rise recorded in the 
previous three months. 

The figures confirm the 
evidence already available from 
the monthly banking statistics 
that the rise in lending has been 
mainly concentrated outside the 
manufacturing sector. 

The demand for funds by 
manufacturing industry how- 
ever, may be understated 
because of the substantial 
amount of resources which has 
been m3de available through 
leasing operations and which are 
only indirectly reflected in the 
figures. 


Overtime level 
at five-year peak 
as upturn starts 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


Seasonal 


The quarterly analysis shows 
that during the three-month 
period sterling advances to UK 
residents on an unadjusted basis 
rose by £l.23ba compared with 
£1.1 6bn in the pervious period. 
All but about £50m in each 

period went to the private sector. 

In the February to May period, 
however, seasonal factors may 
have depressed the total by 

about £350m. where as in the 
previous three months the 

seasonal factors were the other 

way. 

Two main sectors accounted 
for the bulk of the unadjusted 
increase. These were services, 
which took £fi92m, and personal 
borrowers with £278m. These 
represented rises of 9 per cent 
and 6 percent respectively. 

Lending to manufacturing 
industry rose by only £52ui. or 
1 per cent But this was after 
including a fall of £150m under 
the vehicles category reflecting 
repayments of borrowing by 
British Leyland after its recent 
rights issue. 


Services 


Advances to other manufactur- 
ing categories rose by £202m, 
or 3 per cent There were 
notable increases in food, drink 
and tobacco (£62m or 5 per cent) 
and textiles (£53m or S per 
cent). 

Within the services sector 
significant rises were recorded 
by retail and other distribution 
— up £3Q2m or 10 per cent— and 
local government— up £112m or 
35 per cent. 

The miscellaneous category, 
which includes leasing com- 
panies and the motor trade, 
showed a rise of £210m or 7 per 
cent. 

In the 12 months to mid-May 
sterling advances to UK rest* 
dents increased by £4-35bn, or 
37 per cent. Manufacturing In- 
dustry went up by £997a (15 
per cent) of which £406m was 
accounted for by electrical and 
other engineering and EllSm by 
food, drink and tobacco. 

Advances to the miscellaneous 
services group rose over the year 
by £697m (27 per cent), to agri- 
culture, forestry' and fishing by 
£403 in (33 per cent) and to the 
personal sector, other than for 
house purchase, by £703ui (24 
per cent). Advances io property 
companies dropped by 10 per 
cent 


OVERTIME working in mami- The increase in overtime work- 
facturing industry is now at the ing reflects the usual response 
highest level since the summer of companies to an upturn tn 
of 1974 as a result of the recent demand— they increase the use 
upturn in economic activity. of the existing labour force be- 
Tbis will be confirmed by new l° r « h !i arti / c8 J? !? ke , °? larse 

figures to be published on Thurs- wilf J5 hil 3 nmrth 

dav in the Department of „ Nevertheless, month-to-month 

Employment's monthly Gazette, fluctuations are expected to be 
Evidence of the impact on era- reflected in the new figures since 
ployment and the labour market Apnl total for overtime 
generally of the recent rise in hours worked, on a seasonally- 
output is also expected to be adjusted basis, is likely to be 
included. slightly lower than in March, but 

Mr. Denis Healey, the Chancel- ™ uc h higher than at the end of 
lor of the Exchequer, told a la ?* yea . r - .. . . . . .. ... 

Commons select committee last Tne April total of those with 
week that overtime working had i°bs in production industries— 
increased by 5 per cent in the just over two-fifths of ail 
last three months compared with employees — will also be pub- 
the previous quarter. lished in the Gazette. There will 

The official figures later this *» e close interest, to see whe ther 
week will highlight this under- to fractional rise in -the first 
lying increase which, along the three months of the year has con- 
buoyant level of retail sales, is tinued or accelerated. The March 
an important indicator of the total of 9.12m, seasonally- 
marked recovery in economic adjusted, was less than the figure 
activity now under way. with between February and Sep- 
total output probably rising at tem her of 1977. 
an annual rate of at least 3 per The overall level of employ- 
cent. ment has been flat since last 

The monthly average of over- summer and there has been 
time hours worked of about puzzlement in Whitehall about 
16.2m in manufacturing in the the contrast between these 
February to April period is more figures and the steady fall in 
than a quarter higher than at unemployment, for nine succes- 
tbe low point of the cycle in sive months, and the increase in 
autumn 1975. notified vacancies. 


FURTHER INCREASES in short- funds rate has historically 
term interest rates in the U.S- tended to be followed by another 
including a possible rise to 9 increase. Mr. Alan Lemer, 
per cent in commercial bank senior vice-president of Bankers 
prime lending rate? this week. Trust, points out that so slight 
are being predicted on Wall on increase as has already 
Street The forecasts ore based occurred wifi do little to check 
in part on the strength of credit the growth of money supply, 
demands in ■ the economy hut Over the past six months 
also od the evidence of growing money supply on the narrow Ml 
concern at the Federal Reserve definition has been growing at 
Board about the sur?e in the S per cent, well above the upper 
growth of the U.S. money supply end o? the Federal Reserve's 
in recent months. long-term target of 64 per cent. 

The minutes of lhe May Monetary policy is based in part 
meeting of the Federal Open on the evidence that too rapid a 
Market Committee <FOMC) growth of the money supply 
which decides on Fed monetary tends to intensify inflation, 
policy disclosed that on June 16. Even if the Fed does not 
only four days before the tighten credit policy further, 
regular June meeting of the however, demands for credit in 
FOMC. a special “consultation ” the U.S. economy are now so 
of the co mmi ttee was held strong that this alone could 
because of concern about the force rates higher. Dr. Kaufman 
growth of money supply. The points out that in its latest move 
minutes were released to the the Fed does not seem to be 
public last Friday. leading market rates up but 

In the wake of the June seems to he following them, 
meeting last week it became On Friday of this week the 
clear that the Fed had indeed money market will be watching 
tightened monetary policy to see if Citibank raises its 
raising its target for Federal prime rate. Only a slight firming 
funds reserve banks lend each of commercial paper interest 
other from around 7' per cent rates is now needed to ensure 
to 7} per cent. ’ that the formula Citibank uses 

Now money market economists to trigger a prime rate increase 
such as Dr. Henry Kaufman of indicates a rise. But it is pos- 
Salomon Brothers 'point out that sible that another major bank 
such a small rise in the Fed could lead the way earlier. 


THE LEX COLUMN 


IF 



cast 

on North Sea aid 


BY RAY DAFTER. ENERGY CORRESPONDENT 


THE LIKELY help that the UK than expected because of corn- 
economy will receive from off- pressor problems, while British 
shore oil and gas production this National Oil Corporation's Thistle 
year has been further down- Field did not begin yielding oil 
graded in a new North Sea in commercial quantities until 
report, published today. April instead of the expected 

Presenting the most pessimistic start-up date of November 1977. 
view so far published of this jt was also unlikely that Occi- 
year’s economic impact of North dental’s Piper Field would reach 
Sea production, stockbrokers a n average output oF 300,000 b/d 
Wood Mackenzie said that the this year, so Wood Mackenzie 
contribution to the UK current have estimated an average nearer 
account was likely to be £2.5bn 350.OOO b/d. 
rather than the £2.7bn forecast Apart from a slower-than- 
in their December report. This expected build-up of oil produc- 
tion tb brokers Phillips and yon, the trade balance forecasts 
Drew downgraded their February fc ave b een hit by higher costs 
forecast from £2.2bn to £1.7bn. an £ slightly higher import levels. 

Taking Wood. Mackenzie’s Even so. Wood Mackenzie 
figures, at least half of the cut ex p ec tg the North Sea current 
is seen as a result of disappoint- accoun t to stabilise in the £5bn 


mg production levels. Latest ^ £gj, n 3 vear range during the 


Government figures show that 


early I9S0s. 


North Sea oilfields are now pro- _ 

during crude at the rate of about Fi ures produced thi^ 

Ini barrels a day, equivalent to * j* 

about half of the country's rate Statistical Office show that ejen 
of oil consumption. But the pace * fth the revision of estimates, 
of the build-up at present is ’!? ls * ea ^ s com n but ion of the 
slower than previously forecast. North Sea towards Britain is 
although the Department of trjd ‘ u £. ? a 
Energy still experts energy self- ™cb higher than last year s 
sufficiency to be attained in 1980. in 1977 the direct contribution 
Wood. Mackenzie believes that to the current account was £907m 
the average production rate this as against deficits of £105m in 
year will he 1.19m b/d instead 1976 and £546m in 1975. The net 
of the 1.3m b/d forecast in benefit to the current account in 
February. the first quarter of 1978 was 

Today's report points out that estimated to be more than £450m. 
Occidental’s Claymore Field pro- some £100m more than in the 
duction has built up more slowly fourth quarter last year. 


The company sector has been . 
passing through one of its inorer 
financially relaxed periods., it 
emerges from recent officaaL 
statistics that in to first quarter 
of the year companies boH$ jap 
their liquidity to unusually high 
levels: accordwg to the survey 
by the Department of Industry^ 
of 228 large companies, current 
assets were 132 pear cent of 'car- 
rent liabilities, a higher “ratio 
chan the previous peak in late 
1972 and early 1973. Companies, 
in fact, were sufficiently flash 
with funds and impressed - by 
the dearness of sterling to 
indulge in a irttie stockpiling 
of imported raw moteniaJs. 

Change in trend 



-.sector’s figantaai T , ^position 
fifee$y to weaken during 
year 

r ;The quartet^r . analysis 
trapk ‘advances: jiubti^ied tot 

‘ by the’BankrofEcglatid sugge 


t ; t&ati 'the uridferWj? rise . 
" -sterling jujvanees. tp: UK 
. jdentS'. between 'February 1 
1 May was -some -£lj50§m, nes 
..twice as much-as^imthe pre< 
ing quarter. Advances to ma 
facturiers were - quite sn 
..within this total— which ma! 
reflects lending to f&e sen 
sector and persons, proto., 
boosted Jjy Window 1 dies* 
-ahead 7 of- the imposition of 
. corset Bw ifcniirfacturers 
detailed; now likely to Vepome-more : 


If 


pressure (though 

official figures are not yet avail- minent borrowers, 
able). Wholesale prices were 


Since the end of the fir^ ' on jy about I2i per cent on Tllfi COTSUt 
quarter, however, there, have a year earlier, while wage costs La this context the corse 


been tentative s igns -cf a chang e were accelerating a little. But unfortunate, but at least c 
of trend in the company sector, increase in the. -book value Pfinies by and large have s 
The sharp rise in the level -of 0 f stocks eased' further— to liquidity toV run down, an 
interest rotes and the noticeable £560 m — and the £2.8bn spent on move', into deffdMy the < 
increase in bank leading to'-the additions to fixed capital was pany sector' is quite norma 
private sector' tend to be dis- n0 higher than -the average, in this_stage o£ an economic c: 
cussed in tie City in noisily the two previous quarters. ,iu Tho-degree ©f^ ^cash squeeze 
technical or poJstical tennvbut these conditions industry was:^ e P^Pd opr how-long prices 
they also reflect shoSte-wtfbin able to build its '-Hg qjjli ty ttnue-'tOr lag beitind costs, 
a real economy. Meanrwh&ejtsbc- further. last weekjtfae_Price Commis 

fluctuations -in What has happened -since wift anticipatij^ jsome acce ^ - j ■ ^ <r 

the sharp jump in wageliewels then. however, 
and the' pick-up- ia ^noss have begun to 

domestic product -all --have output prices -v. - ?>.■ -. 

important impbeations for com- to rise at a very moderate xhte, markets .ax? uk^i 

pany finances. Agadnst- tids (under 10 per cent- during the under preauzre 1 

background the equity tnhrkot year to May). The 15 percent t£D ^° 
has been fitkdiing the godag in- year-on-year gain shown by 

: 1— v__a - - pgmincrc indpv tnr AnvXl mw • ‘OBOeni K HW PJOJIOSO 



creasing* hard. r- earnings index for .April may. ^ ^ „ 


During 1977 the financial re flect bunching and backdatings ..... . .. 

tT^dTwerT™ but thli f. *tiU ^ tt b, 
able for the company aector. »»">■=- The raw materials mtet. 

Although profits of industrial moreover, jumped by 5J pfir and £L5ba ln m^S0. Ai 
and commercial companies cen ^ ^ ^ three months’-ih lat^t - quarteriy review 


were not particularly strong on May - though the index ^Should eydoi^ Mcah^froca btv 

o rnnnrtpH hictnriptl met hheic bfi Steadier 


a reported historical cost basis De sceauier now toat *Sterifiig Paamure Gonton poiiite ou' 

-gross trading profits before has stabitised. p -Men F. Uft 

stock appreciation rose by some ^ MnpbcatHm of^fireae cost/ direct radufl&on incpn>fitali.;.= 2 • • u 
13 per cent.— the gain -was more P™* P oM&as' ss.= -that the can. be- eanfidentiy'-predl 
like 40 per cent net of stock amount industry if foresting in Worst affected we the Is 
appreciation. its stooks is now ^rising again, intensive' manufairtiirers 

Output was sluggish. 'ttnd the while revenues are stiM quite goods for export. ... 
strength of sterling into siugg^L There is aHao, bow- :£n <he current flimncmi' 
export and overseas profits, ewer/ati improv^^ in omput the yield from the Nai 
But in the domestic market; tevdS • wbdoh wiffl have some fcsurance suncharge is lake 
wholesale prices of madufac- effect 1m holdaog down un^t be aboa^ tKdf tiee yield - 
tured goods rose by just over cost& cxwipoiatioin tes. Nest yea 

15 per cent while wage earn- . . • - proportion ocmW wefl be hi 

ings increased 10.6 per cent and SHOCK- appreciation Tfae imfclen dangesrin toon 

raw material costs actually fell . . ]£s96nitiaiily tbc squeeze vrfw cocporste sector utt 1 t&xls fia 


iue the be on real profit margins. Con- is tot the &mdsa^e is 
slocks t>y verstiinnnl . rgrinntari nv/v»s tiv. ftAtihn'nmnifed .id w 


a 


fractionally. Meanwhile 

extra cash invested in stocks p y veotSonsd reported profits in- flatitin'pioofed M to way 

Appiedatihh aj^amaiKm tax 2ns come t 

December This waTenoiSh to weE improrc toou^i the The Gbance&ar has »:!-:•? C---? j 
allow the industrial and com- year * punticutarly io those areas tot to increase of over 
meivUl rampant sector to K ‘ posed iMtef.IMftfay In.ttfe.Bquidiar oi lyw 

swin® up out of deficit into consumer boom vMch is- being pumas m 3x mrato b 
rough financial balance during «»penienoea. In ca^ tenns^ toe Budget makes torn 
the second half of 1977. however, companies are Ekeiy abie to pay. But tbatashi 
By the first quarter of this trediag ebnditiohB less Use extra surcharge is . 

year industrial and commercial favourable. Tlie , Bank of imposed in October, -at a 
company profits appear to have Enghand BoSeti© .last weefe con- wiimi rorporaJe Mquidal. 
been coming under slight sklared ' that “the . company tiJwSy to be bn cyclical dec 


Oil companies silent on sanctions clai 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


oil to 


FRESH ALLEGATIONS that at this stage. inquiry, which, it is widely Petioles, to supply 

British and French oil com- Dr. David Owen, the Foreign believed, was set up precisely to Rhodesia. - 

panies continued to supply Secretary, announced in April avoid difficult questions being • A British Petroleum spokes- 
Rhodesia long after the impo&i- 1977 — only hours before his first asked about, sanctions during man said in London yesterday: 
tion of UN mandatory sanctions visit to Africa and after tough what are considered to be deli- “We have absolutely no comment 

received a tart “no comment” African criticism of the Rhodesia cate negotiations for a Rhode- to make. The situation is subject 

last night from the oil companies role of British oil companies — sian settlement. to the Bingham inquiry.” Shell 

concerned — including BP and that he would appoint an inquiry The burden of Mr. Jardira’s also refused to comment. 

Shell — and the Foreign Offices into alleged saoctions-breaking. allegations, which were pub- Similarly in Paris, M. Rene 
in London and Paris. Mr. Thomas Bingham. QC. was lished in yesterday's Observer Granier de Li Iliac, chairman or 

The charges made by Sr. Jorge appointed just over a year ago to newspaper, is that Shell as well the Total Group, would neither 
Jardim. former persona) adviser conduct the inquiry. In recent as other multi-national oil confirm nor deny that his com- 
to ex-President Salazar of weeks, the Foreign Office has corporation: continued to supply pany was involved in covert oil 
Portugal, seem likely to increase counteracted questions concern- oil to Rhodesia after the intro- supplies to Rhodesia. He said 
speculation about the outcome ing oil sanctions by declaring duction of mandatory sanctions he was awaiting the outcome of 
of the Bingham inquiry into that the Bingham inquiry will in 1968 by using a circuitous the investigations into the corn- 
alleged breaches of oil sanctions, soon be reporting to the Govern- route through their own aafi pany's operations in South 



stages of preparation,” aDd that clear yet whether the Govern- alleges that Shvli’s subsidiary in 35 per cent State-owned. The 

therefore no comment on ment intends to Dublish it. South Africa arranged to use French Foreign Ministry said it 

detailed allegations of sanctions- There is increasing scepticism Total, the marketing company was unable to comment before 

breaking would be appropriate in Africa about the Bingham of Com pa an ie Francaise des examining the latest reports. 


Lords urged to act on devolution 


BY RUPERT CORNWELL, LOBBY STAFF 


THE Tory-dominated House of a conference in Cambridge of ing role in prompting thinking t ral issues " of taxation powers. 
Lords, which has treated the the Left-leaning Tory Reform on this matter,” he declared. and the so-called ■‘West Lothian” 
Government's Scottish devolu- group, was winding up a discus- It would be pointless to question, 
tion proposals with some sion on possible constitutional “rush into •’ a detailed considera- This is the anomaly— described 
restraint so far. was urged yes- reform, of which devolution tion of PR, since a large majority fcv uj, pym 35 the Bill's “ central 
terdav to _ dig in its heels and (though not the Government's of MPs in both major parties defect whereby a Bill affect- 
“Jj sl on. its a™endmentejo toe version of it), was an important opposed ii, he said. But the gulf ing only England Is carried with 


ri Ph-, t ph b ;« h tv, 0 ar ^Tv,^ d t quate ly parL between Westminster and the the aid’of Scottish MPs who can 

The roil which^ accented During his speech he dealt with P*°Ple was one cause of the not vote on the subject for 
could provoke a constitution^ tbe issue of Lords reform, bit- malfunctioning 0 f parliament Scotland. So far it has not been 
confrontation between the two terly .attacked Labour for Mr. Pym identified three main properly discussed. 

Houses of Parliament came from ^ toying the fragile institu- areas where the Lords had The Tory spokesman promised 
Mr. Francis Pym Conservative lltmai balance by bending Parlia- strengthened the Scotland Bill full backing for the partial solu- 
spokesman on devolution and a r Hl es f 5 r own by tbeir amendments, which will tion proposed by the Peers, that 

vigorous opponent of the P^^eai ? n “f* a °d spoke, out once again be subjected to the. for any measure passed in this 
measure as it stand s. sympathetically on proportional guillotine procedure to curtail fashion, there should be a fort- 

He praised the peers for their representation, an idea detested debate when they go back to the night's “ thinking-over ” period, 
careful and constructive " v , matcher, the Oppose Commons at the start of July. Over the Wales BUI. irhicb 
approach t 0 the Scottish legisla- 0011 leader ‘ Scope Cor conflict between has been much more violently 

ti°n— -which receives its Third Although PR was often over- Edinburgh and Westminster savaged by the Lords, the Upper 
Reading in the Lords this week sold, he said, it could have the would be reduced, be said, while. House won even more fulsome 
before returning to the Commons overriding merit of reflecting the secondly, unlike the Commons, praise from Mr. Pym. He said 
—and urged the Government to basic unity of the people that the Lords had examined in full that the Lords, in dealing with 
accept all the changes wrought was obscured by inter-party the list of subjects to be a measure that was no more 
by the Upper House— and there- feuding at Westminster. “1 devolved, and made the changes than “a costly exercise in 
dj secure an improved Bill. would have liked the Conserva- it believed best. And thirdly, bureaucracy,” had admirably 
air. irvm, who was addressing tive Parly to have played a lead- the peers had tackled the “ ecu- fulfilled their watchdog function. 


Weather 


UK TODAY 
COOL: rain in places. 

London, SE and Cent. England, | 
E Anglia, Channel Is. 

Rain at first, sunny later. Bias.] 
19C (66F). 

E, Cent N and SW England,] 
Midlands 

Mostly dry, sunny later. Max. ] 
ISC (64F). 

Wales, NE andvNW England, 
Lakes, I of Man, Borders. 
Edinburgh. Aberdeen, SW 
Scotland, Glasgow, Cent 
Highlands, Moray firth, Argyll, 
N Ireland 

Mainly dry, sunny spells. ] 
Max. 17C (63F). 

NE and NW Scotland, Orkney, 1 
Shetland 

Cloudy. Drizzle on coasts.] 
Max. 15 C (59F). 

Outlook: Mostly dry. 


"'-■t'o 


EQUITY & UFE EROSSXBS I3D 




C 


BUSINESS CENTRES 


YMay 

MW-dasI 


their after tax incorae to couater inffetion 
. . asS this yearfc tax itUisfSvare of fitfle -rea* - 
■ he^. 5effing,G^HtaI pb a i^tlar basis to 
ioeet an income defidt is unsatisfactoiy as 

Theuew capital gmns^taxcoacessiaDSinake 
itpossible to leaKseptovkm^lodk^-m^ 
““ ^ ! ’ *' ~ tor 




C 'F 


'C -F. 

Anadffl 

C 

12 M 

LBXemb'g 

F 

12 M 

Athens 

s 

2S ft 

Madrid 

S 

20 58 

Bahrain 

s 

32 TK 

Sfancbestr 

C 

13 54 

BarcHofla 

k 

aa es 

MeDmirne G 

16 SH 

Beirut 

a 

si n 

Milan 

F 

22 « 

Mias! 

V 

12 &< 

Montreal 

S 

22 72 

Bclsraito 

s 

27 81 

Munich 

C 

U 52 

Berlin 

V 

is ei 

Newcastle 

R 

U 52 

Bnnghai 

0 

M 1/ 

Mew ycric S 

25 TT 

Bristol 

F 

15 S 

Oslo 

F 

17 63 

Brussels 

F 

H &7 

Parts 

F 

la » 

Budapest 

F 

1ST 71 

Perth 

C 

IS •» 

B Aires 

C 

10. H 

Pragna 

C 

35 » 

Cairo 

s 

33 W 

■ReyWavft 

c 

8 48 

Cardiff 

s 

14 St 

Bio de ro S 

23 79 

Chicago 

c 

24 7S 

Rome 

s 

25 77 

CoIbsdo 

c 

15 BE 

Singapore 

R 

& 84 

Copnhagn 

s 

Id «1 

ShK*hWjB 

F 

21 7 i 

Dublin 

u 

13 R 

StTBitjrg 

F 

15 .39 

gdlnbUTRU 

c 

16' et 

Sydney 

S 

Iff 61 

Franhfnn 

F 

14 'Si 

Tehran 

S 

2T. 8i 

Genova 

9 

U-5? 

-Tel Arty 

S 

28 82 

Glasgow 

c 

14-51 

Tokyo 

n 

ST 8! 

aels Intel 

F 

32 75 

Toronto 

G 

a. is 

H. Fong 

s 

31 8S 

Vienna 

F 

IS 84 

joTnirs 

5 

17 63 

Warsaw 

F 

IS '59 

Ushon 

S 

20 as 

Zorich 

F 

12 -04 

London 

F 

17 & 





Atoinafivds; guaranfeed ^ ixmds ms^ foie «.! 
aporomatefor moreiacome ■: : 


^.'gei^Bninn 

more than fee tax-fiee nhi-Qp -avSable on 
g3^6cfeedstods- . 


HOUDAY RESORTS 



Y'day 



Y*da»;l 

snu-das 


Mid-day 1 


c 

9 p 



C '•F- 

F 

23 

73 

Jersey 

S 

15 67 

s 

.27 

81 

Las Fima 

a 

2» 72 

F 

17 

63 

Locarno 

F 

19 05 ■ 

R 

11 

S3 

Lot or 

s 

38 1» 

C 

16 

61 

Majorca 

F 

25 ‘77 

C 

14 

S7 

Malaga 

S 

29 -SC 

F 

21 

7d 

Malta 

s 

88 82 

S 

» 

fia 

NAlrtW 

c 

21 70 

S 

29 


Naples 

F 

25 77 . 

s 

24 

75 

Nice 

S 

22 72 . 

s 

22 

7S 

Oporto 

F 

17 ‘ 63 

F 

23 

7i 

Rhodes 

S 

28 at 

c 

20 

S 

Sajgbttrg 

R 

10 50 

s 

23 

7! 

tuii Air 

s’ 21 mi 

s 

13 

66 

Teneriifa 

F 

17 63 

F 

U 

52 

Tonis 

S 

29 S4 J 

R 

11 

a 

Valencia 

F 

23 7T 

C 

11 

51 

Venice 

F 

2D 68 

S 

2S 

83 



l! 


Ajacdo 
Wipers 
Biarritz 
Blackpool 
Bordens 
Boufosae 
Caublnn 
CJoe tn. 

Corfa 
Dabramik 
Faro 
Pi n nace 
Ptmrhai 

Gibraltar 
Goernaoy 
Innsbruck 
InYerww 
Isle of ME 

Istanbul S 28 8St | by the 

S-Sttnny. f— F air. c-Ooaar. Xr^RaiiL I ' - 1 1 


J-CT.DAiTONiWr J. • 

THOMSONS ajuTtrwtoiisEtoraiftrrft ' r - ".r. 
■- 8 Scmtbfflnpton-Hace^Lond^ 

Nmr» r 






Address. 




iy 






i 


Pas- once:. Pmted br St.. Qezosort- press. -Iqr aatl. 
Timer Ltd., Bracken Jaov Cotmon 'arodr, London, EC tit . 

• T_ -Q •PH* lanay y ^ t 'rfnMM: ''