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FINANCIAL TIMES 


No. 27,595 


Tuesday June 27 1978 






LadiesgoWpiated ran^ frDmaOTJnd£29.OO-£59,O0l 

— ‘ DENMARK Kr.3.5: FRANCE Fr.l.B; GERMANY Willi ITALY 1500; NETHERLANDS Fr.2-9; NORWAY KrJ.S; PORTUGAL Eae.2D; SPAIN PtM.4Q; SWEDEN Kr.3.25; SWITZERLAND Fr.2.0} EIRE 15p 


NEWS SUMMARY 


IENERAL 


BUSINESS 


leader 

ousted 


Interest 
fears 
hit Gilts, 

f • 7 

Equities 


1 • GILTS reflected Interest rate 

• •. fears with losses uftas much as 

* „ , „ . . . 3 in shorts and * it longs. The 

' ^ .■reSidwit badem Rubai Ali of Government Securities index 

. ■ : .Tiith Yemen has been executed l 

.-/ter being overthrown by other 80 i 1 "" 1 i"l 

'••■embers of the Marxist ^ $ 

"- ■ ■ ational Front Party, the state- \r 1 

: .;n Aden Radio reported last — U- — > 

.The Front's Centrai Committee 75— 4 

7*-. id accused Mr. Rubai Ah of - 

* ‘.^tempting to overthrow it and of - 

..deriog the bombing or the _ IF § 

- -2 esidentiaJ palace while the $ 

V. oimitiee was' in session. Mr. - 

s ' : -i Nasser Mohammed has been 70 — j " -4 V{j 

. '.“ pointed President and will - t • y la 

. - ?tinue as Prime Minister. r FT niwoviinimt' 4 

' -.Aden was racked bv heaw r. 1. tjftrv'evmneUT, J 

• V tiling only 24 hours after the _ Securities Jndex J 
ith Yemen regime denied in- 6 J I 1 I If h978| j 
• • vement in the parcel bomb „„ .-i „. ¥ lutl ] 

■;••• Bsslnation last Saturday of — ” 8 W * R ^ MftY JUN J 



’ F.T. Goveyrnnent, " 
I Securities Index I 
1 1 1 ? hW 

■MW FEB MAR APf| MftY JUN 


- • --■ :s i de ,? t Ahme l AI 5 lw,hmi of fell 0.33 to 6S.8S. Akempts to 
: :^,.-" rU3 Yeu,en * Fafif 3 rally lacked substance 'until 

. _ .. late afternoon, when the shorts 

: : O Wn3.|inff D^n attracted bear covering. 


. .. « «a - ant-moon. wnen toe snorts 

O Whaling b^n attracted bear covering. 

• :,ama withdrew its plan for a • EQUITIES followed the 
■ 'year ban on commercial . 0 ^.,-, ; n r:],. >nX p»r on. 

i-rihng at the start of the Inter- 2f“ r ?LJ n i „ . , , *Tikon 
: •• -ional Whaling Commission’s ^ 3.3 to,453.l), its 

:-u. .Ljtirig in London yesterday. It ‘® wcst since April 17. ^ 

’ ‘ .'. ' mgly denied that it had been m cnmi 1 %sr 

■ '•-"ter' pressure from Japan and # STERLlNC * traded ft* W 

■ ^ ’> a £5m sugar contract had Mr ™ w against the dollar 

-.-a in the balance. to close at §1-8495 for $ nse of 

- : '-The Panamanian Government 5 points. Its trade-weighted 

v _ - . 5 not act under pressure from index was 61.3 (61.4). The 
. .body," said Sr. Roger dollar's average depredation 
“erega, the Panamanian com- was unchanged at 6.8 rier cenL 

- «ioner and ambassador to the The yen soarod in T o* 0 . after 

’ Bdck the Japanese Abinefs 

-• -11 Economic Council decided not 

^rsaifles HIT to introduce new measures to 
... .Left-wing groups and a cut the foreign trade Surplus. 

■ “~on 7 separatist organisation The dollar reached |Y2W.a 
Hied ; responsibility for a before Bank of Japan interven- 
::b attack which severely tion. Page 3 • Li 

^aged a picture gallery in a J k 

- ntly restored wing of • GOLD fell SI to ST8?f in 
_. T . .'.'failles Palace, opened by quiet trading. The New York 

Tdent Giscard d’Esiaing six Comex June set lenient price fell 
a S°- Damage to the 70 points to $185.19. 

- 4mg alone is put at £600.000. - 

-■■■I-.*. ie worst mutilation was to an • WALL STREET Fell 10.74 to 
- painting by the French 812.28 on interest rate concern. 

. _ . .,tTDcbret depicting Napoleon 

World- airlines 

» was. insured. Page 2 -s. 

+ u eara £l-6pn • 

■ : .If copter crash m Airlines throughout the 

'“ieen people were Feared world earned an operating profit 
* . - • ■ * after a Norwegian heli- of flFbn last year. Back page. 

. --t carrying workers to . the British .Urways and British 
: : iord A offshore installation Caledonian Airways will fight to 
r : ■ id in the North Sea. the designated UK airline 

een bodies have been.™ il»e new London-DaUas/ Fort 

- ■ • ,’^red. Three passengers Worth route at a hearing which 

~. killed when an Air Canada starts tomorrow. Page 6 
• ; crashed on takeoff at # EMPLOYMENT Appeals 

■ ln 4 d K,' 41 InPiLj ’J'hik Tribunal ruled a worker who was 

. . I when a bus collided irfjh PXpe ued from his trade union had 

train_ at BaieiHj, laO redress against his employers 
wes t 0 * Delhi. j or being dismissed from a 

— ,A J - 11 - factory ■ where a dosed shop 

spiral all-clear 1 existed— even though the expul- 
. , .... j - sion was later held to be invalid. 

« m electnci^ns called off Pa _ 

.1 ).\ week-long industrial action 6 

t j ViJU- winning Government accept- • dURjVBLE GOODS retailers 
^ lhat their pay should be did best out of the increase in 

■ ’ir-’ to parity with the pri- retail sales in April, according to 

— -‘■"’i sector. Back Page Business Statistics Office figures. 

— Page 7. The latest Financial 

* J 1 ctalemato Times survey of consumer con : 

a fidence gave a much more gloomy 
l \ If? 1 *'* General Election ended re sait than at the time oi the 
/ r LfuDHadlock, with the Left gain- April Budget. Page 9. U.S. con- 
L» » ^ eats but failing to secure a sumers are pessimistic about 

T Progressives, inflation. Page 4 

a 11 1/ 1 / 11 d party in the ruling coal i- 

l lilt ills aid they would stay out of • DEUTSCHE BP’s £2IUm deal 
r // y Government hut Mr. Geir w'ith VESA Energy t ' rolJ P 

’ * • Timsson, the Prime being examined by Lhe west 

^ •" -.ter, has not yet indicated German cartel office. Page 

cSmenf&e?#* • UNEMPLOYMENT is expected 

- . -’;: nai eonlinel11 - ra8e to increase in all the main indus- 

. ' ■•*’ . «. . trial countries as a result of 

' ; !?>UbS Off continuing low rates of economic 

/- P to -a white-only growth, accordin^to t ^ conomic 

nesburg hospital at the 5 f S 5 d .- 22 7 

•nd was ordered to 6e Models. Page 
v .-hed before admission, m JOHN ELTON, who 

. ..^;‘V.se he was so dirty: that became chief executive of Hill 

• 5 eould tell whether he was Samuel at the beginning ot tne 
• r- .'i-i- or black. He turned out to vear . has decided to retire from 

and was allowed in. full time executive duties- 

: V“'' . pnuP&HIES 


United considers 
£lbn order for 
European Airbus 

BY JOHN WYLES: NEW YORK, June 26 1 

I 

United Airlines, the largest U.S. commercial carrier, is believed to be 

considering placing orders worth between $1.5bn and $2bn (£S15m-£l.lbn) Mr . c allaEhan and Presi dent oner: united in endemnins 
tor tne proposed B10 version of Airbus Industrie’s A300 \vide-bodied jet. ! massacre 

Inilpd's fi/rtH’tors urr ex period has not taken a formal dectMnn r-bnut a third of thi* amount | 

10 make a division nn August 24. io produce lhe aircraft, whu-h I’.nm external financing, ihe type! *m "■ 

The airline has narrowud the would he a downsi/cd version uf of credit offered to Untied could, I'm /■ I liw 
ihmvc tti the BIO or a ’JtiO- the B 4. fit- crucial if there is nut much* .] %/ 9 I || || 1 | 9 

ijassenger. medium range Ji-l However, an order from United between the Airbus- 1 V S 1 y3 ■ ■ \JL I B ■ J.J| 

‘a I nch the b.S. manufacturer would pul this decision beyond Boeing deMgns. 

Boeing plans to develop. question. Mr. Richard ferric L’niteri 

However, as negiiliaimns move «■ ‘ u a eP<lOQrf t j i;ir the president and chief executive ■ 

10 a climax, the European air- |, ne j las hl<en n eeoliatin n fur "5 * 1,nled '' nd ,:i ^ •'P r >* Ibal ’ 

•raft IS believed to be nosing BlOs for deliver? by 19SJ with su»n.nteed financing on United - Igl i* fi £* 

Thi' ; I :in °f>tiun »n another 40 10 be ^rjler might give Airous the' J.jB.1. W W J. ^ 

i.J h m B1 ° delivered after 1982 31 the rate edge over Boeing. 

In . ^^ki 1,1 ! 1,1 .^ 1111 ^ 19 ?' of at,out “ne a month. United This is a nw. and a distasteful .mr* rmiKMunEMT 

iovi Pd / wd "' ,h Jute lJbw or early has indkaled that its total re- experience for Biy-me and the BY BRIDGET BLOOM, AFRICA CORRESPONDENT 

1 1 , ff)r ” ,t ’ ?. u ? in . B j \ — J P d quircmem could be for 100 mr- other U.S. nijnufjiMurer- who J 

,.„ii 1 ^. S . crafl. have been free ot any rerinus; THE GOVERNMENTS Rhodesia some progress towards our 

. ' ‘ 7 C , ^ _ competition I ruin Europe for | policy — and in particular its objective of round table talks” 

nvi«...? n n« ni: up 0,1 Ufinf more than a dccadr Jack ol encouragement for the which were now more urgent 

in - ; Io h mati.5i 0 '' , ; ’ One of the mr->i s ignificani internal settlement— came under than ever. The talks must, he 

Tlie A 1 rh us Indus trie ron so r- United’s fleet— .vhich is ten aspects o[ E.««cmS order was . heavy Arc in the commons yes- said, involve the Patriotic Front 

lium -is largely a F’rancu-West wars old on average — is mature that it broke through .» prejudice h? rd,i > as Pitrncs con- as well as the internal settlement 

( "rnJn und'emkinc wi?h win's n comparison with some of its against European aircraft which d « mn g. # }£ wce ^- nd «»«« 

bS. LtiVinthe VK competitors. The aircraft it is stemmed from U.S airlines’ dis- ! » f . . JJ ?}'** missionaries id Labour members suggested 

Althfiuuh i n creasing I v ennti- seeking will replace 16 older appointing operating experience j^ ode - , s* km I^ at K Uer ^*xr L. 0 " 11 ? 5 a ^ e S la ®ce 

?™v1r\ , !S t m S1 ,h« , ?R uSnd Bn"n°"V'7 r .^' " C ‘ * #4 1,1 a’""*- 1 pS.JiS Patriotic F?onV JjSf oo° hive 

oi-S h S2S Stored towards a “SWr trofortan, iactor m« «.-!«. -tn** Ora 

Mires on th L - airline to slay loyal decision, a rival design from that a mmioor nf reputable jj condemning what M* Calla n - know” who hid been 

io domestic manufatiurer.s are McDonnell Douglas has been aviation Jndu.-iry observers! L n an W d n ™S « -the hitark r"nonsihie 

iniense. although the path lo rejected in ravour of the Airbio returned Iasi month from a visit |JJJ L 1 i' r ?” ,, * r d .ti f ' re ^ l0nsiblc - . „ 

ordering foreign aircraft was or lhe Boeing. m the Airbus pL-m «i Tnulouse!**”;^ °*[ hc raasSdcre ’ t . He Members to follow 

substantially cleared in April United's prfontv is u, acquire impressed b\ ,'iai ;ue;- had seen ; -^Fs at ^et>Unmsier were the example of the Pentecostal 

when Eastern Airlines placed a aircraft offering greater fuel and heard | “ mled ll l 1 n cnndeimiation of Church, which had to 

w77S»n order for 23 A 300 B4 ecunnmy than the present genera- Edmund i.rcenslet. or the Joltings of 1- wMte people ^ ” 1 n ^ h ? d S' A 0 -. an !, 00 t i 

Airbuses. tion of jets and less noise. Both Mernil Lynch, for example. | f ™ w *n Elim Pentecostal forward, not backwards and to 

Eastern also took an option on have been strong selling points believes that ihu 510 will limit , mwMon at 'uniba near work for peace. 

25 BlOs and. as yet. the Airbua for the A300 B4. But. since ii the potential of Boeing's 767 pro i‘ }' Rhodesian border »ltn Reports from Salisbury sug- 


aft- have been free of any serious 'THE GOVERNMENTS Rhodesia some progress towards our 

competition I ruin Europe for | policy — and in particular its objective of round table talks" 
Ujnf more than j decadr Jack ol encouragement for the which were now more urgent 

One of the iw>i ^i-gnificMnt i internal settleruent — came vmder than ever. The talks must, he 
United’s fleet— Ahich is ten aspects of E.viiemS order was‘ hea )'- v flr <?jR the Commons yes- said, involve the Patriotic Front 


Airbuses. tion of ‘jets and less noise. Both Merrill Lynch, for example. |from an Elim Pentecostal forward, not backwards” and to 

Easiern also took an option on have been strong selling points believes that ihe SIP will limit , mnwon at f ? r pe: ' ce - 

28 BlOs and. as y et. the Airbus for the A300 R4. But. since ii fbv potential ^<i Boeing's 767 pru !; i,p Rhodesioti border »ltn Reports from Salisbury sug- 
•.'onsiirifum. which is dominated plans to spend !s9lin bv 1990 mi gramme. Mozambique. 3es t that the murders have 

bv France and West German’, new jets and will ba\e to find Callaghan air talks Page 4 Dr. David Owen, the Foreign further deepened the sense of 

Secretary, described the murders gloom with which many whites 

as an “ appalling tragedy ” and are now viewing the internal 

S A 1 T Mr. John Davies. Conservative settlement. 

/% C^ AA I T Yl 1 Afl ATA Shadow Foreign Secretary. It is thought that the Vuraba 

* f~\ 1 I 1&. .£% 1 1 BOi " spoke of “this ultimate murders could further exacer- 

• X HI |flVU^V bestiality.” bate race relations, for while 

However, it is dear that lhe many whites are bitter, many 

OTU r~>< -m TS murders have aaain highlighted Africans, including Bishop Muzo- 

mi a! ACI1* TIOiilrnrrA the political divisions in Parlia- rewa, one of the Government 
1 1 1 1 ft , I rr^fl I 2 Iprfi? V 11 SrT ment over the Government's leader*, have criticised the 

9KmJ F# flWVAVW-1 Rhodesian policy. Mr. Davies, widespread publicity given to 

adopting a tar milder tone than the killings. 

BT .DAVID FISHLOCK. SCIENCE EDITOR *"•»* J ot ^ r ,, Conservatives, IVhile not condoning tcr c mur- 

r accused the Government oF ders. Africans complain that lhe 

. ' , encouraging those who sought much larger number of blacks 

SOUTH AFRICA has asked the African Government may he the U.S. scientists can do no power •* bv the bayonet, the killed, often in brutal circum- 

U.S. ■ . Government for firm forced into an accelerated pro- better than to propose a fuel oi i c i u b and lhe gun ” bv its policy stances, as a result of the war 

guarantees fnr\a controversial gramme of developing its own 3540 per cent enrichment. i of cn i d shouldering the has mostly gone unrecorded 

packacftof nuclear fuel services, uranium enrichment capacity. This disadvantage may be used, Rhodesian internal settlement Jnrefc Martin writes from 


BY -'DAVID FISHLOCK. SCIENCE EDITOR 


riciuild IWIIIIJ UJ nil. me ja ici iimil.ii wjijibuii uvin l- v t i - , rr ,, Q rl„rf il.i cntllfl HlVOIVPa 1M 

Smith, a senior State Department most sensitive in the area of seas for South Africa’s own, \ n “* ,‘”5 r„v major in- rule 

official. fuel for the small (20 MW of uranium enrichment plant. ; ment. mvolyms Mr. Un Smith. ■* • 


Tids train at Bareilly, 130 
| west of Delhi. 

spita! all-clear 


hicreoH 


fltf stalemate 


official. , fuel for the small (20 MW of uranium enrichment plam. • Priinp airniJr^r It is underwood that the Prime 

The package stipulated by the heat i Safari research reactor, for The commercial enrichment i ^ ipadpri h^i Minister emphasised that the 

South P Africans includes the which the last U.S deliveries plant, confirmed in January, will .JSS elements SSffiK deSd That lhe 

enrichment of uranium for its were authorised at the end of be South Africa s only possible plan for internal settlement was not end- 

first two nuclear power reactors ,, . ^ means uf fudline. Koeberg ni-odesla but ‘nsisted that there the violence In Rhodesia 

- under construction near Cape This is normally of 93 per u ? ]esstheU.S Government ful- “settiencntiSvnS and that the Anglo-American 

Town - further supplies of cent cmhnent— that is. of a fids the order it has already | ^ ^ g plan remained the best available 

uranium fuel for Its Safari level associated with nuclear accepted from the Sou tn African i -11 P an,es 10 loe a,BRUW . solution 

research reactor, and an assur- explosives. Electricity Supply Board. I A joint Anglo-U.S. team was r . p 

ance of what it calls "non- The U.S. Department of South Africa has frequently! now in Salisbury. Dr. Owen said. „. U ° BaCh V ^ 

sensitive " technology lor its new Energy has been investigating promised that this enrichment He believed we were “making Parliament, Page 10 

uranium enrichment plant at ways in which the relatively few plant, when built, will be open - - - ... - — 

Valindaba. ‘ research reactors which require 10 international inspection. 

In return, the Snuth African these very high levels of enrich- However, it has recently ' 

Government has indicated its ment might be adapted to use indicated to the U.S. that it wants 

willingness either to sign the lower levels. the technology to he kept secret, Bfcgfejfc- teh, 

treaty or to accept "full-scope The aim is -that such reactors citing as an example of the '30899^' 

safeguards” — which from the should use fuel no more highly r-pecial treatment it expects the A. 

standpoint of U.S. non-prolifera- enriched than 20 per cent, at current discussions between WaSUB^M Wi 

tion policv mav he just as which level, it is judged, any Urenco — the Anelo-German- .W | ■ I’TTi nT 

acceptable. weapon fashioned from the fuel Dutch enrichment company — and • ftW 

For the U.S. the bic nsk of would he so cumbersome as to lhe International Nuclear Energy & 

failure to find an acceptable be discountable. Agency about the preservation 

compromise is that the South In the case of Safari, however, of commercial secrecy. ? *. ; - v v -- "■ 


sells 

foreign 

interests 

BY DAVID LASCELLE5 

NEW YORK, June 26. 

PHILIP MORRIS announced 
today it is buying the foreign 
cigarette business of Liggett 
Group, the sixth largest U.S. 
cigarette maker, for SlOSm. 

The move will further 
expand Philip Morris' share 
of the world cigarette markets. 
It will unite in one stable sucb 
well-knuwn brands as Philip 
i Morris' Marlboro and Liggeit's 
•Chesterfield in the non-U.S. 
cigarette market and raise Philip 
Morris' oversea? sales by about 
15 bn units a year. 

The transaction will he in two 
parts. Philip Morris Incor- 
porated, the parent company, will 
pay S63m far Liggelt’s foreign 
inventories, receivables and 
other assets, excluding Liggeti's 
Brazilian tobacco leaf business 
and the smoking and chewing 
tobacco business of Liggeit’s sub- 
sidiary, Pinkerton Tobacco. 

The core of the transaction, 
however, will be made by Philip 
Morris's Swiss subsidiary, 
Fabriques dc Tabac Rennies, 
which will pay S45m for the 
right lo all existing Liggett 
cigarette trade-marks outside the 
U.S. as well as all related rights, 
patents and technical data. 

Aggressive 

According to Philip Morris, the 
Swiss acquisition will be financed 
by funds from the Swiss sub- 
sidiary. while the purchase by 
tile parent company will he 
funded from operating or general 
revenues. 

Philip Morris, which has 
emerged as one of the most 
aggressive companies in the U.S. 
tobacco and drinks business, 
holding second place in the 
American cigarette market, said 
today that the acquisition was 
part of its plan to expand its 
worldwide, cigarette operations. 

The company already derives 
about 25 per cent of its sales 
revenues from its international 
division. 

According to industry esti- 
mates, it exports about 30bn 
cigarettes a year and manufac- 
tures another I37bn in its 
foreign subsidiaries. 

Mr. Raymond Mulligan, presi- 
dent of Liggett, said that the 
| company had decided to sell its 
I foreign cigarette business because 
this represented the most 
I effective redeployment of its 
assets under present circum- 
stances. 

Liggett’s principal foreign- 
selling brands are Chesterfield 
and L and M. In 1977 Liggett 
produced nearly lObn cigarette^ 
abroad and exported a further 
5 .1bn. 

f in New York 


■Sr-" 


J Sl.o4«5.V(73 

1 liinntfa 

0.11-ii.B -li^ 

[ 0.45-1X42 rti» 

Srr.niUhs 

1.S41.55 *ii* 

[ l.aM.52 rfi. 

12 mmiths 

5.104. tt -lit 

5.154.* -tU 


Building society merger go-ahead 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 




admission, m jhr, JOHN ELTON, who 
dirty: that becamc chief executive of Hill 
ter he was c anu ,e] at the beginning ot me 


COMPARES 

■ ' ,:**y ■ ■ ■ m EATON, of the U.S.. is making 

' ■ ' T - ^ German guerrillas. a h S37 ®,'|l!? r Sj^ c f %niratT ^company 

— ters of the -June 2 Move- t*»e e ectromc contro ^ 

charged with the in vhichit^quiTeaa^. ^ M 
, v-iPtfid: murder of two Swiss holding tw 
... '.-j men. claimed to be tRIDENT TV increased pre- 

, -'K \ '.frs of war and refused to f! nrofit to £4.67 m i£3.6lm> m 
- in court at Porreotruy, the g rsl j, a ]f year to March 31. 


CONTROVERSIAL proposals for 
the biggest-ever building society 
merger were yesterday approved 
by the Chief Registrar of 
Friendly Societies. The merge 1 
Is now expected to go ahead 
next week. 

1 But the Registrar’s approval 
of the plans — to merge the 
Hastings and Thanet Building 
Society with the Anglia Build 
ing Society — was accompanied by 
sharp criticism of the way one 
of. the societies involved had 
responded to shareholders’ 
requests for more information. 

The merger, which will create 
the seventh largest building 
society in the UK, with assets 
Qf.; about £l.2bn, had been 


opposed by a croup of Hastings 
and Thanet shareholders Jed by 
Mr. Paul Twyman. a Kent civil 
servant. At a meeting before 
the Registrar last week, they 
attempted to kill lhe merger 
plans and claimed that members 
of the two societies would nor 
benefit from the move. 

In a judgment which took 
nearly an hour to deliver. Mr. 
Keith Brad ing. Lhe Registrar, 
said that after full examination 
of the merits and disadvantages 
of a merger he believed a trans- 
fer of engagements should be 
conflimed on a wide number of 
counts. 

At the saute lime. Mr. Brading 
said some of the explanatory 


documents sent out by the 
Ha^ung? and Thanet to share- 
holders " fell short of the 
standard which is appropriate 
and normal." 

The Registrar believed some 
“moie reasonable explanations" 
could have been given in reply 
to tome of Mr. Twy man's 
reque-ts for additional informa- 
tion on Lhe merger and said be 
gained the impression that “ Mr. 
Twyman was for some reason 
assum'd al the outset to be a 
member who could only cause 
trouble and obstruction. 1 
believe that assumption and the 
society's reaction' were both 
unjustified.” 









■si 


i&kZ ■ 




; :.\-^ s . : ;rland. 

‘■'.children are being drowmed 


Page 30 


'''.rtf schools cut back 5 on swim- • P nSl?w"?l5m 

- lessons', the Royal Society increased pnrt» P rnfils M l ° h 31 . 
;C Prevention of Accidents f£l-22m> m the ye-r to Marcn 
. /t- - - Page 23 


PRICE CHANGES YESTERDAY 

is in pence unless otherwise Excheq.' i2pc rS-17 - 

^ heated. SoSaSr $ 

/ RISES Common Bros. 

- + « «g», 

.. . (J ) 376 + 4- GU5 A 3;J 

and Mason B7S + 20 IC Gas-. 2y 

- k S + :i Minet Hldgs 

y A ■»« + 13 Mothercare j* 

sS vt rx&rz 2 k + ? asib^B 8 " 66 ..:::::: ^ 

ys th RiotinVo- ::: it + 5 £&* ■■■■■■■ $ 

^ .-Broken Hill ... 32o + h_ l„ AI ' inr 305 - 


European news 2 

Overseas news 3 

American news 4 

World trade news 4 

Home news— general ... 6-7-9 

—labour 10 

—Parliament ... 10 


CONTENTS OF TODAY’S ISSUE 

.... 2 Technical page 11 Inti. Companies 32-34 

3 Management page 13 Euromarkets 32-33 

^ Arts page 13 World markets' 36 

Leader page 16 Money and Exchanges 35 

U.K. Companies 28-3 1 Farming, raw materials ... 37 

10 Mining 30 U.K. slock market 38 


litd. Devs. 

7mh 

' ic Riotinto 
/Broken Hill 
,'"?rn Mining 


• rn Alining ... nj' f - , 

irii Mining 1°° + 7 

v falls , . 

fe*pc ’SO-82 ..-Sli - * 


Glaxo 

GUS A " 

IC Gas S 

Lucas tnds -- 

Minet Hldgs 

Mothercare ^ 

Pearl Assurance r“ 

Sotheby PB 

Stock Conversion ... --- 

Thorn Elect. **. 

Union Discount 

Whitecroft £ 

AVlllis Faber 

Siebens (UM 

PTZ •• - ■ - 1 


Hint of progress in the arms 

cut talks 16 

Society Today: Pajing for 

better pension deal 27 

Why cutting overtime is no 
way to create jobs 13 


FEATURES 

Film ami Video: Cassette 

discount battle 14 

Viennese beer barons leave 

the stage 3.1 

Chipboard market: Imports 
squeeze UK mills 37 


Trudeau determined to 

make changes 4 

Portugal: Upjohn deal 

bansLt chemicals 4 

FT SURVEY 

British exports. 17-26 


ARpalniRicnU 

Appointment? Advu. 
Business OPMS- •• 

Crossword 

Entartaipmeat Gpide 

Euro-options 

-FT- Actuaries Indicss 
Home Contracts . - 
Letters 


Lex 

Lombard 

Men and Matter* 

Racing 

Saleroom .. . . 
Share Inlormailon 
Today’s Events . 
TV and Radio . .. 
Unit Trans 


Weather *2 

World Value of t ... 35 

. ANNUAL STATEMENTS 
B. Naz. Dell' Asrica. 15 

Banco dl Roma . ... 

John Bright « 

Combcn Group . .. ^ 

Dawson Inti. 29 


East Snrw Water 
House Bf Lome .. 
Land 5eti_ Isvm, .. 
Mcial Bax 

Ports. SbB'luuj Hew* 

Rcadleut iSl 
Urflon Steel Cpn 
Willlom " 

Bom Lending Rates 


For latest Share Index 'phone 01-246 6026 


The business refresher 
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2 


. Financial 




EUROPEAN NEWS 



W. German Minister 


shifts focus 


away from tax cuts 


BY JONATHAN CARR 


BONN, June 26. 



Portugal-Angola agreement 


BY OUR OWN CORRESPONDENT 


BISSAU, Guinea Bissau, June 26,; 


Turks plan 
to boost 


ANY FURTHER West German 
Government effort to boost the 
economy must be in the form 
of a package, of which tax cuts 
would be only one part, accord- 
ing to the Finance Minister, Herr 
Hans Matthoefer. 

Other elements must include 
steps to promote public invest- 
ment and “social” measures — 
such as improved Family allow- 
ances. Herr Matthoefer said in 
an interview with the magazine 
Der Spiegel published today. 

By his comments Herr 
Matthoefer has sought to shift 
the focus away from tax cuts 
as the prime contribution to 
economic stimulation which 
Bonn may promise its partners 
at the world economic summit 
here next month. 

Tax cuts and reform have 
come particularly to the fore 
because the liberal Free Demo- 
crats (FDP) — the junior partner 
in the Boon coalition Govern- 
ment — have seen this as a useful 
issue to stress in public after 
recent, serious provincial elec- 
tion setbacks. 

Herr Matthoefer. a member of 
the senior coalition party, the 
Social Democrats (SPDi, has 
sought to restore a balance. He 
will also be responsible for find- 
ing the means of financing what- 
ever package is agreed. 

A final decision is likely after 
three-day Governmental discus- 
sions at the end of July, in the 
wake of the economic summit 
and when data on the economy's 
performance in the second 
quarter is available. 

More investment to promote 
research and technology’ and 
create new. skilled opportunities 


has been a particular aim of 
Herr Matthoefer since he took *w.v»v* 
up bis port earlier this year. It 
is also noted that improved 
family allowances would fit in 
well with 197B as a UN-desig- 
nated "year of the child." 

Asked whether it was correct 
that be was thinking in terms 
of a programme of economic 
stimulation worth DM12bn in 
all. Herr Matthoefer agTeed that 
was a sum which could be 
financed, albeit with great diffi- 
culty. 

This figure is also equivalent 
to about 1 per cent of West 
German GNP — the amount by 
which the United States has 
been urging Bonn to apply an i Su 
economic boost. Such an econo- 1 
mic programme would not rule! 
out ihc possibility of a major i 
tax reform later— for which the [ 

FDP b as been pressing. Indeed, 
part of the programme could 
serve as the prelude to such a 
reform. 

There have been fears that 
the Government’s own substan- 
tial borrowing may force up 
interest rates — and thus help 
depress that economic upswing 
in the private sector which the 
Government claims that it wishes 
to foster. But in an interview] 
today the Bundesbank Vice- 1 
President. Herr Karl Otto Poehl. 
indicated that he did not think 
this was a serious danger. He 
noted that the decisive reason 
for the weariness of the bond 
market and the small rise in 
interest rates lay in the big 
foreign curency outflows since 
March— a return to more nor- 
mal conditions after the big 
inflow of dollars at the start of 
the year. 


Eanes: Angola pact 



THE SIGNING of a general 
co-operation agreement by 
Angola and Portugal in this west 
African capital today has set the 
seal on the success of an histone 
three-day summit. 

The face-to-face meeting 
between President Ramalho 
Eanes of Portugal and President 
Agostinho Neto of Angola has 
achieved much more than either 
side initially hoped for. 

At the start of the summit, 
Angolan officials here were 
sceptical that anything more 
than preliminaries would he 
dealt with. But it now appears 
that the “frank, open and 
cordial" private talks between 
the leaders of the two historically 
linked countries has achieved a 
breakthrough that has allowed 
great progress in the negotia- 


tions between the government 
delegations accompanying the 
presidents. 

One of the most important 
results of the meeting has been 
the setting up of a mixed com- 
mittee to deal in the future with 
the economic and financial differ- 
ences between the two countries. 
These “contenciosos” as they are 
called, embrace the nationalised 
banking system, Portuguese 
interests in the partly 
nationalised diamond mine, and 
the resolution of pre-independ- 
eoce Portuguese financial 
guarantees for various Angolan 
projects. 

Portugal is believed, for 
example, still to be paying the 
instalments on a Boeing jet 
aircraft financed through Portu- 
guese banks but now in the 


service of the Angolan national tin'ent was also touched 
airline. this first meeting between J 

Although firm details are still NATO member head 
lacking, -some issues touched on the Marxist Angolan S!f - 1 iara 
during the talks are believed Portuguese officials here ha e 
to include that of future cwi£. however ca£? 

pensation for . nationalised that President 
Portuguese companies and the tog a personal 88 ^ 
eventual release from Angolan President Garter to President 
jails of individuals originally JNeto. 

imprisoned by the colonial ' The summit, however^ - nzs 
administration. ; coincided with the jvistt-to 

Lisboa maintains thatthe seven iuatida of a special - 
prisoners affected fall under the States « nvoy 
legal jurisdiction .of Portugal, reviewing P 35 *; U.S. policy tor 
According to Portuguese officulk Angola. . ... •*. 

here the Angolan delegation had.' , Portugal is, still insisting that 
shown “good will” ' and / ah' it is an important mediator 
intention to free at least Some, between Western Europe and 

of these prisoners. Portuguese- speaking Africa. The 

It also seems- likely that, the suwess of tM* meeting is seen 
question of Soviet and Cuban here as evidence of. this con- 
influence in the African cqti.' Mention. 


exports , r eign 

with foreign 1 


By MetmMunhr. 

- ANKARA, June 26 


Suarez: Sahara concern 



Madrid campaign to ease West German Chancellor 
Spanish Sahara tension starts Black Africa visit 


BY ROBERT GRAHAM 


MADRID. June 26- 


GiscarU: Committed 


Small businesses decline 


BY GUY HAWTIN 


FRANKFURT. June 26. 


THERE HAS been a big decline 
in small businesses and self- 
employed workers in West 
Germany since I960. During the 
period the number of indepen- 
dent businesres has fallpn from 
3.3m to 2.4m. according to 
statistics. 

Bankruptcies in the sector 
have been running at a particu- 
larly high rale during the cur- 
rent recession but many small 
businesses have also closed their 
doors sinroly because the rewards 
offered bv such enterprises are 
insufficient far the efforts 
involved 

The 272 per cent decline in 
the self-employed and small 
business sector was reported in 
the fortnightly business news- 


paper Aktiv. which aims at pub- 
lishing economic news in a form 
that is easily understandable by 
ihc man in the street 

It points ont that since 1900 
the number of small farmers has 
declined by close on 50 per cent. 
At the same time, the number of 
••mall, independent industrial, 
concerns in West Germany has! 
dropped by a fifth. ! 

According to Aktiv. there ha' 
been above average attrition 
among independent tradesmen, 
such as carpenters, shonfltrers. 
electricians and repairmen, who 
not only run financial risks bu; 
also face the problems of work- 
ing very long hours. Since I960 
almost a thE-d nr skeb businesses 
have closed down. 



Schmidt: Africa tour 


SPAIN HAS decided to increase 
diplomatic efforts to resolve its 
two key problems in Africa — the 
future of the former Spanish 
Sahara and efforts by certain 
African countries to recognise 
the Canary Islands as 'African." 

This is believed to be the main 
reason for a hurriedly arranged 
two-day visit by Sr. Adolfo 
Suarez, t the Prime Minister, to 
Morocco, beginning today. This 
is the first time that Sr. Suarez 
has visited a country on the 
African continent. 

The Spanish Government has 
indicated it would have liked to 
combine Sr. Suarez' Moroccan 
visit, during which be will spend 
much of his time with Kin? 
Hassan, with another to Algeria. 

Despite the return of the 
Spanish Ambassador to Algiers 
in recent weeks and a secret 
meeting in Madrid three weeks 
ago between Sr. Marcelino Orcja, 
the Spanish foreign minister, and 
his Algerian colleague. Mr. 
Abdelaziz Bouteflika. the two 
sides do not appear ready foir 
such a visiL 

The Spanish objective is two- 
fold but interrelated. I: wants to 
try to defuse tension over the 
future of the Spanish Sahara 


without alienating Morocco but 
enough to encourage Algeria to 
drop its support for the Canaries 
liberation movement, which it is 
pushing to bavc recognised as an 
African liberation movement at 
the forthcoming OAU summit 

Sr. Saurcz' Moroccan contacts 
are also significant because they 
come just before the official visit 
oo June 2S of President Giscard 
d’Estaing, of France. 

France is firmly committed to 
support Morocco and Mauritania 
over the future of the former 
Spanish colony. So far Spain 
has resisted French pressure ta 
give whole-hearted support to 
the French position. 

Sr. Suarez is also expected to 
take the opportunity to discuss 
with King Hassan his views on 
the future of the enclaves of 
Ceuta and Melilla. Recently the 
Moroccan Press has said that the 
solution to these enclaves is 
linked with a resolution of the 
Gibraltar problem. 

While such linkage is denied 
in Madrid, diplomats concede 
that if Spain actively wishes to 
resolve the vexed Gibraltar 
issue, this would inevitably draw 
attention to the future of Ceuta 
and Melilla. 


BY JONATHAN CARR 


BONN. June 26. . 


CHANCELLOR Helmut Schmidt 
of West Germany today begtoa 
five-day visit to Nigeria mid' 
Zambia — his first official trip to 
black Africa. Key discussion 
topics will be world economic: 
and security problems— including 
covert Soviet intervention on- t$e 
continent — as well as bilateral 
issues. _ • ,v : 


concert with other Western 


The visit is seen as underlining 
West German readiness to play a 
stronger political role in Afrlcair 
affairs, after years in which', .its 
contribution has been largely, 
economic. • 


It is recognised that for 
reasons of history Bonn remains: 
unable to initiate military opefat 
lions such as that by France and: 
Belgium last month to evacuate 
Europeans from Zaire. Nor is 
there any question of tryingrtb 
supplant Britain's special rale 
for Rhodesia and Southern 
Africa. "i\. 


None the less, the importance 
of Africa not only as a producer 
of raw materials but as -an 
economic partner of growing- im- 
portance has drawn the German* 
towards a growing political role 


partners. ' 

. . Bon's participation . earlier 
this month at the talks in Paris 
between five Western states on. - 
the Zaire problem is one example 
of this. Herr Schmidt's, current! 
trip is another.- :\- | 

.. In Nigeria— an important oil 
exporter— the Chancellor will 'be | 
stressing bis view that while the, 
developing states have many just ! 
/demands, they also /have respozisK' 
-bilities. Those include greater j 
protection for foreign investment ; 
He has recently expressed con- 
siderable irritation at developing 
.states prepared to r ^receive 
economic aid while criticising in', 
other forums those -who provide: 
it as “ capitalist exploiters." ’ - 

In Zambia, where he arrives 
on Wednesday, Herr Schmidt will 
have talks with President Ken- 
neth Kaunda — still seen by the I 
Germans as having a key rolei 
to play for a peaceful settlement; 
in Southern Africa. In both-j 
countries, Herr Schmidt 'will hei 
looking for an on-the-spot assess-: 
ment of Soviet intentions*- not] 
least on the Horn of .Africa.- Si 


THE TURKISH Government is' 
preparing a decree to a new 
, pre-expOTT 7 ifinaricing' ■ system . 
. . involving ■ borrowing by 

- Turkish;- --industrialists from 
foreign hanks,- -Finance- Min- 

; fster, ZiySt Muezxinoglu told . 
the Financial Times today. 

The decree, to .-be ready within 
a fortnight, would be designed 
to boost industrial exports in 
particular. .. 

Turkey had a record trade deficit. 
of$34-68bn.m i977 j -nearly . 
per..' cent higher:, than the.. 

. previous ^year.^ While exports • 
droppe.d-VhF -10 per cent to 
Sl.TSj&n, 30 ‘ per cent below 
the .target, imports grew by 
. 13 per cent to $5J7S6bn. 

Mr. Muezzinoglu said- that in bis ' 
discussions - with ' Turkish 
■ industrialists be had told them . 

- that • Turkey - could not' afford 
to. continue. allocating foreign 
exchange . ■ -for! production ■ . 
destined completely for the - 
heme markets. .It -was impera 
rive "that 'industrialists gen / 
e rated : foreign . ’ exchange 

! : through ^exports to. .pay foi 

- imported -components. 

Company .-sources said tha 
...several manufacturers, includ- 
ing - the Koc group, AEG. am 
car manufacturers were It 

- contact with - major foreigi - 
•_ banks for pre-export financing- 
The shape i^ladi the system wil 

- take- is ubt-yej known. How 
v -ever,. foreign - bankers sail 
-..their, loansrcduld-be in tin 

fbrra - ofi -.“sales: receivable 
: . . advance ”'— on ; the • strength o 
~ r * -signed : export . contract the; 

' would ^advance a loan to 
Tpcrk^h-saller, afid^coliect frorf* -: 
tho-V-'" f&etafr vTbuyer. . The. • \ 

; sug^esteff- that 'this - could b ‘ . 

frw intfeTinA In tKA C 


: done, for.- instance, in tbe cas- 
: irf/wheaL of whlcb Turkey ha 


BY ROBERT GRAHAM 


take party line Rome talks 

MADRID, June 26* go onas 


REVJAV1K. June 26. 


Labour unrest expected 
to continue in France 


BY OUR OWN CORRESPONDENT 


PARIS. June 26. 


.ALTHOUGH 9.000 laid-off 
workers at Renault's Flins car 
plant have been called back to 
their jobs tomorrow, the oew 
climate of labour tensions in 
France seems unlikely to blow 
away before the July and August 
holiday period. 

The series of disputes, 
dominated by strikes at Moulinex, 
the Government's arsenals and 
the Renault press shop at Flins. 
has been aggravated by the 
prospect of further sackings in 
the steel industry. 

Redundancy plans at the 
Saciior-Sollac and Usinor steel 
groups involve 2,500 and 4,600 
jobs respectively, in works in 
northern and eastern France. 

At Renault, although the 100- 
nr-so strikers, mostly immigrants, 
have been removed from the 
press shop and replaced, so far 
no settlement is in sight. At 
Moulinex, where unions are 


backing occupation of eight fac- 
tories, non-strikers this morning 
took over the premises of the 
company's occupied plant at 
Caen. 


The strike at the arsenals is 
now in its third week, involving 
60,000 workers according to the 
unions, which are calling for a 
further prolongation in pursuit 
of their pay struggle. 

The docks, especially those at 
Marseilles, were also strike- 
bound over the weekend, in 
support of a call by the 
Communist-led CGT union, repre- 
senting almost all France's 17,000 
dockers. 

Labour pressures were boil- 
ing also at two groups threatened 
with - bankruptcy, the Boussac 
textile factories and Manuf ranee, 
a small arms company turned 
retail .and mail order chain, 
based in Saint-Etiennc. 


BIG GAINS by the Left in Ice- 
land's general elections shook 
Mr. Geir Hallarimsson's Govern- 
ment today, but failed lo produce 
a Left-wing majority in the 
Althing f national assembly i. 

Although tbe Prime Minister 
conceded defeat early in the 
count, he announced tonight he 
would call a Cabinet meetinr 
tomorrow to review the situation. 
This was the correct move at 
this time because his coalition 
still held a majority in the 
Atihing. he said. 

The ruling coalition - of 
Independence and Progressive 
Parties held a r our-seat majority 
after yesterday’*? poll. But the 
Progressive Party announced It 
would stay out of Government 
and neither the Right nor the 
Left appeared capable of govern- 
ing. 

The Marxist People's Alliance 
and the Social Democrats 
achieved major successes by 
capturing 14 ser.t-? each in the 
60-seat Althing. .Mr. Hail Grints- 
son's Independence Partv and the 
Progressive Partv Inst five seats 
each to retain 20 and 12 seats 
respectively. 

Despite the announcement by 
the Progressive Partv. Mr. Hali- 
srimsson has not indicated when 
he will resign. 

Reuter 

Editorial comment Page 16 


THE STRENGTH of the Spanish 
Communist Party in organised 
labour has been confirmed by the 
holding of the first Jep.il congress 
of the country's ^ai.;gest trade 
union organisation? the Con- 
federation of Workers’ Commis- 
sion*?. The five-day congress 
which ended yesterday, elected 
a new executive committee in 
which 37 out of the 42 are 
members of the Communist 
Party. 

The Confederation of Workers' 
Commissions emerged from 
clandestine when trade unions 
were legalised in April 1977 and 
has proved in the recently held 
works council elections that it is 
easily the strongest union force 
in Spain by capturing about 45 
per cent or the vote. 

It has never sought to conceal 
its close links with the Spanish 
| Communist Party. Its secretary 
general. Sr. Marcelino Camacho, 
is a key member of the central, 
committee and i ? a Communist 
deputy in Parliament, 

However, the tenor of the 
congress and tbe resolutions 
adopted revealed that the con- 
federation follows closely Com- 
munist policy on key issues such 
as wages. 

The congress was noticeable 
| for tbe way in which the con- 
federation's leaders supported 
i the continued application of the 
Monclna agreements, the package 
of economic and political 
measures agreed by all the main 
political parties last October. 

Sr. Camacho said: “In the days 


of Franco the present economic 
crisis would have been accom- 
panied by an . . enormous 
repression and hundreds of dead. 
It is. incorrect to say that tbe 
Moncloa agreements have 
imposed sacrifices only on the 
workers." 

More radical groups to tbe left 
of the Communist Party and cer- 
tain grass-roots confederation 
members have been critical of 
this support for the Government's 
policy and reject Sr. Camacho’s 
argument that it is not only the 
working class that is suffering 
from tbe recession. 

These differences were 
reflected in rhe voting on Sr. 
Camacho’s report to the Congress 
approved by 993 votes with 125 
against and 40 abstentions. 


Nevertheless the composition 
of the newly-elected confedera- 
tion executive, notable for. more 
than 50 per cent being between 
the ages of 22 and 35, snggesjb 1 
that this more radical tendency 1 
has been carefully comscoile^ • ' 

Apart from dismissing' the, 
structure and administration of' 
■the confederation, debate 
centred also on measures to com- 
bat unemployment 

Sr. Camacho launched an 
appeal for closer collaboration 
with the second main trades 
union, the socialist orientated 
General Workers’ Union. Sr. 
Camacho believes that only by 
such closer co-operation is it 
possible to strengthen the union , 
movement as a whole. 


ballrtt nears 


Dutch workers protest 


BY CHARLES BATCHELOR 


AMSTERDAM, June 26. 


MORE THAN 70,000 public 
authority workers staged a mass 
demonstration in The Hague 
today lo protest against Govern- 
ment plans to restrict their 
salary increases. The protesters 
travelled by special trains from 
ail over Holland for the demon- 
stration — the largest ever held 
in The Hague. After speeches 
from union leaders they marched 
through the town centre and 
handed a petition to the chair- 
man of the Lower House of 


Parliament. Dr. Anne Vondeling. 

The protest was attended by 
members of two civil servants' 
unions, teachers, public trans- 
port workers, police and mem- 
bers of the forces. The protest 
was a “complete success," an 
official of the civil servants’ 
trade union, ABVA. said. The 
numbers involved exceeded tbe 
unions' expectations, ' in parti- 
cular since some unions which 
originally planned to take part 
had dropped ouL The demon- 
stration passed off peacefully. 


By Dominick. J. Coyle. 

" ROME, June 28. ‘ 
with" THE Iasi: lira • series : of 

regional elections -ponchided , this 
Afternoon, Jjaly's-tpain 1 political! 
parties nbwJhaveiust four days i 
In which tp= fcgr to reactf, to 
agreement onja candidate for the.; 
presidency, follawtag the sudden-' 
resignation of . Sig. * Giovtoni 
Leone. The firsKL ballot Js , 
scheduled for Pariament on. 
Thursday afternoon. y ; 

The Communists' JiaYe effec- ! 
lively a veto in- the. jfir8{ three 
ballots when ' a 'tworthlrds 
majority is required (thereafter : 
a simple majority will, suffice - 
for election), and they have how 
signalled their preference fok a 
lay candidate— not a. member bf ; 
the long ruling ' Christian i 
Democrats. - - ^ 

The. Communist objective 
clearly is to try to have elected 
as President a man who. .in the 
future, might be prepared' to 
sanction the formation, of a new' 
Italian Government containing 
Communist Ministers, ' the so- 
called “ compromesso storico.” or 
grand alliance in office of the 
country’s main ...democratic 
forces. 

The Communists are already 
supporting the present minority 
Christian Democratic Govern* 
ment of- Sig. Giulio Andrgotti, 
but 'they •• are not part . of the 
actual administration. • 


^ Targe- aqcL. gra wmg stocks. v 
Afit- Muexz^^.kiso . said tha£ ’• 
ii '.tfe;. Government was ' wo rkmF x ^-^lP 
^yotfii.rtdl^e^r^Me'red.tapjt-.- - -f 
'• ytod; encourage /foreigd . capita* 
investment in' Turkey. “ It i* , , 
r ! .jjoi trto that the ;GovernmeriF # - 
- ;v is^apti-foieign.- capitah” h| 

. said.'' “Qii lie : contrary, w& 

: want i to - encourage ' . foreign, 
capital' tnyertmtots Jn.Turke^a' 

- - We -are ;yery - - Serious . anSpsx 
' i^ptiyeotv.this-' subject” f 

fiel addetf' that' tiie' most imoor? 

■ <r SlOL - -'condition For permittim '" r * 

• foreign investisent was thi. 

'. the# be-exporf-oriented. “W"' - " 
cannot' permit investmen- 
-which. are directed at captifrin 
the local market,” he said. “W 
v .canhot afford that-“ - 
Mr. Muezriixqghi Said that he wt - 
considering a ; cletoup of tt 
maze of bureaucracy and tlr 
■' establishment' of one orga 
; . whichi Woiild evaluate foreip' 

inmvnttiunt ' annlf/>arifln« ' F’ 


\ investment applications.. 

■ believed, that this woul 
; simplify - and expedite evalu 
.tfon and elhnicate the mo 
' serious grievance of appl 
..cants: : 


In hiSi. talks with industrlalis • . 
feEurbpe tod the-tl.S. be ha. ; 
proposed joint investments i \ ' 
Turkey, directed at markets- 1 
the Middle East Turkey wdu.’ ' - 
■welcome joint . partnershij ' 

- between .. Turkish Westei 
\ and Arab investors in expor- 

-•oriented fields. ; Foreign •' ' f- ■ 
^eslmentinthefieldbftouris 
wouid.be particularly welcom • 
bemadded. .. . 

The level of foreign iuvestmei 
.. in Turkey is.very lorw compare ■■ 
with Ife market size at 
economic. potential, because 
muddled rofflcialypolicies ar ...- 
. opposition., to.: foreign capit . - . 

- la the. bureaucracy. 

Mr. Muezzin oglu : said that I 
expected to agreement to 1 - . 
reached" itr August betwet 
the Minist^f 'or. Finance ar - 
221; banks on the. re-schedulir . - 
.' of about. S2L5bn of short- ter - 



VERSAILLES 


Comecon talks on joint projects 


debts. Ihternatiohai banke 


. . said;; thm 'tiiis 1 was; n “ reaso - 
able hope.” . ^ 

Eight major, banks, includir- 
. Barclays: have reached a co - 


BY PAUL LENDVAI 


VIENNA, June 26. 


in Mast! 


BY DAVID WHITE IN PARIS 


THE DAMAGE to the Palace 
of Versailles, where a Iiomii 
charge ravaged part of a 
newly-restored wing early yes- 
terday, was put at Frs. 5m 

(about £600,0001. But hi. 
Herbert Landais, Inspector- 
General of French Mnseums, 
said the losses were incalcu- 
lable. 


Furniture and relics of the 
Napoleonic period wore com- 
pletely destroyed, statues shat- 
tered and paintings torn by 
Lhe blast, which opened a 
gaping hold in the ceiling 
between the ground floor and 
the famous Gallery of Battles-. 
Among the works feared to hr 
beyond recovery is one by the 

early J9th century painter 
Guerin depicting the find 
Investiture of the Legion or 
Honour. 


an act of totally gratuitous 
vandalism. 

The bomb went off at 2.30 
am, placed apparently either in 
a cupboard or behind a ground- 

floor statue, in Hie south wing 
of the palace— on the left as 
ouc enters I he main gates into 
the court. Eight rooms pn the 
ground floor and first floor 
were damaged, three of them 

gutted. There uas little dam- 
age. however, to the main 
structure or Ihe 'building- A 
watchman was injured* in the 
blast. 4 

The wing. I ||f> “ 5ile du 
Midi.’’ was built in ihe last 
quarter of lh.* 17th j century 


The bomb damage at Versailles 


Telephone calls were re- 
ceived in the name or several 
extremist groups claiming 
responsibility for the attack. 
One was a "Workers Revolu- 
tionary Group “ affiliated to 
the Armed Nuclei for Popular 
Autonomy, an organisation 
which at one stage claimed to 
be the Kidnappers of Belgian 
businessman Baron Empaiu. A 
second uas Tram an 
“International Unemployment 
Group.** A third came, by way 
of Agcnce France-Presse in 
Rennes, from the " Breton 
Reuflntionary Army." 

Police appeared In give most 
credence to the latter, the 
choice being between that and 


glories," including majty paint- 
ings he bunscir ’ha® commis- 
sioned, T 

The collection depicts, in 
particular, Napoleon's* victories 
and his campaigns in Egypt 
and Russia, and includes works 
by Girodet, Guerin. Gros and 
Carle Vernet. 

© A group callitig Itself 
“ International Revolutionary 
Solidarity " hys claimed 
rcsponsibiiity For bomb 
explosions uhich wrecked 
offices ouned hv a Bulgarian 
export company in Paris on 
Sunday night In a message 
to the Left-wing newspaper 
Liberation, the group said the 
attack was a reprisal for 
Bulgaria’s decision to hand 
over Till Meyer, the prison 
escapee, io West Germany. 


PRIME MINISTERS of the nine- 
nation Comecon group meet in 
Bucharest today for three-day 
talks on plans for closer 
economic co-operation and joint 
investments particularly in 
energy and raw materials. 

The discussions are expected 
to cover several delicate areas 
such as the method of determin- 
ing foreign trade prices between 
member countries, convertibility 
of the transferable rouble and 
the “projected target" pro- 
gramme for transport infrastruc- 
ture and consumer durables. 

According to Hungarian and 
Polish .sources some organisa- 
tional changes have also been 
under discussion since the 
Cumecon Council meeting in 
Berlin two years ago. 

Mr. Edward Gierek, the Polish 
Party leader, publicly denied last 
week . that the changes would 
involve any alternative in the 
present “ interested party prin- 
ciple" which gives individual 
Comecon members the right to 
opt out of joint programme. 

Romania nas often taken 
advantage of the principle and 
a bint emerged from Bucharest 
10 days ago that Romania feared 
a change in the rules to majority 
I voting. 

Modifications which have been 
i under discussion involve co- 
\ operation projects primarily. The 
Soviet Union would like to set 
! up a kind of high-powered coin- 
i mittee to deal with such projects, 
lor alternatively several "trans- 
| national companies." as a Step 
to supra-national planning in 
I selected sectors. But no decisions 
j are expected to be taken on these 
: issues at the Bucharest meeting. 

Observers have stressed that 
in addition tn longrStanding 
Romanian opposition lo potitic- 


sensus : on the structure *. 
rescheduling. . tDiscussions .c. 
their draft were held in Anka - 
for three days -last weeke.r 
but a final, agreement coiis 
not 'be reached. 


ally dangerous organisational Interest loans from other k * ““S® -““Y 8 '*v eKer 

measures, there are many other Comecon countries, mainiy for not - he rHari.*f re ^ ment C ° U 

conflicts of interest, separating, the development of Soviet raw ; a 

for example, net agricultural materials. Rians already approved thif^noohti^iL n 

exporters such as Bulgaria. £ or the 137M0 period Sdl for «^ a S oSSaS?ng is^ 

Hungary and Romania, from the up to lObn roubles of invest- ' minor "tofl “relate^ 


rest of the bloc, or the Soviet mentsrin such projects as a gas form rather than substance 
Union, as the main raw material pipeline, cellulose plants, and “ 


Union, as the main raw material pipeline, cellulose plants, and 
supplier, from Bulgaria, Czecho- mining facilities. ' 

Slovakia. East Germany and According to some estimates. 
Hungary. the Soviet Union would tike to. 

It is reported that the Soviet push through an agreement pro- 
Union is pressing for a big - riding for a doubling, of • this 
increase in subsidised low- sum to .20bn roubles for- 1981-85. 


Beer price pact contested 
by EEC consumer group 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


I He refused to elaborate. 

,The banker said . that tl 
Testructaring In question w 
. massive. both ra the amount 

- /debt, and ' the number 

; creditors.; He as - well as W 
Muezzinogiu anticipated : 
...-agreement within the eig 
hanks within 10 days, possib 
after another meeting betwe< 
the .. co-ordfnating group ai 
"Turkisb -officials. The fin 
v agreement will be submitted 
the ’’J^tification of all ban 
'■-involved: As" yet no cc 
.- tingency plaits have- been pi 
pared .-to -cover a situatii 
-.-Where -any “of the- 221 ban 

- refuse to participate. 

Mr. : Muezzinogiu said that 

• September this year Turk 
.will have .finished conclude 
“hflatersr. agreements with t‘ 

major industrialised countri 

• -.-on debt, rescheduling agre- 
... under the aegis of the OEC 

in Paris 1 last month: . The fii 






(I Sir 


c.V"yy 


EUROPE’S consumer lobby has reflected - concern among Bel- September this year Turk 

launched a campaign to become ginm’s powerful .sin all-business wiir have .finished condudi; 

more involved in the whole field lobby that, .small * shops - were -“haaterST agreements with t‘ 
of EEC ram petition policy. losing: .beer 'sales. , to super- , major industrialised countri 
As a first Step, the Bureau m^kets. • - von debt rescheduling agre* 

Europeeo des -Unions de Con- Imported beers were "tot under the aegis of the OEC 
sommnteurs nas taken - up a covered ' 3>y the agreemenL'tod : In' Paris last month. The fli 
complaint by the Belgian Con- tile Belgian. Consumers! -Associa; such agreement is expected 

sumer s’ Association that a recent tlon has .advised consumers 'to ihe - signed between ft 
price-fixing agreement between buy^ foreign be^ rather . than Mtieazinoghi and visiting Nt 

brewers and retailers in Belgium Beigiah. brands, ‘ A survey by wegito Finance Minister F 

is in breach of Community law. the . a^odation two- .we^® • ago . Kleppe on Wednesday' 

It has asked the European Com- shotved that W agreement was The ‘amount being rescheduled 
mission to investigate the being widely kept and. that it NKr 10Qm (SlS.Sm) and t 

agreement under Article S5 of was vezy difficult to &» a “Belgito Norwegians are providing 

the Treaty of Rome. beer at the low prices tfiar Were new loan of NKr 200m 

Belgian brewers agreed with available. before. : / Citibank facility lnraa&ed. 

retailers last month that the . The, V European -. consumers', .Page SS - 

minimum retail price for beer bureau said yesterday’ that '-'it * ** • 

should be BFrl47 for a crate of believed the price-fixing agree* V T 

24 bottles. The agreement, which ment was illegal under Commu- 

the consumers’ bureau says, was nlty Taw and a ' -dahgetpoaf • 

sanctioned h> rhe Belgian prec^tot for other' <^mnuinity 

Ministry of Economic Affairs, countries... “ ' 


«tTh 


28th 


A r 


*-•*>. ' .- v 


't . .i'- * tivt ' " 


1 

:a 






T3mes Tuesday June 37 1&78 


• 3 




Indonesia cautious 
over fresh 

borrowing 


South Yemen president overthrown in coup 


BY ANTHONY McDERMOTT 



or 


• U > 


CCtS 


+-1 - 


,1>V 
i *ii * 


MR. SALEM RUBAI ALJ, Prc*,i- policiea largely hold sway. U 
.dent of-the People's Democratic could also affect the con i! lets in 
i Republic of Yemen, was over- Ethiopia, where South Yemen. 
S thrown yesterday after fierce although an Arab and Moslem 
1 fighting In the capital Aden, the country, has Tnr 
| government- controlled radio reasons been sivm.. 

I announced. the Marxist government in Addis 

... - t I The radio said that the Presi- Ababa against the Moslem rebels 

r 'ONESIA IS likely to return year was that sot* of the major 1 dent had been forced to resign The Iraqi News Agency, 
testae capital markets soon as a state projects 1- the Pusriiby the sole political group, the which has been the main source 
bo&fiwer. Government officials fertiliser plant ra Sumatra, the! United Political Organism inn — of 
:arta .do not put " 


„'»DEK _r - .. _ 

uinoirn- 


BY. DAVID HOUSEGO, RECENTLY IN JAKARTA 



information from ihe spot. 


Jt officials fertiliser plant n| aumao-a, me. united .Political urgamsaunn — or information iro 
put it so Cilicap refinery aijj'tbe Ctiamaya. National Front (UPONF). but in reported that military units at 
especially as the near- gas pipeline in Jiva— are com- (fact his departure came after the straits of Bab 

- a nil A/im. rtTotA^ ««« na«plu In with MPlliul • nitnnl'n Ruhi.if hnrttWikrc r, n iVif thii ctr'jluuic -criiithi 


carried out with the help or March 1976. Saudi Arabia opened Soviet Antonov aircraft Hjin* 

Major Abdallah Abdel Alent. diplomatic relations with Aden wPPhes for the Ethiopian roi rcw. 
i mnniander or the North's para- and tried to woo it into a more Cuba has currently some -50 
troopers, who had been at odds moderate line ihrougo the pro- people m South Je>«en. About 

ideological with fa ™ vear according been TraTmKT thT^ople's 

support to he «u«ej* d ^he .fnrnier ^ ^ a id militia. The .So v.c l Lm ion has 300 

Ibrahim al Haindi. himself stopped because Riyadh had military advisers with the arnied 
assassinated in October 1977. written off Aden as Marxist forces. East Germany trains the 
MM Abdel A lent has since lied beyond redemption. Previous y security police, 
in ihe South In any case. South the country had seemed to be j t j s reasonable to suppose that 
Ye m en° stern lv rejected any rurn.ng towards the West for lhe km in E of five Britons in relations 

i Col. Ghashnu's technology and in 19 n a growth o, nan earlier this month re- reports of niries \.~a 

r3te of 7 per cent for an economy prcsen ted a resurgence of South between the tv\ . vo * 

, ., un dependent on meagre resources Yeinen support for the Popular been appearing, m news pape is 

k" had been ibe best since mdepen- Front for t be Liberation of Oman since January 

. d,ff D cr f n ! dence in 1967. „ on a serious scale for the first some reports the v . ,s * '* h ® 

Mr. Salem Rubai Arab money from Saudi .-. c. interior Minister resulted from 



SAiU'A 


. n 1 TTH 
-i L M r? 






strained and 


dilemma. 


uj,w— « .uuuviuij, UK u**i more siowiy iiiai*-u*cj> «» • is toe ouicuiue ui severe on- kiuuiiu .i|ipeaieu iu oe between 'Lh! in hi< lowing i 

few years will be a critical time couple of years ai, largely as a i Terences between the President, the armed lorces. controlled by former Is ' ‘ >peeu!ati 

for- President Suharto with result of the tiglt restrictions I who is only deputy secretary- Mr. Ali Antar, the Defen. e atnui_de. ^nc nF Tinn . ° r .. a . 


standards. 

The-- difficulty iu meeting these 
expectations is that the Govern- 
ment is going to he pinched 
both for funds for: developments 
and for foreign exchange. Over 
half its- budget revenues and 
welt over half the country’s 


since the hectic days of the 
Pertamina spendi g spree that 
the Government s now more 
concerned with giving the 
economy a boos than with 
putting on the bn tes. - Interest 
rates were recentw. lowered to 
encourage more Srtvate sector 


ii- approaches of Mr. Salem Rubai b money from Saudi iim e since Sultan Qahous claimed Interior Minister resulted from 

Alt and Mr. Abdel Fattah lsmatl Ar3bia as well a s Kuwait and ““ /ompiete mllitarv victoi-y in mediation on the part or Kuwait 

ue towards the position of their lhe u njlec i Arab Emirates was D ecem t, er 1975. ' after Mr. Ali Nasser Mohammed, 

L . n i-uiintry in the region. The (| 0tt .j D g j n an d there was even In Beirut the independent the Prime Minister, had visaed 


1 UI KjiiijcLiiu WLU< re suit OI me Ug, y- *•— — — I wag is u UIJ UC|IUI> wuciai,- mi. -i.rw, . 

strong pressures on him to show that were impose : on the com- {general of the Party, and Mr. Minister, considered loyal to the ample 
tangible results for his 12 years mercial banks. ' L ~ - - ■— - 

in. office, both over- issues like j 6 a s i gn 0 f the complete 

corruption and in raising living turnabout that tl ire has been 


iptcy of Lhe state oil com- pleted or nearly jp, with actual • attacks by fighter bombers on the the strategic southern entrance ' 

> ert amina three years' ago outlays tailing oOT Inflation has presidential palace and the in the Red ■£?:» had multnicd At inc 

the weight- of over SlObn been curtailed tmabout 10 per [ government complex. There was as bad 1 roups in two other areas, struggle 

bt has reinforced- their ceHt from over ® ..per eent in -also fighting between sections of and at Aden's Saiaheddin bar- approacne 
lutioo. - 1974. Both the mwey supply and . the armed Torces and others racks. 

Theregiiue is in a very real bank cren its are Expanding far] affiliated t 0 UPONF. The coup The main conflict on the .v'”':", nn The me umicu uecemoer i»ia. . had visfted 

Politically the next more slowly thaiflthey were an s the outcome of severe dir- ground appeared to be between country : n hi^ flow, . n S . ,n an ^ x ] ,er *-' In Beirut the independent the Prime Minister, had - 

e *: non of a pipeline to carry Saudi J* concentrations' on both Emirates in March to seek finan- 
crude from ihe kingdom s south- of tbp border be^veen cial aid. - 

emeu hut It remains to be seen whether 
been inten- countries other than Saudi 
restraint. Arabia will withhold financial 
... --- A Dr i| \i r Saleh Muslih, .support if the overthrow of 

,he ss?. 

Soutb Yemen h n d W t & ISWSSS^ BjZd 

we.. y-,-,- encourage more «*«. aeemr | 'StSLI. ^ .hii ™-J" IpS STo^S SSl.^v. ‘S' »™« 

export earnings derive from oil. investra | n t. thoughio far without , Ghashini. the north’s President, yesterday given a stale funeral, been mvnheri in thi- uw. throw Hamd'-^ch ^^not^a # Myin , ^ Saudi Arabia's ex- some lime argely because Saudi 

wot ml recemts after rvsine . '* m,M 1 The overthrow of President One theory given credence was of South ' cmen s preoideni. Bu 0 r Aden’s line Towards perience in security, matters Arabia had decided to cti . off 

Salem Rubai All has tmplica- that the assassination of North the nutcomo piov* ^ihat this ^“^Tihe Horn of would he of great value in almost all a1 ^ ami .became 
lions for the political balance Yemen's head of state had .been could not be -,0 f r .1 . ■ -> * . f provided refueilinc reorganising police services receipts from ^ h.-.V' 

tSU nr^n^lo d^enu MnSnUnn ^ h-rn.^Uw. N- iurn . rou ' nd for The vi S „ e,n.e a, a tiKe when .mend were e.pen.eh m *«?• 


Abdel Fattah Ismail, the 
leader. 

According 10 people in 
tact with Aden, the fi 
erupted at dawm after an 


erupted at dawm after an all- and the People's Police. Militia- u cons ’idera- 

night debate within the leader- men and army dissidents tried ° er . 8 Supporting Colonel f"? siden t 
ship about North Yemen s 10 storm the palace and ran “ ni £ i5tu Haile Mariam in }„o “ouni 
charges that tbe republic in into opposition from troops loyal -» en ° l ,h e Eritreans. Lpuri-d or 


Net oil receipts after rising mL'ch“7ucce7sT"° jfettvity could 
nearly sevenfold sinre 1973 are slQW down even [ilther without 
unlikely, to increase m the next a reaewe( j burst offlpublic sector 
: couple of y ^f t TS - 3t °? 7 ^5 investment— whtchfs one reason 

.flattening put at . about L>ni j Qr ^yjgjng callous attitude 
.barrels a day and more of it is { recen f years 

• coming from the high cost off- "inc J 

; s hbre fields which yield lower qulries reall 

tax. receipts. scale of it and the 

Foreign exchange earnings ?? “ 
from other major commodities “““V?? to hSi l 
^ch as timber, rubber and tin JJJJf n'onu^ar hostil 
tie .In likely to level nit either 

because output is not exanding future dlbt servicing: 

or because pnees are stagnant. ratjo which Qn exi ^jj g commit-; 

• There was no real increase of ^ already looksgis though it 
.development expenditure . in ““be climbing b& above 20 
.1976/77, and_ only a marginal c enl ia the l9®s. Whether'; 
increase has been budgeted for ^ ^ ,1 doS de^nds on the, 

.' the .current financial yew-, g not it < loet 8 «^ d uclion. , 

Private investment is well down f % r f most encouSgine news 
. from the probably nnreal.me ab ™ SJ” moment 

is that oil esploratq}n is again 
after, the 


foreign 

concent the 
tee.' Official I 
no fears of: 
els of infla- 
to foreign 
le anxieties 


300' 





picking up after, lb? sqnabbles- 
with the oil companies over pro-; 
duct ion contracts whteh virtually j 
stopped exploration ijrork; But ; 
it will be some tim? before it; 
is known whether exploration* 
will be matched by; new dis-. 
coveries. During this; period 

uncertainty— coincidirg with and ; 

reinforcing all the political un-. 
certainties about the? future or 
the Suharto regime—#: is diffi'. 
cult to formulate realistic long 
term economic plans, j For - it is J 
unclear whether Indonesia will, 
in future be an $ii based . 
economy— with all that means in 
terms of ample foreigiS exchange 1 
earnings — or another 4c ve i°P in 


v DOLLAR 

\ AGAINST 

fSk THEYEN 

i i m vn 


TTTtTtA 






. i i i :in:i 


lih-. 

1 \ . 

i : 1 . • : i i 1 

i Town a 

HOSE . . 


1977 


1978 


China hits out at Japan 
over Korea treaty 


Janata faces plan clash 


BY K. K. SHARMA 


NEW DELHI, June 26 


the council met f°r this purpose 
late last March. 

The delay in funning the com* 


Yen soars 
after 
Cabinet 
meeting 

By Our Foreign Staff 


! BY JOHN HOFFMANN PEKl.Vil, June 28. ! THE MARXTST government of between the West Bengal Govern- 

CHINA made a strong protest accused Japan and South Korea ; W est Bengal has set the stage 

against Japan's" infringement on ?ff\ n i,nt 1 develotment for :i major confrontation with ; tate | also join the llllUce due partly 10 the central 

I China’s sovereignty today, just mat king nn the Janata central government Marx j sls j n this stand. The ntwrnmt . M ‘. nrt >occui>a lions with 

i one week before the proposed zone on the cunttnenlal .helf «n announci thal u wi „ ignore Sa party rules only half the 

| resumption or negotiatlnns un a the East Chin. beu. the p lannin o commission’s guid^ C ountry P s 22 states. u «* , lute f ^ ' v 

: peace and friendship treaty China had inuolable formula tin" the next The confrontation is due to the and partly to the difficult} m 

! between the two countries. .sovereignty over the continental ! Y ea .. J Jn bv^thl sta tes delay io forming a committee of choosing the chief ministers t. ho 

1 The protest warns that China h lf in th , Ea>l china Sea. said ! ^ ) ‘* a ' h Keen taken on the the National Development Coun- will be its members. It l i kely 

.-will never agree - to a con- ^ statement This position had : lhi\ onTv tbe "atonal cil, of which all chief ministers < h: j! Fend- 

t nentii shelf development pjtt . , r • ® J - 1 . iVft mpnib^rs to discuss the cod- Mill fonn thi? coiiiiuinct. rcnci 

S Japan signed with South beenmade dear to Japan in tslue of faring nf ing this, however, the Planning 

Korea last Thursday. And it has and 19ft. Sifino hndv ervtiUed to revenues between the central and Commission has foumtUed 

T ~ USS'V WE TZZ 

CWne S ? tem ForcigS Ued Minist^ "^00.^“ : P This Q means a Serious tussle was stalled on this issue when furtherdelay in. their finaUsatjon. 


- President Suharto 

-i'vels achieved during the oil 
r oom. . Food consumption is 


country with a particularly- acute; 

problem in feeding itt P° p ^“*j T HE JAPANESE Cabinet's 

■*». U t fclf?n r 2 < S 1 l ,, frS5i- 10 ' Economic- Council has refrained 
be cut, the food bill is 1 gom,, 0 introducing new measures 

be a continuing strain (to ihe\ huge foreign 

balance of payments. trade surplus and decided in* 


The projects 
Government *s 


for 

contemplating 


Itstripping food poduction ^j| n en Sa?bSd 0? potmtS 
ith tbe result that the Govcrii- ®^ er e of foreign 

S600m on - rice ^" S ge °^ jEdude refineries 


ent .spent 


sports last year. . ' n un ^i and Batam; extensions 

--This year it may have to spend at ^ ^ef actio®' trains at 

iore— even though the harvest is ° f J|J' Badak; exploitation of 
_ ptter - b «ause international Arunjafl c J al deposits: 

rices are higher and consump- Bintan island bauxite pro- 
- on stiU rising. Food ' and tbe enlargement of the 

it into the country s _ ability to ana Togelher 

: ^ance imports of investment ttoeir ^ost would be about S7bn- 

The first sign that Indonesia $8bn. ^ game time there is 
a s looking .-for substantiaily 1 emphasis in Government 
ore finan ce from abroad was its . ^ ;n -creating new jobs, 

•. quest, at last month’s meeting SS S and small 

. . . the consultative group fndJSriesTStending rural 

. ;.inor nations m Amsterdam, to electr ^ c Q ati on 1 increasing rice 
ise the f ^ e 5 l §“ pSSSion, and redistributing 

■ sistance and loans to *-.opn J* These are immensely 

WE-% 2Z TSSSSS. 

,'c new. figure on beads of PJJJf* “Scess. Higher rice 

. olomatic missions in ?feidsare hard to get Erom new 

- thout giving any precise jWtom deforestation 

'■ dinmmdSinceaen General «'JgJ l «SSfSSildB* .L-bl«m«t 

LSww *» »-} ff 5 Jh«!SS X 

^ d0 “ n ,he 

• -ength — and in a way that Stowth P P ^ Govern- 

' • uld effectively get around the V? 8t lems in such a period 

. -urictions of the ceiling, meat s pro oiems ^ ^ 

require ° unpalaUb.e peHtieal 
gnant level of investment last decisions. 


trade surplus and decided in 
stead to accelerate the imple- 
mentation of an existing package 
of , export curbs, emergency 
imports and public works invest- 
ment worked out in April. 

The decision contributed to 
some ‘-extent toV rush to buy yen 
and Japan’s Central Bank inter- 
vened \in the foreign exchange 
marketvyesterday \to bolster the 
value ol the U.S. dollar against 
the yen A Dealers estimated that 
the Bankiof Japan bought more 
than SlOOm m an effort to 
counter a 'renewed wave of sell- 
ing dollars Tor yen. 

Tbe hard-pressed dullar opened 
at 206.10, its lowest point 
against the Japanese currency 
since World War Two. and slid 
further to 204.50 before the Bank 
of Japan intervened to lift the 
rate to 205.20. 

Japanese banks were dis- 
appointed because the large trade 
ftsjrpiijses, ihe root of continued 
yen appreciation, would not be 
narrowed without stronger mea- 
sures to restrain expons and 
expand imports. 

Japanese banking sources said 
the U.S. dollar may weaken 
further towards a rate of >200 
after a brief pause to allow 
dollar sellers to take profits. 

The dollar fell from Tokyo s 
Y209.55 close last Friday to 
below Y207 in overseas centres 
on the same day. . 

S. Africa opens 
Namibian 
voters’ register 

WINDHOEK, June 26. 


■ Under the 
provisions of die 
. GamingActT968 
a licence has 
been granted for 

theritz 

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

Members only. 


SOUTH AFRICA today began 
registering voters for multi- 
racial elections in South West 
.Africa (Namibia) due to lead to 
independence at the year's end. 

At tbe same time, Soutb 
African Foreign Affairs spokes- 
man Brand Fourie reaffirmed bis 
government’s support for the 
independence plan drawn up oy 
five western countries. He denied 
that registration of voters meant 
his country was proceeding with 
its own solution in the tern ty. 

** There is no suggestion at this 

point of us going a l»»J ““A a, f *V 
ally” Mr. Fourie, Secretary tor 
Foreign Affairs., told a Sou J 
African television interviewer. 
"^Registration of the estimated 
440 000 voters in the sprawling, 
mj der-P 0 p u La ted territory which 
SSSh -Brica has administered 
S 1 1045 is due to last three 

iUSSrS 

ilB dSw up independence 
constitution. 

Reuter 

Ethiopia accuses 
the West 

NAIROBI, June 26. , 
a ^fNIOR member of Ethiopia s 

^ i °I.S! i,i S y w,« Cl l, ,D a e ™in g 

monitored here 
CaDtain Fikere Selassie 
Wodgeres. the Dergue's Secre- 

tatt-Seneral, told « ■•gfrtlfi 
Addis Ababa yesterday that the 
U.S., Britain and West .Gernia . 
were arming Somalia to invade 
ZFJSShm ^ second.ume. 

Beuter 



walk out. 

If you re flying to Mexico City; 


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A short stop in ourWorldport - •• , - 

Terminal gives you time to clear Customs Pan Ams people will take you there on 

and Immigration at New York. the same 747. 


So pickup our 13.30 flight from • 
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\" f * ' * ■ ’ •v.-jv 


Finaliciaf "Times ifoesday June 27 19?8 




allaghan hopes for U 




BY jUREK MARTIN, US. EDITOR 


WASHINGTON. June -0. 


By David Las cc lies 

NEV. YORK. June 26. 
THE U.S. CONSUMER'S over- 
riding fear is in Ha lion, which 
he exnoum la continue at a 


iMR. JAMES CALLAGHAN, the new 757 jet airliner, Uftn* version of th* European Airbus 

1 British Prime Minister, said updated Rolls-Royce RB211-535 would provide -no roic ">r the 

here* to-day that he looked for- engines. British engine niaiiufacturer- 

Sv.arii I" '- ,, >ilaboruting with the But he was also apparently Moreover. Mr. Calia-han is 
i L : .S. on u new generation of impressed that .McDonnell- believed' to* feel that the Euro- 

high level according (o a ; commercial airliners, and had Douglas— whose own aircraft, pean solution Lnevitablv would be 

report by the Michigan Survey : detected m bis talks with the codenamed the AAITR is in a heavily influenced bi political 

Research Centre, one uF the ;U.S. aircraft industry a corre- much less advanced planning considerations. and would reflect 

must respected centres of ifc»- ; j’pontiing recognition of the need stage— had offered a wide-rang- the German and French desire 

kino In’ the country. I to work v; i l h foreign aerospace ins ’ future strategy of co- not to be dominated by the l : .S 

In -its Mav survey, llie ‘ interests. uperalioo which went far beyond aerospace industry. 

Centre found 'that its nearly ; R , iefin „ the British Press hero un ® sp * dflc , Project. This, of course.' is the nub of 

I J with the heads Frank Borman - the head the objection, to co-operation with 

u? P-Lh’ ’' %0mipe Dou-fas of Easlern A Winw. which is Boeing, which has already *e“ 

'“d fUi'cm AirliSe?ow?*rl£ 3,read - v ^raeted to use the expressed by the Briiwi ac 

we-k’onri the Prime Minister Euro P ean A3n0B Airbus, is space industry, though not !, . v 

stressed ‘"hat he had Conducted llDderstnod t0 have expressed an Rolls-Royce itself. Hr. '.fllaebjn 

ike reckon in 1974-75. nr , nt ..^uon<. aid e-senti- ferenCe f fnr lhe 1S aware r,f th *“ British indi^try S 

Fears were particularly | , |v f], nl i!5stris»n* himself with Bcmag-Proll^Roycc venture nervousness which, be relieve*, 
strong among high income th p oro'nlems invoked. He pre- , _ Lallaahap is understood constitutes genuine concern and 

families, where a third ex- ; dieted “exciting progress hut a ^ a .V! e !P p ^ ils ' m ^J' s ” ied ‘ not mere. y emotion, 
peeled prices (o go up by lfi ■ bumnv ride" in the future. tngs that .the new aircraft should However, it. Is clear ihat M r 

per cent or more. Nearlv half i P> c iu e oe "a commercial proposition Callaghan has not eliminated tne 

of the saruule thought prices I It is understood that Mr. and not "a political aircraft." European option, although he is 

would rise ' fn-ter than (heir Callaghan came away convinced U is thought that he basically dismissing some of tbe European 

incomes in ill*- next vear. from hi; discussions with Mr. believes that Rolls-Royce's future objections to a deal with the 

Thorn ton Wilson and Sir. Tex would be brighter in joint vnn- U.S. as pure “propaganda." It 

Bouillon of Boeing yesterday iure with U.S. manufacturers, is expected that this subject will 

morning that the giant U.S. com- in spile of their si«c. than it loom ' large at the meeting in 

pany v:„s* in earnest about a would be in Europe. It is Bremen carlv next month of EEC 

joint venture with Britain on itj generally accepted that the BIO heads of government. 


l,:;ao respondents expected 
prices to rise by an average 
S.2 per cent over tile next 12 
moil lbs. the highest rale 
recorded by the Centre since 


against a quarter at the begin- 
ning oT the year. 

The sun sy also showed that 
people who expected tilings to 
get worse exceeded those who 
expected them to gel better, 
and that confidence declined 
in the Government's ability 
to deal willi inflation and un- 
i-niplnjmem. But a; the same 
s «in;* people were thinking uf 
buying house > and large 
amounts of rnnsumer durables 
in anticipation or price rises. 

The Venire coiu-iuricri that 
brisk consumer spending — 
reinforced by fpar nr inDniinn 
ami huy-in-adiauee psychology 
— should continue in the near 
fo-m. bur. ifie outlook is less 
favourable fur laic 197S." 


Srazll reforms move forward 


BY DIANA SMITH 


RIO DE JANEIRO. Jur.c '-«• 


or tern- Economic Development Bank 
Congress. tBNDEi— whose 1975-79 alloca- 
dissident lion for investment in iv.-ii- pro- 


Demonstrators 
protest against 
atomic reactor 


1 REFORM'? to abolish the non.” to over-rule 

arbitrary oowor* granted to the porarily suspend 
Brazilian presidency in 19tf9 revoke mandates of 

hare been .ipprovcri by President deputies, strip military personnel ducts, capital goods, regional 
Ernesto Gcisel and the National uf iheir rank, and civilians of infrastructures, assist:: nn- to 
Security Council. their civil rights, overturn «=iiull businesses and M.are- 

The * reforms, which enuld judicial rulings and censor the holders totalled SlSi’i’ — has 
.bring the country closer to media. announced a shift of cuifnasts 

' insiiiuti finalised democracy, will The presidency's arbitrary for its four-year plan for '.nTS-al 

i now i»e debated in Congress powers over Congress may thus 

! where they could be broadened he extinguished, the applicability Alt notion basic produce and 
further. They are intended to of habeas corpus for political ca Vital goods will continue to 
■ take effect on March 15. 1979. crimes may he restored. The receive BNDE support, the time 
when President Geisel is to leave death penalty. perpetual "• ia> con,e - “te new P«n stales, to 

banishment Ptaec greater emphasis ...n Jie 


office. 


reduction of social and rvjional 


ty Our Own Correspondent 
NEW YORK. June 26. 

A CROWD uf nearly 20.000 
gathered at Seabrook. New 
Hampshire, over the weekend 
to protest against nuclear 
power, uut the deni un-* trillion, 
which took place under the 
eyes of hundreds of policemen 
and National Guardsmen, was 
considerably more peaceful 
than last year's protest when 
mure than a thousand people 
here arrested. 

Seabrook. a small coastal 
tillage north of Boston, has 
Income the focus of anti- 
nuclear protest due to tbe 
2.:<0O MAV reactor under con- 
struction there. 

This year’s demonstration 
was an orderly affair largely 
because of the authorities’ 
offer of an 18 acre site, 
although some protesters 
threatened not to leave ihe 
site at today’s 3 p.m. dealine. 



pnliti 

decision-making has mounted, states, and have no tie« with 
This has been shown most foreign governments or parties, 
strongly by the recent strikes This could end the heavily 

by metal-workers, which ihc circumscribed two-party system lllu Mll , lllM 

Government did not repress in which Arena, the pro-Covern- heen part of Brazilian economic 
although strikes are illegal, and ment group and the opposition p i a nnin<* for several voars. Nut 


economic weight) - with infra- 
structures. so as to reduce migra- 
tion to large urban centre- 


Indeed, this aspiration has 


Democratic 


the BNDE has now comple- 


by the ensuing dialogue between MDB (Brazilian 

management and labour without Movement I operate. mented it with a new pn>:- ^!— 

the Government playing a role. The reforms are qualified by heavv investment in mass oniduc 
The 1 inch-pin of the reforms n^w constitutional amendments tion of consumer goods ‘ 
is abolition of Institutional Act which would provide mechanisms 
: number 5 (1A5» and its repres- for temporary declarations or a The BNDE. will give prefer 
: sire offshoots — instruments slate of siege or emergency, with ence j n 197B-SL to projects 
which, on national security consequent temporary loss of involving low-cost con-uuvr 
i grounds, have allowed the presi- civil freedoms, in specific areas goods especially foodstu.i-s and 
, dent and other authorities to or nationally. clothing), in the belier t':..t tni? 

I keep Brazil in a "state of excep- © The Brazilian National will generate increased demand 

j raise wages and iinjtro- c the 

! — — 1 quality of life. 


WORLD TRADE NEWS 


EEC may 
cut imports 
of textiles 
from Greece 


France to supply Spain 




with 48 Mirage 



By Margaret van Hattem 


PARIS, June 26. 

from 


THE EEC 


textiles exports 


BY DAVID WHITE 

FRANCE HAS concluded a deal Spain, stalling on Wednesday. ^Robeit_GraJ^m ^ ^ntes ^ 
SELS. June 26. to sell 48 Mirage F-l interceptor . The figure of FFr 3 - 8 bn— about Madrid. -The main attracOon for 
Commission is jets to Spain (worth probably 8800m — quoted *n . one report as Spain ill opting for 48 rage F I 
jrb Greek S800ral. according to reports the total value of- pwsauj s .aircraft is toe ^dottnaj I WHWJJ; 
to the Com- here. The Dassault-Breguet air- ^Spanish deal voiild not.be con- The Spanish aircraft industry 


inimity unless the Greeks agree craft company, however, whose: firmed, 
during talks later this week to Mirages are France’s •n,^ . 


respect 197S quotas, agreed one arms export, 
informally last December. comment 


that centres round CASA -hopes 
number Tt^companv’s' total exports- of that it will be able to supply a 

refused to military aircraft,' last ■ year, substantial part of Mirage com- 
■' including the Alphabet which ponents; Industry sources speak 

The Creeks. - Brussels sources ^ C0nlraC L which is under- IotlSb P £^ e U oam 

say. are romping through these stood tI) involve the Spanish air-- ■ W'esi ^There are also sunnrt££heri> 

quotas particularly, m the case r ,.n, nanv CASA in about facturers. wen j±r a— .on. *pw mere are ai?o suegesnons nere 

J T shirts exported to tbe UK. ™ the wSls has bJn aceounted for »*}««*> a qnarter that Spain, assart oT the deal, 

and blouses tn France. Both : » *** ot aU'Frtnce* S 

these countries are said to have dU ri n r, «-hich time the ^nanish “POfts.- proviQing pans aau markeun, 

protested strongly to the Com- S^l aiso tSn neWtiatin- ^ Spain is al-o bebeyed to-be for third countnes-especially 
mission and asked for retaliatory Gene SiD^iiSoTlhl if-Sh.r ^ purchase of French Uttn America an<L certain parts 

measures. ’ S fiImKT /G^ile military heliwoters, - ceD- of .Africa. 

The problem u- complicated 1 B stjucted t>v the . State-owned CASAtsl&percentownedhy 

bv the fact that the Community's- The aircraiL to be delivered Aerospatiale The company -.Is the state .holding company INI. 
associaiiun agreement with between 19S0 and 19S2. would cwhpgtmg for the order; believed but Dassault ^already have a 
Greece does not currentlv con- triple Spain's contingent nf to be far 50 units. wlth Messer- smaU ;fioLding--0.'l per cent — and 
lain a safeguard clause.' This Mirage F-Is. and are in addition' scjunj^r-Bolkow-Bloehai^BO-lW' the twp 'companies have a worlc- 


a? 


in^-re7ari(mship. . 


limits the scope for retaliatory to 31 Mirage FlllEs. . . helicopter. 

action, but it is suggested that The contract is the first ■* ’v . } . . 

tax rebates on some of these Mirage deal so far this year. The : mlt - ■> ti • rtn- 'j* 

i s^rssjr “ subs,d,es - s^^j?«SL5y30il swap talks ifi Xebran 

C.ZSr£32i laler’in ’£! S ^ ^ 7 7 ‘ • PA«S. Jom m 

and ir they set no satisfactory Ecuador. Morocco. Libya, Kuwait ASKANCE APPEARS, to -have oiFsuppliej) Id Trance, The ‘deal 

response regarding quotas, are and lriq have also bought- the J S»ved closer t>» securing an being negotiated : is . for four 

expected to announce measures aircraft. ' Iranian order for -four: nuclear nuclear. :Teactbrs'.bE’_J;2O0 meya- 

nevt week. c , ... - ---^wer stations by accepting. 'the watts.af^ce. -TIie5&-.wbtdd. be. in 

The Greek i?sne is part of a . ik! •’ , * : -'Mea of Deinc paid in part in oil. .addition to. Mfib SQOvJffW plants 

wider Community nronlem with' ^ cemren on we amount of; chance in France's nego- for- .whli^- a Freacb^cfmsorUunu'.'^ 

Mediivrranean textile exonris P e A n '' a ' or} ,n w g,ven ' }° .Uniting stan- e— its policy has sighed a contract last year.. worth 

Spain ic said lo have exceeded V A , ' c,K °P ej j ateS been against a‘ . barter: art: estimated Fra5bn {£L75b'n>. « MrfMMMiiu 

q>.ioia< -lightly and Britain is gJJJJ prnjects \yitrt d ] __ w , as t to the Iranians an.d to otherplan^ being bought i 

narneiiiarH disturh-d by an Dassault and on DasMUlts a w ,. e kdnd vlsft by M . fxtrtn: West Gereiarty.- - : . ^ 

overflow uf Portuguese exports SjM, ^ : ^an$raneoS^ Dehlau- the French The -fghr reictore wuul'd r ta 

UIJde a,rcrafl - pbrelgn Trade v buiit. •^y\yr?q^toiiie l -.i^ ^partl; 



to the UK 

While niher member stale* 
ippear prepared to allow 
pi'riiieal some leeway. Britain 
is taking a tough line and is 
jxpeeteri to press for some form 
of pii'ieins to ensure that quotas 
are respected. 


Trade pact 
with Iran 
anticipated 


UK exports to W. Gernlap^ iBp 


BY GUY HAWTIN 


' ;. *• Jjine SB."’’ 


- . 

"■yf™ 


EXPORTS OF. British whpl^f ;77bn r.f Britain's T)M2.74b.n -qlf. (leUVeries^-ttk^ Germany 
manufactured goods to West -(£712.6m i shipments' ^ to this were. 7 . lo/T)eutseheinirk''.t6wus.---'-^'- • ■ 

Germany rose bv ll per eeotf“* rket - ' 72£per.«eiit:uj> oef first quarter;: - ' V*® 

tfhrav 7 .,no oe durin- ihe first miarter of 197 V ~‘ l1 ,s 10 Uie - ; wholly?, JLBTTs'tfalfyeri^i fron^MSfiO^rh: f.,'-- 
TEHRAN. June -6. jdurtn* the first quarter Of ‘g/^tnanufaciured sector that British t&-3HB2ra.Ttn. rAt fbe-Same tiine^ ^ 


THERE ARE good prospects tf ; very much slower than the 18.8 -trade officials are Jaoking to for Bri.&in , SSban^Tmpdcted.crude -'^ -_L ' 
iu agreement this year between per cent average growth rale Jot -.‘ growth. Too great- a share; of increased; from J2.6 per wuj to% ; L 
the European Economic Com- 1977 as a whole. ;V‘:the UK’s sales in the Federal 5.7) percent ' ‘ - :TW 

At tiie same time 


D r ii a } n > Republic «» accounted fbr by :\MeaiuihUe, overailrifigares- for .. „ 
uwn-s: sem i -raamnaelures and >’ raw th^ fiist^four rtuihths o^the year t. : ;; aa« 




-W 


NY Governor 


Erie drilling ban to end 


New regional infrastructures 
as a whole will receive ■ close 
attention from the ENDE. so as 
to gram productive activities a 
quantity and quality of basic 
i AX EIGHT-YEAR-OLD ban on impact study by the U.S. Army services and avoid what the 
‘ml and natural ?a$ drilling in Co r n* oF Enc'neer*. P.NDS ea'ls “siranculation” cf 

i the Ohio portion of Lake Erie Some Ohio legislators have development of private com 


CLEVELAND. June 26. 


extend 


parties. 


former 


' expires or. Saturdav hut that will tried unsuccessfully to 
not signal a rush to tap ihe lake's the ban. Last week, a Bill io 

! enersv reserves. prohibit all driliinu. excep: for “Policies which d-'iay redtu 

i Observers sav drilling is at three experimental gas wells, lion of inequalities" the BNDE 

! least several years away because failed in the Ohio House of plan states, “have become 

i of various administrative Representatives. politically and socially unaccepl 

nan (-Governor, Miss Mary ; obstacles and an environmental AP-DJ.' able. 

Anne Kmpsak. who left j : — — . — 


N 


NEW YORK, June 26. 
2W YORK Slate’s Lleute- 


Govemor Hugh Carey’s re- j 
election campaign earlier this j 
mouth, today declared that she ( 
will challenge the Governor ; 
for the Democratic Party's ; 
nomination in September. 

Proclaiming herself “ the 
People's Candidate,” Miss 
Ciupsak will ensure that the 
Governor will have a far 
busier campaigning summer 
than he had planned and may 
well have lo spend nurr than 
i hi* he had scheduled for 

ni>. re-election effort. 

Mthough the Governor has 
ill'* solid support of Demo- 
vraiic Party professionals 
behind him. Miss Krupsak's 
•’hallenge is likely to be sturdy 
ncrause she has a considerable 
following in noil-urban upstate 
New York. 


Ottawa Tory to see 


HP 






OTTAWA, -lune 26. 


BY OUR OWN CORRESPONDENT 

THE CANADIAN Progressive institute of Strategic Studies, pari or this* preparation.'' said 
Conservative party leader. Mr. and Labour Government officials. Mr. r>rk. 

Joe Clark, will visit London from 

and will meet Mr-. l,on 


Julv . 1 , ’ ,h‘ r K h ' Mr. Roche is on a tour lo discusss Namibia i South V.>«i Africa i. 

Margaret TIwk her. the BriUhii f n policy matter*, and it Smith Africa. India. Japan and 
; Conservative Party leader. w|iJ “ ake ^ him Uj nine coupln „ Korea. 


Clark will also bold a reeep- Mr. Roche is also iue to visit 
for Canadian journalists. Lebanun. Israel. T-womi* 


!'.S. (.OMPW'i NEWS 


Mr. Clark who will be aecom- j n three weeks, 
panted by Mr. Douglas Ruche. “Tlw postponement of a 

acting chairman of the Prog res- federal elect inn has enabled us E ; , ft;n bids S37Nin for Cutler- 
sivc Conservative External tlJ continue propantions fnr a H r . . TT fo 25 0 , <r 
Affairs comniittee. will also meet Progressive Conservative Govern- " «' nrr ~ a ^p s'- . >( . nnr j 

fhe Secretary General of the ment in Canada. Boll. Mr. Roche ccnt ( , ,a . scc “"f 

British Commonwealth Mr. and I view an up-to-date eviilna- c l |,aritr ‘ ® a, ?h • ‘tnenca com- 
Shridath Ramphal. re present a- tion of a number nf key foreien- pfotes Brazilian foke-over 
of the [nternallonal policy issues as an important Page 


lives 


HE CANADIAN CONSTITUTION 

Trudeau determined to make changes 


BY VICTOR MACKIE IN OTTAWA 


larze 

lers 


MR. PIERRE TRUDEAU, the making French predominant in that goal. He coal drun into a one independent. This 
Canadian Prime Minister, with the politicaL commercial and revolt within his own caucus, blue of Liberal Party support 
his bold new concept for the social life of that province, because of proposed changes in in the upper buu%e is a source 
Canadian constitution may be Pressure on Ouawa from Quebec the form of the upper chamber of power fur Liberals, 
undermining a Liberal Party to increase the importance *>f now known as ihe Senate, which The proposed nvi House iof 
power base in Ottawa, much to the "French fact” lias led to is a body of members nominated Fedviation would have power 
the dismay of the governing a slow but steady build-up of by federal governments. Under only to delay legislation passed 
party’s veterans long accustomed resentment through on i the rest Mr. Trudeau’s amendment Eill it by the Commons, l; would jbe 
to manipulating tiie levers of of Canada. The Liberals are would be replaced by a House able lo initiate leg>lation uf fils 
power. afraid that n will adversely of Federation. Total membership own, except for money bills, fits 

Mr. Trudeau, now in his affect For them the uulconie of would be increased From the lfH power hi veto legi.-lj'iion would 
eleventh year in office, entered the next genera! election, either now in the Senate, lo US. OF be removed. ; 

r-'. lilies determined to transform this autumn or next summer. these. 58 would be selected by Senators are a: '-jointed • to 
the constitution so that it The Primu Minister's const!- the House of Commons. 5S by serve until they an- 75 yearsjold. 
i.-aWcd for the French speaking nitlonal changes are to be dealt tbe provinces, plus one each from Not having to oecl re-eleijion 
•.innurify and its language, the w j th j„ tWr - 0 Maces. Mr. Trudeau [he North West and Yukon thev devote 
. ........ - p rench fye t .'* He - • - 


called 

»vjnls m <ee firmly embedded 
is: ihc constitution recognition 
n! English and French as Uie 
iv.i iansuuccs of Canada. 

The election of M. Rene 
I. n«‘ijsque and fits Party 
Qi:i.-necois in Quebec two years 
agi. brought the issue io a head 


outsider Mje tin* to 


hop* r U) s-- ■ phasv ony com- Territories. examination of ieji-lalion jpar- 

pleicrl by July i. 1979. and The western provinces and Ocularly m Hie CiMiminee sjage. 

uhus> two by 19SI. rhi; 5t«li the Atlantic region, where Ihc Those who do alu-;-d resiiiafl' 
anniversary -»f Canada's aeces- Liberal Party's strength has been and sit on the cum.mVtees to a 
sion. weakening, would have greater yumj jojj of icruiini-ing gtwern- 

Thu first ph-i-.- cnvi-r-n mailers representation in the new merit policy. Cabin-; ^Ministers 
which the Cabinet has heen chamber than they do in the on^r he prepar'd to answer 
advised arc under federal Senaie. Quebec and Ontario detailed questions m the Senate 
- . jurisdiction, ait hough the pro- would retain there present 24 committees whereas in] the 

:..iri induced Mr. Trudeau to drop vinces question the right of the members each in the upper Coraroons comminces p *tisan 
any plans he may have naa tot federal authorities to ad uni- house. Western rep resen tauoms politics divides Hu- members 
retiring. laterally. The second phase would be increased to 36 from W [ 10 yre above all. interested in 

Under Mr. Levesque the would cover areas in which cn- the present 24. the Atlantic scoring political puinK I 
Quebec Government has become .jp y ration and cunsent uf the region would have 32 seuli. up what worries Liberals fe that 
much more militant about provinces would be required. from 30. under the new method of 

Having placed the amending AU major political parlies appointment, they -.till Jose their 

Bill before parliament for would be represented in the new overwhelming majn-uv in the 
first reading Mr. Trudeau sug- house, n n the basis uf upper chamher. T?, vv ‘will be in 

g(*sts that the subject matter popular vote in each province, minoritv givr-n Hie current 
£hould go before a joint cum- The commons would appoint political situation q. Canada, 
mittce of the Crmimons and members after each federal elec- Trudeau, li .v-cver di 5 - 

Senalc and before a first lion* ■ mNsed proissts i n-** the time 

ministers cnnfo r Miic C llf The The representatives from the L . (|1Kl . f (1| . py. dis-ts- 

f». dcral and provincial govern- provinces would be named by S j 0n i nd^r u,.-! nrooosed 
menus next Sept urn lx- r. The tnetr rcspecrive (egisiatures after rH f lirm . ni'-m’b.-r^ .»te House 

ipiimisiic provincial dcctiuns. At present. Federation Wi.m,) pi? aide t. 


‘LA RESIDENCE* 
RIYADH, 
SAUDI ARABIA 


Luxurious furnishrd ind serviced 
ideally loeased near Govern- 
minC Ministries. Central air 
csmjitiom.if . colour TV. video 
and music, swimmin; paoi. rcla- 
pnone in every room and :elex 
jconnd the clock. 
r .-- .-e;e- vco iP.is cdl WI&3 or 
Trie x 201005 Reside SJ- 


Prime Minuter 
that he can 


that he can get the first phase the Liberal and Progressive Gun- Cafonoi .Mioi-.i.-rs and he 

of the proposals endorsed by wrvauve parlies are represented “ |„* m-J 

!' lS i' Jl ? :1 ! ,k ' n ' d !) i ,hL ‘ and un « Social Cr P dil ntemher participate in ,‘, lin c debates 

<..om ill on s an.l (atvr the Senate *11 >n thu Senate, plus a few but not h. i Toda-.. a 


and after some amendments. iiule|jendeiilv Senator mav 

approve ij Jul: 1. I9»9 Of the present Quebec senators Minister bui < a ann->i answer ques- 

run P">iii<':i| hand- -a> eniy four are Con«err.ui\r , s. iiun» in thr <‘(iniaii ! n.- »»r pjrltei- 
he h.u -0 t a none uf achieving while Jf* arc Liberal and there iidte in their dcKueV 


numily and Iran, giving Iran 

U10>t favoured nation status. EEC J . _ ..aaiu-iumiuiauum >uiu ■■ MW uk; uxMUUuriuu|iui9 u^- uie year' z. ■ - 

Energy Commissioner. Mr. Guido ° r \ the west German. ftpaurial* much of wiiicli, wi th .show-: rota]' British exports’ to ^ v:' 

Brunner, said here. ll L ““Tu fa eL ur ^- ; * e - ^ excep 'ion of -North Sea oil, ' WKfC^ermahy up by bnjyUtf per ' ^ 

The basis of the new accord. decreased from the 5.S per ^ nor originate in Britain. DM I3.e8terj-Hjid anh- 

which has be-*** J: cent achieved in 197i in 5fi mu* ■< ^*r & r---- ..'...I'i-.T-- 

sion for the 
would be 
discrimination 
would have 



round of talks with Iran would’ 
take place in Brussels shortly, 
and be was hopeful for a final i 
agreement, probably open-ended \ 
rather than covering a specific 
oerinri. b;. the end of the year. 

The agreement was expected, 
n !•;? Iranian products, inclurl- 1 


' — i‘ • i r ^ -t;. ~ ~ /. r 1 .J i ; - ^ ^ ^ - J- Ti • 

Swedeh trade stfi^plus fbre^ai^ ^ 




BY WILLIAM DUUFORCE 

n :v<; iran:an proaucrs. inciun- : currnPV TC . ' , __ . _ V . , . , 

nc n^n-nil industrial goods surh 1 SWEDEN IS heading for a cent fill Jit the value 
•k steel !>nd textiles, w-hich : foreign trade surplus of around deliveries. West 
•hon'd be granted access to the SKr 3.9bo fSS48m) in 197S and liftued-to -be Sweden’ 
F.imoean market under appro-, optimism is growing among its |V? P l 1 ^„ W, Tki exP ° rtS k u 
onate conditions. Reuter iev D ..ri indu«trips areirdinp Ir. STvr 4.1 Jbn. .TWs was well ah= 
- | export memories, according lo of Britain's ' SKr 2.S9bn, whi 

:tne latest jfurvey of company neverthiefess represented an 
: expectations by the Central per cem'im'pfovemenf over 
i Statistical . Bureau. Last year ^ first quarter of ' 1977:-^ 


ECGD Mexico 
dollar loan 

THE EXPORT Credits Guaran- 


the • 


y’v?! 


the trade balance showed 
deficit of SKr 4.6bn. 


Tbe-'Bureau’s 
May, indicates 
Swedish exports should grow tfj: pre 



made available to Celuiosa 
Derived os SA of Mexico. This 
ib’e first ECGD guaranteed 
credit loan to Mexico 

eX Tht SS k?an n wil| ,d he'lp finance a l ^hfoh "he^dLd^ uS*! dear's VS ce " , t0 SKc 9l 7bn ’ but tiiis fore- per cen t ' Jo'^r- than ‘ that r Tor 
J7 fim contract awarded lo British ij CSi {0 third place 

rptlonhine hv Celulosa V u _ . ...... ... . . 

However, m spite of a a per survey, when companies thought, shipbuilding .industry: 


Derivadrj SA. under which British . 
Cellophane will design 3nd instai I 
production lineal Monterrey. 1 
(Mexico to produce biaxally | 
oriented polypropylene tBOPPM 
film — a modern clear packaging 1 
film The production line is dun 


e figures underj/oe 

change from the. February .current plight of Ihe Swedish . v% 


cast, too, represents- a significant .1977. 1 The 


NEDO advice on exports 


GATT meeting 
called for 


.GENEVA, June 2fi. 


European Banking Company. 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

lDmm,S51 ° nC d b * ear,i : BRITISH COMPANIES making tractors) and consortia to choose ! 

‘ Additional finance for tbe pro- ■ h , C3li " ? and cooling equipment and support specific agents 'foi 

jeet I? being provided through 3 ; should consider joint marketing overseas markets.' ': THTRTY-FIVE developing coun- 

svndicated 'loan arranged by P?!fnnmi S ‘ The Middle East markets might tafc , ln K P an in the Geneva 

• according to a Nat mnal Ec-onomn- , )e tack , ed joinlly , f a num g Br I trade talks have formally 

Development Office lepnrt. of equipment niakers took ! Mr. Olivier Long, the 

It points out that many tnanu- equity. stake in a joint marketing^ ^trisetor Genera) oFthe General 

facturers of this equipment company together with, perhaps, j 011 Tar *ns and Trade 

produce complementary products Ihc National Enterprise- Board.- fLy*! ^ ca ^. a Ull ?ctiny of 
sold to similar customers and The company would have one- S® Tr »Je Wegotiat.oos Commit- 
could spread costs and risks by 0r two-man sales offices in fwo or - <ir K ' } ' 
acting together io specified three Middle East locations. Their 
markets. objective would be either to sell 

Although joint marketing or company products on their own 


Egypt Kenya 
air accord 


a group that is 
supposed to. act as a steering 
uait for the world trade talks. 

Apparently the developing 
countries were upset by the wav 
the major 'industrial powers— the 


KENYA HAS signed a new agree- ! _ vw>ii _ ti 

ment with Egypt under w;hich ; sel lins companies raise problems account or to provide services to 

,S T nnrinn lr , /n ° r control and accountabilitv. established agertts. Tbe company I 'a i powers— the 

j£2. on ,J 0 ’-Ui«re is substanual scope for would become selMnanciny , E ^5’ J ^ pan . aIJd 

\VorraIi rrnm Niii^h^ rt Ao J ° : Dr morc co-operation between UK cha'rginq .a commission on Sales B n?i 3e , ahe f d Wl * h 
BipSflr B^to' K*5L'! h «ting and cooling equipment to Middle East countries, . - ““ ^ 

has 6 been granted for the first i? a ? ufaclur ® rs f n . d , 3ls0 manu ' N'EDO is willing to act as a cata- 
Lime. The agreement was sigoed j fa cturers of related equipment lyst in the-formation of co-opera- 
in Nairobi bv General E. Y.. such as . o ui, dmg materials, tive overseas marketing ventures 
El-Shinnawi. president of the \ P um Ps and valves. and nut necessarily, those fol- 

Egyntian Civil Aviation! "Such co-operation might in- lowing the suggested pattern. 

Authority, and Mr. A. M. Shitaka. . elude the establishment of joint ■■ Erportfnp heating and. cool- 
Deputy-Secrelary in the Kenya warehousing facilities, repair and jng equipinent—with . special 


T - 

14- 


Ministry of Power and Communi- , maintenance services fin partner- emphasis ott Hie Middle East.” 


cations. 


‘ship, perhaps, with local con Free- from .VEDO. 


YOl 


the trade italics, leaving the 
•Poorer nations the prospect of 
facing a far-ieaching agreement . * 

on trade rules which they were 1 

involved iii inaJtiD a. ' s 


not 


.However. U.& Special Trade 
Representative. :■ Mr. Robert 
Strauss, said yesterday that he 
was: delighted- to; learn- of this 
developing - country, request 
■Reiiter - ' 


PORTUGUESE INVESTMENT 


Upjohn deal boosts chemical indnstry 


BY JIMMY BURNS IN USBON 

THE Portuguese Government already produced by QuimigaL inaior contractuai project To 

h-jc fnrmn lv .'innrnvi'n ;> mint hilt whioK hsac -a mimh « J . p..n .... 


has formally approved a 
venture asrpcmcnt be tv. 

Quitnisal, the nationalised petro- polyurethane, 
hemical company and Upjnlin Total 
nf the U.S.. aimed at allowing the joint 


joint but which h.s a piWfiSS 

.een rest, icted world market than by the -. Portuguese Foreign fits. These will include a total 
fnvocri-n K icvtjEtinent. Institute, a Govern- exemption front any form of 
. , investment by meat body_ set up earlier, this industrial .tax during ‘ the - first 
■m e wl^n^ IU L i L r !^ ca l. < :f 1 >’ear tu' deal with foreign Invest- five years of the project’s opera- > 


" a;;i\ 

. . Voul 
" irs - Fc. 
JPerts f r , 

Coring: 
& b 




industry greater access lo the tional financing for the project iPi-hnnlnov • -v -: in tha ' n L7».hiL" 

world market, boosting exports, f estimated at S25m) will be In Portugal’s ' current - -foreign - nexf lfl yS s P ^ V W ® ^ 

and eonir bating in a positive the form of Ions- term credit inSS cn^SunS? Qexl 10 years. 


wav lo Ihe country's current from Chase Manhattan Bank and August 9 4 last year j stipulates - Joint venture programmes 
balance of payments. the Export Import Bank (SO n*i- -h-.? ..hnim: »nmn.i,y.»*fc"" _ ''"" 


the Export Import Bank (60 per ;hai before a 
Under the agreement Qiiimigal ccnti. as well a-> from the is allowed ro 
will use ihc U.S. company's tech r * * . . 


i foreign company Upjohn^ 

^ I h.; U.S. company s tech- Portugal s national development prove that the future investment ^PScfed To set 
cnow-hnw and access in ihe bank (Banco Nacional do will be of -overall value to o, e wuch of The . 
ted i ate ehemieal product Fqinentol. Portugese economy. • • • Portuguese jnd 


badly 


as the 'one. 1 agreed by 
and:' : Quimigal are 
set the pattern for 
' restnirtaring nf 
industry that i« no 
needed- for. Portugal's 


etw 
toki 

Th 


meal kno 
intermediate 

IDE to build a new factory in The plant is expected in be UniohnVaODiication aDears to oaQ,y neenert tor, unriugais 
Estarreja. in north wt-sr Portugal, completed by 1981 with a have met the essential Criteria* ^^essfol entry into- the EEC. 

sa, --5STS? 

between balance of payments, through ports of raw inaterials and 


r.ir. AIDE n* a derivative nf the The agreement 


""■* *~ U "* Wh ' Cb ' 5 l '? ,0h " “ "» the promotion of capjtai;^oodi -- .. 


•-•x-r. 


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fwi'OMW*; viv-x/^s 



s in H! 




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is fore 







nn 




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^glit 


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/:•: " • :. ■ : v^'v 


- : : ’•* - > x- X: • x/ •/$ >:* ** ? • . 






i; \lT 


ou 


export Miene you haven’t exported before. 


si i If you’re left speechless at the prospect of 
exporting to unfamiliar places, go and see your 


fiAWJcLL ~ t - 1 ' _ J 

1 ' You’ll find he speafe your language — and 
‘ theirs For specialist problems, he E call inour 
experts fromNatWest International and Credit 

in jS* F “‘|™Jjf32“Si r tno« everything you 


problems, sort out forward exchange contracts 
arrange any international factoring you may 
require, and advise you on local r ; ; jjSj' 
customs. Your local NatWest 1 : -- . 

bank manager is only too & ] ■ 

willing to become your personal 
financial ambassador. 

All you have to do is go in 
and ask him. 

Just ask him. 


REGISTRAR AJvD ISSUE SERVICES; WESTMINSTER INSURANCE. 




Financial i ESbiSs 1 Tuesday .-Jane 27 1978 





ritish airlines 



or Dallas route 


analysed 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS and British the U.S., of which 20 ften each local authority objectors said at 
Caledonian Airways join battle way) are to New York and the the start of ' the inquiry on 
tomorrow before The Civil rest to Washington. There are 31 that the terminal should not 
Aviation Authority over which of a further six flights (three each he permitted until the ” ove ™" 
[them should be the designated way) between London and ment had clarified its airports 
POLICIES to reverse the relative 'UK airline on ihe New London- Bahrain. So far the airline has strategy, 
decline of manufacturing in the! Dalias/Fort Worth route. . carried over 80,000 passengers 
UK will be considered at a two- The Slate. airline will be urging on Concorde 

’ In Canberra yesterday, Mr. Jp 0g IOF 


By Peter Ridded, 
Economics Correspondent 


day conference in London of 30 ! at a public hearing that under , 

leading British economists. [the Anglo-L-S. Bermuda Two air P. J. Nixon. Australia s federal 


The' conference on de- agreement it should be allocated Transport Minister, said that con- c 
industrialisation nCe has been i the Dallas/Fort Worth route, siderable progress had been SCCUTltV V&dy 

organised " hv the National j British Caledonian, on the other made in the first round of talks t 

Institute of Economic and Social 'hand, will argue that because it between Australia and Britain -jog hy 0 «|y J(Jn 
Research already flies to Houston it over cheaper air fares between 

U will' hrin" tocethor econo- should be given the right to the the two countries. _ 

” other Texas route as well. The Australian negotiating Reporter 

The U.S. airline now flying team returned home yesterday. THE LEVY of BOp per person 

the route is Braniff. using Boeing but Mr. Nixon said the talks charged on aU arriving P ass J“’ 

, nviiur oolicv i 7-7s and Gatwick airport, would be resumed soon. It was gers at UK airports to pay tor 

a major t' UUL - I BranHT als0 pla[ls tp senre dear that both Britain and security services is not expected 

Dallas/Fnrt Worth from Wash* Australia shared the objective to rise above 90p in 1 Di9-S0. 

later this year, using . of reducing air fares as much as Mr. Stanley Clinlon Davis. 


mists of widely differing views 
to allow a detailed discussion 
and comparisons of their 
approaches to 
issue. 

Am on" the participants are 
Sir Alee Cai rncross and Mr. 


ington 


Wafer Ellis from Oxford: Lord , Concorde xubsontolly under an possible 


Parliamentary Under-Secretary 


Kaldor. Mr. Michael Posner and .'agreement with British Airways. « Mr. fain Glide well. QC. head for Aviation, said in a written 


Dr. Ajil Singh from Cambridge; 
Mr. David Stout from the 
National Economic Development 


Thp State-owned airline says of the Government inquiry into Parliamentary answer that while 
it also wants to fly Concorde on plans for a fourth air terminal at it was difficult to make firm 
from Washington to Texas sub- London Heathrow, returned to forecasts " unless there are very 

ntr.‘Z‘ , ‘'\\?'T;n"rr'' Thatcher* "the 1 somcally from this November, the airport for the second time exceptional development? 1 nope 
Office. Mr. Roger Thatcher me, p , ans tQ introduce a daily yesterday. that the rate of levy tfor 1979- 

Tri-Slar service between the two He toured the site proposed for 1980) will not exceed 90p per 

the fourth terminal on the arriving passenger.” 


Registrar-General from the Office 
of Fooulalinn Censuses and and 


Surveys. Lord Baio^h, and Mr. j c ' Brll|S f, Airways already soutbem perimeter road south- 1 In making this statement, the 


26 transatlantic 


Stuart Holland, from Sussex ( 

Labour 5 Pari v industrial' "thinkin" i cordo services a week (13 flights ger terminals. 

Labour Part, mduarui ih Kjn ° ea ch way) between London and More than 400 individual and organisers 


Con- east of the existing three passen- Minister is giving some advance 

notice of the likely rate to tour 


in the mid-1970s. 

Topics to he disrussed include 
the nature of de-industrialisation; 

relations between price com- 
petifivene** and manufacturing 
performance; labour supply and] 
employment trends; technical 
innovation and trade perform- 
ance; ihe services sector; over- 
sea? investment; the Dutch 
experience; industrial strategy 
and the u*e or North Sea oil. 

The aim is to produce the 
papers and a report of the pro- 
ceedings by the end of the year 
in a 25f>-pa2e hook edited by Mr. 
Frank Biackahy. deputy director 
of the Institute. 

A similar conference on 
demand management organised 
by the Institute last December 
published its proceedings this 
month. 

The economic conferences are 


6 No hard reason’ to end funded 
public sector pensions 


BY ADRIENNE GLEESON 


ARGUMENTS for abandoning basis similar to that of private the level of past service benefits 
funding of pensions for sector companies, only a system increased when worker.: retired, 
local government, nationalised capitalising future liabilities was If the funds were handed over to 

indurtrv and other public sector suitable. the Boards of the industries con- 

worker?. are considered in Public sector pension funds c * r P ed or . to i he local authorities 
written evidence presented to nnw have a market value of JW,'.,??*.. f *?h d , v«r ^ 

the Wilson Committee by the ahout £i3bn, and are growing by iniUallj * b > about ^bn a j ear. 

Government Actuary's Depart- -bout £2Jbn a year. * The Government Actuary says 


No check 
on job 
grants 
claims 
Du Cann 


Future 
production in balance 



BY ANDREW TAYLOR AN&PHHJP BASSETT 


THE LONG-RUNNING dispute It was gainst thi* contract the* «£? 
over piecework payments at that Westland njdeite 

Westland Aircraft's Yeovil heli- r copter provisions last year. These Marc to allow work on the Lyns 
copter factory has raised a major were to cover fixed^pneed helicopterto be caught up. 


question 'about^e 1 future 1 STS SUTbi *» ~g*tt33£ „ * pUt Lynx llne on 3 ^ 

country’s sole helicopter, manu- had been overtaken by inflanon. w 


country's sole helicopter manu- had been overmen oy . umauuu wage, concluded the Stage Twc 
SSSSr i!d I bafresXd in the SSndSao to cover the Jtttaj ra.' and agreed .a prcpoaa. 

company threatening to dismiss wage bill Yeovil— increases to negotiate a flat-rate system 


its 2.000 manual workers. 1 ‘which the company said had not by April, of this year. 


Two weeks ago the company been matched by Increased pro- The ‘flat-rate system the com 
said that it was forgoing an ductivity. . + _ - „ pany proposed was a basic rati 

interim dividend and that profits- 1 The company h^heen Tjtymg for man tial workers of £71 pei 
in the present year were likely for 18 months to i end . toe piety week, with 1 a. £L0 “frozen’ 
to be disappointing because of work system of payments, ai id* supplement, . wbicb would bi 

over a 12-month period 

• to act as a cushioning effec 
NEWS ANALYSIS against the ending of the highe 


BY DAVID FREUD 


PARLIAMENT was voting large i the pay problems at YeoviL 
sums of money to promote | What shocked the City, how- 
employment, yet there is no j ever, was the announcement that 


way of telling whether they were : provisions of about fom made ;. 


against helicopter operations last 
year were likely to be sub-.;, 
stantially increased in .the';' 
present year. . 

This weekend the company.. - 


WESTLAND 


effective, Mr. Edward Du Cann. 
chairman of the Commons' 

Public Accounts Committee, said 
yesterday.. 

He told Sir Peter Carey, 

Permanent Secretary at 
Department of Industry, 
was appearing as a 

figures "assessing^be^success^of ! depressing statements in tte-termioes bonus payments for all ’offer meeting" las 

measures should be made avaM-JCrty that »*£ ^^the^nual Workers^ company> ^.gpmpgng 

.-Li- aa crropmpnt upflf • ® 


the 'said that the pay row had placed- 
whojtbe future of its Westland Heli^ -factory which affects less than 


rates of pay under piece work. 

A 10 per cent productivit 
bonus, was .offered if the worker 
could achieve 100 per cent o 
the -company’s turnover withu 
present labour, costs, but th 
unions thought that unlikely. 

A revised ' productivity dea 


'witness copter subsidiary in jeopardy, r.- balf the manual workers— but was tfteved. giviog £3.55 pe . 
* that The initial reaction to these -which, the company, sa^ der wetk _ The unions rejected th • 

. I rr r+^tAmJntr in fW « AWn : rt Ae KaDIK DfiVIfl PTlt*C TflT* 3ll ‘ i i. -’mm- _ t 


able to MPs. 


Aviation-style _ 

„ I possible. unable to re-ach agreement, sent 

■ The measures referred to are. Westland's share price has letters to all the. workers ‘ Th^ deal would give i a reng 
under Section 7 of the 1 s i um p ed from its high for the threaten iue ' dismissal. • The , of j new jrates front - £59.54 t 
Industry Act. which allows for year of 52p t0 a i DW 0 f 30p. .letters s aid that disipissal notices w^.vnth :a- skilled worker i 
Government grants to “provide.] so me of t h e company’s critics would offer the men their jobs middle r^ge, lor examph 
maintain or safeguard employ in the City are persuaded 1ha± back under new terms, - receiving £St55. 
ment." ;tbe Government would r. be Early last year the anions^ Hiiei anions see these rates r 

Mr Du Cann said that accord- i unwilling to allow the helicopter agreed to the introduction of a;^ wage cut for skilled workers t 
ine to a recent report by the : side — with 70 per cent of output ^flat-rate system with no piece-, -up -to- £12.50, and a cut of up i 
CnmntroUer and Auditor going to the Defence Ministry^ work, but the system was with- £23 when the “frozen" suppl 
General oniv two-thirds Df the to collapse completely. drawn because Westland thought ment of £H) is fully eroded, 

iobc for which grants had been A recently negotiated £40m it would have inflamed tbe\ .-.-Westland- sees the attempt t 
made under this section had been ; contract involving Westland afid hlready serious differential pro b-; end, piecework as a. step to gi 
acruailv created i Rolls-Royce to supply Lynx Jems with the staff. the.company out of its difficultii 

. helicopters with RoUs-Reyee .- It would, also have created; and secure the future of he. 
“If I were a cynical man. l j t0 Egypt gives weight to differential problams with -copter manufacture in Yeovil. 

argument. ? workers in other parts, of the union leaders at the pltn 

At the centre of the .company's group, and a work xheasuremexit.gehufneTy thought that taking 
pay problems is its contract wifih ! scheme which the company; Wage' r^dticdbn' would help tl 
the Ministry of Defence, required was not included in that -situation, there might- not be tl 
negotiated in" 1973. to supply proposals, • * abjections there are to the ide - 

Lynx helicopters to the British;. A new agreement was reached Their, 'jobs depend on tl 
and French forces. • - on June 5 last year. This moved viability, of the company. 


would say that this was all la j ^“argument* 


ment. 


con — that companies acted on the 
basis that no one was going to 
check their forecasts and made 
up any old story.” 

Sir Peter replied: "It may be 
that we were conned in the early 
days, but I don't believe that is 
happening now. I do not believe 
the departments are soft touches 
in this matter.” 

The Department of Industry 
was beginning to match predic- 


Germany backs Channel tunne 


li 


rcMUH 


■:Hii! -Sill 


The is partly because the level , that Ihe sarins could he used to jtions with results, but it would 


The G'lvernment Actuary con- o{ income f r o m employees and increase working capital, reduce 


based on I hose organised by the i eludes : hat “there seems no employers is, so far. much greater Prices of goods and services 


Brookings Institution in the U.S. 


Sixth form 
grants plan 
costs dispute 


Er Michael Dixon. 
Education Correspondent 


A DISPUTE over administrative 
coals is delayinc initial agree- 
ment between Government and 
Incai education authorities on 
means-tested grams for school 
sixth-formers, which are due to 
start in September next year. 

A maximum grant of £7.5b 
.weekly seems likely lo be 
approved by both sides in Lon- 
don today. An additional f4 
.child allowance from April would 
brina the payment into line with 
-allowances for unemployed teen- 
agers at £1150 3 week. 

The Council of Local Education 
Authorities, however, has sua- 
gesied that adminisi ration would 
2dd about JO per cent to the 
cost of the grants paid to 
children stayin'; at school beyond 
the age of m. 

The Department »f Education 
and Science — which hopes that 
the scheme might persuade up 
to 00.000 more teenagers tn stay- 
in fuM-nme education — believes 
that administrative costs would 
be negligible. 

It says ihat local authorities 
.already have machinery for 
distributing grants to students in 
further and higher education. 


No courts 
for judges 


compelling reason why the local than ^ j P ' ve i of ’ benefit pav- or, in the case of the local 
Government scheme should be ments and partly because as we‘lt authorities, to relieve rales, 
funded” but present schemes For as earning around L90Om a year However, the Government 
funding pension liabilities of from interest, dividends and rent. Actuary’ says that the technical 
public sector trading enterprises lhe aascta in which the funds are problems of converting funded 
cnuld be abandoned only if these invested are subject to capital public sector schemes to a non- 
enterprises also abandoned their appreciation. funded basis would be complex, 

claims to run on norma! com- if t he funds were closed to new possibly involving sale of exten- 

mercial lines. contributions, and the assets and sive assets to the possible 

If the Government was pre* earnings were used tn pay past detriment of the investment 
pared to guarantee the pension service benefits, the Government markets. 

liabilities of nationalised Indus- Actuary estimates that there If. however, the rate of infla- 
irics there would he no reason, would be an initial saving of tion continued high, and real 
on grounds of security, why such £600m a year in local authorities' rales of return on investment 
schemes should be funded rather spending and a saving of £1.5bn continued low or negative, pres- 
than '• pay-as-you-go." a year for the rest of the public sure would grow for a change 

If the nationalised industries sector. to a new system, possibly for a 

were to operate on a commercial The savings would be eroded as material pay-as-you-go scheme. 


figures. 


Backbenchers 


HOME CONTRACTS 


Generators for JET project 


The European Atomic Energy is obut anizer column, at £373.000; worth of council house revitatisa- 
Communlty has awarded a con- EMTROL CORPORATION, cyclone Uon and construction in Newcastle 
tract worth more than £8m Jo separators at £311.000; and upon Tyne: and an Activity 
GEC MACHINES. Rugby, for two PIGNONE ENGINEERING for an Centre and public house at Milton 
2000 MJ flywheel generator con- acid settler and iso tripper at Keynes, 
vertor systems for the Joint £000.000. * 

European Torus (JETi nuclear Contracts totalling £7.5m have 

fusion experiment, at Culham, been won by DEREK CROUCH A contract worth over £300.000 
Oxon. CONSTRUCTION COMPANY, in- has been awarded to FOSTER 

The two systems will provide cK»nrt?°on7 d i? SSvJ Ih* WHEELER POWER PRODUCTS 
P“] 5 *._P° w .i r , to j!I5L® “iSSE other" o*!?' the* island of Brassay'; for the . const rue lion of fired 

a bousing estate at Rothesay on heaters in an extension to the 


produce the complex magnetic 

fnt^the’plasma 0 a/id^he^p control ,he Me of Bu,e: more £ljn ' Humbprsidc refiner,- of Conoco 


, BY IAN HARGREAVES : . - 

probably be about six months . _ . 

before the computer details I INTEREST IN a Fnmco-BritrsiLceived by French sncl British 3haf UK customs had unnee r—' 
were available. All the depart-joian to revive the Channel railway planners. . sarlly Relayed rail wagons , ai 

ment had were the disaggregated Tunnel concept came yesterday A st I ,d / °? this scheme; ^.<5pyernmMLt had stall- 

' ^ simplified single-bore, rail-only: on cniciai: investment in ri 

from Herr Kurt Gscheidle. th^ tun ^ el< ^ almost complete K^ferry: ships. - 

West German Communications cou i d be built at a much lower, ^he Germans -are said to ha 
Minister. • cost than the old. Channel Tonhel -.withdrawn their . complair 

Herr Gscheidle, who was in' planned. about customs on the streng 

Even when all the figures were • L d{J —nwav A c i firan “ ,n , i( l“ e ^ Q ,.. t ° e of yesterday's meeting and • 

put into the computer on the; - .. -unui^.' said that Britain and Germany 'investment Mr. Rod^ers^ gave 

same basis, he doubted whether j Rdrrp „ Trarrmort Secretarv w ' ou,d ^ork together so that ml assurance that he would io 
a satisfactory way of matching: “ ’ d h, tere s t in Dromotme could win a ® Teater share . ol-cirefully at any forthcomi 

estimates and results could be ^ tunne i as Dart Q * p a «vS?f freight movement between, the British Rail- plan to renew t 
developed. . I MC SSKSiiSctES? piigreSS?- tw0 -At* present^ -raiK; rail^c-ferries; ^ which ' becor 

"We have to separate out thisl t^ '“v P ™.“T\ wa > -3 carr ^ only abpn* 17 >er obs.dlete : in 1M2. 
issue f r om others some of them ! G ® nn . an delegation in fact ceD ; 0 floods and the rest go by- Agreement was also reach 

issue f.om omen, some of uem „|, ed lh e isue, on which MK ir0 .d. ,> : / . kit pw.M« 

Rodgers has studiously avoided. YesterdbyV meeting arose but Crease; in.:, the lorry perm 

commitment so far. • . - of complaMts'-by Herr Gscheidle; granted by, the Uerinan autho . 

Sir Peter Parker, chairman- of '.that the SrifisKauthorities were -ties'to British, road haufiers. Tl 
British Rail, who Aas present not giving sufficient support to .takes the; total number, of P' 
for part of the talks, presented British Rail's % international mits available. to 9,000, a let 
Her Gscheidle with an outline freight business:. .still. ;regitrded.,. by . the, Briti. 

of the tunnel scheme as con- In jpartiqular, tiie ^ermaus felt Government as Jar too low. 


intangible. 

Mr. Du Cann said: ** Firms 
calculating things in different 
ways is no reason for us not 
to have these figures. It's the 
job of backbenchers to see that 
the job of Government is being 
done." 

Sir Peter denied a suggestion 
by Mr. Robert Taylor, Conserva- 
tive MP for Croydon North-West 
that a Department of Industry 
civil servant knew about depart- 
ment intentions to give a grant to 
a Welsh company before his wife 
bought its shares 

Mr. Steven Maltz's wife had 
been a shareholder in Penrad. a 
central heating manufacturer, for 
a considerable time before the 
decision. 

He had made extensive 
inquiries into the allegations and 
has concluded that the purchase 
was a coincidence. Sir Peter said. 


Move to cut arms 1 


BY MICHAEL DONNE, DEFENCE CORRESPONDENT - 



the shape, size, position and 
stability- of the plasma ring. Peak 
power is about 200 MW. and the 
pulse can be repeated every 10 
minutes. 

* 

ORDERS totalling more than £9m 
have been placed by main con- 
tractor Snamprogetti for equip- 
ment for the fluid catalytic crack- 


Bid to close chemical plant 


BY ROBIN REEYES, WELSH CORRESPONDENT 


RESIDENTS IN 


The incinerator is a few 


Pontypool, move elsewhere on the grounfl 

-.n!* ll \init U jinri' 4, rf.jjrt!^i V “faHiHiec South Wales, are campaigning to that, at its present site, it Is hundred yards from a residential 
under construction for Pembroke close Re-Chem International's ca y, sin 3 a public nuisance. . orea. People have long enm- 


TY/O JUDGES hearing cases 
the High Court. London, inda 
v.-ill not have a court because 

an acute shortage of accommoda- ^ aTIONAL ha7a I3.9m contract 

tIon - I for atmospheric storage tanks for 

Lawyers and witnesses in thei er u d e oil and refined products. ^ 


The move is ihe result of legal plained that they are sometimes 
a local unable to sit in their gardens 
Panteg because of the smell. 

Protection Asso- The association said vesterday 
_ . , . . _ „ ciation. It ha^ been told that that it recognised that 'Re-Chem 

Tney have applied formally to although collecting scientific was doing a vital job in disposing 
Attorney-GeneraJ for per- and medical evidence necessary of toxic wastes, but local resi- 


. | Cracking Company at Pembroke, chemical incinerator, the plant at L , suu . 

‘j! 'South Wales, where it will serve the centre of the row over dis- a 

; the Texaco and Guif refineries, posing surplus U.S. stocks of the plVKShf » JP i ^ 
of j C.APPER - NFiLL INTER- L— Environmental Protectioi 


INTER- toxic insecticide, Kepone. 


cases will meet in a court land storage spheres for propane; mission to pursue a High Court to prove environmental daniaae dents did not see why they 

corridor tn wail fnr a High Court i while FOSTER WHEELER is to action against the company. If would be difficult, the fuines should live with the conse- 

official to try to find them courts (supply thre*» process steam boilers it Ls granted they will seek a from the plant provide a good quences. The site of the plant, 

where hearings might be held or ] at £2.7m. 01 her contracts include High Court order requiring case for seeking closure oni the established in 1974, was a 

adjourned. iMOTHERMHlA, BRIDGE a de- Re-Chem to shut the plant and ground of public nuisance, f planning blunder. 


THE MINISTRY of Defence is for tie .training of overse 
to improve its methods of obtain- personnel, and for safes 


is sales to 'the British economy Qj" 
” to. be maximised, we regard it 


ing payment for U.K arms sales ammunition have frequently not; essential, that.: every effort mv- 


Oil MlO 


liiu - UHU, wtuil iur I 1 r - 

r ide^ '-to streamline operatic - At 8 1 " j 

of outstanding debts; until a. long while after the so as to keep*the overhead co:- V/t -j 


overseas and reduce the volume beeg^ V presented. ■■■ ^to. customers "-he made 

lile 

The U.K. had £87m worth of • had 10 - tfae da ' v “ W'4 P^ces as high as co 


todibttVi^SesInTw It.^.pegflofl wlUAItow. . rj , v , 

1977 of which nearly £14m had defence votes. . . ._ . t staff concerned shou ... 

been overdue for more than The Maustry said, that efforts adopt a fUUy commerc - 
nine months. Nearly half was would, be concentrated, first; on approach toward these trr.-: 
owed by four countries— not dis- improving . systems of securing actions, 'light from the time ; 
closed— some of which “ were speedier ‘payment, including the' order is accepted up to when t 
almost certainly having cash flow Introduction of a computerised eustomwpays- the final bill, 
problems" invoice: control system, with. . The MPs were also. critical 

Thf latest report from the better, methods for monitoring tte wst of the Navy tug Wa kef 
Commons committee of public all types of claim and- for hasten- renamed by some Navy persom - 
accounts savs that it was told in* payment by debtors. This as “ WastefuL" After ma ; 

that no overseas country had should -be in - operation by next defects. Including a breakdoi ; 

been refused arms deals because year. .. -immediately after a £1.9m re - 

nf a poor record of payment but It was also reconsidering the overall cost of maintain! 

Ministry's defence sales administrative arrangements for the 493-tonne ship and rectifyi 
^ .-anisation would expect pre- defence sales generally, aiming faults, has amounted to £2.7i - 
payment in the case of one at the ‘Royal ordnance factories on top of its purchase price 
countrv. and thd» Government-owned Mill- about £700,000. 

The total outstanding debt to banfc technical Services, both “ We find it difficult to ac« 
the Ministry rose from £3Sin at playing i a more commercial role, that the Ministry got value f 

the end of 1974 to £87m in 197&- The -Commons- committee said the £3.4m so far spent on U 

1977. "thus causing the Ministry that “if -the benefit of defence 'ship." 

a considerable loss of interest " ' ■ ■ ; - ' ' 

on voted working capital. 


Lr? 

s.f 


■ ;re 




Besides these delays in the 
settlement of claims. Invoices 


FT CONFERENCE — SCOTTISH FINANCE AND INDUSTRY 



anger of bein 



BY JOHN LLOYD 


MR. TEDDY TAYLOR. Shadnw 
Scottish Secretary, told a Finan- 
cial Times conference on finance 
and industry yesterday that 
the Government’s devolution 
measures could lead to Scotland 
becoming the nmst nver-governed 

country in the world. 


On Government estimates the 
assembly would cost JE12m a year 
and employ at least 1.000 exlra 
civil servants. It would add 
greatly to delays in effective 
decision-making. 

"Should there be the addi- 
tional problem of a Scottish 
Secretary nf State and the 
assembly Ministers belonging to 
different and competing political 
parties. 1 believe the problem 
could be greater. 

“With a European Parliament 
and Westminster sharing 
sovereignty with fhe Scottish 
assembly, allied to our two tiered 
local government system, there 
is .1 clear danger of Scotland 
becoming the most over- 
governed country in the world." 

Mr. Gordon Wilson, a Scottish 
National Parly spokesman on 
devolution. said that the 
assembly was only the first and 
somewhat faltering step towards 
Scottish government. 

•• It is only a matter of time 
before the assembly reaches out 
for financial and economic 
powers. History teaches us that 
political power without fiscal 


power Is unstable. The execu- 
tive and legislative responsibility 
of the assembly will be 
enhanced by the right to finance 
its own expenditure. 

“In essence, whatever is 
spelled out. the Scotland Bill 
creates an executive authority 
which will be responsible and 
responsive to a new and 
ambitious Scottish political struc- 
ture.” 


The history 


Defending devolution measures. 
Mr. John Smith, Minister of 
State at the Privy Council office, 
said that we bad become 
dangerously complacent about 

Government institutions. Con- 

stitutional change had to come 
to respond to demand for 
administrative decentralisation. 

“The time has arrived not to 
place extra burdens on our 
organs of government but to 
make changes in them." 

The UK would be 

strengthened “ by securing its 
future in a recognition of its 
diversity as well as its under* 
lying and profound sense of 
unity." 

Too much caution had been 
shown over devolution. The 

UK was highly centralised and 
that trend had increased over 
the recent past. 

More recently, pressures for a 


spreading of powers away from 
the centre had been felt ’ 

Two extremes had been put 
forward: independence and the 
maintenance of the status quo. 

History had shown that the 
Scots wanted to retain the union 
since it was made in 1707 and 
that it; wanted to keep its old 
institutions and develop new 
ones by which i( could handle 
more of its own affairs. 

Change was necessary but 
within well-defined boundaries. 
The union had to be preserved. 
The UK Parliament must remain 
sovereign, Scotland and Wales 
should have control over those 
matters where control did not 
_endanger the unity nf the 
country and there should be a 
" special respect for the national 
consciousness of the component 
countries within the union.” 

The Government had thus 
proposed a balance of respon- 
sibilities between the Scottish 
assembly and Parliament. 
Powers of government in health, 
education local government, land 
use, roads and transport infra- 
structure would be devolved. 

But, major industrial strategv 
remained in the hands of the 
UK Government, as did regional 
and industrial assistance. 

Besides this, “we shall con- 
tinue to regulate the framework 
of trade and ensure that no new 
or artificial barriers are erected 
to infringe on our own long- 


internal caramon 


established 
market" 

Prof. D. C. Mat-Ray, head of 
the economics department at 
Heriot Walt University, believed 
the assembly should be( given 
revenue-raising powersJ since 
that would encourage financial 
responsibility. Since it not 
being given such powers, the 
current assessment of expendi- 
ture— on tbe basis of an estimate 
of needs by the assembly — 
should be modified. | 

It was important 60 avoid 
bitter fights over Jmargtnal 
resources and, thus, ani jbjectivc 
system of delerminir % funds 
should be arrived at. Tits could 
be based first on p ipulation 
movement, second, on demo- 
graphic profile and third on 
relative income. 

Mr. James Milne, general 
secretary of th? Scottish Trade 
Union Congress, said: “The 
tragedy of our present position 
is that in our efforts to deal 
with inflation we have com- 
pnunded the present low levels 
of economic activity and have 
made our present employment 
position and our relative 
standard of living worse.” 

Scotland's problem was part 
of the general crisis of the 
western industrial countries; 
unemployment in the OECD 
countries was running at nearly 
I7ra. The UK problem was 


exacerbated by a reluctance to 
invest in domestic industries. 

The uoion movement believed 
that there was no point in bleat- 
ing about imports if more 
resources were not devoted to 
industrial modernisation. 

Besides calling for more in- 
vestment by (he. public and 
private sectors. Mr. Milne 
advocated a shorter, working 
week, a reduction in the working 
year and earlier retirement. 
Overtime should be cut. 

Mr. John Davidson, acting 
general manager, mediura/iigbt 
vehicle division. Leyland 
Vehicles, said governments 
through the National Enterprise 
Board did not give Leyland 
merits and their ability to per- 
form as generators of cash. - 


The future 


“Between them, they will top 
£200m in sales this year, of 
which half will be to export 
markets, and employ over 9,000 
people, making Leyland the 
third largest employer in Scot- 
land.” 

Conditions had to be favour- 
able to the small and medium 
company if Scotland was to have 
any kind of economic future, said 
Mr. Lewis Robertson, chief 
executive of the Scottish 
Development Agency. 


There were 600 to 700 medium- 
sized companies— between 100 to 
investment money but lent it 
with interest The Scottish Ley. 
land plants at Bathgate and 
Glasgow stood or fell on their 
1,000 employees— and about 6,000 
small ones, employing less than 
100 staff. 

The Government could assist 
these concerns by granting them 
a breathing space from legisla- 
tion and by proposing wise. long- 
term policies for oil revenue. 

There was no crucial overall 
shortage of finance but there was 
an equity gap. Equity was 
urgently needed because of high 
inflation, high interest rates, high 
income and capital transfer 
taxes. 

Lord Weir, ehairman of the 
Weir engineering group, said that 
ft was necessary to establish 
whether Scottish Industry was 
serving those world markets in 
which there would be growth. 

The opportunity to radically 
restructure the traditional Indus- 
tries of coal, steel, shipbuilding 
and heavy engineering bad been 
m ‘® scd - However, the strategy 
of broadening the industrial bale 
had been relatively successful. 

Mr. Gregor MacKenzie, Minister 
of Slate for Scotland, said that 
Scots unemployment was more 
in line with the UK generally 

teveU ere WaeC aDt * * nves ^ mcn t 


• 1 j- t 


German glass items 


-r.t 


fetch £124,750 




Mr 




PROBABLY THE BEST collec- 18th centuries for £120,000 
tibn of German glass to re.acb almost double the estimate. 
Sotheby's auction rooms in- many The. collection, known as V'ir- 
years: :was sold yesterday for Toulouse-Philidor, was sold 
£124,750.'- - • . ' • ; .one lot to:. the French Bibl 

The 31 items were gathered -Nationale/; _It consists 

by an ' English collector in printed.' and manuscri 

first half nf the list century- and J*gg£ °P etts u * 

sold hy : his descendants. Only r*\^’ Tt l ? c ^ uain ^ r . 30 . I , work ,? 
one minor lot was. left unsold^ - ^ belonged to the collef 


on ? 


^^ustiu 


■ 

rSu 9 : 


Thvm.gte'-™ te-s&w 


’at: 


■a **■- « r ____ -'school, for :more.:than a centui 

Sotheby's: held, an auction 

glas and cover made for Hans 
Praun - of. Nureijoberg in about 


SALEROOM 

BY AKTONYTHORNCROFT * 


a London dealt 
paid £12,000 for a mlniatiure 
a lady of. the court by Nichol. 
Hilliard, :painted .about 1590. 

A pair, of miniatures of Mr. ai . 
Mrs. Ludbey. by Samuel Shell'.. •. 
sold ; -for £3£GQ, while 'one 
General Junot by Jean Baptis 
- - - Isabej.fetehed £3.000- 

1598. A companion piece -went At. Christie’s, a Sienna-datr - 
to the same buyer for £13,000. ’ albarello of 1501 - painted 
Hubner also paid £20,000 for maestro Benedetto with a pt \. 
a green-tinted' diamond engraved trait- of. a Moor -in round : 'f,, 
roemeir either . Rhenish . or realised £14,000.' It waa bought I 
Netherlandish— dating from' the Cyril Huxnphn's, the -Londt 
early 17th century; dealer, in a. sale of Continent' 

Zieti, ■■ another Germaii, dealer, 1 pottery and. Italian maiolii 
who has 'been active iff the yon which made' £107,833. 

Hirsch sale— which continued -■ Reichert, a.- German deale- 
last night with a sale of Impres- paid . £13,500 for a : pair -■ _■ ■ 
s ion 1st and modern paintings— ^ Brussels faience • partridi 

paid £14;600 for a Tyrolerc bowl tureens and covera, circa-1760-. . 1 
painted with blrds-and made af -. 'A ... .documentory- Hambu: - 
Innsbruck ;n about 1580. AIL faience -blue and .white rocoi-.'i 
lots carry a- 10 per cent buyer's- tea-caddy and eover by Johar . 
premium. .. . ’ Otto Leffel.made £4^500. It w. / 

Also at. Sotheby’s. St, Michael's bought on . behalf \of : a Nor . -' 
College, Teabury Wells,' sold' ^its German museum.; '. 
celebrated . collection. of -^rencbV . A 'Gajshib. topdino, circa . 152, 


• L t - 

-- r -' 

•• I.;!x 


- '•“airs- 

lifer; 

J- 

fnr. 

- *-Yarf,' 


tin- 


of 


•,"»*'« rmi' 

' c ; r - cr • 

'■ ;; 


classical music of the' ^tb-^nd 'also Went for £3,80 .*. ! .. 


• s '.eir* 




£ 







Financial Times Tuesdav June 27 1978 


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HOME .NEWS 


Builders’ plea 
to Whitehall 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

A CALL for an end to damaging with assistance from the Govern- 
llucluations in workloads for the raent and the industry, 
construction industries came Assessments sfauuld cover five- 
\esterday in a report from the year periods and he updated 
Building and Civil Engineering every second year. 

Economic Development Commit- “We are aware of the severe 
lees. difficulties involved m assessing 

The report repeats previous future demand but hen eve that 
pleas For improved levels of this approach is fundamental to 
demand management m the con- the problem of obtain mg a belter 
sti-uction sector and says that match of construction demand 
the industry's biggest customer and capacity. 

! — the Government — must play “ A better match of aeuiand 
i its part and supply should no* only help 

\ The committees say that the To prevent overheating and un- 
Wernment should avoid rapid employment but should also 
changes In the industry's work- enable resources to he used more 

load . which had proved ' -reater confidence in 

ecAaqaaieally and socially costly. . 'Vcurito- of future work, the 
Only when a rapid increase in ^ostimclio?i industries should be 
demand 'ould take up spare bl d w jHj ng to speed up the 
capacity or a decrease can cure “ f liie | r „ or k - 
overheating should such a policy K Qn tbe effects of fluctuating 


be considered. 


Fresh approach 

1 The dramatic decline 


demand on future growth, the 
report says that even when con- 
fidence has been re-established 
■i takes a number of years for 
in training and investment to work 
demand since 1973 has wasted through into increase capacity 
considerable resources in idle After the severe decline in 
capacity, reduced efficiency and demand recently experienced, 
caused much individual bard- the construction cec,o r 
ship need lo be confident about the 

“Some capacity has been strength or any Mure i upturn 
permanently lost, but a signi- before it would lncreas train- 
ficant amount can still be 'ns and investment. fid 

r^inea if i. can be uiiJUcd J“ ,S”L«d hf ”d!“lSS 

again m the near future. Indeed Jj” ^ndamental struc- 

without a marked ln /“f Ion tura’l change in the demand for 
work, the potential of the con- co nstruccion work’ 1 may be 
slruction industries may be ta j.j ng p i ace . 
significantly reduced." The Government, which said 

There should be a fresh recc ntly it was committed to 
approach to the task of planning stabilising public sector demand, 
the construction sector's work- j s preparing a response to the 
load. A regular, medium-term recommendation for more stable 
assessment of future demand and construction demand, 
capacity should be undertaken Hotr Flexible w Const ruction?; 
by the committees themselves, SO: £3.29. postage paid- 

Elton resigns from Alcan 
and Hill Samuel posts 


BR standby 
plan 

for Calais 
hovercraft 

By Lynton McLain 

CONTINGENCY PLANS for 
cross-Channel hovercraft services) 
have been prepared by British I 
Rail in case the French Sedam j 
N500 craft falls to enter service j 
as planned bn July 5. 

A test demonstration night of, 
tbe N500 from Dover to Calais 
was cancelled by SNCF. the 
French rail authority. Iasi week. 

British Rail said ‘that “ admi- 
nistrative difficulties ” had 
forced the cancellation, but 
structural problems with the 
craft are understood to have 
contributed. 

Bookings 

The administrative difficulties 
were certain to be resolved. 
British Rail said. The craft, with 
its capacity of 400 passengers 
and 45 cars, would then join the 
British Rail Seaspeed Super 4 
hovercraft in passenger service 
to France. 

In case of difficulties with 
either of the new craft its 
passenger bookings had been 
programmed on the assumption 
that there would be only one 
craft, the proven SRN4 Princess 
Margaret with 250 passengers 
and 28 cars capacity. 


Low growth rate ‘means 
more unemployment’ 


BY PETER RIDDELL ECONOMICS CORRESPONDENT 


UNEMPLOYMENT IS expected 
to grow in all the main industrial 
countries as a result of continu- 
ing low rales of economic growth, 
according to Economic Models, a 
London economic consultancy. 

The firm expects that the 
upturn in world output this year 
will be brief and w ill be Followed 
by a pause at the end of this 
year and early next year. That 
is because Japan and West 
Germany will not lake the 
required “ locomotive ” role in 
world expansion and the United 
States cannoi do so because of 
its external balance. 

However, an increase in world 
output is projected for the 
second half of next year. Th3f 
will be in response to delayed 
policies of fiscal expansion intro- 
duced early next year after the 
general recognition that last 
year's stimuli are no longer 
effective. 

Economic Models says that tbe 
United Kingdom outlook remains 
relatively optimistic this year 
although there will be another 
"disappointing year" next year. 
Personal consumption is expected 
to grow by 5.7 per cent in real 
terms this year and 3.6 per cent 
next year. 

Gross fixed investment is also 
expected to grow rapidly by 
nearly 5 per cent In spite of 
a faster growth in imports than 
exports, real Gross Domestic 
Product is projected to increase 
by 2.9 per cent this year and by 
2.6 per cent next year. 


Tbe current account is 
expected to be in surplus by Elbo 
this year. That is rather higher 
than other recent estimates. 

The fir ,n takes a similar view 
to other forecasters about infla- 
tion prospects, projecting a slight 
acceleration in the rate of con- 
sumer price inflation to almost 
11 per cent next year. 


’ Renewed price inflation is also 
expected next year in the rest of 
the world except Italy and 
Canada. 

The . acceleration next year is 
expected to be only partly the 
result of higher world commodity- 
prices, with pressures also from 
increases in wages, and given the 
pessimistic outlook for output 


New accountancy body 

BY MICHAEL LAFFERTf 

A NEW professional accounting 
body was launched yesterday by 
three of ihe main UK accounting 
bodies. Called the Association 
of Technicians in Financing and 
Accounting, il aims to provide a 
second-tier qualification for 
people working in finance and 
accounting throughout British 
industry and commerce. 

The sponsoring bodies are the 
English Institute oF Chartered 
Accountants, .the Institute of 
Chartered Accountants, the Insti- 
tute of Coat and Management 
Accountants -and tbe Chartered 
Institute of Public Finance and 
Accountancy. • 

The first president of the new 
body is Mr. Michael Lickiss, 
chairman of be education and 
training committee of. the 
English chartered accountants 
and a partner in Thornton Baker 
and Co. 


The new organisation has 
already provoked dissension in 
the accountancy profession. 
Another leading accountancy 
body, the Association of Certified 
Accountants. has already 
launched its own second-tier 
qualification and will not join 
the new association. 

Disagreement here is believed 
to centre on the certified 
accountants’ insistence that It 
wanted to run its own examina- 
tions for its junior body. The 
other three bodies are basing 
their scheme on exams run by 
the Business Education Council 
through polytechnic courses. 

Entry requirements for the 
Association of Technicians in 
Financing and Accounting are a 
minimum of four “O” levels at 
grade C. Applicants will be 
required to take a three-year 
part-time course while gaining 
experience at work. 


Durable goods shops 
benefit most 
from sales boost 

BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 

Durable goods shop, such as gas against 16. per- cent for indepen- 
showrooms and radio and tele- dents and 31 per cent for the 
-vision rental specialists, did best multiple chains. . 

out of the °* er ®V . incr £*?f_ The kind of merchandise sen- 
retan sales iu April, according to ^ l>est the durable 

the latest fimires produced by sertor smg tD have be * n that 
the Business Statistics Office. put in ' the statistical category 
While cash sales . of all re- of “other durable -goods shops.” 

talleis were running 16 per cent.- of ^ gafi show . 

up on the i same i monto last year fe example, were iip 63 

m April, those of Arable goods per ^ on ^ April< * me 

shops were up 25 per ce °L , those of-tbe radio and television 
~ s ^°Pf crease rental specialists were up 24 per 

notched_up a bigger cent. The value of this group's 

115311 wasuo 88165 was “P 27 Per cent on last 

only WSfrK IgftJ-S" * - -V * 
against 17 per cent for non-food furniture shops. . 

S ^ln S both sectors, it was the Co-Op food 
multiple chains which generally ■ ■ - 

did best, though the Co-op did The Coop did less well m the 
very well in durable goods and, food, sector.. While the value, of 
In terms of year-on gains, the -sales through all- food shops was 
gas showrooms did better than up 14 per cent .in April, that of 
anv other kind of trader. - the Conap was up only 13 Tier 
Within the non-food sector, cent- . 
the durable goods .shops did . As id. previous months,. it was 
best Both the mail order chains the multiples which showed, the 
and clothing and footwear shops biggest gains on food with cpsh 
achieved above-average gains of sales up 19 ;>er cent os April, 
19 per cent, against 15 P er cent. 1978. The independent- feed 
for department stores and 13 stores managed an increase -of 
per cent for miscellaneous non- only 8 per cent, 
food shops, such as bookshops- Taking the whole spectrum of 
and jewellers. - -, retail, sales, the picture was 

A breakdown of tbe durable much the . same with- the 
goods sector Into different kinds multiples doing best and the 
of traders shows that the Co-op independents worst .The value 
did best The value of its sales of retail. sales in multiples' was 
was 34 per cent -up on last April.up 20 per cent on last April . 


BY MICHAEL BLANDEN 

MR. JOHN ELTON, who became 
chief executive of the Hill 
Samuel merchant bank at the 
beginning of this year, is to 
retire from full-time executive 
duties at the bank. 

He will also retire as chairman 
of Alcan Aluminium (UK) at the 
end of this month. 

Mr. Elton, who had spent all 
his working life with Alcan, 
surprised the City in 1976 when 
it was first announced that he 
was joining Hill Samuel. 

He said yesterday that his 
decision to leave the executive 
job at the merchant bank had 
been made because he had found 
it impossible to combine the 
pressures of tbe work and the 
International travelling involved 
with his family life. 

At Alcan, Mr. Elton said, be 
felt he had now completed the 
task started in 1968 of turning 
the group into a UK public com- 
pany. 


With the recent conversion of 
the convertible stock. Alcan 
(UK) is now 20 per cent owned 
by British shareholders 

"Mr. Denniss Finn, deputy 
chairman and deputy managing 
director, will become chairman 
and managing director at Alcan 
I UK). 

At Hill Samuel. Sir Robert 
Clark, the chairman, will resume 
the chief executive duties he 
relinquished when Mr. Elton 
took over. 

Mr. Elton has agreed to 
remain on the Hill Samuel 
Group Board and will also 
remain on the Board of A lean 
(UK) as a non-executive direc- 
tor. 

He is also a director of 
Spillers. and said that be will 
probably now look for one or 
two more non-executive director- 
ships. He would, he said, now 
spend more time on “ the things 
l like doing, such as sailing and 
farming.” 


Hydron 'should capture 
10% of UK Jens market’ 


BY CHRISTOPHER DUNN 

HYDRON EUROPE, one oF the 
world's leading manufacturers of 
contact lenses, should capture 
10 per cent of the UK market 
Tor soft lenses by the end of the 
year, Mr. Jim Macdonald, presi- 
dent. said yesterday. 

The forecast was made after 
Mr. Eric Deakins, a junior 
Minister at the Department of 
Health and Social Security, had 
opened officially the company’s 
i'lm factory at Farnborough, 
Hants. 

Mr. Macdonald said that 
Hydron had sold 12,500 soft 
lenses in Ihe UK after only six 
months’ trading. 

Until January 1. it was 
excluded from Britain as part 
of a licensing agreement, now 
dissolved. with Smith and 
Nephew, the UK company with 
interests in medical supplies, 
cosmetics and toiletries. 

Sales in the UK bad been very 


buoyant, said Mr. Macdonald. 
Hydron should sell 25,000 soft 
lenses by tbe end of this year. 

The UK market for soft lenses 
is thought to be worth £250,000 
a year, or 40 per ceat of the 
total lenses market in this 
country’, which includes the old 
bard lenses. 

The company, which sells 
lenses in more than 30 countries, 
services its overseas operations 
from Farnborough. 

Sales last year rose 40 per 
cent to S5m, and the company 
is competing in the UK with 
more than 30 manufacturers of 
lenses, including Bausch and 
Lomb. the leading U.S. manu- 
facturer. 

Hydron, a subsidiary of the 
U.S. company. National Patent 
Development Corporation, also 
hoped to use its Farnborough 
factory to spearhead a sales drive 
into the U.S., said Mr. 
Macdonald. 


Tanker ‘on wrong course’ 


BY PAUL TAYLOR. INDUSTRIAL STAFF 


THE LEBER LAN Board of 
Inquiry- investigating the Amoco 
Cadiz disaster was told yesterday 
that the vessel was on a course 
before the steering failed that 
would have taken it into the 
wrong shipping lane. 

Mr. Cosmo Vaudo, second mate, 
who was on watch at tbe time. 
53id that as the tanker 
approached the Ushant separa- 
tion scheme off the Brittany 
coast it was a course which would 
have taken it across the zone 
dividing shipping lanes. 

The course set was only "an 
indicative heading” and strong 
winds and sea were pushing the 
vessel back into the correct lane. 

Mr. Barrs- Sheen, counsel for 
Shell, the charterers, suggested 
that Mr. Vaudo made a sharp 
turn to starboard when be 


realised that the tanker was 
entering the separation zone in 
the wrong lane. 

Mr. Vaudo replied that, by tbe 
time the vessel approached the 
separation scheme “ we were 
already entering our lane.” 

Deck awash 

He denied. under cross- 
examination. that the second of 
the two anchors had not been 
dropped when the vessel was 
drifting towards the French 
coast because it bad been faulty. 

The starboard anchor had not 
been used, he said, because the 
wind and sea was coming from 
that side and the deck was awash 
preventing the crew from reach- 
ing it. 

The bearing continues today. 


Big City of London plan 


A BIG development plan for the 
City of London is being prepared 
by the Corporation. It will cover 
ail aspects of the City’s environ- 
ment. including transport, cater- 
ing. leisure, and community 
services, and will recognise the 
need- to give archaelogical 
excavations priority in develop- 
ment. 

In advance of the plans being 
finalised, the City has published 
hack Ground studies. Companies, 
residents, employees, and other 


interested bodies are asked to 
make comments on these studies 
to help planners formulate a 
final plan. 

Tbe development plan will be 
carried oul in three stages: the 
first will be an examination or 
the trends and issues affectins 
the City; the second will put 
forward alternative plans of 
development; a nd the th'rd will 
be the formal plan which will 
require the approval of the 
Environment Secretary. 


“We export our materials testing equipment throughout the 
world, for laboratories engaged in construction or educational 
projects. Many of our customers are in Third World countries 
where some exporters fear to -tread. ECGD insurance takes away 
the major worry. 

“A contract which goes bad could be really damaging not just 
because of the immediate loss-although that hurts-but because of 
its effect on a company’s ability to finance its future development. 

“ECGD’s premiums are money well spent.” 

Mr. T. G. Clark, on the right, is the Managing Director of 
Engineering Laboratory Equipment Ltd., Hemel Hempstead, 
whose £2,800,000 exports this year are going to 120 coqntries. 
Mr. Stuart Rennison is Sales Director. 


eCGD insures from date of contract or despatch of goods. Cover is available for contracts m sterling or other approved currencies for: Continuous sales worldwide ofraw and processed materials, cbi£ 
sumer goods and production-line engineering goods Q Sales to and by overseas subsidiaries of UK firms □ Sales through UK confirming houses and byUK merchants Q Single large sties ofcapitM 
equipment, snips and aircraft Q Constructional works contracts fjj Services. ECGo also makes available : Gua r a nt ees to banks providing export finance, often atfavtiurable rates of witgr tMa-j Tyir^Kftn'jir 
project loans and lines of credit to overseas borrowers Q Guarantees for performance bonds □ Guarantees for pre-shipment fin a n ce j~l Consortium contingency insurance fTCost escalation cover 
.-itio available: Cover for investments overseas □ For full details call at your local ECGD office. ‘ ' 

Crtn , lja thc Information Officer. Export Cr=di« Guarantee Dcp.irtmcnr- quoting reference FTQ -nr Glasgow. , Bcl&sr, Leeds, Manrfitsaer, Birmingham, .. 

'-JmDndge, Bristol, London West End, Croj don or Tottenham mhos; or Joan Swaiies, Inhumation Station, ECGD, Aktamanbury House, London ECaP 2EL, fTd; OI-^o6^699,&m. 258). . . flH |[ ........ ^ - , 

INSURANCE £QR BRItiSH. EXPORTERS.:, * 

•\ /. 4 K ■ . 


• T 




8 


. r . 


. . Financial' Times Tuesday jtme 27 1978 


THE JOBS COLUMN 


HOTEL and CATERING 


Six ways of not quite getting to the top 


INDUSTRY; 


TRAINING BOARD 



BY MICHAEL DIXON 


AT LUNCH after the evidently 
successful final interview, the 
chairman of the employing com- 
pany remarked to the candidate 
how pleasant it was to relax 
and be sociable. 

“Oh yes," replied the would- 
be managing director engag- 
ingly. "But it's very hard to 
get totally away from executive 
work, isn't it? I think the only 
time when I relax properly is at 
the end of the month when my 
wife and I go to the local Rugby 
dub and get drunk." 

He received the letter of 
rejection the next morning. 

I owe that story to head- 
hunter Michael Silverman 
head of Merton Associates 
(Consultants). The demand 
for chief executive* has risen 
some 20 per cent over the past 
three years, by his count, and 
he estimates that each of the 
top opportunities attracts about 
25 candidates with impressive 
career records. 

Of these, of course, only one 
can get the job. But not long 
ago. Mr. Silverman decided to 
do some “ action research " into 
why other candidates fail even 
though their experience and 
qualifications fit. if not surpass, 
the employer’s needs. 

The explanation commonly 
griven by recruitment con- 
sultants is " poor chemistry” he 
says. But the aim of his in- 
formal study was to investigate 
the cause of the adverse re- 


action a bit more deeply. 

His findings reinforce a wide- 
spre&i view among recruiters 
that physical appearance 
accounts for a fair number of 
failures, with highly qualified 
people being rejected ultimately 
because they are short in 
stature, overweight and/or bald. 
Even so. it seems that a greater 
number of candidates are re- 
jected for flaws which are far 
more easily avoidable. 

•* Most often an executive 
fails because of some unin- 
tended but fatal slip in his 
behaviour during the final 
interviews with the employing 
company's chairman or its main 
Board management committee,’' 
Michael Silverman told me. 

■•The variety of individual 
reasons for failure is extensive. 
But my recent study of 30 
candidates for nine chief- 
executive openings, indicated 
that most of the mistakes made 
are one of six basic kinds.” 

The first, he added, is an 
inability on the candidate’s part 
to put over his or her special 
competence with the polished 
crispness which the final inter- 
viewers not surprisingly expect 
in a budding chief executive. 

Many managers have climbed 
internal promotion ladders by 
dint of just developing their 
skills without ever really think- 
ing of how these could best be 
communicated verbally to other 
people. Hence, when faced 


with a need to express their 
abilities to relative strangers, 
they are liable to emit a jumble 
of cliches and Impenetrable 
jargon. And the more skilful 
the interviewers are at making 
candidates feel at home, the 
greater is the peril of lapsing 
into broken Double Dutch. 

Having once asked a sales 
director, two and a half gins 
and tonic into an informal 
party, how he got his represen- 
tatives to turn in such good 
results, I know that Mr. Silver- 
man’s observation here is true. 
The sales chiefs reply (which 
I shall never forget) was: 


prefer to know that the candi- 
date has made mistakes, and 
has learned from them. Besides, 
it is quite possible that the 
interviewers will include some- 
one with knowledge the 
failure in question, who will 
then take the shilly-shallying 
candidate to pieces, and with 
relish. 


Indubitably 


The third kind of mistake is 
to be overly critical of one's 
current employer. “This kind 
of behaviour demonstrates a 
lack of the discretion that 
is considered crucial at the 
highest levels of a large com- 
pany," Michael Silverman 
added. 


“ Clearly, er, the balanced 
application of both positive and 
negative KITA is indispensable, 
but it would be no go unless 
the hygiene factors were inter- 
faced with some active motiva- 
tion, which should be indi- 
vidualised because, when all’s 
said and done, it takes all kinds 
to make a world.” 

The second main kind of mis- 
take is to rationalise one’s own 
past failures, typically by ex- 
plaining at length bow the few 
blemishes in the record, 
although nominally one’s own 
responsibility, really arose from 
the coincidence of malign cir- 
curastances and criminal lunacy 
arming the supporting staff. 

In general, interviewers would 


Fourthly, he said, the aspir- 
ing chief is all too prone to 
display his powers of leadership 
by being overpowering or even 
arrogant during the interview-. 
True, the average chairman will 
not want a lamb as a managing 
director, but he may be equally 
chary about lying down with a 
lion. Moreover: 

“There is another side to 
arrogance that puts off a selec- 
tion committee just as much. 
Sometimes a candidate will 
adopt a very casual style during 
his interviews, offering super- 
ficial knowledge about the com- 
pany and clever answers to key 
questions. This informality 
suggests he has more important 
things to worry about than 
getting the job." 


The fifth type of flaw — a ten- 
dency to over explain— -Mr. 
Silverman Illustrated with the 
sad case of the would-be head 
of a big shipping concern owned 
by a City holding company. 

The candidate knew that the 
shipping group had been having 
financial problems, primarily 
because of poor controls over 
its many divisions. He also knew 
that he was on the shortlist 
because his career record 
indicated that he possessed just 
the sort of competence that was 
lacking in the company. 

So when he came up before 
the interviewers in the City, he 
assumed they would want to 
know precisely what he would 
do when appointed to the job. 


wasn’t that he was badly 
dressed. His suit was beauti- 
fully tailored. Bur he ought 
not to have worn it on all three 


Deputy Head of 


Finance and 


Glassiness 


But before he could finish his 
detailing of the necessary tech- 
nical and financial steps to be 
taken, a glassiness in the eyes 
of the selectors across the table 
showed that he had lost them, 
and the job, beyond recall. 

Last but not least among the 
flaws is a failure to appreciate 
that top-level selectors may be 
fastidious about points of dress 
or grooming. Just recently a 
potentially first-rate insurance 
chief went through three suc- 
cessive days of interviews, only 
to be undone by his clothes. It 


occasions. 

As a safeguard against these 
common errors, Mr. Silverman 
offered four tips for aspiring 
chief executives approaching 
their last judgments. They are: 

1 — Brief yourself compre- 
hensively about the company 
and the executives who are 
likely to conduct the interview. 
Three years worth of annual' 
accounts and reports in director- 
ies and the Financial Times 
should suffice in the case of 
the company. A person ready to 
say openly why he or she- wants- 
the information on the execu- 
tives, could probably obtain it 
from other managers in the' 
same industry or, where there is 
one. from the recruitment con-; 

sultan t 

2— While talking to the inter- 
viewers keep constantly alert 
for. and smoothly jrespond to, 
any signs either verbal or in 
their behaviour that you are 
not being clearly understood or' 
are taxing their patience. 

3 — Respond to questions §£ 
though you were talking to -an 
acquaintance who is about to 
catch a train, albeit on a line 
where the service is frequent. , 

4 — If you have nothing 
positive really to say about any 
particular issue, it is best to 
say so. 


Administration 


The Hotel and Catering Industry Training Board, which provides 
a c om prehensive -advisory service to all fKrtef and catering operations : 
■in the commercial sector from its Headquarters .in Wembley, wishes j 
1 to appoint a Deputy Head of Finance and. Administration. . . 

-/ .;V The successful candidate will be responsible io the 'Head of ; 
' Finance and Administration for running the Board’s. Finance Depart- ; 

• ment. This involves -the supervision of- senior financial -staff and a . 
division embracing levy /grant, accounung and management services. 

• ■' *• Applicants should preferably have had a university or equivalent 
••education and must, hold a recognised accounting qualification. In ! 

addition they^shoujdhaye.had substanOal experienco of finance and 
- management accountancy M a senior/ level the public or the 
private sector. Experience oHxaff minagemenc^ dita processing and 
control, systems design ami preparation of cbmnune* papers would.;! 
..be; an advantage.- \ '■ 


: : viThis post « o pento - both .male %d ;fen»aJ e candidate s. 

> Some travelling’ Will be invoTvedLadd axar vnU te provided^ 



Salary will be within the scale £6^26'£7,649 per annum plus 
£275 London Weighting. - ■- 


There is a contributory pension scheme. . ... 

Four weeks and tiro days 'annual leave'. rising to five Weeks - cl- 

over three years.. 

Full particulars of the. Board aiid in' i.wbrk... together with, job .! -- 

descriptions and application forms, are obtainable from •• 

The Personnel .Officer L-.~-_ : - ‘ .■ ±7 ' 

Hotel aiid Catering Industry Training Board 
Ramsey House, Central Square, Wembley, Middlesex 
Telephone 01-902 8865 - '■ / if/ 

'Completed application forms! should :be returned by Thursday, 6th 
july, 1978, quoting reference DHFAl: • -rff T-j 1 ^ 3 

— t 


Investment Assistants 


Manager 

Salary circa £9QOO pa 


British Rail pension funds whose assets are in excess 
of £800m; with an annual in-flow of £150m, wish to 
maka two new appointments to their recently 
created internal investment team. This is due to the 
expansion of the funds under Management!* 


Major International 
Broking Group 



Commission: £2m. plus 


Our clients, a leading Public Company, wish to appoint a Chief Executive 
to take charge of their Marine Subsidiary earning Brokerage exceeding 
£2 million. 


The priority is to consolidate the existing business and develop it further 
on a soundly managed basis. The person to be appointed must enjoy a 
first class reputation in the Market and be able to demonstrate a highly 
successful record of achievement in managing at a senior level in Broking 
or in an Insurance Company. 


The rewards for this key appointment will match the calibre of the person 
being sought 


For further information (in strict mutual confidence) please contact 
Mr. David Whately, who was himself a Marine Broker. His private 
telephone number is 01-623 9227. Ref. 434. 


WHATELY PETRE LIMITED, Executive Selection, 
6 Martin Lane, London EC4R 0DL. 



The Welsh Development Agency’s 
Industry and Investment Division has 
established a significant port -lio of 
investments, covering a wide range of 
commerce and including activities 
ranging from the very small organisation 
to quoted public companies. 

The Agency is seeking a person of 
appropriate experience to manage this 
portfolio. The successful applicant will be 
responsible for organising and 
supervising the monitoring of the 
investments and will be expected to 
maintain contact, in some cases 
personally, with independant companies, 
supporting and advising them as may be 
necessary. The skills and experience 
needed are not only in financial 
management. The whole range of a 


company's activities may require to be 
kept under review and where necessary 
problems identified and remedial action 
initiated. 

Salary will be in the region of 
£9,000 p.a There is a contributory 
pension scheme, a car user's 
allowance and generous assistance will i. 
be given with relocation expenses. 

Please write or telephone for an 
application form, to be completed and/ ■' , 
.returned by 21st July, 1978. / 7 


1 n vestment Analyst ( Reference! /JJk 
The ideal candidate .-will be rec^itlyi qualified in 
accountancy ■ oc another appropriate profession, and 
aged about 25 with up to 2 years' investment or 
industrial experience. He or sheiwlll be responsible 
for making recommendations od specific sectors >of 
the UK equity nmket. We.ara looking for someone 
with an eager, enqoirfng independent mind, .-having 
initiative, high levels, of energy "and ao ability to 
communicate/ t' . Ty,- - > ... : 




y S * a 


mv 


Cash/Fixed Interest Assistant ( Reference FT) • 7 
The primeres portability wilLbe the investment of 
the funds liquid -resources- In the money markets, 
but he/she wHTalsp be expected ta deputise for the 
f i xed interest : r manager arid to ' assist him with 
research of both a specific and. a general economic 
: nature. The ideal candidate will probably have a 
degree/ professional qualifications and up tp 2 years' 
experience with an institution* , • - 


HANS 


3\rnj 


Personnel Department (Ref 43dFT), 
Welsh Development Agency, : 
Treforest Industrial Estate, 
Pontypridd, Mid-GIamorgan,CF37 5UT. 
Tel: Treforest (044 385) 2666, Ext 262 


Applications are equaly invited from men and women. ‘ 


Accounting and 


The remuneration and fringe, benefits for these 
appointments^ will; be attractive - and fully 
!co mmensu rate*. with the calibre of the selected 
.candidates. \ -.7 ' . •, 

Closing data for arbitrations 1 7. July. - -*"• .. 

Please write, enclosing detailed curriculum vitae, to 
the:- \ ' 

Headquarters Staff. & Services Manager, 

• \ British Railways Board, 

• 7 " V 222 Mary fe bone 'Road, 

; ^ /London NW1&JJ. 

’ / quoting the appro- 
• Prt^reference. 


?CRT SA 


Administration Manager 


mm-FXOOOpluscar 


TUNISIA 


Buttes Resources Company is one of today’s most 
progressive and rapidly expanding independent oil 
companies with active oil and gas exploration and 
production activities in several countries. In addition 
to concessions already held off the coast of Tunisia, 
we have just been awarded a large new concession 
and have outlined an aggressive programme of 
exploratory d rillin g for the area. In order to meet 
the challenges presented by this opportunity, we 
require . . . 


The emphasis pv ill be on the operation and development of financial 
and management accounting systems for this successful, 
professional organisation employing about 80 in the UK. 
Accountability will extend to all company secretarial activities, 
accounting and administration. 

The key requirement, in addition to the prof essiona! knowledge and 
experience iipp/icit in the position, is a willingness to work in an 
informally structured professional environment where urgency and 
high achievement are normal expectations. Age probably 35 to 45. 


ENGINEERING 

ANALYST 


BLA<| 


Additional benefits include pension, life and medical assurance; and 
scope for self development. Location - London. 


Leading firm of Stockbrokers has^a vacancy in 
its Research Department for. someone to join 
its- . team covering the engineering and motor 
sectors.. He/she will be responsible' for the 
analysis' of major companies m these sectors 
and will be expected to bririg.a good knowledge 
of accounting to this work! / .'■ . : ’ 




OPERATIONS MANAGER 


P/ease writel ref. B. 17271. to Colin Bexon, MSL, 17 Stratton Street, 
London W1X6DB. 


The ideal candidate for this No. 2 spot will possess a 
master’s degree and at least 10 years’ experience 
with a major company, will have operated in at least 
four foreign locations and will have had “ hands-on ” 
experience for a minimum of 10 and possibly as many 
as 25 offshore wells. 


This appointments open to men and women. 


r: 


INTERNATIONAL GEOLOGIST 


m SPECIALIST 
ab^ECRUn-AfElir 


In ' -addition to . applications ' from analysts 
working in these .sectors, ' equal consideration 
,wiRjbe /given! to qualified 'accountants with 
around two years’! experience^-in -mdcistry or 
auditing. ■ » ■ _ • / f-.-A . 


Extent prospects; far. tfie right JiqrsOTt ’ Safery 
B^otiabld. . . Ple^^app^! -Td:: GJ2124, 

Kn^clal Time^ iq/G^di£.St»e^ PC4P 4BY. 


\ Si-.. r -- «•? 

^ ST*!» 


The ideal candidate will possess a B^Sc. degree in 
Geology and will have seven to 10 years’ experience 
operating in at least three or four areas of the world, 
doing primarily offshore geology. 

If you are looking for excellent financial rewards, 
outstanding employee benefits and the freedom to 
act in a relatively independent environment, please 
apply directly to: 

Art Neal 

Personnel Manager 

W» An Aft Equal Opportunity EmptoyarM/F 



"C /-■-* ^.“r.vv ’’V A"-:: > .7 - 

; v - ^ : ,"; r 


rector 


.vacancyfor -sQj, 


*npany 
Adv F 


Buttes Resources Company 

A Subsidiary of Buttes Gas & Oil Co. 


Engineering 

Negotiable five figure salary 




tOt bontribute to their .espanding^i^ 




+ car and benefits 


One Houston Ccntor, idlfi Hoar 
„ P-O. Box 2067 
HaiKUn. Tens 77001 
*7131 651-1 414 


Recently established London Associate Company oF a leading 
Timber Export Group in Singapore and Malaysia seek an 

Experienced Sales Manager 

TO DEVELOP TIMBER SALES IN THE UNITED KINGDOM AND 
B 1 ^ on Salary plus Profit Cominisrien. 

write Box A .6397. Financial Times, 10. Cannon Street. EC4P 4BT. 


SECURITIES 

CLERK 


E<p. in New Issues, Fidelity 
Bonds and Eurobonds. -Salary 
£3 500- £4000 -t- perks. Age 22-28. 
Ring: VPN Employment (Agy.) 
01-283 £022 for appointment. 


A nationally knomi group of companies, leader in its specialist engineering and 
met.*] forming field, wishes to recruit a Director to oversee its new technology* 
rcscjrch and development, and quality assurance requirements. . . 

The job is primarily a planning, monitoring and technical innovation and 
development appointment vial to the Croup’s future growth. It requires a 
mature engineer, professionally qualified, hut more importantly with a record of 
technical achievement and experience gained probably in the iron and steel, 
automotive, earthmoving, or.-imilar industry. The job .offers considerable pro- 
fessional and commercial saris faction in an engineering orientated organisation 
and salary is nnt n limiting factor for the right person. 

■ " . ■ - _ ^ _ _ ■ . _ /• _ • • _ . f. „ .. ,1 _ 


* " 2 1 ■ >_■_ ■ 




. fe^pi»;;expfenm;e'of .this sector^ 
and xrurioa^?; && 






7 :C ‘r ir cscr 


Send us a brief e.v., or write for an application form, quoting reference 
Ci93, to ERP International Recruitment Limited, Clemence House, 
St VVcr burgh Street, Chester CHr zDY. Telephone 0244-317886 (Ansafoae 
after 5 pm). 

Offices in London , Chester, Jeddah, Amsterdam, Brussels, Milan, Paris . 


:pigase ipply, hi'co^d^ce3d!Cb0 {5^a|f E 







■,r‘ ' 





ion 


* -2 ** 
I 




Consulting G?f>up of Companies 


Jonathan Wren • Banki lg Appointments 

The personnel consultancy deling exclusively >vith the banking profession 


A - . 

Currently we can offer over 300 vacancies wirh 
clients. A small selection is mentioned below: 


merchant and international banking 


LENDING OFFICERS 

(UJC. & OVERSEAS) to £10,000 rffcCOU NTANT ' . . ~ c. £7.000 

CREDIT ANALYST c. £6,000 FXj|pOT DEALER £7/8,000 

SYNDICATE LOAN DOCUMENTATION STRING DEALER 0/8,000 

/AGENCY ADMIN c £6,000 EUIKJSOND SETTLEMENTS £4,500/£5,000 

DOC. CREDfTS to £4,500 SECURITIES/ CONTRACTS c. £3500 

For further details, please telephone ROYfWEBB or KEN ANDERSON 


MANAGEMENT /FINANCIAL 

Accountant 


Assistant 


170 Bishopsgate London EC2M 4LX 01-623 1266/7/8/9 


(Executives 

Whatever your 
career problems 
(or aspirations) 
you will benefit 
by telephoning 
for a cost-free 
assessment 
meeting with a 
professional 
adviser of 
FREDERICK 

CHUSID 

& COMPANY LTD 

Cta-'iluiiN in E»« oti.r K-. 

atiJ CiKvf Aih.uH'cu>nl 

London: 

3." Fitzroy Street, W1 
Phone: 01-637 2298 

Fjii . 1 • R'lr ilc Brrri ' Vju8 
Phum- Js.;.:ii.Sy 

S’ntait . 

Employment Agrrtcv 
Sunda yAiunrering Service 


UNIVERSITY OF 
BRADFORD 

Management Centre 

LECTURER IN FINANCIAL 
MANAGEMENT 

Application* lie invited (or the above 
post within the Finance Group. The 
dunes involve leaching on the pa»c- 
graduate MBA proE'amme and on the 
rapidly expanding andcrgriduicc 
finance programme. A particular 
Interest in Financial Imntutlom on 
the financing of multinational Com- 
panies would be useful although not 
Mieniia). Salary within range £3,SfO 
to £7.306 p.a. 

farther portfcufors/opplicmion forms 
(to be returned by 14 July) 

obtainable from:— 

The Registrar. 

Port Ref. MA/L/37/FT, 
University of Bradford, 

W. Yorkshire BD7 1DP. 
Informal enquiries to: — 

Prof. T. W. McRae, 
Bradford (0274) 42299. 


/ BANQUE DE LA SOCIETE \ 

FINANCIER E EUROPEENNE > 
MULTINATIONAL CONSORTIUM SANK 
LOCATED IN PARIS ?/ 

s 

is looking for rr 

ASSISTANT f 
TO THE MANAGER 

of its developing V 

SHIPPING AND li 


DEPARTMENT 

Preferably aged between ’S and 55. the candidate 
should have obtained experience in ship finance \t ilh a 
TecOgn ized shipping bank and have esubl ish ed -l ' 

customer conucls in the sector. Fluency in English- is ’ 
essential and a working knowledge of French would be 
an advantage. 

The job oilers good career opportunities widfdUraclhe 
compensation. 

Applications, gi\ ing full details or qualifications and 
career to date, m ill be held in the strides! confidence 
and should be sent to Mr. F. PerJewiL', Banquc de U 
Societe Finaociere Europcenne - 20, rue dc la Paix, > 
. 75U02 Paris. / 


\ , 


"-v. 


s-rn 

t Xlv 


tXPORT SALES MANAGER 

.--iv'; . 

rfB.B. ,&~Co. Ltd., producers of china days and ball clays for the 
orkiY ceramic and ocher industries invite derailed written applies- 
for, this post directly responsible to themarketing director. 

DRiipercial training and experience, ceramic or scientific knowledge, 
-■^id languages, are preferred qualities. Extensive European travel 
ter acclimatisation. 

T\fj WATTS, BLAXE, BEARNE & CO. LTD., . 

■*- Newton Abbot, Devon TQ12 4PS 


AST 


... SENIOR TRADING EXECUTIVE 

' ' -Tmired by non-ferrous scrap metal merchants, 
- r • sed in the Midlands, for possible directorship- 
-Ansiderable experience and collects viiai. 
zetient salary and usual fringe benefits. Lom- 
uy car provided. 

: ■' rite Box A.6396, Financial Times, 10, Cannon 
- ' " ’eet, EC4P 4BY. 


PERSONAL 


fc- Regent Street. _ W 0SS7- A M 

■ All-in . Mena. Three Spctlaculjr 

■ how 10.45. 12A5 and 1.4 S and 
■t Johnnv Hawkeswortn & Friends. 

T-t, 59 Dean Street. Lo«wf9*'-.y v - - * - 
AT STRIPTEASE FLOORS HOW 
HI GREAT BRITISH STRIP 
ow n. Midnight ana 1 •■J’v.oie 
1. Closed Saturdays Ot-457 6433. 


WATCH THIS SPACE I* vou scon » a * d ■" 
the press or on posters, enema ord-mt 
mail that does not conform to tie Br.tAh 
Code of Advert is* n 9 Practice let us i»no»* 
and we’ll looti into It, Far i i“" « 
the code write co us. The Atf»crtijfnB 
Standard! AirtBorltv Ltd., i S- J*, *■*- ' 
mount Street. London WUt 


^ Conference? Seminar? 

Company Meeting? Reception . 
Film Preview? 

v: . Advertising Presenta tion? 

. There's no need to hunt around the West 
■if End for a suitable venue or viewing theatre. 

S M TheFT Cinema, here in the City, offers seating 
. in comfort for 5CH- people. Full 16 mm film 
. projection facilities. National Panasonic A colou 
‘ video tape and Philips 1501M video cassette 

- viewing Electrosonic 3601 slide presertehon 

- system. And luxurious private dining rooms with 
: : extensive catering facilities. 

^CINEMA I 

4 I 


Mr. Chairman 

We have a challenging opportunity for a 
dynamic personality, about 45, who has a 
successful background in senior management 
and who. can deal with and negotiate at the 
very' highest levels of business and industry. 

We are a successful, performance-oriented 
company and leaders in our business. What 
we have to offer, however, is not for social 
climbers or title-worshippers. 

If interested, please write to us, enclosing a 
curriculum vitae, salary requirements, photo, 
together with a letter about how your personal 
qualifications might be of value to us in dealing 
. with large firms. 

i s 

Write Box F1029, Financial Times, 10 Cannon 
Street, Ep4P 4BY. 


GROUP CHIEF 

Accountant 


LONDON 


c.£9,000 


For fast expanding unquoted public company oc-jrating in 
a divers! O' of computer oriented activities both in the U.K. 
and pverseas. 

The ideal candidate is a qualified accountant, early 30s with 
at least five years* experience in industry or commerce 
and. well versed in management accounting techniques. The 
position reports directly to the chief executive of the group. 

Salary circa £9,000 plus car and usual fringe benefits. 

Replies, with curriculum vitae, to:— 

Maidment Posner Consultants 
78, Wimpole Street, 

London, W.l. 

Reference CS4. 


CONTRACTS AND TENDERS 

— a— — — p — 5— —a — mhii ——a— 

Democratic and Popular RepuBiic el Jiseria 

i" ■■■ 

MINISTERE DE L’HYDRAULIQUE, DE LA 
IVnSE EN VALEUR DES TERRES ET 
DE LA PROTECTION DE L’ENVIRONNEMENT 
International Invitation for Pre-seiection for 
the Project.of Sanitation Improvement 
of the Town of Algiers 

The Ministry of Hydraulic Engineering, land Develop- 
[ ment and Protection of the Environment wishes to inform 
companies, member countries o£ the Banque Inter- 
nationale pour Ja Reconstruction et le Devcloppement 
fBlRD), and of Switzerland that they will undertake 
important works on the Oued El-Harrach reservoir in the 
Greater Algiers region foe sanitation improvement. 

The work includes the construction of: 

— A main sewer of approximately 7 kms ter used water 
and rainwater along the left bank of Oued El-Harrarh. 
Ground excavation of approximately 380,000 cu. in. and 
35,500 cu. m. of concrete arc planned. 

' _a purifying station for the treatment of domestic and 
industrial’ waste waters for a population of approxi- 
mated 750.000. The maximum flow of purified waters at 
the station will be approximately 4 cu. m./sec. 

The Algerian Government has obtained a loan from 
Banque Internationale pour la- Reconstruct Son et le 
Devcloppement for part of the financing of this work. 

The Ministry of Hydraulic Engineering, Land Develop- 
ment and Protection of the Environment invites con- 
tractors in this field of activities to submit their 
qualifications for the realisation of the two works 
mentioned above. 

The pre-selection files may be obtained from the Direc- 
tion de IHydrauliquc. de la Wise en Valeur des Terre* 
et de la Protection de l’Environnement de la Wuaya 
d'Alger — Immeuble “La Pepin ie re" — R.N. 5 Cinq- 
Maisons — El-Ha rrach — Algiers — ALGERIA, a» from 
15th June. 1978. 

Interested companies should send their dossiers to the 
above-mentioned address by 31 si July. .1978 at the latest 



y- 


CONSUMER CONFIDENCE 


NEWS 


Worries over unemployme: 
spread gloom more widely 


BY EUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


A MUCH more gloomy view uf 
the future than at the lime of the 
April Budget is reflected in the 
Financial Times's latest survey 
of consumer confidence. The 
optimism expressed immediately 
after the Budget has been re- 
placed this month by 3 feeling 
that things are getting worse. 

Moreover, in spite of the 
recently reported rise in earn- 
ings, people are feeling slightly 
worse off than in May. The 
respondents were less enthusi- 
astic about the advisability of 
buying consumer durables this 
month than last, while worries 
about unemployment increased. 

The survey, earned out each 
month by the British Market 
Research Bureau. i> designed to 
find out how people feci ahout 
the future and their present 
financial position. 

Of the consumers interviewed 
immediately afier the Budget, 
optimists outweighed pessimists 
by 12 per cent. This month, 
pessimists are in u majority of 
8 per cent, the first time they 
have outnumbered ibe optimists 
since last July. AM age groups 
showed the fall and all social 
groups except working-class 
women. 

The feeling that “things are 
getliDg worse" became more 
widespread, and. whe-reas infla- 
tion and the Government are 
blamed no more than before, 
other factors, such as law and 
order and immigration, are being 
cited as reasons for pessimism. 

FT GROCERY INDEX 


A minority of the pessimists 
blamed their lack of confidence 
on the possibility of an election: 

The fall in confidence was 
particularly marked among pro- 
fessional men although they 
remain slightly more optimistic 
about the future than men in 
blue-collar jobs. 

Because of the more cbeerrul 
views expressed earlier this year, 
ibe six-month moving average 
indices of consumer confidence 
for all adults and for ABC1 men 
is still showing a balance of 
optimists. However, the trend 
is downhill. 

The unemployment index 
supports the gloomier view. 
Although most people inter- 
viewed said unemployment 
would stay a; about its present 
level, 39 per cent said it would 
increase this month. Tlni com- 
pares with 36 Per cent last month 
predicting a rise and 2S per cent 
in January, when confidence was 
at its peak for the year. 

Depressed 

The respondents are also asked 
each month whether they think 
now is a good time to buy 
consumer durables. This month, 
that index has fallen close to its 
November-Deceraber level. Those 
in favour of buying now still 
outnumber those against by 16 
per cent among ail adults, but 
again that L> a much lower figure 
than in January. 

The decline was particularly 


marked among professional men, 
while certain regions, including 
the North-west and Yorkshire, 
remained depressed. 

Although the “ time to buy " 
index fell this month, the six- 
momh indev showed little change 
for all adults,, although it has 
moved down for professional 
men. 

The other main question is 
whether people feel worse or 
better off than a \ear ago. In 
January, after a king period in 
which those feeling worse oil 
predominated, ihciso feeling 
better off look the lead. The 
figure fell again in February' 


ALL ADULTS 


but recovered in May to +3 per 
cent. 

This month the respondents 
were equally divided. On balance,, 
women feel worse off and men 
better off. especially manual 
workers. That suggests that, 
husbands do not pass on a pro- 
portion of their wage increases 
to their wives. 

The fall in prosperity is par- 
ticularly marked among those 
aged over 55. People in the 
15-:o-35 age group are feeling 
more -affluent than a year ago. 

A total of 1.009 adults were 
interviewed between June S and 
14. 






i : ; CORSfltKR CWFIIWCE ( j } .. ! ' ] 

— = WSTPMSPBHTY -- ; 

ASCI MEN : J — “ OT '53gi 1 ^ TOB,w j } j n 

I ; ~f i V\ i | | 

‘ v-'jv-' x v — I /j \ X I -H 


±s \ 


5-Bionth moving averages 


if/ 


1970 1971 1972 1973 1974 1975 1976 1977 '7B 


T grocery index Animal feed 

Smallest rise for three months carteI p«* 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


THE COST of the Financial 
Times grocery basket rose by just 
over 1 per cent this month. The 
rise, which is the smallest for 
three months, pushed tbe Index 
— re-launched in March — up to 
104.1S. 

The Increase was almost 
entirely due to tbe higher cost 
of fresh, foods— prices of pro- 
cessed foods wore remarkable for 
their lack of change. Small 
increases in the bills for dairy 
produce and non-foods were off- 
set by falls in the prices of other 
groceries such as canned goods 
and bread a Q d cereals. 

These price cuts are probably 
only temporary but they reflect 
the intensity of tbe price war 
among supermarkets. 

Against this, .the fruit and 
vegetable hill rose by more than 
£20 this month. Although 
tomatoes and lettuces cost less 
than last month, most other vege- 
tables cost more. Cauliflowers 
were up anything hetween 5p and 
20p each while carrots were up 


between 2p and 17p a pound with 
the more expensive new ones 
taking the place of tbe old ones 
on the greengrocers* shelves. 

Since it was re-launched, the 
new index makes some seasonal 
adjustment for dearer new 
potatoes coming into tbe shops. 

The meat bill rose by more 


than £3 this month. Most cuts, 
except stewing steak, cost a little 
more than last month but he 
increases were biggest an lamb. 

Copies of the list used by the 
25 FT shoppers are available 
from Miss Ingaret Eden, the 
Financial Times, Bracken House. 
Cannon Street, London, E.C.4. 


THE FINANCIAL TIMES SHOPPING BASKET 

JUNE, 1978 


June 

May 


£ 

/ 

Dairy produce 

471.57 

477.24 

Sugar, te, coffee, soft drinks 

179.42 

179.92 

Bread, flour, cereals 

21 3.31 

231.72 

Preserves and dry groceries 

84.33 

84.41 

Sauces and pickles 

40.65 

40.80 

Canned goods 

155.02 

155J2 

Frozen goods 

182.60 

183.49 

Meat, bacon, etc. (fresh) 

427.48 

424.24 

Fruit and vegetables 

259.90 

23S.79 

Non-foods 

182.85 

182.38 

Total 

2.215.13 

2.I92J3 

•4ex for June: T04.18. 




on register 

By Our Consumer Affairs 

Correspondent 

DETAILS OF the common 
pricing agreement operated by 
the main suppliers of animal 
feed stuffs jn this country were 
formally put on the Register of 
Restrictive Practices yesterday. 

The a?reement. which has now 
been abandoned, came to light 
during the Price Commission's 
survey of the industry. Under it. 
six out of ihe seven companies 
examined agreed to co-ordinate 
some aspects of their pricing 
policy. 

The Commission was scathing 
about the level of competition in 
tbe industry in general and con- 
cluded that BOCM-Si Icock was 
tbe price leader which other 
companies followed. 

Details of the collusive agree- 
ment formed by the Commission, 
which was strongly criticised by 
the industry for its report, have 
been passed on to the Office of 
Fair Trading. 


Quarterly analysis of bank advances 

to UK residents by banks in the UK at May 17, iy73; as Table 4 in tbe Bank of England Quarterly Bulletin 


Changes: 


in foreign currencies adjusted 



— ADVAh 

ICES TO UK RESIDENTS— 
of which 


Of which 

-FINANCIAL- 

Hire-purchase 



£m 



in foreign 

Total 

In 

finance 



Total 

la sterling 

currencies 

financial 

sterling 

houses 

companies 

Rnancial 

197S Feb. 13 

16.532 

15,147 

1386 

1392 

1,673 

137 

7SS 

1.068 

May 17 

17,177 

15,560 

1,617 

2.077 

1,671 

152 

772 

1,154 

1978 Feb. 15 

2.225 

1335 

290 

225 

148 

32 

fi.i 

127 

May 17 

Z329 

2.018 

311 

254 

158 

32 

70 

153 

1978 Feb. 15 

539 

537 

2 

20 

18 


13 


May 17 

553 

552 

2 

21- 

19 

2 

13 

5 

1978 Feb. 15 

38.991 

28310 

10.781 

7301 

4.463 

693 

2.4GS 

3339 

May 17 

40345 

29,444 

11,401 

7,496 

4.625 

854 

2,416 

4326 

1978 Feb. 13 

28*10 



4.463 


64S 

2.019 

1.797 

May 17 

29.444 



4.625 


751 

1366 

1308 

Nv.77 Fcb.’TS 

+ 1.162 



+ 44 


+ 42 

- 20 

+ 23 

1973 Feb./May 

+ 1334 



+162 


+ 103 

- 53 

+ 1U 

Nv.77 Feb.78 

+ 251 



+ 82 


+ 10 

- 12 

+ 84 

1978 Feb./May 

- 57 



+ 177 


+ 33 

- 26 

+ 150 



Food. 



Other 


Textiles, 



Tola! of wtilch drink 

Chemicals 

Mcial 

engineering 

Ship- 

leather 

Other 


manu- 

in and 

and allied 

manu- Electrical and mcial budding 

and 

manu- 


All bunks 


, Ch: nges: 


in foreign currencies adjusted 



fac taring 

sterling 

tobacco 

Industries 

faaure engineering 

goods 

1 

Vehicles 

clothing 

1978 Feb. 13 

4348 

4.123 

aSa 

433 

255 

333 

957 

372 

o*io 

426 

May 17 

4366 

4.078 

640 

475 

218 

332 

959 

394 

227 

454 

1978 Feb. 15 

322 

488 

99 

34 

26 

23 

S3 

116 

12 

56 

May 17 

543 

509 

109 

35 

22 

21 

96 

120 

8 

50 

1378 Feb. 15 

109 

109 

22 




- 

55 


_ 


May 17 

MM 

104 

20 

— 

— 

— 

31. 

— 

— 

24 

1978 Feb. 15 

9307 

7.782 

1,646 

1,762 

523 

717 

1.677 

557 

678 

787 

May 17 

111,064 

1,834 

1,771 

1.S06 

512 

742 

1.722 

57a 

531 

842 

1978 Feb. 13 

7.782 


1344 

1.0S6 

4C1 

603 

1.492 

495 

603 

660 

May 17 

7334 


1306 

3,081 

441 

502 

1,506 

52 4 

453 

7J3 

Nv/77 Feb.'78 

+ 375 


-137 

+ 54 

+ 23 

+ 49 

+ 145 

+ 26 

+ 167 

+ 43 

1978 Feb./ -May 

+ 52 


+ 62 

— 5 

- 20 

- 1 

+ 14 

+ 29 

-150 

+ 53 

Nv 77.-Fcb.7B 

+ 155 


- 3 

+ 154 

+ 4 

+ 6 

+ 2 


+ 3 

+ 23 

1978 Feb./ May 

+ 83 

1 

+ 38 

ti 

JTHER PR 

+ 8 

ODUCTIOM 

+ 5 

^ 

+ 19 

+ 19 

+ 7 

- 1 

-PERSON! 

— 3 


656 

688 


Changes: 


in foreign currencies adjusted 



Tout 

of which 

forestry Mining 



of which 




other 

In 

and and 


' Total 

in 

For house 


prod net Inn 

sterling 

Rshing quarrying Construction persons 

sterling 

purchase Other 

1978 Feb. 15 

2.238 

2J215 

1.142 110 

987 

3,319 

3,314 

1,081 

2.236 

May 17 

2.238 

2^07 

1,171 115 

953 

3,503 

3,496 

1.112 

2.391 

1978 Feb. 15 

437 

387 

278 72 

87 

342 

342 

91 

251 

May 17 

443 

384 

2S6 70 

86 

373 

373 

98 

275 

1978 Feb. 15 

128 

128 

86 3 

39 

HI 

111 

27 

84 

May 17 

139 

139 

93 4 

42 

119 

119 

28 

91 

1978 Feb. 15 

4,511 

3.641 

1,577 1301 

1,633 

4,962 

4,931 

1,491 

3,471 

May 17 

4,670 

3,691 

1.637 1.424 

1.609 

3,230 

5,209 

1.535 

3.695 

197S Feb. 15 

3.641 


1.569 531 

1,542 

4.831 


1.490 

3.441 

May 17 

3.691 


1,626 564 

1,502 

5,209 


2,533 

3.676 

Nv.77 Feb.'7S 

+ 106 


+68 - 15 

+ 54 

+ 167 


+ 20 

+ 148 

197S Feb./ May 

+ 50 


+ 57 +33 

- 40 

+ 278 


+ 43 

+235 

Nv.77 Fcb-'TS 

— 51 


-4 - 51 

+ 4 

+ 10 



+ 10 

1978 Feb., .May 

+ 56 


+ 2 +43 

+ 11 

+ 12 


+ 1 

- 13 



of which 

Public utilities 




Professional. 


Total 

in 

Transport and and notional 

Local 

Retail 

Other 

scientific and 


services 

S ter l ing 

co mm on Ira dons government 

government 

distribution 

distribution miscellaneous 

1978 Feb. 15 

4.635 

34523 

376 

655 

75 

968 

833 

3.727 

May 17 

4.9*2 

4,107 

393 

712 

64 

1,040 

935 

1.843 

197S Feb 15 

700 

570 

97 

89 

37 

9G 

110 

271 

May 1 7 

717 

595 

97 

93 

29 

106 

106 

284 

1978 Feb. 15 

171 

171 

— 

20 

5 

62 

29 

55 

May 17 

170 

170 

— 

17 

5 

G6 

27 

56 

1978 Feb. 15 

12,710 

7,793 

1.641 

3,007 

714 

1,431 

2.656 

3.261 

May 17 

13385 

8,085 

1.709 

2,998 

731 

1568 

2.S77 

3.501 

197S Feb. 15 

7,393 


724 

171 

322 

1J3S9 

1,742 

3.044 

May 17 

8,078 


813 

150 

434 

1,526 

1,907 

3.254 

Nv.77 'Fcb-'TS 

4-470 


+ 87 

- 44 

+ 42 

- 63 

+ 158 

+293 

197S Feb..- May 

. +692 


+ 89 

- 21 . 

+ 1U 

+ 137 

+ 165 

+ 210 

Nv.T7,Fcb.7S 

+ .13 


+ 30 

- 66 

— 5 

- 21 

+ 126 

- 11 

197S Feb./May 

-361 


- 81 

-178 

-118 

- 2 

+ 2 

+ 16 


in foreign currencies adjusted 


f Including lending under special schemes for domestic shipbuilding. J The analysis provided by Northern Ireland hanks differs slightly 
from other banks. .Chemicals and allied industries are included indistinguishably in “Other manufacturing"; Mela! manufacture. Elec- 
trical cn!? lliecr ^.'-Shipbuilding and Vehicles In “Other engineering and metal goods": and Transport and communications in “Public 
utilities and national government.’’ §The figures exclude as far as possible the effect of changes in exchange rates on the sterluig value 

of ad\ ances m foreign currencies. 







10 


Financial Times ^Tuesday Juge 27 1978 




F.NT AND POLITICS 


MPs unite in ccncSemning Rhodesia massacre but . 



fuels v 



A cold 
shoulder 


THE MASSACRE of eight 
missionaries and four of iheir 
children, including a ihrec-weefc- 
old ba’.y, at a Rhodesia mission 
run by the Elim Pentecostal 
Church, close to the Mozambique 
border, was an ‘■appalling 
tragedy," Dr. Da\id Owen, 
Foreign Secretary, said in tile 
Commons yesterday. 

MPs on all sides joined in 
expressing their revulsion at the 
atrocity. “ Mr. .John Daties, 
shadow Foreign Secretary, 
speaking of "liiis ultimate 
bestiality" and Liberal spoke*- 
man. Sir. Jeremy Thorpe, savin? 
that the whole House shared the 
horror of what had heen done. 

But there the unity ended. 

as Mr. Davies claimed that the 

British Government by cold- 
shouldering the Rhodesian 
interna! settlement was en- 
couraging tho>e who sought 
power “ by the bayonet the club 
and the gun.” 

Dr. Owen firmly defended the 
policy adopted bv the British 
and ITS. Governments. “ Within 
the limits of ..ur ability to bring 
about peaceful negotiations, we 
are risht to adopt the attitude 
wo nave done ever since the 
internal sort lenient was estab- 
lished — neither to condemn nor 
to endorse it." he declared. 

Dr. Owen said he was sure 
that the House would join in 
expressing the deciles t sympathy 
for the families and friends of 
those murdered and our 
admiration for the Christian 
snirit and murage with which 
the Pentecostal Church had 
decided io stay on in Rhodesia. 

“The fact that those who have 
been murdered were solely con- 
cerned wi:b working for peace 
and conciliation between llte 
races is a horrific reminder of 
the dangers in Rhodesia May 
and of the escalating level of 
indiscriminate violence which 


has been building ud now for 
five years. 

Dr. Owen added: "This latest 
tragedy eon firms the urgent 
need t<» bring about by every 
available means, round table 
talks to achieve a negotiated 
seti lenient which will bring an 
end to the fighting. 

We have a joint Anglo-U-S. 
team ;ii '.hi* moment in Salis- 
burv and l believe that we are 
making *oire progress towards 
our objective of round table 
talks. 

■= 1 1 i, for the leaders of all 
the pants io respond now in a 

way 'in.v measure* up to Iheir 
overriding responsibility lo 
bring ?!v»ut a non-racial. peace- 
ful and independent Zimbabwe.” 

For the Opposition. Mi*. Davies 
asked: "Cannot the shock of this 
ultimate bestiality bring all 
concerned to their senses? 


Incidents 


'‘Despite all their protesta- 
tions. can there he any real 
doubt that the mounting toll of 
death ;i:i.l mutilation is the 
responsibility of the Patriotic 
From and none other? *’ 

By persistently cold-shoulder- 
in? those involved in the 
internal settlement. the 
Government had only encouraged 
those v ho sought power ” by the 
bayonet. ihe club, and the gun " 
Mr., p.v. ies called on Dr. Owen 
tn offer “real support" to those 
v-ho In-d agreed to reach a 
peaceful «eitlenient. 

There were jeers and protest* 
when Dr. Owen replied: “V.’bat 
more can ««nc do? ” Cutting off 
ail link” with all the uuriies 
would gravely jeoDardise our 
ch»nv°s. he warned. 

“Within !he limits of our 
ability to bring about peaceful 
negotiations. '■■. e are right to 
adopt lh«? attitude w« have done 

ever since tlie internal settle- 


ment was established— neither 
to condemn nor to endorse It/’ 
he added. 

For the Liberals Mr. Thorpe 
suggested that the tragedy might 
offer the opportunity for a major 
diplomatic initiative, involving 
Mr. Callaghan, the U.S. President 
and the five Front-line African 
Presidents. This could aim at 
achieving a cease-fire as a vital 
prelude to further negotiations. 

Dr. Owen agreed that a cease- 
fire or reduction in the level of 
violence would be of great 
benefit Both the Prime Mfnigter 
and the V.S. President were in 
fairly constant contact with the 
front-line Presidents, he added. 

Mr. Roderick MacFarquhar 
(Lab, Bel per), said he bad heard 
reports that the co-leader of the 
Patriotic Front. Mr. Robert 
Mugabe was responsible for the 
massacre and had said he was 
not prepared lo meet with other 
leaders for round-table talks. 

Dr. Owen said that Mr. Mugabe, 
who h;id not denied his involve- 
ment in previous incidents, had 
specifically denied any responsi- 
bility fur the mission massacre. 

“l’ am not aware that he has 
chanced his position on being 
prepared to come to round-table 
talks.” the Foreign Secretary 

added. 

There were furious Tory shouts 
of "Disgraceful" when Mr. 
Andrew Faultls (Lab. War ley E.) 
claimed that Dr. Owen had 
hinted that :he attack was not 
made by the Patriotic Front. 

Mr. Fa u ids. persisting against 
a barrage or shouts from Tory 
MPs. said: "Some of u* believe 
that this attack was not made 
by the Patriotic Front, but. as 
has happened before, by accms 
of the Smith regime such as 
the Selous Scouts, for obvious 
and obscene propaganda pur- 
poses against African liberation 
forces." 

Dr. Unen denied making any 
biuls. ‘T have not implied or 


Cubans’ 


that a 

British 


imputed any such thing. I b ave 
not hinted at that. 1 have said 
1 do not know. That is a factual 
position. 

“I think MPs would do well .to 
mirror the example of the Elim 
Pentecostal Church which seems 
to have been able to get strength 
and succour from the situation 
in Rhodesia and, in looking for- 
ward, not backwards, show that 
it can work towards peace ” 

Mr. Maurice Macmillan (C, 
Farnbamj said that some Tories 
had predicted events of this 
nature following the 
arrival in Africa. 

Dr. Owen told him 
central objective of 
foreign policy must be to avoid 
the spreading of Cuban involve- 
ment in Africa. To avoid the 
search for a genuine solution 
would hasten, or at least 
increase, the risk of that happen- 
ing. 

Mr. Peter Biakcr (C. Blackpool 
Si said that by .appearing io 
“lean against" the internal settl**- 
ment in favour of the Patriotic 
Front. Dr. Owen might en- 
courage the latter to think their 
best hope oF success was io con- 
tinue to fight it ouL 

Dr. Owen denied be hud given 
this impression. 

Mr. Stan Newens (Lab Harlow! 
said it was far more likely there 
would be more massacres of both 
blacks and white until a settle- 
ment was reached which recog- 
nised the legitimate riehls of the 
Patriotic Front. 

Later, a call for an emergency 
debate was turned down by the 
Speaker. Mr. George Thomas. 

Mr. Ronald Bell (C Beacons- 
fieldl wanted to debate “the 
duty of Ministers to do im- 
mediately wbat is in their power 
to prevent the certain repetition 
nr the murderous assaults on 
British subjects by persons 
operating from neighbouring ter- 
ritories " with which Britain 
maintains diplomatic relations.” 


rebuke 


BY PHILIP RAWSTORNE 



er on lower tariffs 



BY JOHN HUNT, PARU AMENTARY CORRESPONDENT 


A WARNING was given last 
night by Mr. Edmund Dell. 
Trade Secretary, that Japan's 
latest offer to reduce her tariffs 
as part of the current world 
muhlateral trade talks was 
** totally unacceptable." 

Speaking in the Commons, he 
indicated chat as far as he was 
concerned, the Japanese offer 
should be rejected by Ibe EEC 
countries. 

He was also critical nf the 
Americans suggesting that in 
some areas, their tariff reduc- 
tions did not gu far enough to 
meet the needs of Britain and 
other members of the European 
Community. 

Mr. Dell's remarks came in a 
debate on trade shortly before 
he was due to depart for Luxem- 
bourg fnr a further stane of the 
multilateral trade t 3 lks today 
and tomorrow. 


lie told MPs that the move- 
ment towards a more open world 
trading system was now in peril 
•j; a remit of a lack nf growth 
end high levels of unemploy- 
ment. It was a bo endangered 
by the continuing Japanese 
surplus, which made it more 
difficult for the other countries 
to accommodate the deficits 
which resulted from the OPEC 
surplus. 

The Minister understood the 
feelings of insecurity in Japan, 
which led to their big trading 
surplus. ” But they must reduce 
this surplus by opening up their 
markets by importing more 
manufactured goods and not just 
filling Iheir tanks with ijpEC oil. 

“ One thing the Japanese 
Government cni’ld do io improve 
the atmosphere of the mulli- 
latr-ral trade negotiations is to 
make a much better tariff offer 
than they have so fur hone. 


"The tariff offer they have 
made is totally unacceptable. If 
it is left on the table, as it is, 
then 1 believe the EEC will have 
to react accordingly." 

In the face of scepticism from 
the Tory opposition, Mr. Deli 
stressed that he would like to 
see belter opportunities for 
Japanese investment in Britain. 

“But i wish that the possi- 
bilities of inward investment in 
Japan were as open as the possi- 
bilities ol inward investment in 
this country," he added. 

In addition, he saw dangers 
from a rise in protectionist senti- 
ment in the U.S.. and pointed out 
that America still bad a large 
surplus with the European 
Community. 

The position was still rather, 
unsatisfactory. In the current 
negotiations, we were aiming not 
just for a reduction in tariffs 
over an eight-year period, but 


for harmonisation of tariffs. 

The cbaracterislic of the 
American tariff system had been 
a series of high peaks. Yet only 
by harmonisation could real 
reciprocal benefits be achieved. 

"1 cannot say that the U.S. 
offer, from this point of view, is 
a very satisfactory one.*’ he told 
the House. : 

On wool and textiles, the 
American proposal went nowhere 
near meeting the requirements. 
In this field, we had not so far 
received the response for which 
we had hoped by way of 
harmonisation. 

There was still a long way to 
go on all these issues during the 
multilateral talks. “ We accept 
that it is a vital necessity that 
lbe negotiations be successful. 

“It would be a bitter blow to 
the whole world trading system, 
if we failed lo come in a success- 
ful conclusion," be said. 


DR. DAVID OWEN, Foreign 
Secretary, stood firmly by bis 
Rhodesia policy under an in- 
tense and emotional attack 
from Conservative MPs in the 
Commons yesterday. 

The Rhodesian massacre had 
confirmed the urgent need to 
bring about the round table 
talks that won Id achieve a nego- 
tiated settlement and end the 
fighting, he said. A joint Anglo- 

U.S. team in Salisbury was cow 

making some progress towards 
that objeetive- 

“lt is for the leaders of all 
the parties to respond now in a 
way that measures up to their 

overriding responsibility to 
bring about a non-racial, peace- 
ful and independent Zimbabwe. 

-Tbe callous murder of the 
missionaries had been a horrific 
reminder of the dangerous 
violence that had been mount- 
ing for the past live years. Dr. 
Owen said. 

But for the next 50 minutes, 
the Foreign Secretary faced a 
.savagely critical response from 
the Tory benches. Mr. John 
Davies, the party's foreign 
affairs spokesman, said tbe 
shock ur tbis “ ultimate bestial- 
ity" should bring everyone to 
their senses. 

From the Government it 
should prompt “ real support” 
Tor the internal settlement, he 
snapped. Its persistent cold- 
shouldering of the move had 
encouraged those wbo sought 
power by the bayonet club and 
gun. 

“What more can one do?” 
Dr. Owen asked patiently, 
amid angry Tory jeers. 

He had neither condemned 
□or endorsed the internal 
settlement but bait done his 
utmost to widen the areas of 
agreement. The chances oF 
peace would be gravely 
jeopardised if all links with 
all the parties were Lo be cut 
off. 

The Conservatives further 
incensed by some Labour 
suggestions that the massacre 
might have been carried out 
by Rhodesian security forces, 
massed for the assault. 

Sir John Eden (C, Bourne- 
mouth IV) said the Foreign 
Secretary had implied that It 
was wrong to murder mis- 
sionaries but that it would 
have been legitimate to kill 
anyone Involved in the inter- 
nal settlement. •' Exercise 
some humility,” he barked. 

“ f suggest you examine 
your .conscience and I will 
examine mine,” the Foreign 
Secretary retorted. He had 
not dedicated hlmseir as a 
doctor to qualify any life as 
legitimate or illegitimate, he 
said. 

And as the Opposition MPs 
renewed their demands for a 
change or policy, he doggedly 
insisted: “ i do not flunk there 
is any alternative to the one 
I have put before the House." 

Bril a in would have lost all 
influence if it had given un- 
conditional support to the 
interna] settlement, he said. It 
was vital to continue the 
efforts towards round-table 
talks, he reiterated. 



MPs chronicle high 
cost of navy tug 


BY RUPERT CORNWELL 


BY RICHARD EVANS. LOBBY EDJTOR 


SPECIAL “ enterprise zone*" 
should be set up in sleeted in- 
dustrial regions of the UK su 
that companies cum id make 
profits and create johs with as 
much freedom as possible. Sir 
Geoffrey Howe, shadow Chan- 
cellor. proposed yesterday. 

In what he stressed was a 
personal initiative Sir Geoffrey 
a relied that fresh policies in- 
volving fewer restrictions and 
le*s State interference could be 
developed so that their lull 
putentia! could be tested. 

in particular, he proposed five 
key elements, which would have 
to he maintained for a stated 
and substantial number of years, 
so that entrepreneurs would he 
attracted tu the zones. These 
were: 


1 — Planning control of any 
detailed kind would cease io 
apply. Any building .that com- 
plied with very basic anti- 
pollution. health and safety 
standards and was n«»t over a 
slated maximum height would 
be permissible. Industrial 
development coruscates would 
not be required. 

2 — The Community Land Act 
would be pm effectively into 
reverse. Public authorities 
which owned land would be re- 
quired within a specified time 
to dispose of Jl «o private bidders 
by auction in ihe open market. 
New developments in the area 
would be free from rent control. 

fi — Entrepreneurs who moved 
in would be c ran ted exemption 
from development land tax and 


Secrets Act replaced 


BY RUPERT CORNWELL. LOBBY STAFF 


THE STEADILY gimrin” 
pressure group fighting for a 
radical overhaul of Britain's 
official secrets legislation last 
ni^ht issued its own “White 
Paper " on the subject, which 
goes considerably further than 
fhe real proposal* promised by 
the Government next month. 

The pamphlet, published by 
The Freedom of Information 
Campaign, claiming to represent. 
200 MPs of all parties, as well 
3 s trade unions and other com- 
munity groups. demands a full- 
scale Freedom of Information 
Bill, which would place the onus 
squarely on civil servants to 
justify the withholding of 
information. 

The proposals, and ihe exemp- 
tions permitted under them, 
would replace the existing 
Ufiicial Secrets Act in its entirety. 
The Government intends no more 
than suggestions Tor the replace- 
ment or Section Two nf the Act. 
tnc so-called “iralch-all'*' provision 
which make* disclosure of all 
official information an uffenc*. 

Cabinet Minister* an- -dill 
promising proposals before Par- 
liament break . 5 up from the 
current .-efsi.rn. Bin ;nc riels v 
since Mr. Mcrlyo Rees. .Home 


Secret ary. announced in Novem- 
ber. 3376. the Government 'tf plan, 
to issue a White Paoer already 

tops lft month*, and there is now 
a large degree nf scepticism at 
Westminster. 

Last night. Mr. Kenneth War- 
ren. Tory MP for Hastiness and 
a leader of the campaign, accused 
civil smart is iff stalling by 
“ delibcraiL-l.v confusin'-*" reform 
of Section Two with the wider 
issue of a Freedom of Informa- 
tion Act along American or 
Scandinavian lines. 

And Mr. Arthur Lewis. Labour 
MP for Newham North West, 
s rated that the Civil Service had 
displayed “ stifinq arrogance." 
Britain, lie declared, was the 
most secretive country in 
western Europe. 

The document entitled "a 
Model While Paper on Freedom 
OF Information ' says great 
siress on ea*r» of access, as well 
jin on tin- hroud riglu uf the 
public iu ufiicial information. 
Exemption, oilier than on the 
grounds of privacy, would be 
limited in Cabinei minute*, 
military, police and internal 
security information, and various 
categories of commercial and 
personal data. 


perhaps exemption from rates, 
in whole or in part. 

4. — Businesses would be given 
a guarantee that tax laws affeet- 
ini investment and depreciation 
would not be chanced to iheir 
disadvantage and they would also 
be uiven an undertaking they 
would not he subject to nationali- 
.satiun. So Government grants 
or subsidies would be payable 
io any enterprise within the 
area. 

5. — Certain other local obliga- 
tions or threats shuuld be 
declared not to operate, includ- 
in'’ price control and pay policy. 
In addition other measures such 
as certain provisions uf employ- 
ment protection should be staled 
not to apply. 

Test market areas in places 
like east London. Clydeside, 
Merseyside and the Went Mid- 
lands where substantial areas of 
land could be designated tn be 
developed with ?.s much freedom 
as possible lo make profits and 
create more jobs. 

Sir Geoffrey's speech, made tu 
tile B«w Group in cart London, 
will be seen as an attempt by 
the shadow Chancellor tu 
influence Tory party thinking in 
the key period when ihe mani- 
festo for ihe next election is 
bem» prepared. 

More .generally, his speech 
concentrated «»n ihe necessity of 
ending restrictive Government 

policies and adopting policies 

that would gnv much greater 
incentive. Top of his list was 
a recastinj of the taxation 
system. 


THE SORRY saga »F the HMS 
Wakeful, an ill fated foray by 
the Royal Navy into the second 
hand shipping market, has been 
embarrassingly rhrunicled in 
the latest report from the 
powerful Public \ccuunts Com- 
mutes of MPs at Westminster. 

The all parly emnniiuee. which 
acts as Parliaments watchdog on 
spending by government depart- 
ments. also takes tiio Ministry 
of Defence lo l. - r*k fur failing 
io chase up money owed by 
foreign gnvprnntenis for arms 
purchases and personnel training. 

Such unpaid tolls exceeded 
i'S7nt hv Deceri.oi’r 1376. nf 
which £I3tn had t-r.-n <uil«t:*nd- 
ina Tor more than nine moptiis; 

HMS Wakeful. “ Wasteful ” 
as it became kno-i n. was a 493 
tonne uit> in Sw.-di-h ownership. 
Tr was bnuchr !>■■ rite Navy in 
1374 fnr just unrirr 1700.000. for 
-**crct duties in the Clvde area 
involving nuclear submarine* 
and surveillance rff offshore 
activities by the Soviet fleet. 

However, after receiving a 
clean hill nF health »r the time 
of us purchase, the vessel un- 
planned by fault* In 3978. if 
required a full refii. oniv for nne 
of it* encines jn fail n* it 
relumed rn .«erv;e in January 
1 °ii. Furttipr repairs lagi up 
the shin until earl; This vefer. 

By February 1P7S. the? co to- 
rn iteo notes, ihe bill for rectify- 
>nc flaw* and mamiaining HMS 
Wakeful totalled ilu.Tii* over and 
nhove it.* original cost .j The 
price of a new lug at ihit time 
would have been nr.ly Flam. 
The report comments: drily: 


“Me find it difficult lo accept 
that ihe Ministry of Defence 
got value fur the 13.4m it has 
spent so far on this ship. The 
Ministry of Defence expects to 
spend an average of £350.000 a 
year on future refits and over 
£300.000 on running costs." 

Tfiis last figure alone is 10 
times that quoted io the 
Treasury when authority for the 
purchase teas sought. 

Mr. Edward du Cann. Tory MP 
fur Taunton and PAC chairman, 
declared last night that it was 
intolerable at a time when 
defence spending was under 
pressure that taxpayers should 
not receive value for money. 
The Defence Ministry, he added, 
was not the only department lo 
which such rebukes applied. 

" Under these circumstances, 
departments should exercise the 
utmost care and scrupulousness 
in the expenditure of public 
money."' There should be care- 
ful monitoring and a system of 
priorities, he said. 

The Ministry has also promised 
the MPs it will lighten up 
its procedure for ensuring that 
hills are paid promptly. H plans 
to instal a computerised invoice 
enntroi system to monitor claims. 
This, it is hoped, will reduce 
losses on ihe interest on working 
capita! voted hy Parliament. 

Thp committee says that fnr 
tiie economy to gain the maxi- 
mum benefit from defence 
sales, overheads should be kept 
down. "Staff concerned should 
adopt a fully commercial 
approach to these transactions 
right from the time an order is 
accepted until The customer pays 
the final bill." 


LABOUR NEWS 




Benn rejects gas price claims 


BY IVOR OWEN. PARLIAMENTARY STAFF 


BENN REJECTS GAS PRICE 
CLAIMS 

ALLEGATIONS BY Tory MP* 
that piM.t*"- have been 

man i pula led by the Government 
for political reason*, were denied 
by Mr. Anthony Wedgwood Benn, 
Energy Secretary, m the Com- 
mors yesterday. 

_Mr. Michael MrNairAVIIson 
NVvbury i ci aimed Tha* gas 
prices for domestic consumers 


were being held dowo “for doc- 
toral reasons." ■••.iiile industrial 
consumers bad to bear sharp 
incrcr.sc*. 

After Mr. Bonn rejected this 
charge as “completely wrong." 
Mr. Nick Budycu (C. Wolver- 
hampton SW • accused the 
Minister of interfering with gas 
prices— in order ty give r on- 
tinuity to the CMj-niiiung indus- 
try. 


There, was laughter when the 
Minister urged Mr. McNair- 
Wilson and Mr. Budgcn to gel 
together. One had accused hint 
of keeping gas prices down for 
electoral purposes, white the 
other had accused him of inflating 
them to protect the miners. 

This, hr s«*d. reflected the 
absence uT rlear-thinkmg on 
energy policy ia tbe Conservative 
Parti’. 


10,000 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


ALL ROYER production will stewards at Leyland s Lancashire 
come to a virtual standstill today busnnd truck factories yesterday 
making about 10,000 workers idle made plans to move a vote of no 
at fen plants. confidence in tbe company s top 

BL Cars said last night that directors. 
it was forced to take the action -ft I* IJjH 

because SO transport drivers at- s f e ^ supp °? 1 i 0 «? 1 lfSlSS e ri2S 
tbe Solihull plant, Birmingham,-^* a meetnu^pf natioral shjpp 

refused to end their strike, now Rewards ®. h*fS^°?Sv 
into Us third week- - , tomorrow— the day. before they 

. j meet manage • 

The men. who walked out in . Workers at-' the five- profit- 
protest at the sacking Df a shop makin „ wor ^ i n Leyland have 
steward, are not due to bee n angered by comments about 

again until Thursday. v efficiency by - . Mr..,. ’Michael 

The dispute, which has hit .Edwardes, BL chairman. 


action 




By Pauline Clark, Labour Staff 


MILITANT SHOP; stewards in 
,ICI._itave; called for selective 
tndtzstrial' Action from this week 
to ; get better terms for shift 
workers 1 ?:.^- :tbe current pay 
negotiations.,: : 

'The'- calT'for ^overtime bans 
and other,.; action among 45.000 
1-CI process; ■ workers was made 
yesterday Cfay/-. the unofficial com- 
bide committee: Earlier this year 
the - same committee called for-, 
a £30-a*#eeb .. -minimum rise 
before the itoe settlement date. 
.The shopitievatrds are unlikely 


production of Rover saloons, c j a im they ■ cannot 'Kpep [ to-’hold.^urfor an increase of 


that - s^e,} wcR. outside ' the Go v- 
er uraenVi ^pay > % ui delines . 

a third of 

the workforce bn shift work, they 


Range Rovers, and Land Rovers up . w fQj schedules because coini 
for two weeks, is particularly, .points are delivered late owing ] 
damaging. Not only are the -tfrtacfc of organisation, at national 

vehicles in heavy demand act management level.- - * 

home and overseas but they are They also "fear that the ..bad are . agitating .strongly for rejec-. 
of high value. Lost outpul ; at supply of parts. could be the first ^ } t jori of ' the latest management 
showroom prices is put at £3ra jn 0ve i n management plans An [ offer. .They want full coiisolida- 
a da ^ p - -reduce- the works to assembly aon of the pasL two years' pay' 

At the Solihull plant, which plants for foreign engines and [ supplements. 
has been troubled by a series of^ gear boxes. - - [;' Mr. John Grime, secretarv of 


disputes in recent months, about • About 350 tool room engineers 
5,000 workers will be laid off. employed by the Chrysler car 
A similar number Df employees firm in Coventry agreed yester- 
will be affected at BL Cars- dav to give seven days’ noticenif 
factories supplying components strike action : because the «ua- 
for Rovers. pany had not improved, a., Bay-| 

A meeting of local shop offer. 


the combine, said yesterday tbat 
frustration r --was growing over 
delays. In reaching a satisfactory 
•setflemeht- 


Council white-collar 
pay talks adjourned 


- BY OUR LABOUR STAFF 


PAY TALKS co\ering 530.000 
-local authority white-collar 
staff, the only major group still 
io settle under Phase Three, 
were adjourned yesterday. 

The discussions involved 
representatives of the 
employers and the National 
and Local Government Officers 
Association on the executive of 
the local government national 
joint council. 


-It was not' certain yesterday 
whether the executive would 
meet again before , the -fall' 
meeting of the nationat joint 
council on Jnly 12L The union's 
local government.- conference 
dne to start on. Friday. 

The union has said 'it will 
! accept nothing less than faU 
. consolidation of' both pay sup- 
..plements and an-.ilicrease of 10* 
per cent on consOlidaetd rates. 


Managers’association 
backs top rises 


BY ALAN PIKE, LABOUR CORRESPONDENT 

" p ■ . ' *r: . ;■ ■■■■■■■ 

TRADE UNION support for tbe f af. a time when the Government 
big pay rises proposed by the is seeking a.- general . level , nf 
Boyle review bod/ for paysettlemenfdany times lower, 
nationalised industry ychairriien ' However. Mr.‘ Lyons said "that 


and board members -"Was given no group' had bee4 treated “ so 

mefully by the Government’.’ 


yesterday by Mr. John Lyons, shamefu .. . 
eneral secretary of the as -the-, nationalised 
Ingineers and Managers Associa-. chairmen and board * 
tion. ' In this' policy of dls 

Mr. Lyons, writing in his 

union’s journal, said that natipna- . whi _ h in -pppnf-^para 

!if ed a ^ 

resnlin'ts on the pay of chair- 

men. deputy .chairmen and board S[ p “^?... -wa“- “Y 

members. 


industry 
embers: 
i nation 

the Government had. He said, 
received the tacit supffert of 


Action: would vary in -different 
plants - r ; but representatives of 
some '700, - shift workers at 
Whmingtan ’ and Winsford, 
t^ie^ire. /nnd .Lbstock. Greater 
Manchester, had agreed on a 
programme df one-day stoppages 
frdm next Sunday. An overtime 
bah - . was also planned in- 
Huddersfield " r 
■ Union -negotiators at national 
leveT have yet to respond to an 
offer a fortnight ago, said to 
amount to just under 10 per cent 
with consolidation of the phase 
two pay supplement into basic 
rates but not tbe EB-a-wepk phase 
one rise... 

A final decision awaits the out*, 
come or -a series nf meetings 
reporting back to - individual 
sections among : the weekly paid 
workforce. ; .. . 

, The £hop- stewards’ combine 
meanwhile . has ;. put . special 
emphasis eh the need for better 
shift' disturbance allowances, 
which, jt/says, have not changed 
-^nce i?75. It. also wants a 35-- 
hotir week. 


Bid to end 


newspaper 

agreement 


Whatever role the Governmen\ 
We now have ihe ludicrous played in'- pay - determination^ 
situation that people eligible for after Phase Three -expired next 
appointment for example, to month, the over-ridiog- need was 
deputy chairman of an area elec- to restore reasonable differen- 
tricity board are obliged to tlals for skilled and responsible 
accept a cut in salary in order worfc 


were ; yesterday 

empowered to Withdraw from 
their j:atioB»l; .agreement with, 
the Newspaper .Publishers' Asso- 
ciation. • . ... ,*• . 

.The , National • Union of 
Journalists' national newspapers’ 
upd agencies’ industrial council 
aatborised negotiators -.to give 
the required six. months notice of 
withdrawal frot n the . national 
agreement. This could, take place 
at a. meeting betwemirthe NPA 
l and ;pmoh .’oil Friday. .' 





. Meanwhile, \ ’.the; ...NPA is 
. refuang' to conclude any. office 
f^iage . agreements unless, the 
notice;’, of .Wlthdiiawal is 
abandoned. ^ ■ 
lit recent -years, - nearly all 
Fleet Street wage rates have 



to end up with tbe privilege of “ The country cannot afford to t been -determlndd at dffice' leveL V: 


being paid less well than 16 or go on neglecting the people bit 
17 subordinate staff.” whom its industrial regeneration 

The broad reaction of union so crucially depends: Any pay 
leaders to the review body's policy., open, or covert, which 
recommended 70 per cent Ignores this- central fact will run 
increases in top salaries is that into considerable trouble -nextj 
they should not be implemented year" said Mr. Lyons. 


Tbe NPA has been , seeking to 
restore'agreed minimum rates tn 
the national agreement but this 
Is being resisted by the union. - 


Scottish agency joins 
to save Singer jobs 


Liverpool docks 
redundancy plan 



BY CHRISTOPHER DUNN 


THE SCOTTISH Development 
Agency may be called upon tn 
set up a joint venture with 
Singer, the U.S. multinational, 
in the fight to save some oF 
the -BOO jubs threatened at 
Clydebank, tbe loss-making sew. 
ing machine plant near Glasgow. 

The agency. Scotland’s oquiva- 


i LIVERPOOL Dock Labour Board, 
seeking 315 redundancies from 
the labour 'force, is to write lo 
all; its. ,500 men born before 
December 1 ' 3i, 1919. to see 

whether they would he prepared 
lo accept vohihtary aeye ranee. 

It - is expected :'to take about 
a- "month ‘ to 1 sift ‘ through the 
replies.- and. the; position will 


fttneah 



of 1975 was only £2m; However, 
it would consider investing more 
at Clydebank if Singer, .adopted J-then be .'rvvftwed'.r 
a positive attitude. ... . rj The decision was taken 

Singer appeared to rule out-l two-hour meeting "yesterday of 
a joint venture .on the ground ( the Board, which is. made up of 
that it w ould save. Jieither costs ithe - port . jemtiloyers- and the 
in the ishort- term nor jobs ia ^Transport and GeherST' Workers’ 
Uie -long-term-- -Uniouv- twbicb - bas-gi-ven-. reluc- 
The- Clydebank- work force ft- taht - approvar:- 

— .j — — 'Men with 


\v- 5618HG 

lAr *CH£si 



holdlngrA'.mass meeting today | ’ Men with 25 ycaiS’ -service 
Board, said it Is. willing to help lQ disCTlsSf the cuts.' The indus- iwoutd recelsr-lw^lQ .£7.250;: The 
the unions to prepare an aiterna- trial' siewlud machine disnsion -js fdecline' in:.W' 0 .ridV^ippitiS ; SI, d 


ine industrial strategy to fight t0 be- shut ln an £8m. schebje tojcacso .bMdllng^asTmeant .thai 

alterUthe- factory 1 - . . j as ;many.as.lJ?O 0 :ti;en hkve been 

Thff Scottish Nationalist TartyjSeritihomierrpp Qll-badt : pay: 'Last 
has '.sent' a telegram .to Mr.] y«ar ’this' eost the Mersey Docks 


the cuts. It may be asked io 
buy the Clydebank factory out- 
right. 


Last night the agency said its Callaghan in Washington, 
maximum equity investment reminding' him of his.“commit- 
since it was set up at the end ment:to. save jobs at Singer.” ;• 


)0^ 

V 

1 


NE 


and -Harbour Company, which 
employs, more than. GO per cent 
of tbe force. £1.4m. % 


rl ';." :£A WqJ. 

Novi 




Closed 
not 


v ■ . 


- :cr 

‘ T '{ffti 


■'"'-vat 







A FACTORY worker, expelled 
from his union and then dis- 
missed from his job because a 
closed shop existed at the factory, 
has no redress against tile 
employers — even though his 
expulsion from tbe union was 
later held to be invalid. 


Tlie Employment Appeal 
Tribunal gave this ruling yester- 
day in the case of Mr. Prabbat 
Lakhani. 27. a labourer, of 
Southall. Middlesex. 

A High Court judge last year 
ruled that tlie General and 
Municipal Workers Union had 
exceeded its powers in expelling 
Mr. Lakhani. The judge held 
that he was still a member and 
awarded him £2-000 damage* 
against the union. 


Mr.i' Justice' -Ri liter ■ Brown-, 
chalijnan of the appeal tribunal; 
said yesterday: No doubt many 
men would have been satisfied, 
with."this'5*? at ^ 'YScnwy:' \.But not 
Mr.-Iiakh«m. r J. /• 

H& took .his fb rmer empi oyers^ 
Hoover,^ Perfrole, Greenford, 
to ah:lnfiiistt1al : tribunal* claim*, 
ing tzhEaJr dianlssal and seeking, 
■ reins tatement and compensation. 
He Wst'r : : .. ' ' ' ■ 

Tfe-appeal v^trihuna^A-^pheld; 
that dedsjan; dismissed _hte; 
a ppea i. - It ■ ' ruled - -that . . ,the 
cmnloyfifs-'rhiVi ng ;tee n : toW : by 
a unioir^ftaal-tiwrMY. Lakbani 
was nS toriger lo the union, had 
acted Ift’ the:helief at the. time,- 
of {he' sactanfi that he was not a: 

iinl(m .mtoh6er, : 



4 


-.1 




& 


; . i J- m '•= • j -j 1 ^ v_ : . r “ti 


" •' Because a' dosed shop existed • 
at the factory, the dismissal was 
fair- under ‘the .Trade TThiotf and 
Labour ReiatfonsAcL 

judge as a “ pecfeiHly satistoptory ; 
workman,", i twd v beep ' expel! ed j 
.from, the indink hg \ 
his dues "overVa . grievance . he i 
■wanted ihe^ -aaKfo»- toesti^ate. .: - 
In.AjniJ; : I3^- ; lRi»enib^B at, u - 
a branch meetrng'deci^ed'ne . was, - 
making -i ; vlot -o'E: 7®^ about IfiJ’ 

idmbrage at Mfc/.-E«$Rnfc^er- ,1 ?. 
^stehccv' ^ and'.therj: ‘rp^lyed - 10 ’v. 
expel hithi They; knp^-pepfeeily |'‘\ 
wdlf that wo.uW.hieajfi the- srck. ■ ^ 
. etb ploy ers; _djd-.no t -.wa n t 

'to sacK M*.- Lakfiani'Suirealised > >. 
'th^'WOU&:S^ito^ so": ; Jx 










11 



V * • 



piGial Tiines Tuesday June 271978 


4 %h B^NEIT ANDTQ ; 


PUMPING 


O DATA PROCESSING 



METALWORKING 


Long-life dies give 
low working costs 


Aids slick Controlling book stock 
dispersal 


' n^rr.p.. 


Bid to cs: 

fU ’A 




: '■ i . rr-ii;' 

L • h 1 r ' 

...■inrd£ 


u 



HOT EXTRUSION of non-ferrous 
metals is particularly tough on 
the metals used, in the dies. 
These _ constrain surface-condi- 
tioned billets to conform to the 
desired shape and, during 
extrusion, the die metal beats up 
to between 450 degrees C in the 
case nr .aluminium and as -much 
as 700 degrees C in the case of. 
copper. . • ■ ‘ • 

So far, dies have been made 
of hot-forming tool steel of 
varying compositions, as have the 
die holders, and as both have 
about the same thermal expan- 
sion no difficulties have been 
’experienced due to heating. 

But the dies are- subject -to 
heavy frictional wear, 'Which in- 
creases..- with time : 'ahd_..' thus 
reduces tiie quality \of the 
extruded product; both' dimen- 
sionally and eferodgb ' scoring. 
Finally, the die -has to be 
removed and replaced, 'or recon- 
ditioned. 

Tests conducted with tungsten 
carbide die insens have- been 
made in the past, but have not 
been satisfactory because of the 
fact that it was not. possible to 
counteract the material’s ten-, 
dency to oxidation on heating. 
At the same Lime, the .coefficient 
of expansion being, only half that 
of the steel die holders. It was 
not possible to prestress the die 
sufficiently in the holder. 

A new formulation . of die 
material hy Krupp Widia in 
Essen has solved these problems. 
With it, control of oxidation is 
possible at the working tempera- 
tures. At- the same time, the 
problems of differential expan- 
sion have.' been solved by a 
redesign of die and holder 
layout. The . bottom die has been 
designed so that the inset resets 
itself and stays prestressed as it 
heats up.. The mandrel in the 
top die js clamped in position. 

Mandrels and inserts are made 
and installed in customers" dies 
by Krupp Widia. 

Inserts are available for the 
production of solid extrusions 
with circular sections from 6 to 
30 mm, hexagonal and octagonal 
ones from ft to 2S mm across 
flats; hollow extrusions with 
tubular sections from 10 to 
50 mm outside diameter and 1.5 
to 3 mm wall thickness; and 
hexagonal sections of 12 to 
30 mm across Bats and 6 to 
20 mm internal diameter. 

Depending on application, 
Krupp claims insert lives of four 
to 20 times and more than that 
obtainable' with tool steel. For 
instance, in work on brass billets 


220 mm diameter a$d 200 mm 
long extruding soli* rod. insert 
life was 700 billets; ir 10 to 15 
times that of steel. iVith one of 
the -aluminium all ys 100.000 
metres of 30 mm rub ig was pro- 
duced with .no visible die wear 
and .the brightness^! the tube 
surface \xndiminish« 

F-riecL Krupp. 43, ; issen. Post: 
Sach 10, . Germui Federal 

Republic. 


spindle ifiill 


INTRODUCED by Megatar 
Pumps of London is a packaged 
oil dispersant pumping set for 
use with spraying equipment in 
coastal waters. 

The equipment feeds concen- 
trated dispersant and diluting 
sea water in the correct ratio 
to tbes pray booms of the ship. 
The dispersant is injected into 
the sea water by a one gallon- 
minute gear pump while the re- 
sultant mix is supplied to the 
booms by a sliding shoe pump 
at six go (Ions /minute. 

Included In the package are in- 
terchangeable hose and fittings 
between the pumps, a relief valve 
on the sliding shoe discharge 
and a three way control vahe 
on the injection pump. 

The big pump has powerful 
suction 3nd ean be allowed to 
operate under dry suction condi- 
tions: it also has good self-prim- 
ing. Thus, maximum flexibility 
and reliability is provided in 
spraying conditions at sea. 

More from the company at S7a 
Newington Causeway. Londun. 
SEl 6EQ. (01407 561111. 


NEED TO maintain stock and 
availability records of ift.000- 
plus products is a job few re- 
tailers would relish. Particularly 
if that list must be updated by 
hand, and is subject to major 
changes every month of the year. 

For those of Britain's profes- 
sional book-sellers who provide 
a comprehensive all-titles service, 
such a major slock ennlrol exer- 
cise has been mandatory, it 
has been the only wa> for them 
lo keep a check on the in and 
out of print status and the 
current prices of the 16.000 
paperbacks marketed at any one 
time by the leading UK paper- 
back publishers. 

Now. those 13 publishers nave 
combined to sponsor a computer- 
based stock control and recording 
system which, at a rnsi to book 
sellers of just Ip per title, will 
provide them with an opportunity 


la escape entirely the need for 
laborious manual routines. 

Devised and instigated by 
Penguin Books and Pan Books, 
the •* Paperback Slock Control 
System ” is being designed and 
will be operated by the Gordon 
and Motch computer Group. To 
establish (he system. G&GCGwiJJ 
create a conBdemhl master file 
of all current paperbacks tn the 
13 publishers' lists. The file will 
detail the title author, publisher 
and International Standard 
Bonk Numbc p of each paperback, 
plus its price, in or nut of print 
status and subject category. 

From this master file. G&GCG 
will supply retail booksellers on 
demand with either a complete 
card-based printed list of current 
lilies, or lists of those paper- 
backs which Gi the subject 
categories in which they specia- 
lise. 


Subsequently, each month 
from information supplied by 
the publisher G&GCG will issue 
to subscribers additional cards 
for each new title, together with 
a printed report detailing 
changes in status w existing 
paperbacks. 

The 13 publishers ■.•.•ill receive 
duplicate reports of all output, 
but each company will be given 
only details concerning its own 
titles. 

Cost or setting up and 
operating the Paperback Stock 
Control System is estimated to 
be in the region of 2p per card. 
The 13 publishers believe it fair 
tbal costs should be >hared 
equally. $<> they are proposing 
that the booksellers who decide 
to subscribe would be charged 
3t the rate or lp per title card 
mailed to them. 

Gordon and Goleh Computer 
Group. 32/3S Scrjtton Street, 
London. EC2A 4SS. 


• MATERIALS 

Tough foams 
take shape 

HIGH DENSITY polyisocyanu- 
rate has been used by Coolag BV 
in Tilburg, Holland for foams 
which are capable of taking 
pressures up to 400 lb* per sq tn. 

The foams have a high degree 
of fire resistance and can be cut 
to any shape. They have been 
specifically designed for use on 
low-temperaiure chemical plants, 
where pipes and vessels need to 
be supported by an insulant. and 
in refrigerated vehicles where 
floor loadings require extra 
suonort. 

The Dutch company is a sub- 
sidiary nf Coolag nf Glossop. 
Derbyshire, a member of the 
Tarmac Group's Building Pro- 
ducts Division. 

Further from Tarmac. Ettinc- 
shall. Wolverhampton \\TV4 6JP 
(Bilsum 411011. 


LAING 

for tomorrow's 
BUILDING, CIVIL 
& INDUSTRIAL 
ENGINEERING 



INFINITELY vari3b£r feeds on 
all five axes are prodded in the 
20-ton capacity spindle . null 
which Keams-Rictards has 
designated the SElSQi. 

A built-in rotary £ablc .with 
high indexing accuracy and auto- _ 
rualic clamping is provided and Ij-kmt 
there . is automatic (damping on ILr W CUijl 
the slides. 


Runs at 


Solid-state controls have 
diagnostic capability-land auto- 
raatic or manual *• operating 
modes may be selected from the 
pendant. Customers may specify 
from a basic digital readout with 
four axes of control pp to full 
paper tape input/oatput with 
display and manual control oq 
the pendant. - 

Modular building principles 
have been applied bothrto the 
machine and to its control 
system and the company* is pur- 
suing a policy of building basic 
machines to which customers can 
add what they require to bring 
the basic units into line with 
their plant needs. 

Information from Kearns- 
Richards (Staveley .Machine 
Tools). Kennedy lower, ft. Chad s 
Queensway. Birmingham B4 
6JD. 021 233 1242. 


• SAFETY f 

Standards 


A SUBMERSIBLE pump, .suitable 
for small to medium sized pump- 
ing stations, shows a saving in 
initial cost and provides flexible 
performance at low running cost. 

its compact design and hghL 
weight make it easy lo handle 
and install, says Uie maker. 
Flygt Pumps. It has low 

electrical consumption, and 
service requirements are simple 
and infrequent 

The pump will work either 
partially or completely sub- 

merged. under automatic control. 

It can deal with water con- 
taining high percentage of solids 
and alternative impellers arc 
available for three optimised 

motor sizes to give wide per- 
formance capability. Large 
impeller orifices permit the pas- 
sage of big pieces nf solid 

material. 

Further from the maker at 
Uolwlck. Nottingham NG4 2AN 
IU602 2413211. 


• CONSTRUCTION 

Epoxy agent 
repels damp 

FOR BONDING down new floor 
screeds — particularly thin ones 
which call for good adhesion — 
and fur general repairs lo 
structural concrete, especially 
where concrete facings have 
broken away from buildings due 
tn corrosion of the reinforce- 
ment. is an emulsified epoxy 
resin product which produces 
high strength bonds between old 
and new concrete more easily 
and cheaply, says Protective 
Materials, than most other 
methods. 

Called PML Water Dispersible 
Epoxy, it can be used by itself 
for waterproof coating on lift 
shafts, tanks, sumps, sewers and 
applications within the process 
industries, and once cured the 
product has almost the same 
high rhemiial and mechanical 
properties as solventless epoxy 
coatings. 

it js said to be much easier to 
apply by brush than 3 solvent- 
less coating, and brushes can he 
cleaned in water instead of 
solvent. Surface dampness does 
not affect the bond achieved and 
the company says the bonding 


agent is mu*.h f «\ss expensive 
than conventional solventless 
epoxies. 

Further from the maker at 
Oakcroft Ruari. Chessinglon, 
Surrey 1 01-937 3344 >. 

Industrial 

buildings 

THE BRICK Development Asso- 
ciation says that while brickwork 
as a structural material has 
made progress into the market 
of multi -storey, repetitive Uoor 
plan building' and has the major 
share of the housing market, it 
has made little advance in the 
industrial field. The majority of 
single-storey, wi de-span indus- 
trial buildings for factories, 
garages, stores, etc., have their 
roofs supported by steel columns 
which are enveloped hy a clad- 
ding material, sometimes backed 
up by insulation which, in lum, 
is protected on thy inner face by 
a hard lining. 

These methods, says the Asso- 
ciation. require regular main- 
tenance (unlike brick work) and 
tend to lack brickwork's 
durability, aesthetic potential 
and overall economic value. 

It's argument is thoroughly 
extended in a 32-page design 


guide. “ Design of brickwork in 
industrial buildings" which may 
he obtained for £1.50 t postage 
freet from the BDA at Vnndslde 
House. UinkfieJd. IVindsor 
SL4 2DX (03447 5651). 

Digs the 
rock 

OFFERING PURE rotary drilling 
in softer rock formation and by 
selective introduction of valve- 
less hydraulic percussion, the 
addition of rotary /percussive 
drilling, speeds penetration 
through hard rocks, is the 
Holman RDP45. a rock drill 
from CompAir Construction and 
Mining. Camborne. Cornwall 
TR14 SDS (0209 712501. 

The drilling applications vary' 
with initial interest being ex- 
tended to include major gypsum, 
potash and uranium producers. 
Those currently involved in 
development and production 
driveages in coal mining are 
experiencing the benefits of the 
drill, says the company, where 
45 mm diameter single-pass shot 
holes are required. 

it can be mounted on a wide 
variety of drilling booms or 
bases, including the Holman 
MR600 Roll Boom. 


Production 
of concrete 
components 

AUTOMATIC EQUIPMENT for 
ihe production of concrete build- 
ing components, developed by a 
Danish company, is claimed tn 
offer a 30 to 50 per cent saving 
in cement when compared with 
traditional methods of manufac- 
ture. 

Components are produced in a 
horizontal casting process which 
combines vibration and compres- 
sion and ihe production line is 
slated to be suitable for mixed 
output of walls, floor components, 
hollow-core slabs and so on. Sur- 
faces of wall components are 
smooth enough for direct paper- 
ing. 

It is stated that a production 
line producing mixed types of 
components for prefabricated 
dwellings would have an annual 
output per shift of 200.000 square 
metres, between IS and 20 men 
being needed. The plant Is being 
put on the market by Vipres A/S. 
Datavej 40. DK-3460. Birkerod. 
Denmark. 


R INSTRUMENTS 

Competitive 

multimeter 

SINCLAIR has announced details 
of its second “new generation" 
unit, the DM 235. a 6 function. 
3} digit bench-top and portable 
inslrumenL 

The DM 235 is available at 
around half the price of com- 
parable digital machines and 
considerably below that of many 
conventional analogue meters. It 
can measure do and ac voltage 
and current as well as resistance, 
and be used for semiconductor 
junction tests. It has a total of 
26 ranges. 

Incorporating all the advan- 
tages of a larger bench meter 
m Us use of a forward facing 
d ifnl ay. controls and sockets all 
on the front panel, the DM 235 
has a large, bright 8 mm LED 
display with a very wide viewing 
angle.’ 

The unit is only 1} inches 
thick and the weight is below 
1! lbs. it will fit easily into a 
tool kit or briefcase and the 
tilt stand doubles up as a 
handle. A carrying case with a 
neck strap, which allows the 
instrument to be used with both 
hands free, is available as an 
optional. 

In the field, the DM 235 is. 
powered by four internationally" 
available Ull size disposable 
cells. Where continuous bench 
operation is required an ac adap- 
lor/vharger is available as an 
opium, as it is a rechargeable 
cell pack. For ihe TV service 
engineer, a 30 kV probe is 
available. 

Sinclair Radionics. London" 
Road. St. Ives, Hunts, Cambs. 
PE17 4HJ. O4S0 64646. 


afloat 


EUROPEAN • 
ELECTRONICS 
SUPPLIERS GUIDE 


730 page*. 21 * 15 cm. 

Dracury o i VXD 

Yallow pages listing 880 product 
dssxrficatwra. 

Technical terms in EngEsh. German and 
French- ' 

Special ceciions on American firms in 
Europe end Trad* Aswbanor*. 

Jointly pubUied by Wedgwood & Co. and 
VfWol Zurich. 


- WHO’S VIRGIN ;.v 
ELECTRONICS IUSA) 


792 pages. 28 * 213 cm. 

Dtraaory of fljOQO manufacturers. 

Yellow pages listing 1.800 product 


Speciel sections describing. 2,000 in- 
dependsn agonra and 1500 tfcitntxiiori. 
AjbfefMd by Harris Aa*ataing Cn. 

Both aveMrfe (rone 

C. G. Wstfgwaod 6 Company 
14 King's Road, Wimblndon. 
London SW 19 - Tat: (Oil 540 6224 


DURING THE past ti£ years 
there. has been a great: .increase 
in the number of pleasure. boats 
using waterways. Hirers, are not 
always adept boating people and 
consequently are unaware of 
potential risks of fire or explo- 
sion which might result from an 
accident. ' ' % ' 

Now. the British Waterways 
Board has- announced; that in 
I9SQ newly constructed craft 
and all pleasure boats and house- 
boats to be let/out for hire on 
canals will hayd to meet certain 
standards. These will cover 
safety and fire prevention equip 
ment and require the hull, 
machinery and fittings to he 
sound and Free from defects 
likely to affect safety. The 
standards will also cover engines., 
fuel tanks and pipework, electri- 
cal and gas installations. Owners 
of other craft are being advised 
to achieve these standards which 
are compatible with those cur- 
rently applied by the Thames 
Water Authority. 

Local authorities have power 
to set standards for hire boats 
but because the waterways cross 
local authority boundaries the 
BWB has taken tbis initiative in 
order to avoid a multiplicity of 
standards. 

More from the Board at Mel- 
bury House. Mel bury Terrace, 
London NW1 6JX (01-262 6711). 


electrical wire&cable? 


•NO KiNIKCV 
ORDER 


mmi 


•NS MINIMUM 
LENGTH 


Thousands of types andsizesristockfor immediate delivery 

LONDON 01-561 B118 ABERDEEN (0224) 32355/2 

MANCHESTER Q6U872-4915 

. TRANSFER CALL CHARGES GLADLY ACCEPTED 
24 Hr. EMERGENCY NUMBER Ot 637 3567 Ext 409 



NEW TOWN 


ic New leasehold factories and serviced sites 
are ready WOW. 

-fc Govern ment g ra nts a re avai fable and 
. substantial rent concessions may apply. 

* New motorways, fast trunk roads. High 
SpeedTrains and modem docks link you 
with all yoursuppliers and markets. 

★ New Town housing availability. 

Cwmbran is one of Britain's most wcreeHftil 
industrial developments - little 
iromLondon by M4 or U hours by High Speed Tram 
and 11 hours from Birmingham by rati or motoraa.. . 
Cwmbran Development Corporation lia» already 
built and let more than 131 factories, and the 
current building prc^mineprovjdesawido ibmce 
of modem, leasehold industrial premise*, ini97B- 
F ally serviced, leasehold sites are akoav.iilable- 
We have 45,000 people, excellent iiou»lng. school? 
and amenities, thriving industry, and a splendid 
shopping centre - a magnet for the r ^ glo .“'. __ 

Get the facts about bidustrial opport^tties 
and Government granteat 

tess^^^^sssasiist 

ZS!S$££~ mcowhTOM r 

■■■■■■■■■■ ■■ 


Kami 

rosmas- 

COMPANY* 


APP fllHUV - 


FT6 




THE TENNECO RECORD! 

Net income up 85% 





\ 


Tenneco’s net income grew from $231 
million to $427 million during the last five 
years, a ieap of 85%. 

Operating revenues topped $7.4 billion as 
all of our eight businesses showed increases 
over the five-year period since 1972. In 
addition, six of the eight posted sizeable 
.increases in operating incomer 

1977 1972 

(millions) 

Integrated oil $399 S 92 

Natural gas pipelines 289 171 

Construction and farm equipment 1 VI • 27 

Automotive '2 30 

Chemicals 52 16 

Shipbuilding 50 18 

Packaging 45 1 7 

Agriculture, land management 20 • 22 

Investments 8 6 

SI .046 $449 

•Before Interest, federal income taxes and minority stockholders 1 interest. 

9 

These results reflect the success of the-- 
Company’s aggressive prbgram of capital 
investment for modernization and 
expansion— $714 million in 1977-which has 
permitted us to declare our tenth dividend 
increase since 1965. 

This growth also indicates the strength of 
Tenneco’s diversification program, which .. 
concentrates the Company's businesses in 
fields which serve the basic needs of people, 
.with .special emphasis on critical areas such as 
energy. 

Professionals are referred to Tenneco T s 
award-winning financial analysts’ yearbook for 
further information. Tenneco Inc., Dept.X-2, 
Houston, TX 77001/ 



TENNECO OIL O TENNESSEE GAS TRANSMISSION O J I CASE O TENNECO AUTOMOTIVE O 
TENNECO CHEMICALS C3 NEWPORT NEWS SHIPBUILDING O PACKAGING CORE OF AMERICA O TENNECO WEST O 












BUSINESS 




HEADERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 




Pharmaceutical Companies 
wishing to have 
ethical products 

(pref. not Generica) 

introduced onto the GERMAN market— incl. local manu- 
facture, if desired— are offered a unique opportunity by 
successful. expanding medium-sized. independent 
PHARMACEUTICAL FIRM with very respected name and 
reputation in the FEDERAL GERMAN REPUBLIC. Quali- 
fied and efficient field sales force with back-up available. 

Replies __ i n confidence — to the advertiser's retained 
consultants: 

CHARLES MONCREIFFE & ASSOCIATES 
1807 Blonay, Switzerland 


STRUCTURAL FOAM MOULDING 

Following *-ry potmvc mirkc rjisarrh. J" American plastics mousing 
mjnuMcturcr ca exploit its own hrghij *u::c«Iul technology mtf prj dutts 

in structural foam mouldinj in Europe. 

A number of different lo'mt cf eo-opc.-Jt an with an English company in 
lettmg op a provision unu in the U K. to cii-oughauc Eu.-onc would be 
tonude-cd. It « envisaged that an inifal in* urn ant of £750.-000 would b? 

necessary . 

Innreitcd aart.-i thou'd write, j«vij i- •?' J.'tnli of srcient interests and 
other relevant details. All replies will be treated <n strictest confidence by ih: 
company s U.K. consultant. 

Y/me flo» G.21S2. Financial Times. 10. Cannon Street. iC4P*S*. 


ACTIVE PARTNER REQUIRED 

Well established Australian Company, specialist applicators and 
manufacturers of protective coarinr;. requires capital for 
further expansion in the surface coatine industry. 

Approx. SA2CO.OOO 

Pro/en and profitable performance over 27 years. For more 
details apply in wricin^: “ Active Partner,"’ GJP.O. Box 2422, 
Sydney. NJ5.W. 2001. Australia. Director will be in London in 
August. 


COMMERCIAL 

MORTGAGES 

AVAILABLE 

al competitive rates 
Periods up . to 15 yours on 
Freehold or Lony Leasehold 
owner occupied premises. 
CREDIT ADVISORY 
SERVICES LIGHTED 
1 SL Pauls Road. Bristol 8. 
Tel: (0272) 36489/294575 


MERSEYSIDE AREA 

Capital and expertise nailable for the 
purchase of a share in a viable busin-i* 
with undoubted expansion potential. 
. Ad vert Iso r is managing difjctor /char- 
tered accountant with many years' 
business and financial experience. 
Write Boa C.2TA7. Financial Times. 
10. Can nan. Street. EC4P 43Y. 


HAVE YOU A BUSINESS WHICH IS NOT 
VIABLE LN ITS PRESENT ENVIRONMENT? 

When combined with additional business could result in a 
viable company. We are particularly Interested in companies 
in the North-West of England specialising in the mass 
production of fabricated components, namely tube wire 
manipulation, presswork. etc. 

Please reply in confidence to; The Managing Director. Crosby 
Springs Limited. Fleet Lane, St. Helens. Merseyside. 


MERCHANT BANK 

Investment Opportunity — South East Asia 

Nb« operating as a Finance Company 1 Incorporated in 1972). licensed :c accept 
Depone*. c«pc-ieiKed in tha Financing of Export- Impart ride, B-idging. 
Mortgage. Hire-Pu.-cbue. Securities etc. in Hong Kong, interested >n .cannon 
in South East Asia to specialise in Money Market. Foreign Exchange. Co-pirate 
Finance an 4 a!( Me-chant Banking Service*, seek additional Canital oiiferably 
from an establish'd overseas Bank, interested in having a present; :h-ou?h 
such a vehicle, to avail of ih: opportunities in the region as a growing 
Financial Centre. Will consider relinquishing control if so required. 

Writ- Box C.2I7 4. Financial Timet. 10. Cannon Street, E C4P <5 (. 





FOR SALE 


COLOUR PRINTING BUSINESS 
FOR SALE AS GOING CONCERN 

TURNOVER £750.000 

4 colour Roland Ultra. 2 colour and mono' machines. GuiHo- 
lines, folders, stitcher, etc. Own plate making. All modern. 
Very well equipped modern building. Sp;*«-e 15.000 square 
feel includin'-' offices. Ample parking. Building for sale 
freehold or could oe rented. Near London. 

Write Box U.2156. Financial Times. 

10. Cannon Street. EC4P 4BY. 


ATTENTION — 

SMALL LISTED COMPANIES 

We are an established Private Companv, whose present 
activities are in construction and allied fields. 

We are seeking a substantial interest in a publicly . listed 
company by way of injecting into it our very profitable and 
cash rich subsidiary, to expand its activities. 

Replies in confidence to: 

Box (.72093. Financial Times. 10 Cannon Street. rJC4P4BY 


PRIVATE PROPERTY COMPANY 
FOR SALE 

Only asset freehold block 15 flats and 5 shops built 1972. 
Estate Centre. Total Rents £10.000 plus. Good potential. 
Advantageous Long Term Mortgage. 

Write Box G.2157. Financial Times. 

10. Cannon Street. EC4P 4BY. 


RESIDENTIAL DEVELOPMENT CO. 


WANTED 


TAX LOSS COMPANIES IN HYDRAULICS OR 
REFUSE COMPACTION FIELDS, EITHER IN 
PRIVATE OR PUBLIC OWNERSHIP. 

Write in confidence to Bus G.21S9, Financial Times, 
10. Cannon Street. EC4P 4BY. 


\ veil H*ia'ilwhcii private i-uiupjny uperahn: in Ynrkphire 
and l-an-ashire. SaSe*t circa £2m p.a buildinc around MO 
h> hi. p.,i.. mainly higher prict- ran;:*.*. Land bank for -l 
tears at un-scnl output. Substantial stork appreciaiion and 
lax dUow.tr.ce.-i 

P ru fits £15(1/200.000 p.a. 

Principals only. Wrile Bov <1.2155. Finaru-i.,] runes 
10. Can non Sired. EC4P 4 BY. 


MOTOR SPARES AND ACCESSORIES 


Fully Recognised 

Advertising Agency 

with sound trick record, good manage- 
ment and financial resources, seeks to 
a 1 quire other Advertising Agencies and 
Consultancies >n order to exps-id its 
operations and develop new areas o.* 
business. Lota-' in n nut impo-tanc. 
W e »r e M.il.ng to eoniidc- a 1 prooaai- 
tions from principals wart ns ifioui'v 
ta discuss post b<-: acquisition 
Pi-ase w'-tc in unfidan:- to o»-ui« a 
in ih? fi-st instance Pi-licula-s »iM 
only br Id- " a rdi-d .0 oii- :l ;nt vftei 
the vendo-’s appra*»: 

D J. WESTON. ESQ. 

KESCkS V-OOLLET l WSST^M 
Broadway Chambers. St. Four's 
St. Alban*. Hr-iferdsh-re “LI U:.‘ 


Weft established. 

T. O WELL IN EXCESS OF £250.000 P A. 

Own well-equipped comprehensive workshops. Located Bristol. 
Principals only should reply. 

Wnce Bor G.2IS1. Financial Times. 10. Cannon Street. £C4P 4BY. 


5V3 E&bUB£ SIZED CHAIN 
OF RETAIL SHOPS 

Specialising in the sale of 

T.V.. RADIO. AUDIO HI-FI 

. Well established company wilti turnover approximately Ellli. 
Prestige sites. Please reply Box G.2 152. Financial Times. 
10. Cannon Street. EG4P 4BY. 


JOiHtEV BUSINESS 
FOR SALE 

■ Joinery business situated south' of 
Birmingham for sale. Modem leaseho'd 
premises- substantial modern equip- 
ment. 

For detail i contact 
DAVID LOWE. F.R.1 C.S. 
Cf.'MLET *HD SON 
2. St. Ph Up's Plait 
B'-mifighsm 83 200 
Teleshon.; 021-236 8236 


WANTED 

Motorcycle Dealer f Repairer 
with turnover not less rhan 

£250.000 preferably 5outh 
London. 

Reply to: 

6ATE5. WELLS S BRAITHV74ITE 
81 Carter Lane. London EC4 
Td: 01-236 9031 


COMPANY WITH 
EXCESS CASH 

LOOKING FOR A BUSINESS 
TO PURCHASE /INVEST 
IN ANT AREA 

Could be opportunity lor ownjr who 
Wishes to retire. The amount avaii- 
ab'c for Investment !s El 00 00D. 
Wr»te 8o* G.2159. Financial Times. 
10. Cannon Street. £C4P 4&Y. 


WE WISH TO 

PURCHASE A 
COMPANY 

preferably in a service industry. 
earning pre-tax profits of ji 
j least £Z5C.OOO a -ear. Rtolies 
please to Mo'mr Securities 
Limited. 19. Be Iron Street, 
i London WIY SHS. with 5 v*a:s 
l. balance sheets Strict confi- 
dence assured 


Small Private 

E2P9&?fdWWAilB3iiS- 




SIT-JATED IN .vfiST END 
srehs ca Purchas: or merge will! 
uni u-. 

SPECIALISTS IN 
BUILDING MATERIALS 
Main markets Midd’? East and Af-.cA 

Wr*te So r Financial Times. • 

10. Connor. Stree'.. EC<P AflV. 


GAHACsfla G05fiPAS«Y 

SEEKS TO ACQUIRE SMALL 
UK FOOD/ FISK 
IMPORTING BUSINESS 

Write E-ov G2066. 

Financial Times. 

10 Cannon Scraet. EC4P 4 BY 


Company awning freehold *.i» I T4 
acres) with rcfuriiiih:d Inn and B:s- 
tau'anl. Luxury iclf-ca faring Flats and 
Howl lor sale. Annual iiinaviji 
.Cl 20.000. Offerj m excess ei 
"i-250.000 required Principals only 
please. 

Deieifr from Bor G.2JJ3. Ffnaneio) 
Tunes, 10. Cannon Street. £C <P <87. 


PLASTIC DEVELOPMENT 
AND MOULDING BUSINESS 
FOR SALE 

Net profit year ended 5th April. 
, 1977 approximately £24.000. 

•; -Offers around £60.000 
will be considered. 

■‘•Write Bor G.2187. Financial Tintei, 
10. Canopn Street. EC*P 4BT. 


WISHES TO PURCHASE OR 
FINANCE ESTABLISHED 
MAIL ORDER COMPANY 

Write Bo* G.2 [60. Financial T-'mes, 
10. Cannon Street, £C*P 4BT. 


, CAPITAL GAINS 
TAX LOSSES 

I The company ha* capital gains tar 
| lo-set Available for disposal m s.scs 
tram £ 1 00.000 to 1 1.3m. 

Pleats write to company’s advisers 

Bar C.2I54, financial Times. 

10i Cannon Street. EC4P <By. 


YACHT CHANDLERS Fgr Sa'e. Esl- 16 j TADWORTH, SURREY, CUse M.ZS motor 

-» Wi - P,,mc ° 0S ' ll0n S J CW ' ? - A,!Pa: - ! Rcioato InKfHStton Mofler 

■e.ve eurocie Deiipncd 2 Floor snop. ’ Far tar, q u.in ,, — 

.Aius larno 2-two Flat over. 15 F,ewr 5 5, * a ,l - r^'t B "oouworkinq 

aeaie. DeUlla Bor G JIM. Financial' " 0ni W™ 6 ' ,r 1 huS ' n «^ H B.. 12 
Times. 10. Cannor, Slrees. scan 4BY. I L “‘* ,fB ’ !,au ‘’3 GarOcns. Lonoon. w 6. 


UK AIRFREIGHT 
FORWARDING . 
COMPAN1* REQUIRED 

SMALL/MEDIUM SIZED 
Number of offices, immaterial 
Write Box G^lfi*2. 
Financial Times, 

10. Cannon StTccl. EC4P 4BY. 


WANTED 
TO PURCHASE 

1 am interested in acquiring a 
partial or total interest in a 
corrugated container sheet 
plant. 

Write Bo* C.2I64, Financial Times, 
ffl, Cannon Street. EC4P 4&Y. 


1 ACQUISITION MERGER Wine ano or Solrlr • 
Trade Youno Company wish ambitious ' 
manaoement «isn io n'-ouire wire and or ' 
i sot rij hu 51 ness er eosslblc mqrqcr -vifu.i- 
tlon. Write Bo* GZISfi. Financial Times.) 
Id- Cannon Street. EC* aflv. 


PRIVATE INVESTOR 
WITH LARGE f 
CAFITAL FUNDS/ 
is interested in acqv--,ng coP trolling 
interest m t'jding iompimes In South 
Wales and the West. 5 
Continuation qf present marbitment 
is essential. ; 

^tply to the Managing Di-sctor. 
Box G.2H3. F.naic .’al Tirjet, 

10 Cannon S»ree:. EC4P 08V. 


INSURANCE BROKING 
COMPANY REQUIRED 

Annual Premium 
.nWMNNMSaOMO 
Full dc toils io Box G.ilfia, 
Financial Times. 

10. Cannon Struct. EC4P 4BY. 


MANAGER. 38. tec' s ■ nvuio. eaultv 
sbaie in tbririnp rural rnanufotiuriiva 
OuSine-.;. n«n,nq rroiciilona! sales dovcl- 
onuMi Initial driallf. ro Box G2161.' 
nnanubi i.mcs. 1ft. Cannon St'CCt. EC4f* 

^ BY - 


INTERESTED IN SELLING ' 
yOlfil ROAD HAULAGE 
BUSINESS? 

If yon have premises in 
North /North West/Wast London 

OF UPTO 2 ACRES B 

Chamberlain 

UTo^&Wiflows 

01'SS24633 

iuubouu conu liUEs. itmoon mi fro 




l|/y | 

iHi 




GRESHAM TRUST 
LIMITED 

Permanent and longterm capital 
for the successful private company 

Also a wide range 




Jf.it 

ft) fVJ t^A't ■ I iTT » V s [» ( * f * f ff i 


■ 75% cdsha^alnstinYoic^^ K^^yQuranpitto Work 
U ' today. Oiic;iavgice discquntto^'sistemls entirely . 


Selecrive finance tor properry development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further informati on 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, : • : .. 
LONDON EC2V7HE. 

Gresham Trust Ltd. Eomsetoo House. Gresham. Street London EGV THE 
Tel; 01-6066474 


Birmineham 


Tel: 021-236 £77 


EXPORT ENQUIRIES INVITED .EOJEL 
ELECTRO MECHANICAL 
EQUIPMENT 

We are manufacturers of Generators up to 
1.000 KVA and specialise in supplying Dorman.:- 
and Ruston spares and others. ; . •*$ 

TOY NOT TRY US FOR PRICE AND DEIJVERY? 
Consultant Electrical Design Serriees Ltd., 

19, Doivning Street Sutton in Ashiield, •• 
Notts. England. "• 

Telephone: Mansfield 53922 or 574S5. 

Telex: 377726— CEDS G. ' 


CONSULTANTS REQUIRED 

The Role Organization Limited is a management consultancy- 
organisation specialising in the study of its clients'- markets 1 , 
and their products. In addition, it handles a wide range of 
personnel assignments, including sophisticated sales training- 
and the placement of permanent or temporary personnel trf a 
management advisory or executive nature. \« 

ROLE is seeking to increase its- panel of experienced' 
consultants available for assignments within the UK or abroad.. 
Consultants (male or female), in particular in the field" -of- 
corporate planning, marketing and sales training, are asked 
to telephone either John Christian or Lewis Morgan-Thonias 
on Milton Keynes (0908 ) 78755 to arrange an informal, 
discussion. R/6/3. - ’.-v 

THE ROLE ORGANIZATION LIMITED. • V 

39/41 The Concourse, Brunei Centre, 

Bietchley. Milton Keynes. 

Tel: Milton Keynes (090S) 78755.- 


REQUIRED f 

ADDITIONAL BANK FACILITIES -V 

Medium-sized company trading internationally in building 
materials, fertilisers, foodgrains. 1977 turnover US S25nn 
Half year 1978 US S25m. / / 

Write Box GD16S, Financial Times, 10, Carmo^ Street 
EC4P 4BY. / 


SOUTHERN ENGLAND 

PRECISION ENGINEERING AND 
MACHINE TOOL COMPANY 

with extensive modern plant and small Skilled workforce 
seeks merger (outright sale may be considered with large 
organisation). Turnover approximately £90,000 p.a. 

Inquiries invited from quoted companies. Write 3ox G.2129, 
Financial Times, 10, Cannon Street EC4P 4 BY. 


IS YOUR 
BUSINESS 
STAGNANT 

Ex-Mjmging Director jnd Chiirmin 
ol th.fi.' Puoiifi Lqrnpfini«k. with 

pro-c.i --4C* rvfiord. is now rrc« to 
<:»pt jonsuiunL)' ttsigiimonu. 

M / v.ae dxpc.ic.ifi; m ;nj.iuc-in£. 
m*ik«(-->2 o> fior.suriicr piodjcts find 
ti»-xo-ds.c ri.ian:.,tB methuds eriib .-i 
.ne to report qu<fi«i* xuo d;:in>; / 
a.» n*js io m;rjui company prqrn. 
fiP'lity My m^ch.d* ».ll >»*« L<ms. 
disturufinc:. executive u'l-csi find Ifirqc 
:onrin U ing tecs. 

Pleas? write in lull confidence v’lh 
brief details ho/ G.2 171. Financial 
Times. 10. Cannon Street, EC4P 45Y 


ARE YOU A 
SMALL PROGRESSIVE 
COMPANY 

cipibl: af finalising the development 
of fi prototype electronic recording 
eauipmen; «vuh latest logic dei'jn. 

leading w engineering the product and 

underjaiung roll productfon? Il rou 
fir' int-:rcticd and ?.svc chj necesti'v 
fiaPfiCity. Please •>»[• and w; will 
immediately contact you. 

W> t« Bo* G.2I7I. Fman-.iai Times. 
10. Cannon Street. £CHP «BY 


PUBLISHER 

•.if puiential intemaiional 
l>e st seller requires additional 
private finance. Limited 
period. High return. Write 
Box G.21S5. Financial Times, 
10. Cannon Street EC4P 4RY. 


CONTENTS OF 
FRINGE BANK 

(and I ioqi other sources) 
Exceptional quality office fumitura. 
teix desks, hide chairs, swivel chain 
In tv'etd. filing fiibinen and filing 
cupboards. Adl*r and Olympia type- 
writers. 1 00s of other bargains. 
Phone far details: 

Brian North or Bill Raynor ac 
- Commcrfiial." 329. Gray's Inn FLaad. 

London WCI 01-837 9643. 


British and 
European Business 

New Partner required 
London W.l. and Spain 
Unlimited stop; lor strong' personality 
property and files entrepreneur to 
inak; decisions and motivate peop<* 
50 thpr c ,n a iman propc-ty and 
building iompsry. holiday villas, indiis- 
t-Ial houti-ig. etc. British and European 
markets. Lew overheads £50.000-- 
order* in. hand Total in»eitm;n« ol 
£20-25.000 including iharo of Spanish 
esmpany and ulci agency. Potential 
for larg* contracu fo' 5Pimsh and 
Other domestic mirkytt. 

Tel. 01-458 2004 


DO YOU NEED A NORTHERN 
OFFICE/REPRESENTATION IN 
THE NORTH ? 

We have prestige offices In 1 the centre 
of Old Tor-fc with spare space/capacity 
with swlichboird. Telex, and secre- 
tarial aid a* required. 

CAN WE HELP YOU 2 

Details from, and suggestions to, 

Bax GJf69. Financial Times. 

TO. Cannon Sweet. EC4P 4&Y. 


Piece's each Pirn Grade cop U.K. 
manufacture - 

15-30 4 PR Tyre & Tube 

and 

750-16 6 Tyre & Tube 

available through September to 
mid-October 1978 
EURQTTRE5 LTD. 

Station P.d.. Ilmintrer. Somerset. U K. 
Phone: 04605 3011. Telex: 46338 


• LIMITED COMPANIES 
' FROM £69 , 

Formation in Britain and all major 
countries and off-sho*e areas including 
ISLE OF MAN. PANAMA. LIBERIA 
and DELAWARE. 

Efficient pc-jonai service.. Contact: 
CCM ltd.. 3. Prospect Hill. Douglas, 
hk of Han. Teh Douglas' (0624) 
23733. Teitc: 627900 8AUOM G. 


MANUFACTURING CO. 
SURREY AREA 

REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present sub-contracting £100,000 
of presswork per annum. Surrey- 
baled firm preferred. Please send 
details o.f capacity available, e.g. 
presses, etc. 

Write Bo» C.2121. Financial Timet. 
TO, Cannon Street, EC *P 4 BY. 


PRIVATE INVESTOR SOUGHT 

to fund freehold agricultural land 
on profit sharing basis. Approx. 
450 acres, £l,200-£l,400 per acre. 

Please reply to Box G.2 133, 
Financial Time*. 

10. Cannon Street. E4CP 4BY. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS 00. REGISTRATIONS -LTD. 
30. Gty Read. EC1 
0M25 S434/S 17361. 9936 


■ SELL IN ULA.E. 

Managing, partner of Gulf company 
visiting the U.K. Nth July withes to 
meet companies wanting to export or 
be reprosented in the U.A.E. Main 
interest building material!, iron- 
mongery. architectural ironmongery, 
shop finings, partitioning, ceilings. 
Please send details to BA 
Box G.2 1 TO. Financial Times, 

10. Cannon Street. EC4P 4BK 


phone us ; <hiect'.' - - •- ->-■ ' =* *. a .* 

Confidential Trivoice Ksedurite Uadi 

r - C i reus House; Nevr Enqlaad Rbat£BkWii(in,Sus3ex BNi 4 
■ Te3epbone:Bilgbtbh‘(02?^ 60SWOTOLesfi87382 , 
AlaoBirntiitgitaifaCzi jlfL Leeds, london, Mahctt£$er, 
A subrn'diary of Tn< mw Knp wl . f'lmltvrl'^ ■ 






TRADE IN ANTIQUES TO THE 

; :>■. : • v: . ■■ .. 

As a result of. recent sale 1 of ifanaily company; -funds 'are 
available with which to . acquire stock's, etc. ^ ; -j- . . r. • . 

Contact is? sought-' txr-the Middle:' East Srith7HpersoD“^ble to 
establish outlets and- arrange shipping, storage, .distribution, 
etc. A good knowledge -ot. Bhipping/insurahc^ is , essentia]. 
Exchange visits, would toe- necessary in c the Arst histabce. The 
applicant would be expected .'.t6 ; have : sufficient ijrads available 
to purchase stocks is the first transaction-^ .. vp - - : - 

Write Bax . GJ2183, Financial Time^ aO, Cannon Street, 
EC4F 4 By: ’ r % • \ v ' ■ 


One of die most exclusive apartment copijdexes in file 
- .-. -> ; 'C&sifa del SoL ’• ‘ \J ■' 

Offered-' “by the developers fa r sal*: rdrtpJeted! '- ) 5 - Air 
CondidOned Peiwhoiise style - . apartments with fabulobs 
coast at add mountain views,. Swimming Pool, ^gardens -' etc. 
Located in the award winning- residential park ol TorrertiueHe; 
Golf course and. . Casino. -wrUiia : 21ems;. Superb -private ckrb 
potential-4 ic. 5 Bed roomed Apts. 5 x 1/2 Bed room edApts. 
4 x 3 Bed roomed Apis, and 2 x Ca retaken Uoitr,’ - - 
- $1,0003)00 PRINCIPALS ONLY . T . 




[ Z Vr3 I 


EXPORT^ 

New York State ..stfefixary ' of ' large * U.K 
Group can provide varied ^ervice^-r^cconntiiig, 
payroll, taxes, shipping .-correspond epce. ' ware- 
housing, for company exporSng from U.K. to TJ.SA. 
Pharmaceutical or allied indusfries preferred. 

For further information write: •* ... : 

Box . G.2I76, . Financial Times, 

... 10, Cannon Street, EC4P 4BY. 



m 

g 

a 

SQ 

M 


Mfrs., etc.;' to establish ’In 
America a . completes service 
is offered. \ 

Market JSvaluation.V 
® Location & Evaluatife^i of: 
- Company Acquisitions, 
Distribution & Manufastg; 
• ..'faculties, fete; .. v 
For.brochare, etc^conSact\ 
INDU6TRON consulting * 
270 Madison Avenue' 
New York, N.Y. IffiSlE 
• Telex: ITT 423067 ' 


... . PROPERTY 
DEALING COMPANY^ 
IF you -are tired, of working 
as ' a Property Broker "or. 
Dealer, and hoping .to -go into 
business on your ; owit, but 
have no finance, try. us. We 
will fihance your deals and 
share >viih you the profits.' 
Write Box ‘G.2 172; Financial 
- . Tames; 10; Cabium Strdet; 

■ EC4P 4BY. . 



w-TiliTTfftiiTi 


fTOPKTTETimi '(.VMn 


m\ 







CAFITAL LOSSES. WANTED 

Up to - £4m. capital losses 
wanted^ Company with large 
unrealised capital gain wishes 
to~ pufdiase , agreed capital 
losses Principals only --Wrlto- 

Box -<^81,- FinandUX.L- 

; Times, 10, Cinhon Streep ^ 

; ; . ■ top '4 by." <<.:?■ 


Mr. Naffia 01^7p 4044 



^^tli^0omjrany > 

^STTUATEDtN 

*-/ CENTRAL LONDON ± 

ptptant samovar rSOO.OOO per annum. 
rqqulfej' cApkal. fair, reiavosnaont in 
-«e* wachiiwry.’ Prostni ownem/dlrcc- 
W* wanW. inter mtad , parses 

fbf. tfiscsssfons .td -mnaraf ^advantage. 

. Wrifio- Bo* 80 i fjtmclal Timm, 

Canton Street, BC4P 4BY. 


fBM ELECTRIC 


jVR DETAILS: C9T7 661 if i 
; GENUINE ENQUIRIES : OFtLY - 



ttCPORX AGENTS' rwilrw| I to ajl'JJS* 
Skat«t»res. Write -Bra; .G2m. jMtiam. 
guI Times, to Cannon Str«L EC4fc4SY. 

OVERSEAS RESIDENTS;' Smid -Wr xTor «rw 
DTWhuro . on ewwtrl^* *4 nncM: jaia_ 
iuodIIcs- ExML. Box 328 . Lomlan .SE 2 T 

3HG. Tatov..9f743t -EXPAT; G, t 

AGENTS’ STOCKISTS reaulr«J.4op mtftcd 
ant* canned soft - drmks. • ano FraiGir'. 
1 Cowuc' aMl ,,BranBv in . th«. ■ULK, ;antJ 
I overseas, tof new. ana excicmo ftwoot* 
wrUc-TKgc feat 77,-JRnjiirii) .TLrrrqtr. TOj 
> • Cannon • Strwr. £CAP> 4B Y F “ :Z * 


fCi g : Vj 






















?Tta 





is no 



create new 





■ ji 


*-,■ ^ ■ • * ■ • * 

»Vh Z?: ? \ a 


THE .latest figures on UK 
economic activity may be mildly 
encouraging, but they- do little 
to allay fears that the long-term 
trend, in unemployment is still 
upward. Stimulating demand 
will increase consumption of 
goods, but changing technology 
will mean that less personpower 
will be required to produce 
them. Volume product - best 
made by labour • intensive 
methods will be imported from 
the Far Earn and the Third 
World. . ^ 

It will lake ten to 15 'years 
for the UK t» find appropriate 
high added-value products and 
services, and to organise itself 
in supply tfiem: In-" the mean- 
time, action ' is -required to 
ameliorate the eirects of change. 
Passive measures ' to prorect 
employment— like job. subsidies 
— are useful; so too are active 
projects for improving the 
physical or social environment. 
Much more important for. the 
longer-term are adult retraining 
programmes. Subsidising young 
people to stay at school could 
be productive, provided that 
they are helped to acquire the 
skills needed for the 1980s and 
SOs. 

‘ Bui some see this whole view 
as. over-optimistic. They say 
that traditional growth rates are 
no longer a sustainable objec- 
tive. With the added impact 
of technological advance, the 
volume of work to he done 
will shrink and a start must 




■'■U: 



be made now to share out the 
remainder. Otherwise, there 
will be a gruwing^number of 
under-privileged, unskilled, un- 
productive unemplqred people 
: swaying between Jgpathy and 
destructive anger. ^ This con- 
tingency requires ^plan. 

In its April Gazette, the 
Department of iSm ploy men t 
examined three ways of work 
sharing: a shorter basic work- 
ing week: longer holidays; and 
a reduction in overtime. 

The Department discarded 
alterations in the working week 
or holidays as inflationary, 
likely to affect the competitive- 
ness nf UK manufacturers and, 
therefore, self-defeating. How- 
ever, it suggested -that reduc- 
tions in overtime might be used 
for job sharing without such 
adverse effects, since premium 
payments would be -reduced. 

If it were possible, hypo- 
thetically. to convert all over- 
time worked in manufacturing 
into full-time jobs. ^‘un employ- 
ment in manufacturing could 
be eliminated, the Department 
said. The practical problems of 
reduced flexibility, carrying out 
work which has to be done mu. 
side normal hours, reductions 
in earnings' and packaging 
overtime hours into workable, 
jobs would, in the Department'-, 
view, limit the potential of this 
approach and would require 
detailed planning at the work- 
place rather titan nationally. 

How real are these problems? 
As a start it is necessary in 
identify the people tvhjpse work 
might be shared. The-. Depart- 
ment of Employment's statistics 


Eric Heuch and David Kingston 
question the feasibility of 
the Department of Employment’s 
proposals for work-sharing 

BREAKDOWN OF LABOUR FORCE IN A TYPICAL 
ENGINEERING COMPANY 

Number Overtime hours 

employed worked per man 

Occupation (manual mal es) per week 

Maintenance of all types 40 10 

Process plant operators 15 * 

Machine setters 45 8 

Machinists (skilled) ® 

Machine operators (semi-skilled) 40 3 

Tool room workers 30 * 

Material 'handling & stores 80 “ 

Quality control 330 4 

Assembly (semi-skilled) 580 j 

Assembly (skilled fitters) 40 6 

TOTAL ** manual males ” 980 5 


T<r 




t 6 y/<V 


ttHSLBg 

COM 


Promotional and technical 
literature for export 
sales to the 

Arabic-speaking countries 
of the Middle East and Iran 
-must be translated and typeset 
in the -idiom and style - 
the market .demands, 
by specialists 

BRADBURY WILKINSON 
(GRAPHICS) LTD 
NEW MALDEN. 
SURREY KTj 4NH 
TELEPHONE: OI-94T 3^71 


Average 
- 'overtime 
hours 

Type of per person 

Worker per week 

Manual Male -5.R 

Non-Manual Male 3-4 

Manual Female 13) 

Non-Manual Female - A-3 

The next table shows, the top 
ten occupations currently Work- 
ing overtime. 

Overtime 
-hours 
per person 

Occupation per Week 




! Heavy goods vehicle 
j drivers .. ‘103 

Bus and coach drivers ICS 

Bus conductors ' " "9.8 

Mechanical plant drivers , 9-8 

Agricultural machine- ' 

' drivers 8.9 

Other drivers . 8-0 

Crane drivers ■ 7-9 

Foremen (sheet metals, 
etc.) 7.5 

Maintenance fitters /-4 

Furnacemen 7.0 





are invaluable. The fira! table 
s>huws that male manual workers 
carry out the most overtime. 

The second table might suy- 
gi»t that there must be some- 
thing about oil and petrol which 
generates a desire to work over- 
time! In reality, the common 
Taeior between most of these 
occupations is that, iD each, 
people are performing a service 
function, involving expensive 
machinery, to meet customer 
needs. Labour cost is a sub- 
ordinate factor. 

Women set 
work patterns 

Does the work have to be 
done by men working long 
hours? In some cases, at least, 
work could be shared by extend- 
ing shift-working, split shifts or 
split-week working. But how 
acceptable would the conse- 
quent reduction in weekly 
earnings be to those currently 
employed in these fields? 

At the bottom end of the 
overtime scale, men in clothing 
and footwear work oniy 2.6 
hours -per week each. These 
are labour intensive industries 
under international competitive 
pressures; work patterns are 
also -set by the -women opera- 
tives, . who- provide a high 
proportion of the workforce. 

in (between there is the mass 
of workers, many in engineer- 
ing, for whose\overtirae habits 
the statistics provide no readily 
.identifiable pattern. In order 
to assess the feasibility and 




possible scale of work-sharing 
among these, let us examine 
the case of a hypothetical com- 
pany m engineering with a 
typical mix of overtime work- 
ing. The numbers employed in 
various departments are set out 
in the third table. 

The overtime can ’ be 
considered necessary for three 
reasons. Firstly, there is essen- 
tial work lu be done outside 
normal hours in maintenance, 
in starting up process plant and 
materials handling. Much of 
this is done at different loca- 
tions and times and cuuld not 
be packaged to create jobs. But 
there are 15 mechanical 
maintenance fitters- who work a 
basic week plus high overtime 
and it would be technically and 
economically feasible to redis- 
tribute their work to employ- 
four more men. This would 
require night-shift working or 
some form of split week, with 
two groups working three and 
four days alternately, and would 
pose a recruitment problem. It 
would also involve persuading 
a loyal group of men radically 
to change their working 
routines and to accept a pay 
reduction, if costs are not to be 
increased. 

Overcoming 

bottlenecks 


The second reason . for 
overtime working is that 
sufficient skilled men cannot be 
recruited. Management uses 
overtime to provide capacity in 


bottleneck machine sections, i 
and to enhance the earnings of ] 
skilled men. The latter is ( 
required to. maintain acceptable 
differentials against semi-skilled 
assembly workers who earn : 
bonuses, and to retain the men. 
If these problems did not exist 1 
and recruits with adequate ; 
skills could be found, the com- 
pany would take nn 10 more 
people. 

The third function of 
overtime is to ease short-term 
bottlenecks and thus to main- , 
tain delivery performance when 
sales demand fluctuates. This 
occurs in- all sections, but is 
the principal cause of overtime 
among semi-skilled assembly 
workers and in quality control. 
It is unpopular with many 
employees because it is called 
for at short notice and is 
unequally distributed. With 
current overall levels of 
demand, sufficient recruitment 
to eliminate overtime would be 
costly and unjustified. However, 
improved control of production 
flow> would reduce fluctuation? 
in demand on assembly. Then 
recruitment of six men could be 
justified. 

So. in theory, this company 
could increase its male manual 
workforce by 20 people nr 2 
per cent 1 14 skilled men and 
six semi-skilled). A similar 
scale of increase in the 
engineering industry generally 
would reduce manual unemploy- 
ment in engineering by about 
40 per cent, which is a signifi- 
cant contribution. But, in 
practice, this cannot happen. 
Most of the place- to he filled 
are for skilled peuplc whu are 
not generally available. 

Reductions in overtime which 
do not affect product costs 
would require substantial re- 
ductions in individual earnings, 
since total pay would have to 
' be shared between more people. 
This would seriously disturb the 
compromises hy which em- 
ployers and employees over- 
■ came the deficiencies of wage 
! structures which cannot be put 
' right because of pay policies. 

\ This, in turn, would he widely 
, unacceptable to the people con- 
cerned, who would either leave 
or become disaffected. Com- 
pensating them by special pay- 
ments would increase costs. 
The upshot of all this would 
be a reduction in the firm's 
international competitiveness, 
r and employment prospects, 
t This is essentially the reason 
, the Department of Employment 
5 give* for rejecting a shortening 
1 in the basic working week, but 


it also appLies to its alternative 
proposat— the reduction of 
overtime. 

Even if these problems could 
be solved, employers would be 
slow- to recruit because over- 
time provides a cushion against 
the effects of a drop io demand 
and an insurance against 
redundancy; this they want to 
avoid because of its effect on 
motivation and morale. The 
costs of redundancy are signifi- 
cant but of lesser importance. 

Among smaller employer* 
with no personnel departments, 
the perceived unfairness, pub- 
lic humiliation and financial 
risks of the Employment Pro- 
tection Act are major 
hindrances. Better lo pay £1.200 
a year overtime premiums to 
four trusted employees to work 
ten hours each extra a week 
than risk £1,000 compensation 
and much aggravation by 
taking on an exrra man of un- 
known calibre and personality. 

The Factors which make work- 
sharing by reducing overtime 
difficult are among the most 
important of those which slow 
up the process of improving the 
competitiveness of UK industry 
— lack of confidence, shortage 
of skilled people and distorted 
wage structure.'?. To make over- 
time reductions a national 
objective would be like attack- 
ing one symptom of a potenti- 
ally fatal disease by methods 
which would exacerbate other 
more dangerous effects. At the 
least, overtime provides for 
flexibility during a process of 
change. 


Generating 

wealth 


Surely we should concentrate 
on providing the conditions 
under which the competitive- 
ness of products and services 
can be improved? This would 
generate wealth and make it 
easier to shar* *rk. If social 
pressures do ft-i-re that work 
sharing should start earlier 
rather than later, the debate on 
how this might be done should 
start within the constraints used 
in this article. The costs and 
competitiveness of the organisa- 
tions concerned must not be 
affected. They provide the 
wealth which makes work shar- 
ing possible. They should not 
be inhibited in that process. 


Eric Heuch is a senior consul- 
tant, and Darid Kingston is 
manager, business economics 
dit-ision, of PA International 
Management Consultants. 


People Development in Develop- s 
ing Countries by Ross Ms the- > 
son: Associated Business 1 

Programmes, £9.95 t 

'•WHY IS it that each new ex- 1 
pert insists nn ignoring what { 
thr expert befure him has 
achieved? In he comes, secure ' 
in his inexperience, blinded by ^ 
his enthusiasm — mouth open J 
and mind closed. Every time.” j 
Such a criticism would be ' 
condemnation enough if it were < 
made about professional con- ( 
sultants called in hy companies j 
in Britain, but when applied to ! 
the expatriate expert recruited 
fur an operation overseas it 
assumes a n«-w significance. 

It helps to explain why the ■ 
governments of third world 1 
countries are so often wary of 1 
hiring staff from the West, and 1 
illustrates one of the problems 
facing the personnel manager J 
working overseas for u company 
suffering from a shortage uf 
indigenous expertise. 

This book aims to reduce the 
likelihood of such recruitment 
mistakes and attempts to show- 
how. through an imaginative 
use of manpower planning and 
training, people development, 
a company setting up an 
operation in a developing 
country can successfully plan 
to minimise its reliance on 
overseas personnel. 

Writteu by a matt who has 
spent most of his working life 
in personnel management, much 
of it abroad for Philips, Uni- 
lever. and BP, the strengths of 
the book lie in the useful detail 
it gives on how best to harness 
indigenous talent. It does, how- 
ever. suffer from a disease not 
unfamiliar to sociologists — the 
mystification caused by an over- 
reliance nn jargon. Witness the 
use of phrases like - “ cross- 
cultural applicability ” or 
“ recognition of this in-contexl 
fact-regarding people develop- 
ment." 

But in spite of the language 
the message comes through. The 
starting point for the successful 
development of people in emerg- 
ing countries, he says, is to have 
precise information on the poli- 
tical, cultural and economic 
factors peculiar to each country, 
and in particular the need to 
understand the behaviour ot 
local people and their pattern 
of life. 

; He quotes the example of a 
workforce which was unwilling 
| to accept orders until the com- 
; pany found out that the fore- 
man It had hired did not have 
' the authority accorded with 
belonging to the local aristo- 
cracy. The answer was to 
■ recruit a competent member of 
; a nearby royal family. 

! He advises on how to cope 
[ with the problem of what he 
calls “the national uniqueness 


syndrome." an example of 
which might be the mail who, 
resenting the changes brought 
to the iudigenous way of life 
by the operations of a Western 
company, says: “We have our 
own ways and methods and w'lli 
use them to seek change as we 
have done in the past.” The 
author argues that, while 
respecting national differences, 
the answer is to play up the 
common denominators between, 
countries, particularly in con- 
nection with, say. the mutual 
need to achieve industrial 
wealth and expertise. 

While a structured approach 
to training is essential the 
author warns against the use 
of too much theory. Local 
example coupled with what he 
calls the •• de-sophistication " of 
new knowledge f stripping it of 
unnecessary Western sophistica- 
tion) is the most productive. 

On interviewing and selection 
of staff he warns against the 
inclination automatically to 
regard those who speak good 
English as best suited for the 
job. Tbe author believes that 
this has caused more employ- 
ment mistakes overseas than 
any other. 

On the recruitment of ex- 
patriate staff he emphasises the 
need w exercise extreme care 
by choosing only those indi- 
viduals who are most likely to 
be able tu understand and 
integrate with the local environ- 
ment and population. He paints 
a picture of the ideal recruit 
whnse foremost desire is to 
work within another culture 
coupled with a genuine interest 
in helping others to develop. 

No doubt many expatriates 
would find this chapter rather 
amusing. In practice the com- 
pany nearly always comes first, 
and” overseas personnel ate 
often noted more for their 
clannishness than their ability 
to integrate. 

While containing much of 
1 value to the man who is con- 
cerned with personnel manage- 
ment in developing countries 

■ the book does however tend to 

■ fail into the trap of many 

■ similar attempts to distil a life- 
: time's work into both a theo- 
. reticaJ and a practical guide. 
1 As a result it is neither one 
i nor the other. Witb an array 
‘ of somewhat, simplistic exer- 
cises, tables and charts, some 

1 chapters read like snatches 
5 from a college training manual. 

- while others concentrate on the 

* generalities without the illu- 
: mination of concrete example. 

t Some discussion of individual 

* companies' experiences in set- 
) ting up operations in the 
F developing world would have 

helped provide the meat the 

- book lacks. 


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14 

LOMBARD 

and 
locomotives 

BY SAMUEL BRITTAN 

rr IS almost as difficult to he There is a specific reason why 
critical of international co- present cries of alarm about a 
. operation as it is to disparage slowing down of world growth 
-virtue or motherhood. The fact may be_ overdone. This is that 
remains that international co- international trade depends not 
-ordination of policies is not jusL on the movement of output 
-always the good thing it is sup- in the industrial countries, but on 
posed to be. Evervthing depends how that output is distributed. 
:on how good is the final strategy The Key fact is that although 
which emerges. Some kinds of the U.5- is responsible for nearly 

international co-ordination may 40 per cent of the total output 
-make things worse, even from of OECD countries, its share of 
..the point of view of the world OECD trade is less than 20 per 
.-as a whole. cent. Europe on the other hand 

r- These thoughts are triggered is responsible for 45 per cent of 
-off by tbe campaign of the OECD output 'but getting on for 
Americans, tbe British and the 70 per cent of total trade. 

OECD in Paris for co-ordinated 

sgrowth strategies in the Western Wfnrlri frorlo 
world — a matter of which we t t vllU u aUC 
may expect to hear a great deal ^ point is br 0 U g ht out 7ery 

at the Bonn summit in Jul. . e I<early by David Morrison in the 
Originally we had the “loco- Phillips and Drew Market 
^motive " theory. The thought Review. World trade, according 
was that the three strongest to rh* new index- he uses, has 
economies— the U.S.. Germany normally grown 2J times as fast 
-and Japan — should be stimulated as total OECD output. But in 
'together. thus pulling along the isT6 it onlv grew twice as fast, 
rest of the world behind them. a nd in 1977 at the same rate. 
When this w»nt out nf fashion. The ma in reason for this was 
because of the inability of the ihnt ihe U.S., which Is much Jess 
Americans to get out in frrmt rippendent on trade, took the 
because of the plight of the in the reeovorv and Euro- 
dollar. we had instead The con- pe , n countries had a more 
fijy theorv. This stated tbat all belated and feehler upsurge, 
fbe Western economies should w „ rld therefore lan- 

roove forward together— an un- EU ;, h ed. desolte a growth of 
fortunate metaphor to those who OE ^ n production well up to past 
Tem ember that a convoy travels trendf! This helos to explain 
at the. speed of the slowest wb v protectionist nressures have 
.. boon so strong in an iinvnnj 

hlC! IJ £110 J1S phase of the hiisin^Q rvclc. But 

now th?» the arowth. lead ie na«- 

Jffetaphor aside, is It really a j nE fn Europe. we can look for- 
good Wvittg - that industrial ward an imniovement in rrartn 
economies should expand together pj-ncppcts even >'f total OE'T) 
fn a common movement? Cyclical nn t nit i flae-c cM^htly in its 
fluctuations remain with us. and upward momentum, 
the utopia of steady advance is *11 -knowing and all- 

m - This being so. Dn t r ful girn"r,hoHK micM 
,ctHintnes which expand together ,,-n chmni.se (h* expan- 

»IU also contract together. Surely einn rpfM of HifTf , r «. nf nitric 
-£! S ’^ to hlgger nuctua- _ Bf( fh h aU iT1 

J phase and so that the cotnhined 

different countries are in diF PTnnn cion rate taVo? i«tn amount 

ifcrent phases. *hn ^ilTornot rnntrihiitinn nf rt‘f. 

A boom romnion to all enuo- fwi-nnt rnuntripi: *n world trade 


financial "Times ^Tuesday "Jtiae.: 27 1978 


FILM AND VIDEO 


BY JOHN CHITTOCK 



.tries is likely to put heavy 
•pressure both on commodity 
(jfices and on domestic costs: 
'And a recession wiki he more 
severe if the whole world Is near 
.tKe bottom at the same time. 


Ru« iF ftnn ip srentirql ithnut the 
feasihilil v nf Stirh l|ttra-fin“ 
tuning it micht ho better for 
ihp summit leaders to fnreet 
growth targets and concentrate 
on other objectives. 


with audio in the British import 
figures until 1978, when a disl 
Cion was at last recognised. 

New machines 


DISTRIBUTION OF OUTP UT AND TRADE IN 1976 
U.5. Europe 

• S9 4*4 

18 68 


-Share of OECD GNP % 
Share of OECD exports 


Other 

"isT 

14 


TRENDS IN TRADE 


1946-76 

Average 


1976 1977 


1978 


1979 

forecast 


(1) Growth in world trade 

of all goods 

(2) Growth in 

OECD GNP 

fll World Trade Multiplier 
Patio 14-2 rounded 


+9 +104 


+ 34 
21 


+ 5J 

2- 


+4 

+4 




+ 4* 

+34 

2 


Sourer: Phillips and Drew. Jure Market Review 


The cassette discount 

arrives 

THE ONLY certainty about the Even the newlv-arrlvcd . JVC To this -must be added the 
videocassette business is the VHS is being offered by REW further complication of national 

uncertainty of The countless pre- and Lasky's . for about £50 television standards, such as the 

dictions made about it. Reliable below .list price, and the pros- French SECAM system which is 
statistics, in particular, are pect of much greater reductions not compatible with PAL (used 

notoriously hard to come by— yet before the end of the year now in Britain and most of We ster n 

anyone whose business Is likely seems likely. Europe) and the American NTSC 

to be remotely affected by video- 'Hie one certainty is that this system— different again (and 
cassettes is desperately eager to new medium has now arrived — used in Japan), 
get hold of some hard Tacts. currently helped by a surfeit of It means that the market for 
The leading manufacturers^- World Cup soccer which for pre-reconled videocaaettes is 
nntablv Philins Sonv and JVC Mme yielded-'* dilemma over hopelessly fragmented, xf there 
—have heei ™Uce7i[ a not un- which n-atch to follow, for others is a market for .software at 

reliable in orovidlne information a desperate need for any kind The relatively high cost of video-] 

RiS prXers . Pre-recorded programme as tape as a raw materia^ and ias aH 

Danies and even boob publishers lon 2 it wasn't football. system for mass duplication Is 

would like to know the current Videocassette -machines are unlikely to challenge tbe low- 
UK^ n o du fa ti o n of W y i deo cassette now available in Britain from cost video disc when it becomes 
machmes— because IhStaTE ^c of the TV rental compamej commercially avaitaMc The 
th*» Hup fn a new distribntinn and ear, y predictions suggest future for videocassettes must be 
chain * for nro-«mmcs But that rental may provide the fuel set. therefore, in serving what 
?pnablp fl^urps dn eisr and for ‘ he marketing explosion that Sony have eaUed the “time shift' 1 
Tvef ^fficS sLtrtics ha?e be?n wil1 la 'the U.S-, where concept-merelya method of 

to u» esMS for examnle ^ rental is not established, the delaying home TV viewing of 

th^lumrdno toeerher of video research firm Arthur D. Little programmes to a lime that suits 
2L ‘3 gi Ihf British JSfrt tha « 25 of people the viewer. 

when! di?Sc- P° 1,ed in a wanted to Certainly this is the' current 

figures until ism*, wuen a distinc- Qvm a but onJj . c j g f,t per motivation for buyers, because 

cent were prepared to pay rhe pre-programmed videocassettes 
already discounted price of 5795 are just not available in any sig- 
— an opportunity for rental to nifleant range of choice so far. 
take a foothora. The W. H. Smith bookshop chain 

By piecing together various Another U.S. research firm, is know-n to favour vide© discs 
scraps of evidence, it seems Frost and Sullivan, estimate that as more suitable for programme 
likely that the U.S. population sa i es there will climb by 97 per sales as -well as being easier to 
of videocassette machines to date cent in the period 1977-80. This handle, display and store, 
is somewhere around fm. and cannot be all a case of electronic j f time-shift concept pre- 
likewise in Japan- TbeUK figure excitation: In Sony’s first vails it implies that the 
is possible 80.000. The latter, quarter results to January ol, standardisation problem is of no 
however, is comprised mostly of 197S, videotape recorder sales rea i consequence. Every home 
Philips VCR and Sony U-Matic rose 51.9 per cent asainst the w m recort j i ts 0WT1 programmes 
machines — which have been figures for the previous year . curT onrlv illegal) from the TV 
available now for a few years; (while colour TV set sales were set fQr j‘ ater use on ^ e same 
whereas the U.S. and Japanese down 4.2 per cent!. machine. Onlv the broadcasters 

statistics are being increasingly . Confusing the picture is, of , out. 'finding that their 
influenced by the new generation course, the proliferation of a , , lienees have been liberated 
of TitoMe recorders— the differing tape standards, making ‘ from the monotonous duplication 
JVC VHi> and the Sony Beramax. rt impossible to play a videotape of nroerammes on different 
These new machines are only cassette on rival makes of c i] an n e is 
just beginning to appear in machine. Not only have Philips TV ,_ "hroadea-sters are re- 
British shops, although JVC has introduced, in their longer-play t hav _ iust maf j e a deal 

predicted that it will sell mono N1700 challenge to the Japanese. P™™? *° b ^ ** 
unirs in the this year. This a machine that is incompatible creative unions m res- 

is half the total sales figure for with ihe earlier Philips VCR — pect of residual payments for 
all makes that Philips estimates but Sony’s Beramax is different video sales. Could this mean 
will be sold In the whole of from its more professional that the prime market for an 
Europe this year Some observers U-Matic. The VHS can record expensive TV programme might 
regard the JVC figure as and play to different standards eventually come through video- 
optimistic. for two. three and four hour gram sales — with broadcast 

Nonetheless. JVC is certainly tapes. Grundig has a new rival television a repeat market'’ It 
challenging its rivals. In the system on the way with four- |s nflw befiimjing t0 hap pe n to 
U.S., where Sony s Betamax is hour tapes, and BASF is still the nresent nar- 

the only serious contender, a planning to introduce a tnfally 

supplier of pre-prnE rammed cas- different concept known as LVR tern nf broadcast telev-ision may 
settes— Magnetic Video— reports (for Longitudinal Video Record- n °l be immune from such a 
that the 65:35 ratio of- demand ing). revolution in the future. 

in favour of Bptamax cassettes -- 

has now dropped to evens. JVC 

cfth? n ulm^et ims65p ' rccnl Steam returns to the rails 

-1 u c t ne ri va "rv fJ rha" C ma nu fa c Ui rers TEN YEARS after the la *1 official Two famous locomotives wiU 

claimed would never happen in British Rail steam train run. the be used for 'the s steal 
Britain— price-cutting— has now Cumbrian Coast Express wil! r?.!j ° r vfr 44QR 

arrived on these shores. The most leave Blackpool North Station I r N.gd G^ilef ^th 

fnda ’ V at 10 05 t0 arrive 3t Se,la " SUl « thesfeam town Rail- 
hv REW the hi-fi chain '-tore fie,d - near Wmdacale. Cumbria, way Museum, Carnforth. and are 
in their TnMenham Cnurt S P»*^ed by steam. privately owned, 

branch at £639— a reduction of The all first-class tram, to run The return to steam power is 
well over £100. This offer also ev*»ry Tuesday until Aueust 2». aimed at attracting hoiiday- 
includes two free videocassertes will be hauled from Blackpool makers and children who may 
and a discounted price for to Carnforth by dfesel and from never have seen steam locomo- 
furiher cassettes. Carnforth by a steam locomotive, tives at work. 



Brighton winners 


ji5« 


'ti 


CAPTAIN RYAN.-PRICEr whose -Newmarket representative -Ml nit . BRIGHTON 

fine colts Whits tead and Gairloch, Boy, who “ ave 2 ; 80 — Scbwepperves^nce* w 

did well to take third places in tered by ' 2J8-J»eisufllo fc . . 

the Grand Prix de Paris and Prig finishing a ' 3 . 00 — Grey MbtmtaJn 

d’lspahan respectively . at the Admiral Grenyin® j* . 3,30— Northern Dynasty - 

weekend, should do well con- event at Newmarket first ume ^oo^-Asten FTrs*^.' ^ ' - 

siderably nearer home this out ' -onrewnta- Set.:. 

afternoon. ■ v MecrHIo. ft- . POOTEflUCr 


tive 


“ -ton the thr^ reros against, 
iame might suggest. 


At Brighton's hilltop, course, -..gw in “this -season 3.45— EngjfehT^rt - 

only a few miles from his Findon r heen zeros Gainst, bis.; ij 


RACING 

BY DOMINIC WIGAN 


th : e cood-iooking Lyphard among . th^ nde^ vwUh 31 
hack to his .creditable .successes:. v .~ ;■ . - 

: r ?. C " nf ia«!t autumii, he should . Lewis’s t^t 'chance this after* 
:*r h hard-pressed to dispose fioon seems ^School 
- ; luckless Valdee, who has Road m the-stet-fiiriongPalace 
sent o» some tough asssign- Handicap^ :ghe^fc^ miy*;: a 


establishment. Price coold s^Ss by 

with hoth SebwepDereeseenre to two or three months.^ jt4|mpton ^rher . to*, month, 

onrt Vaporiiin while Rvan Price heads - the seem& surer- w-- go-<.clpsA' but I 

an ™v o ^ * '.t. s. + * i_ ! «LjS!J 5 table here with ^20- doubt if sbqjs qoitfijgobd- enough 
ret *h° f r whmere since March, 1973. Ceoff to concetfe^lb. to the , outsider, 

sagte ggg 

fastest ^juvenile, Schweppeshire Cost of ‘admmstrativ^iiuiess’ 

Lad) bought so cheaply by Price 1 . . ^ . v L. : ; . 

last autumn. ' . : the LAKE DISTRICT Special- -At presen^^tf:p'4rits receive 

On his only previous appear- -Planning. Board yester^y jom^ a^qWtem^^7_^ant fav the 
ante. Schweppervescence. among the other national 

ihe runners for the Eastbourne fies in expressing concero at the-- Com- 
Stakes. did not run at all badly Uoveremeni s mristence tot to -m^mA^^b^se^^endi- 
at Bath, finishing seventh of T 13 parks 'should accept a . jouvt : ^re_ & tbe end 

behind Bolide after runmng Lancial £739,000 as _the ^ : the .ye>^ in- ; which 

green from the outset. price of having their two state the^mOuey ,t£- spfeut. . v.- : 

E The Findon colt ; will haW grants ama i gam a ted. JfQ*. 

derived considerable - benefit - Mr. Martin Brennan, chairman yiK o<ynr : becaase the parks wiU 
from that outing back in April of tbe finnnce committee of the 9^1 

and with- Little to beat here suc- iake District Board, which wbnld grant The 
recs seems on tbe cards i.iose fl20.000 in the; deal, -said to last 

I take him to open his score -that the feejing wasthat.fKff.TOO^e^limd*- jhe'old^sy^n* 1 ^ ^and 
with a victory- over Clive was “ too high a price W pay for.tbe flrstunderfhe new,a]I in one 
Brittain's recently disappointing- administrative tidiness. '^ ygarT-yas unacceptamK . ■* 


ENTERTAIN M ENT G 1 1 DE 


CC— These Oteatres accept certain credit 
cards by telephone or at box onice- 

OPcRA & BALLET 

COLISEUM. Credit cards 01-240 52SS 
Reservations 01-856 3161. 

NUREYEV FESTIVAL , r 
Eros. 7J0. Mat. S*ts. fc? 

2.30. With LONDON FESTIVAL BALLET 
Ton't and Tomon Romeo and 
Thur.. Fri. and Sat-' Giselle. Julv 3 to B. 
Sleeping Bcantv. Seats available Mat_ 
July 1. S and B onlv. with 
NATIONAL BALLET July 10 

Seats available. . 

Nuretev win -dance at every per* 


DUTCH 
to IS 


COVINT GARDEN. CC. WO 1066 
CGarden charge credit cams 836 69031 
IHE ROYAL OPERA 

TontBht. Thur. and Sat. *« £**“"! 
Miller. Temor.. .Fri. and Mon. «ij*t .jn 
7.30. Pell*»s et Mellsande- 65 Am«W 
seats avail, for all perfs. from 10 am ®n 
day of pert. Note Personal TeLblCB*. 
for July Ballet opens July 1 and not 
June I.- 



t Indicates programme In 
hlark and while. 

BBC l 

6.40 am Open University (Ultra 
High Frequency onlyi. 1.00 pm 
Te'thi'r Tir. IJtO Ragtime. . 1^15 
-News. 1.55 Wimbledon Lawn 
Tennis Championships. 4 18 
Regional News for England 
l except Ijmdoni. A JO Play 

• Sehnol las BBC 2 11.00 ami. 4.45 
We Are ihe r.hamoions 1078. 5.10 
.WU-HrarV. 3.33 The Wombles. 

5.40 News. 


5.33 Nationwide t London and 
South-East onlv i . 

F.15 Wimbledon Tennis. 

7.20 The Feather and Father 
Gang. 

8.10 The Standard. 

9.00 Nevis. 

9-25 Sunday With Th*> Children 
(a report on the effect 


12.05 am Weather- Regional News. 

All Regions a* BBC 1 except at 
the followin': times: — 

Wales — 5.55 pm Wales Today. 
6.1 5-6.40 Heddiu. 6.40 Join BBC 1 
(Wimbledon). 12.03 am News and 
Weather for Wales. 

Scotland — 5.55-6.15 pm Report- 
ing Scotland. 12.05 am News and 


1.20 Report West Headline. l_z» Report 
Wales Deadlines. 2J» Houseparor. 5JS 
Pntwye. SJD Crossroads. 6.00 Report 
West 6.15 Report Wales. 6J0 Emmerdale 
FamL 7410 Challctue or the Sexes. 

■v Cv-mru/Watas-As FTTV General 
S^rvkv except: L20-L25 pm Penawdau 


marriage break-ups have Weather for Scotland. 


on the children involved!. 
10.15 Cabaret Showtime with 
Tony Christie. 

11.00 Tonight 
11.40 Play C.nlf. 


FT. CROSSWORD PUZZLE No. 3,703 



ACROSS 

1 Give an account of some 
French writer (8) 

5 Double if courageous outside 

, ( 6 ) 

9 Looks slyly how to follow a 
miniature performance (44) 

10 Chevron awarded for expedi- 
; tibn in the south-east (6) 

11 Occurrence I had to foliow 
• with a note at night IS) 

12 Cut back fruit to daughter 
initially (6) 

14 Gamble cleaners take (10 J 
18 Commit an offence for each 
favourite to be worthy of 1 10) 

22 A vicar went in front? That's 
bad! (6) 

23 Scamp creating disease 
~. plants? (8) 

24 Cite me in return? It's. 
j ; sickening! <6i 

25 Suggest being friendly (S) 

26 Note the hit oT rope to tie up 

a animals (6j 

27 Full-back is to finish in delay 
: ( 8 ) 

DOWN 

:1 Bird seen in the sky at night 

- - ■ 1 . 6 ) 

'2 . . - and transfix another bird 
we hear (6| 

3 To put in a new location I 
must appear In hybrid trees 
( 6 ) 

■4 Weapon used in second-class 
thoroughfare’s sign |5~5 j 


6 Attract attention to payment 
on capital (S) 

7 Get the bearings on a 
learner from the east (S) 

8 Coloured black or navy 

throughout (44) 

13 Disease contracted In sleep 
etc. (101 

15 A soft mother or father — 
that's obvious (8) 

16 Die with General outside in 
slope (S) 

17 Be nice about Expeditionary 
Force and the vicar’s living 
( 8 ) 

19 I get in a mess and fire (6) 

20 Run aground off Fleet Street 
( 6 ) 

jn 21 Being behlnd-hand a vicar 
must accept receiver (6) 

Solution Lo Puzzle No. 3,702 



anaBaca . nawonn 

H U EJ E| 15 p 

' HHarassT Enmnaa 
3 Q a b n 
sonBQsraa ejbqd 

Q B 0 n rn n n 

nag BR^gangagi 

Q O n fi iTi n q 


mm 



7.00 Survival. 

7.30 Charlie’s Angels. 

8.30 Life Regins at Fnrty. 

0.00 Wifi Shakespeare. 

10.00 News. 

10.30 Palestine. 

12.00 The Andy Williams Show. j 

to ag A m flnm - A nninfirirt L« ** Wlb. 6JXWJ5 Y 

12^5 am Uose. A pamtin^ by ujoEwd. ujs Woild in A^ion. u.«- 
van CiOgn With music by i:.q am C|.|pbrliy Squares. 

MnzarL KTV West— As HTV General Service 

<iii to \ t "awpi: 1 50-1 JO pm Reoort West Bead 

All IBA Regions as London | |[WS . s.imjo Report West. 

SCOTTISH 

V) JO am Lifestyle. US pm New* and 
Road Report: 5J5 Cartoon. 5 2B Cro&v 
1SJ0 am The Voice in tbe Fingers, roads. 6.00 Scotland Today. 6 JO What’s 
i Nnru-irhi- Mnrth 1-25 Anglia News. 2.00 Houseparis. r Problem? 7.00 EmnwrdaJe Farm 

■ I J ,, t N0 PP SJ5 Emmerdale Farm. 6.00 About Ansi la 7J0 Hello Good Evemnc Welcome. BUM 

(Leeds, Manchester. Newcastle); 12.00 wimen to Yewerday. 12J0 am The Cuckoo waiu. 12.00 Late call. 
Midlands Today (Birmingham); Anthology. 

Points West (Bristol): South 
Today (Southampton); Spotlight 


Northern Ireland— 4.18-4.26 pm 
Northern Ireland News. 5.5-V6.15 
Scene Around Six. 12.05 am 
News and Weather for Northern 
Ireland. 

England— 5.5541.15 pm Look 
East 


except at the following times: — 

ANGLIA 


South-West (Plymoulh). 

BBC 2 

6.40 am Open University. 
10-30 Worktalk. 

11.00 Play School. 

2.00 pm Wimbledon 
Championships. 

8.00 News on 2. 

8.10 Colossus. 

9.00 Sing Country. 

9.40 Our Mutual Friend. 
10-13 Late Nows on 2. 

10.45 Wimbledon highlights. 
11.35 Closedown reading. 


LONDON 


930 am A Present from the 
Past. 10.00 Plain Sailing. 10 JO 
The Undersea 
Captain Nemo. 

Notebook. 11.00 Popeyo. 11.05 
Goostrey — a Village. 12.00 Issi 
Noho. 12.10 pm Rainbow. 12.30 
Parents Day. 1.00 News plus FT 
index. 1.20 Help! 1-10 Crown 
Court. 2.00 After Noon. 2.25 
Red Letter Day. 3.20 Once in a 
Lifetime. 4.05 Cartoon Time. 420 
Breakers. 4.45 Extraordinary. 5.15 
The Brady Bunch. 

5.45 News. 

6.00 Thames at 6, 

6.35 Crossroads. 


ATV SOUTHERN 

10.20 am The Nature or Thins*. 1J0 pm 
lfl.20 am Boncy 1.30 pm ATV News- Southern News. 2JM Houseparty. 3.25 
desk. 4.85 Professor Balthazar. 5.15 Souihsnort Presents Cricket: Sussex 
Laveme and Shirley. 6J» ATV Today. New Zealand. SJ5 Sinbad Junior. 5J0 
7.00 Emmerdale Farm. 12.00 Snmethinc ’Cross roarts. * 08 Day by Day Including 
Different- . Sou Lha port 7JJ0 Emmerdale Farm. 1100 

-Southern News Exira. 

BORDER TYTVF Tcrc 

10 J0 am Certain Women. H.30 pm ■ 1 1 I'm. IEL3 

Tennis Border News. 2.00 Houseparry 5J5 9.25 am The flood Word followed by 

Those Wonderful TV Times. MB Lnok- North East News Headlines. 1030 Elusive 
around Tuesday. 7.00 Emmerdale Farm. Geisha 1.20 pm North East News and 
1 — « Eordor News Summary. Lonkaround 5.15 In Search of . . .Nail 

<"•*! a Mvn Plunder. A.OO Northern Lire. 7J» Emmer- 

LH AfNfN tL dale Farm. 12J» Eplloaue. 

1J8 pm Channel Lunchtime News and T1T 

What's Co Where 535 Those WonderftU UL^ltK 

TV Times. 6-00 Report al Sis. 7J» 10J» am On Seven Hills They Built 

tVaftins Westward. 7.30 Rafferty. 1IL28 City. 10.50 Skerches of Scotland. 1-30 pm 
Coannel Late News 12.00 What About Lunchtime. 4.U Ulster News Headlines 
ihe Workers. 12J5 a m. Vusaxes de 5J5 Friends or Man. 6J» Ulster Teie- 
Franee. vision News. b.05 Crossroads. 5J0 

rmiuniiAT Reports. 5.45 Tiklnn Shape. 7JJ0 Emmer 

OKAMriAIN dale Farm. 10 JO Hottan's Heroes. 11.00 

9.25 a m. First Thinn. HUB Cash and Old House. New Home. U_25 News ai 
Adventures Of Company 1-20 pm Grampian News Head- Bedtime. 

10J0 An Asian I 1 "®*- SJS ’ n,0,:p Wnnd-rful TV Times. u;ccTu;inn 

VOO Grampian Today. 6.10 The Ele.7trle WESTWARD 

Theatre Show. J2J0O R.-flecUong. 12-05 am 10.20 am One Club. 10.45 Never Co 
Grampian Late Nlphl Headlines. mih SI rangers. 12.27 pm Cos Honeybun's 

CDiiUtni Birthdays. L20 Westward News Headlines 

LtR AI' ‘A U/\ 505 Those Wonderful TV Times. 4JK 

1020 Sklppy 10.45 Look al Life. UJS Westward Diary. 7JM WalWns Westward 
KaUir's Quiz. lJD pm This Is Your Riehi. 7.30 Rafferty. 10.21 Westward Late News. 
5.10 Wbai's New. 5J5 Crossroads. fiJto 12J0 What About tbe Workers. 1225 am 
Granada Reports. fiJO Emmerdale Farm. Faith for Life. 

■mi What About tbe Workers 12-30 am vnnvctnnr 

A Little Nutbi Music with the Bowles I OKK SHIKE 

Brolheni. ' 10-20 am Hemdale Half-Hoor. 1Q .5D 

rm/ The Rest Kept Secret. L2B pm Calendar 

HIV News. 5JS Those Wonderful TV Ttmes. 

10.20 am Today Mexico— 1 Tomorrow the 4.00 Calendar fEmley Moor and Belmooi 
World. 10.40 WDd, WUri World nf AniDtalj. editions). 7X0 Emmerdale Farm. 


RADIO 1 

($1 Stereophonic broadcast 
t Medium Wave 
(VHF) Vary High Freowncy 
5.00 am As Radio 2. 7.U Dare Lee 

Travis. 9 M Simon Bates 1U1 Paul 


247m >°d the Rise of European Music tS>, 5.40 Serendipity. 5J5 Weather; prOftnmmc 
1030 Solo CeDo Redfal <S>. U-« BBC news. UO News. fcJO Many a Slip. 7-00 
Welsh Symphony Orchestra i‘Si. UO pm News 7.05 The Archers. 720 Tima for 
News. LB5 The Arts Worldwide. 1J5 Verse, 7J0 KalcldOBcope: Henry 

^’Hubert from Bristol iS). 2.15 Music Moore talks about bis Ideas and tbe 

(or Recorders and Piano tS't. UW A Important Influences, on his work. M0 
Burnett inelndmn un », “ifcLrfLV Ltsht Music (5». 4J» AnnejShasby Jochum. Lin and the LSO fas Radio 3) 

L^Tony BlaSTbur^A^ Klrt l^.n 3t * Rirh » rt McMahon n.ano reciol. parr .Si. 9J9 Wcalhcr. HL00 The Worid 

lneHtdlnff5.» Nmreheit 7^ Snnrta 1 fS * 43 Readln*. 4J5uReclial. Tonight. 10 _» The News Ouls tSl. 11.00 

Uelrn Radta tabu pSLi .«s. ^ 1 515 Today 1 S 1 . 5.45 Hamewam Rnok al Bedtime. UJ5 The Financial 

LLWiO am Ai nX ' w 5 Bmmd iSt. 4.05 News. 100 Homeward World Tonlum. UJ0 Today In Parlla 
wiTa^- 1 ... . Bo,imJ 'ranilnuedi. 5J0 Llfellm^' Work meni. 12.00 Newt.. 

2 ^ S, “- ?!" w "* and Trnininj:. 7 JO CoHnurarr , Comer. 

tot " r-. . 1 !! 0 ?.!!!?. a r? i.inenmit. gj» jm-huni. Lin and the i-so.. part 1 : RRf Tlarlin T^inrlnn 

2.02 Pete Murray s Open House 1 S 1 iwthnvcn iSt 8 40 A Prom^tade nf DD ^ ItatUU AjUOUUTI 

12.VU. 2.30 R , sorls . j*/u£S3«?uiJ 206m and 945 VHF 

f^Ai-ll 30 W “2 c C0 "T S ra fc M r * - Brahms <Si. 10.00 Aler bii-rowen SM am As Radio 2. 6.30 Rush Boor, 

also 2MLIIZ 1484kHz t. 4.45 John Dunn -i|,i Diana Rigs In “ V-nus anrf Adonis. " London Live. 12.03 pm Call In. 2JD 

s Radro 1100 Spanish Snogs >s>. Ili5 News. 206 showcase. 4.03 Home Run. 6A0 Look. 

u.wklie ■I" w '*“ R*nlo 2. 11 .4041.45 Trmicbi's Schubert Soon 1 S 1 . Stop. Listen. 7 JO Riack Londoners. EJO 

RADIO 2 liSM.n and VHP 1 .HF U .»™ 

5.00 am Newt Summary. 5.02 Richard un,virs,| 7. t from ihe House of Commons. lJBeCI 

Vaughan 1 S 1 with The Early Show RAnifl J. M Radl ° " 

including up Pause for Thought. ?JZ KAL, IU •+ 

» 1 including is Racma 434w, 330m. 285m aod VHF J findon RrosifFS'ltillF 

' n T (AlL M U7 Farming Today. lj0naon Hro a a jjaSimg 

lonn Timpson (S). 1215 pm vtaswtncrs' U5 Up lo tbe ftoor. 7.00 New!. 7J0 2*lm and 97.3 VHF 

““Tray's °,Bcn House Today. 7J5 Up to ihe Hour (continued; m Kon, l« 6.» AM: Non- 

tsi tcontlnued on VH) i including 1,45 incfudlnc Thoucbt Tor ihe Day W0 News. 5lon newfi > information, travel, sport. 

?52 r, *2f*- 2JC Wimbledon IB including 810 T<>biy. 8Jfi Vesicrday in'ParUamenL i 00 Bn “ S' 10 *- ^ om LPC 

*■* Sowts Di-ik, 4J0 Watwouere’ v.oo News. 4J15 Ttn-aday Call 10.B0 BffPOTU. 3.00 Leornc Gale’s 3. 0‘Qtfck 
w»!t i-up. «« c «c v --. s ._ .-w m saay can. ww Cal] _ <.oo LBC Reports f continues). «00 

— — . — — — D.ilTr Service tn ac uonitnA 5torv Eishl with Ian GUchrhti 9JBQ NltfhC* 

ss. n ; XSnEVS? /I,’; JSf jJSS “sf Nn " v Ii"= «'“■ »"■ J— ■ *•» “ 

four Souvenirs »S». 4 AS Snorts Desk. 

’#.02 Thri'i 
Sana 

■mnd Midnight including u im 
1 0O-J.D2 am News Summary. 


inirty-minuic - 

11J5 Profile. 12.00 News. 12-02 pm E * 1ra vrtl “ Adrian Scott. 


VHP*. 5.45. 6.45 Souris News. HUH Sirw > Son^Of 

« » >• Sppjl B p«k. to JO Daily Service. UM^Moi 

I Remhlli r Me B, R l v t 1 < 4 » , ‘ U -°° Nnws - tLIB Thirty-Mini 

i Rpniaer Me By igi. Amnnic iSi 11J5 Promo 12-00 N#m 

« ^ w Sp “ rU c . D ^' Vou and VlTuSirilw Discs. Canital Radio 

« «, n . R * U ^° Thr S, '’P ,< * 17JB Weather -procramme news. 1.00 '-* a P liai KaOJO 

i-K ,a, .L- T*"? World ai One. Ijo The Archers. 194m and 95.8 VHF 

New5. 1.45 Woman's Hour Includltm 2JA-2.D2 6J» am Peter Young's Breakfast Show 

Nowv. ZAS Listen with Mother 3J» iSi. 4JH Michael Aspel tSt. 12J» Dave 
RADIO ^ 464m, Stereo &YHF ,>,ew3 3iU1 Oucstlmis m the Prime Minin- Cash iSi. 3.00 pm Roser Scon tSt 7J» 

tie? ^ rer ''live"’ from !fi« House of Commons. London Today <S» 7 JO Adrian Love's 

n”."W r V- ,JI 7 '*^ ° T ff' Money Bo*. 4.00 ?»ews. 4.05 r.ar- Open Line >S< 4.00 Nicky Horne's Your 

"'L, « wrnng Con- den-rs' 0ue?i'on Time vistta the West Mother Wnuldn't Like It iS- 1L00 Tony 

Midlands 4 15 Sinrj Time: “ Marmlon " Mvnit s Late 5how iSi 2.00 am Mike 
comooset.. Barton tSi. 955 Plainsong by Sir Waller Scott. EJO PM Repona. Smith's Night Plufitt (S). 


J* 


CLYNDEBOURNE FESTIVAL OFTOft 
Until Aug. 7 with »e London Phd- 
tiarmonic Orchestra. Totnor., Fri. ft sun. 
at 6.15: La Boheme. Thur. * Sat, at 
SJO: Die Xaubertlote. Possible returns 
oiriv. Bax office Glvndeboume Li 
E. Sussex 10273 B1241H. 


SADLEITS WELW ■ THEATRE. RouIgT 
ave.. tt.C.1 . 837 1672. Until Sit 

Ergs. 7.30. Mat. Sat 2.30. First ton* 
Vi London ManotKa & Rafael AflulUr i 
FIESTA DE ESPANA 
Spanish folk and flamenco. From 'Jute* 
to JulV 22 NIKOLAIS DANCE THEATRE. 


THEATRES 

ADBLPHI THEATRE. CC. 01-436 7611 
Eras. 7.30. Mats^TTjur. 3.0. SaL..4.0j 

Tne nest muiKai ,^ b J j 9 c 76 *. ^77 and 1 »7B 
•■LONDON'S BEST N1GHT/OUT.? 
ALREADY 1 * SE*E V N BY D 'ov|R oW 


ALBERT. 036 3878. Party Rate*. CredH 
card bkgs. 836 tSTI-S tram 8.30 wla 
8.30 pm. Mon- Tu«- Wed. and Fri. 

7.45 1 1 - 8 -?c 


- " N ° ^ WH ° 


’a' THOUSAND TlME S^ W ELCOME." 


is4 


LIONEL BAI 

OLIVER! _ 

*■ MIRACULOUS MUSICAL.” nn-.TInwi. 
W.UI ROY HUDD and JOAN TURNER. 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mirror. 


ALDWYCH. 836- 6404. !»:o. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonight 7.30 CORIOLANUS. 
"An evening of true theatrical glory.' S. 
Times: With: Strindberg's THE DANCE 
OF DEATH, next pert. Thor. RSC also 
at THE WAREHOUSE tsee under. WJ and 
at The Piccadilly Theatre In Peser Nichols' 
PRIVATES ON PARADE. ■ 


ALMOST FREE. 4BS 6224. Lunchtimes 
■One OB." by Bob Wilson. .Tues.-Sai. 
1.15 pm Suns. 3.00 and 5310 pm.. No 
shows Mons. • • 


ALMOST FREE. 4B5 6224. Evening* Kurt 
Vonnegut's * Player Plano.” by James 
Saunters. Tues.-Sat. 8.0 pm.. No snows 
Mon*. | • 


AMBASSADORS. , 01-836 1711. 

Nightly at 8.00. Matinee Wed. 2.45. 

PATRICK CARGILL ^JkPtoNY ANHOLT 

in SLEUTH 

The World-Famous Thriller 
by ANTHONY SHAFFER 
"Seeing the play again ' Is In Tart a i 
utter 2nd total lor.” Punch- Seat prices 
£2.00 to £4.40. Dinner and Top-price 
Seat £7.50. 


APOLLO. 01-437 2663. EverWnOS 8.00. 

Mats. Thur*. 3.00. S«.JS.OO-and B.OO. 
DONALD SlNOEN - 

"Actor ot the Year." Evening Standard. 
-• rs SUPERB." N.o.W. 

SHUT YOUR EYES AND - 
THINK OF ENGLAND 
" W need ly funny." Time*. - 


ARTS THEATRE. 01-836 21 32. 

TOM STOPPARD'S 
DIRTY LINEN. 

'Hilarious . . see it- _ Sun*v Times. 

Monday to Thursday 8.30. Friday and 
Saturdays at 7.00 and .9.15. 


ASTORIA THEATRE. jOtarlno X Rogd. 
01-734 4291. Mon^Thurs. B P.m. Fri 
and 5at. 6.0 and . 8.45. (SuBet food 
available-) 

. ELVIS _ 

"Infectious, appealing, foot-atampbw and 
heart-thumping." Observer Seats £2-00- 
£6.00. Half-hour before show best avail- 
able seats £3.00 MOD.-Thun. and Fri. 

6 BEsf*MUs"cAL OF THE YEAR 
EVENING STANDARD AWARD 
Lunchtime Theatre Mon-Frt. .1.13 p.m. 
"Not Much Chong* From A Fiver." 


CAMBRIDGE 836 6056. Mon. to Than 

8.00. Friday. Ji.45' and 8.30. 

-Exciting Block African Musical 
"Packed with variety- D. Mirror. 

Seat Price* £2JJ0-£5.50. 

THIRD GREAT YEAR. - , 
Dinner and top- a rice seat £8.75 Inc. 


CHICHESTER. 0243 81 312. 

Tonight and June 30 M 7.00. June 29 

and July 1 at 2.00. THE INCONSTANT 

COUPLE. June 28. 29 and July 1 at 
7.00 A WOMAN OP NO IMPORTANCE. 


ST. MARK'S-. GOSPEL ■ 

"An unparalleled tour de force." S. Tms. 
Tins, to Sat. at B.O. Sun at 4.30 No 
pfa- Mon. Seat* £U25. £2 25. £2.50. 
£3.00 Latecomers not admitted. 


CRITERION. 930 3Z15. CC. B35 1 071-3. 

Evps. B.O. Sat*. ■.30.8.30. TTjuri. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 

In SIX OF ONE 
HALF-A-DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
■VERY FUNNY." S. Td. 


theatres/ • •• ' . ... • 

uaymaRKET- : »30: 9832H^T> MARTIN’S. CCL 836,7*43; Ew. 8.00. - 

^ ■■.hS&s *• v 

WORLD'S LONGEST -EVER. RDM 
, u 2601.- Y EAIL , ; ; 

TALK OF THE TOWN.:, CC . 734: SOSlI :' 
- . , B.OO. ami an Dancum-tBara aoen 7.131. -• 

Evenings * — = W^F ” - " O Va«S?- tTEE: . 

- fV. LOS RIAL:. .1 PARAGUAY - *. 


My 

WATERS W TOF MOW '- J# - 1 
Musi deftidtely- close . Juiy-rf. 


BBXICE IriifiS'r.iB.i.',. . ... 

In LESLIE BRICUS5E Jbi 
ANTHONY NEWLEY*S -- - • 
TRAVELLING: J0USIC SHOW . : 
with'. Derek Or! BIWi£ '- ' 

Directed, by BURT SHE YEtOVt-- 


LAST 4 WEEKS.. ENDS 


KING'S ROAD 

Mon. la Tl yre ... 

NOW 'r 's bTrOCkI HG.- Y BA ft .1 

THE GREAT ^ROCX. N ROLL. MUSICAL |. 


, VAUDEVILLE: 838 "998 8.; CC.' tvs. B.OO. 

I * ' 2A5.iSat.-5 and 8. . 

_ . - ' . DJrtah dSHERl DAN.' Dulcle GRAY 

-22nd. I .:®BBnor .. SUM MERFIELP . -Jam M^ ROUT ■ 

INIT . 


ww . «T . . 1 ■ A . murde r |S - ANNOUNCED 

THEATRE." v" 3S2 745a7J.'. J.-i THE'NEWEST WHODUNNIT . 
-g.O.' Frt.. 'iaf 7.30. S-30-] • hf AGATHA- CHRISTIE 


•rRe-fcntar ■ Agithi with ahuther who- 
dunfftt-Ttft; Agatha Christie 1k stalking the 
.End vet Main with another of her' 

' IngemoiK murder mysteries."' ' 


' ■ ■ — » ■ ■ — BendlshiY Ingenfime murder mystm 

LONDON PAIXADIUM. CC. 01^437 7373T. : *Felbr Barker. Evenlna - Nmml 

NOW UNTRL- AUGUST 19- . AIR-CONDITIONED THEATRE 


Wed- 


». 

and Sats. -at SMO ‘and ‘8.50. 
THE_ TWO. JBO Wires 


Mof "- iKS^- 


VICTORIA . PALACE . . '• .- 

Book- Now - B 28 arsS - - 834 1317." 

Jn a Spectacular Comedy Hevue ■: i - STRATFORD JOHNS 

Your best chancd' to-see ”7he TNe SHEILA HANCOCK 

S° to 'So r'nw , Evenings 7.30. Mari^We<L and Sat. 2 AS. '. 

Cdmoimv: ' Ton't 7 JB DavM .RudkliEf 

THE sons: OF LIGHT, quite outstand- 

ing." F. Ttmes.. .All sens £1.80. Adv 
Bkgs. Aldwych. Student standby BL. ;* 


LYRIC THEATRE... CC. .01-437-38 W;. 

Ev. B.O. Mat. Thrns. 3-0. SJL.5.0 X B..30 


JOAN PLOWRIGHT . 
COLIN BLAKELEY,. 
FI LUMEN A 


MAY FAIR. 629 '3036. Red.- price oravs.. 
C£S-£iiSO> ton't and tomor. at 8. 

Open* « L 

WELSH. ' 

UNDER MILKI-WOOD. '* ^ 


WESTMINSTER. - ■ 01-834 02*3“ 

. SENTENCED TO LIFE 
“MUGGER locrs trencftani humour 
THORNHILL’S dramatic art." D. Tel 
"Itrteiisefy human, caring drama." Y. Pos 
“Tremendous Impact." NoW. "I 






-moved." J. C. Trewln. 
MSKs. WML . 3.00. Sets. 4-3C 


MISS THIS PEAY." S- TInte. -3 .. PAUL RAY 


NATIONAL ' THEATRE: 

OLIVIER .looefl stagei: Ton'X 
2 AS 8 7-30 THE <MER»f 

Chekhov trans. by Michael 

LYTELLTON (proscenium . sta 

Tomor. 7.45 PLENTY a . m 

ODTT85LOE' tsmaK ' audftorfumt: 

8 (preVri Tomori 7 fooensl AMI 
BUFFALO -by David '. Mamet. 
MeSielm -cheap seat* all 3 iheatres 
of pert. Car park. jtauurmi 
2033: Credit -card . bteg*. 928 3052 



WINDMILL THEATRE. CC 01-437 631] 

y ILOO. and 10.00. 

EDO end B.OO- 

RAYMOND presents 
-RIF OFF 


THE EROTIC EXPf RIE^CE OF THE 


iSS& - - - 

. - 3rd GREAT 


MODERN El . 
unp recedented limits what l 
on. our. stage.'' Evg. Neva 
T YEAR 


Grej 

1961 


WYNDHALTS.- 01^836.3028. Credit Cat-., 

Bkga. .836 1071^3 from 8JO a.m.. Moi'- 
Thurs; 8. YcL 'and Sat. S.lS-and B.3D- 
i- i ENORMOUSLY ■ RICH 
\ -VERY FUNNY." Evening News. 

• Mary O'Malley'* smash hit comedy . 
ONCE A CATHOLIC 


OLD V*C, 


PROSPECT AT VHE OLD 

THE LADy4 im NOl! , - Mlt BJKNIH6 hr . 

™rimo3ier. Fry. P/erieWs 7 JO 'June -28. ftOUNG. 


l ■ . ■ + ' ■‘Supreme^ tomedr on wx and rrilHton. 

w,™ ■ 


LAUGHTER," Guardian. 


. INC VI.CJ,' ' ' - 928 636. '^- 

29 30. Juty l-. Hm Idaht 7 P-m. July 3. 1 New. Company— New Season - 

Eileen- Atkins as saint jo an. "a great F Tives. 7*5.-. Met. Tomor. 2 om. No w 
performance." The TlnuK.' Return s JuLy_6. | this Thaf^, 


TWELFTH, 
revival. . 


NIGHT.; "An 
The Times Returpa Jo 


BARTHOLOMEW FAM * 

Young VK'J'eStfval July 2-23. 


OPEN AIR. Regent's W-W. 484 IGI.J 

A MIDSUMMER NIGHTS. DREAM 1 
Evgs. 7-45. Mat*. Wed.. Thur. A 5at. 2~3 
SlSh RULA LENSKA. IAN TALBCT 
ELIZABETH ESTENSEN. DAVID WES TO 
Shaw's- OAWt LADY OF Tire SONNgTS,|^C ,1 
Lundhtlrne Today'S. Fri.- 1.15- . 




CINEMA S 


*"M. 40. 


8.1,5.- 


PHOENIX.-; 01- 438 7PH , ^ - 

FrlHy uKl Saturday 6.00 -and 
“ TIM- BROOKE TAYLOR.- GRAEME- 
GARDEN make us . laugfl. D. Mail In 
■ THE UNVARNISHED TRUTH ■ 1 

The Hit -Comedy by ROYCE RYTON 
“ LAUGH WHY- I THOUGHT I WMJLD 
HAVE DUpr Sunday pmes. 

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s"\ 







; ISancM TSineg Tuesday Jfcne 27 

Aldetwrgh Festival 



m 


1943). But 
a fluent but 
e piece, in 
ed to bear 
oems, even 


the tones 
an endless 
which any 
wind and 
gave next 
Cital with 



;nd 

fe y MAX LOPPERI 

mSft e 6 :l£5g Pe d ^ s tm 0 f g* J taptfj. conmmin'g) later 
1 978 festival.- Gordo? ■ wouiatae meant 

Thet, -for solo fintfetaostrin* ?,f rf IoSS of ^ LyrjT' n V t V ( £ on 

Sftsiffi $£rS SSS S&st 

SSS5*£S5& 

and BnaU^JSS U&'rSrtflrffi 
theirs it ran? 053 ? 0102 *’ to detachable frisa them with- 

S Set na??iL>i *5? “wearily out much harm, tHa loss would 
61 “usical have entailed no gjfeat hardship. 

-mlSmkS-JnfeS de “ * Sir PeteTwho&ce is at 

stimu-. present imbued ‘ ' 

5 me - may *>e and the shades 
i^JjL 5 ortT ®y Blake's The!, Indian summer f 
SSrJ^wh “ r of tte Sera- amount of Aldebu« 

'^^SS , 1-5 . pal ®“ess sought rain can be tolerate 
mSJriS? .if ^ order to.. pose' morning a short -&«v.wn «im 
*££33S about the- nature of Osian Ellis, whlchvbegan with 
mortality. Descending' to the Roblrt Holloway's ■Sew Will low 
realm, of. human life, she " saw Cycle for tenor ana-harp. The 
swi’etS Df the land unknown** text knits togetheraDesdemoiia’s 
ana fled it in horror, leaving song, and fragffients from 
aerquestions unanswered. Ophelia's, with Raleigh's Walsin*j- 
• The. dramatisation in musical ham and with snatches of folk 
cexnu of an original innocence' song and rhyme,- iifca reflective 
and 4 ^ disruption by the distnib- three-part lyric on fie nature oE 
mg experience of knowledge is a true love. Perhaps 3ene was put 
Britten-ljktt conception.- Crosse, off by Holloway's^ programme 
toougb tns Teuactioiial opposition note, quirky and quint; but the 
of diatmue. -and .chromatic bar- music itself soundei/Oddly pallid 
monies is also Britten-like and — a concoction of mildly attrac- 
handles it with originality and tive phrases and figurations (the 
boldn ess. In the opening bars the harp vaguely recalling Britten’s 
strings paint a Cloudless diatonic. Ceremony of Carols* nd the two 
indeed modal landscape, against Debussy Danses) stirred together 
\raich_ the flute -sings _ a ch a r med in a fashion that- suggested 
wl IS white” notes, lavender-water mannerism rather 

.With the first entry of the two than inspiration. I.; warmed to 
horns, who play the role of agents the contrasting plainness or 
provocateurs, mostiy in their diction in Colin Matthews’ five 
lowest register, accidentals begin xuike sonnets. To Orpheus. 

.to creep onto the staves; the with Noue’s Fludde brightly 
hnes became choppier, Stma ■ decked out in Orford Church for 
a^an, 1^1 harder-edged con- two performances on Saturday 
tr^ts - and irruptions of darker evening, the festival 1 “once more 
colour. • revisited its past. The staging. I 

■ Crosse’s music always sounds by Pimlico School,, in Richard 
well, immediately, and The I is Gregson’s revival of the' original 
no exception. It is a clearly Colin Graham production, was 
ordered score, in winch barred energetic, and full of cheerful 
and pn-barred units, precisely goodwill (matched by a large 
notated and aleatoric sections, audience). But under John 
all interlock in a fabric of cool Lubbock the musical side of 
luminosity, unclogged even when things was a little thin-blooded; 
distinctive substance than the the tunes seemed less catchy, 
confront eaeh other in a central the dramatic devices^ less in- 
climax. The whole piece fs genious. t han they used -to. it 
lucidly achieved. A doubt, on a would be foolish to suggest that 
first hearing, might be that the the festival put aside for even 
music of -“experience" seemed a short while its legacy of 
to be made of an altogether less Britten music-theatre pieces (for 
distinctive . substance that the want of a better catcbpennv 
cloudless, blameless music of title) when the buildings for 
^ocencewhich opens the work which he wrote are stm so gain- 

SSL Silfcaisa « SESF UUS.'U “us <? « :%z ,ha ° * T- sift 

?!*”!?/ * ”™ ^3* < lE , Brme^roduc-,u, e lability of portrait as problems so coolly and openly 

the tion, stripped of all. deference] an art form in this century, before the public. There is 

Nothing can equal the crushing overall an air of resignation. The 
sense of aesthetic collapse than placing of photographs, brif- 
the JfPG's post-1900 collection, liantly chosen, side by side is 
something which the founders of indicative of the only way for 


4 Mrs. Isabel Styler-Tas.’ Salvador Dali, 1945 


National Portrait Gallery 


20th Century Portraits 

by DR. ROY STRONG 

I approached the e xhi bition of Iraiture, and they mostly do with ing the component lines of the organiser understandably into 


20th Century Portraits at the more than a degree of c-onde- face around the canvas also., 
Carlton House Terrace exten- scension, it is then who chose That was soon to follow, 
sion of the National Portrait the model. There arc great These three ima°es sum it 
Gallery not without interest. For modern portraits but they are oF up Aft er i 00 |-j n o a t t]j ein 
a decade and a half 1 worked in the artist’s wife, family and of visilor $ free to move and enjov 
that gallery, seven years below hilmself. his frienib, his dealer, ^ ^ sh presentation of a 
ground level and eight apotheo- at a pinch of intellectuals who marve ilQus personal antholoev.' 
sised onto the ground floor as its attract him or, at an even greater E h ^ e ‘ - one o5 the f “A, 
director. The exhibition pinch, those whose cheque books tacn - 0De ot me 13tes 

summed up for nip what was are large enough to cause .the 
perhaps the central dilemma of Red Sea to divide. It is indeed 
the place as an institution. Its refreshing to see one of our 


swings to and fro on this 
eternal pendulum, from the 
presentation of an image or 


requested the piece from 

composer, and by Contrapuncti to the past (though not nQfaith- 
tmder Michael Lankester, Crosse's ful to the works themselves) in 
familiar champion. I should have the manner of the* - Covent 
liked a second performance after Garden Peter Grimes, At the 
the interval, for the pleasure of moment the works — andfor that 
hearing those floating, shining matter the festival itself— seem 
opening sounds again, and for not to have quite completed an 
the opportunity of resolving (or, uneasy period of transition. 


the sitter being subjected to the 
distortion of whatever happened 
to be the reigning style of the 
moment. 

What struck me most was that 


terrible difficulties) of his wife 
and niece, the microcosm of an 
enclosed domestic world of pure 
happiness, warmth and human 
affection. The room is lit by 
the sunshine of Madame Vuil- 
lard. a lovable lump whose smile 
gives life to the amiable clutter. 
Otto Dix is a painter about 
whom we know ail too little in 
this country. An early work, 
in the expressionist vein, of 
Adolf Uzarski anticipates the 
savage power of his greatest 
critiques of the decadent society 
of between-the-Wars Germany. 
The painter-poet is cruelly 
satirised with his neck and bands 
like talons clawing the air while 
the world has been 



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1961-1977 Vintages 

-Before Claret prices continue upwards do consider a 
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Per doz. botts. 

Ref. lucJ. V.A.T. 

FJ 1 1901 CH. CALQST, Montagne SL Emiiion. 
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FJ 2 1967 CH. du LYONNAT, Lussac St 
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FJ 3 1970 CH. LA ROSE FIGEAC, PomeroL, 

Wonderful.. . . * . 

FJ 4 3971 CH. “GRAND JOUR, Bordeaux 
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FJ 5 1971 CH. MARRIN*, St EmHion. 

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FJ 6 1972 CH. HAUT PONTET, St Emiiion, 

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FJ 8 1974 CH. PA VIE, Grand Cru St Emiiion. 

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FJ 9 1975 CH. GOBJNEAC, Bordeaux Sup. 

Powerful and big taste— delivery July. 

FJItf 1976 CH. da VJEUX CLOS. Montagne SL. 
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EJ12 1977 CH. Cos d’ESTOURNEL 2 d 6 Growth 
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T^tffAVK nne soeciaiists JR Fine wines. 


the gallery in the lS50*s could ward for the gallery short of the abstraction in fatt took to ao behind ........ 

never have anticipated. Robin wasteful accumulation of the extreme the mannerist theory of Ranged to a baroque nightmare 
Gibson, the exhibition's orgam- aethetic dross which has been its the portrait as depicting the j antasv reminiscent of Chirico, 
ser. has politely included a few policy for loo much of this idea of a person rather than an jr ear ‘ ne ver seems far from a 
of them— Patrick Heron’s T. S. century. actuality. Albert Gleizes Jot Q / ^ese likenesses. Indeed 

Eliot or Ullbricbt’s Mountbatten The central theme of the Stravinsky of 1914 is an accumu- most memorable of the 
—to bang alongside van Dongen, exhibition, that of the impact lation of altributes. It celebrates p 0r i_ ra its do. in fact dwell on 
Dali and Kirchner but on the and resolution of abstractionism through* its forms and shapes ^ vulnerability of human kmd 
the whole their inclusion seems 0 n portraiture, is suceintly the angular harmonies of the rat b er t b a o, as' in the past, its 

less* an act of selection than of summed up For us by the series composer in much the same way immortality by means of the 

charity or downright desparation. of 'three portraits of Ambrose that it is incidental in a portrait brush and chisel. Dali’s Mrs. 
No '.display could more conclu; Vollard. the dealer, by Renoir, by Rigaud that it is a King of lsabe , srvler-Tas presents an 
sivelyprove that the future of Bonnard and Picasso. For France rather than a still life OV er-upholstered profile in the 

n M« «1 Wl- —A. . - ■ •_ «X tin. I-. ■ * - 

raedi 

and 

sense, Vill form' only an occas- member of the Medici court. The quickly runs into trouble. Not cypress trees with a path wind- 
ional brilliant flash. picture is full of reminiscences e^en the genius of Picasso can \ n „ wav j nt0 b er brain. 

Why i\ this? It is precisely as of the renaissance tradition. For match the Man Ray photography L(lcfefl Freud's Girl with Roses. 

Gibson points out, nor only the Bonnard he is just a dumpy, of Lee Miller in its ability to b is first wife. Kitty, is an essay 
hopelessness of the British when sleepy, balding middle-aged man eusnare her beauty and \ ogue j n anticipated terror. The eyes 
it comes to commissioning por- slumped nursing 3 cat on a sofa chic. stare transfixed, the lips part 

traits to take any adventurous in a- studio. For Picasso in Otherwise it is an anthology and a hand tightly clasps the 
line but also the retreat of the 1909-10 he is a pattern of cubist through which to browse. There thorny stem of a rose, 
artists themselves into the rectangles and tines, still clearly is a maryellous Vuillard (not 
closed world' of their own circle, recognisable because the painter strictly speaking a portrait, a 
If a modern" artist touches por- has stopped just short of explod- definition - which gels its 


13 ‘1 

Albert Hal! 1 

Liaoning Acrobats 

by CLEMENT CRISP - ‘ -*■ 

enable one to identify hnhi -ji ere a j eVv - years -ago, but thtelr 
an unknown genius perches ten excellence is beyond question. - 
feet above ground on a uflicyde, some of the capers defy belief, 
and with every appearance of m \ gjr] does a bandstand on 
enjoying himself, tosses a dozen another girl's bead, her own head 
bowls with one foot so that they topped with rice-bowls which she 
nestle one inside another on his removes with her feet; a iwv 
head. Then, because life has conjuror produces a shoal of live 
been getting dull, be adds a cup gold-fish from thin air, finishing 
and spoon, and a tea-pot with lid, with one the size of a healthy 
and somehow contrives to pour mackerel. Four boys slither eeJ- 
a drink frooi the pot into a cup. like through hoops a young man 
He is, of course, a Chinese rides a bicycle with the bravura 
acrobat, one of the troupe from that has always marked Chinese 
Liaoning who are at the- Albert horsemanship: a girl, twirling 
Hall for the rest of this week, ten plates on bamboo rods, ^ 
and with his colleagues he poised upon a table which 
demonstrates that combination of balances upon two glass _ vases, 
skill, strength and dizayias - rir* and bends back to retrieve--.*, 
tuosity that has ever been the peony with her teeth. 
attribute of China's folk enter- it is all predictably impossible 
miners. Supreme ability in any and presented with the nicest 
form is enjoyable, and the cas- and most un self-conscious air. 
cade of tricks and balances, of There is an accompanying 
back-flips and clowning and a orchestra; the lion dance js 
demure nonchalance as improb- superlatively done; and, as our 
abilities crowd on each other's illustration shows, the Chinese 
heel, make for a very jolly even- have invented the bicycle made 
ing. The company is somewhat for 12. - 



The Liaoning Acrobats 


Leonard Burl 


Festival Hall 


Ashkenazy 

by DOMINIC GILL' 




M.V. Pride of Greenwich 


Mike Westbrook Brass Band 

by KEVIN HENRIQUES 

Pianist / composer / arranger/ wick's sound system on Friday , spectrum The band covers. The 


The 20th-century portrait at 
its best does not, therefore, ever 
seek to give its sitter reassur- 
ance or pay homage to the outer 
surfaces. It aims instead to tear 
away the mask and this is a 
challenge which requires not 
only exceptional bravery on the 
part of the artist but even more 
of the much-maligned victim. 
Come back Gainsborough, all is 
forgivcD. 


Two concertos introduced far behind.) It took the breath 
Mendelssohn’s Italian symphony away not v.ith its lift, but with 
at the London Symphony its forward thrust: a horizontal 
Orchestra’s concert on Sunday impetus, true .as an arrpiw, 
under Andre Previn— the last of wonderfully fluent, scrupulously 
Mozart's four little horn con- dear. 


cevtas K495. delivered with 
smooth and creamy lone, urbane 
and pleasing, by the LSO’s prin- 
cipal horn, David Cripps; and 
Chopin’s E minor piano concerto, 
thrown off with spectacular 
brilliance, bright as a gem, by 
Vladimir Ashkenazy-. 

It was a glittering a r count, cut deal with the melody 
quick and clean. It was rarely through the movement. 


Only in the Romanze did one 
sometimes miss the finer 
moments of hearftift, of simple 
gcandeur and pathos neither to 
left nor right of centre, ; bqt 
exactly true — is dogged, consist- 
ent iop-noting bright as "a 
clarion, really the best way lo 

light 

from 


buoyant — in the sense of a start to finish? But Ashkenazy’s 
buoyancy that can lift a phrase finale was a sensation: articuta- 
sttddenly 
up 

in his famous record »*d perl 
a nee lifts measures 25-24 of the accompaniment was a model of 
Romanze dizzyingly up and away poise and tact: discreet as need 
into clearest blue/ leaving earth be. forward when it ought r 


bandleader/euphonium player 
Mike Westbrook is one of 
Britain’s most diversified jazz 
talents— apart from music he 
has also collaborated in several 
theatrical and mixed media pro- 
ductions. In recent months he 
seems to have been concentrating 
on his six-piece Brass Band, a 


the Brass Band’s two sets weic interpretations, usually with 

j.,. trumpet. tenor horn, two 
euphoniums, drums and saxo- 


at least an accurate representa- 


tion of its style. An uufussy ph £ ne (len ’ r or soprano)i ace 


arrangement of John Lewis’s never gi mm icky. The band has 
“Django,” for trombone, tenor an aural compulsiveness. Its in- 
born, rrumpec, piano, tenor-sax tent is to entertain and please, 
and percussion, and John Humour, subtle or heavy, is never 

Coltrane’s “Naima” represented far away, it was simply a pity 

[group which can be safely termed the modern side of the bands that on Friday the previously 
^unique. Not because it com* programme. Contrasting heavily mentioned unsatisfactory sound 
prises versatile multi-instrument- was the folk song “Bartlemy robbed some of the songs of 
alisls who also sing but because Fair” in which Phil Minton’s iheir impact, 
of its astonishingly eclectic sometimes -raucous, other limes For a clearer, cleaner audition 
repertoire. This ranges from jazz soft, voieg vividly recalled the ‘>f the band its latest LP Goose 
standards to settings of William throbbing ambiance of the sauce < Origi na l Records, ORA 
Blake poems, from Brecht/Weill ancient West Smithfield fair. o01*. /rom which several of 
music to hymns. In facf almost Also heard were Mike West- Friday's items were taken, is n 
anything which c Dines under the brook compositions, a version of more than satisfactory substi- 
Broad category of music. “ Alabamasong ” from Brecht me. Like the Brass Band itself 

This immensely approachable, and Weill’s Mohagomiy sung in the LP is imaginative and totally 
instantly likeable band appears emphatic Geraan, and a beguil- vnjoyabje; 
iia diverse locations — -recently it ips J " 1 ~ ~ “ *“ 

.played three afternoons outside 
the Serpentine Gallery in Ken- 
sington Gardens. Last weekend it 
opened a series of Friday even- 
ing cruises from Westminster 
Pier, organised by Ogun Promo- 
tions and promising to feature, 
until August 4. some of the best 
local musicians, most in the 
modern idiom. 



__ dumb-blonde rendition by Goose Sauce is also the title of 
Kate Westbrook of Rodgers and the band's jazz cabaret which it is 
Hart’s “ Ten Cents a Dance.” performing at the Open Space 
These titles illustrate the wide from July 4 lo 9. 

Prospect at the Old Vic 

A £1.3m. appeal was launched iise the . historic building _ by 
yesterday to re-equip the Old modernising the stage, auditor- 
Vic “ as an exciting and effective ium, theatre equipment and 
^ h ? us v Siw? J dr*™ tor tbe 19S0, and puM’ 1 ! areas. ; 

proud about the Pride of G een beyond* It is also hoped to provide an 

Following the departure of ihe endov.-ment fund to enable the 
National Theatre Company for theatre and its new resident 
its new South Bank home in company lo continue to stage 
1976, Prospect Theatre Company effectively the best of classical 
has continued the theatre's aud lyrical drama, 
classical tradition. Prospect has, in recent years. 

In October, Toby Robertson, played an increasingly important 
director of Prospect became role in presenting classical and 
director of the Old Vic, charged modern theatre on tour through* 
with bringing the theatre back out the UK and abroad, 
to the forefront of the British With the Old Vic as its metro- 
theatrical scene. politan base, it is envisaged that 

The money is needed to revita- this activity can be extended. 

Open-air courtyard entertainment 


The working population in and 
around the EC4 area of London 
is to be provided with an II- 
week season of free lunchtime 
entertainment to be held each 
Friday, from 1-L45 pm in the 
open-air courtyard of the W. H. 
Smith building in New Feller 
Lane. 

The weekly entertainment, 
commencing on Friday, June 30 
and ending on Friday September 
S, will follow the tradition of 
London street performers from 
bygone days, with performances 
by poets, groups playing early 
music, dancers, jazs musicians 
and travelling aetors, - V 


This is the first-ever season of 
Its kind arranged by W. H. 
Smith, who moved into their 
purpose-built head office in 1976 
and decided that the unusually 

shaped courtyard would lend 
itself to this type of professional 
entertainment. 

The first lunchtime interlude 
will be a performance by mem- 
bers of the Bubble Theatre Com- 
pany. Established & 1972 at the 
instigation of Jhe£reater London 
Arts Association^,: the travelling 
Bubble Tbe^rejas since played 
to almost 200,0uQipBOple with 37 
shows in most of?tho 32 London 
boroughs. 



BANCA NAZHINALE DELL’ AGHGOUIIRA 

REGISTERED OFFICE AND HEAD OFFICE IN ROME 

1977 Annual General Meeting of Shareholders 
held in Rome on 28th April, 1978 ; 


The Shareholders in the Annual General 
Meeting have adopted the reports and 
the bafance sheet as at 31.12.77 which - 
shows a profit of Italian Lire 10,443 
million. The Bank's policy during the 
past year pursued the objective of ensur- 
ing that deposit and lending rates were 
compatible both with the directives of 
the monetary authorities and with the 
conflicting requirements of depositors 
and borrowers, without affecting the 
bank's income and expenditure account 
In order to maintain stability and cost 
control the bank continued its policy of 
diversifying its sources of deposits of 
which individuals provided 73.5 u o whilst 
21 .2°o and 5.3% were provided by com- 
panies and the public sector respectively. 
The bank's lending was directed mainly 
at medium and small borrowers i.e. 93.1 % 
to companies, 3.7% and 3,2% to indi- 
viduals and the public sector respectively. 


Total deposits exceeded Italian Lire 5,580 
..billion of which 'Italian Lire 4;080 billion 
were provided by individual depositors. — 
Lending almost reached Lit.2,700 billion. 
The number of accounts was in the re- 
gion of 774,000. Due to considerable - 
provisions, both statutory and voluntary, 
the bank's own funds have now reached 
Italian Lire 126 billion. The net profit 
allows a dividend of Italian Lire 175 to 
be paid for each share of Lit. 500 par 
value as from 2nd May 1 978. 

During 1977 new sub-branches were 
opened in Bari, Borgaro Torinese and 
Carmagnola thus bringing the total num- 
ber of branches and sub -branches 
throughout Italy to 145. A new Repre- 
sentative Office has been established in 
Teheran in addition to those in Frankfurt, 
London, New York, Paris and Tokyo. The 
staff at 31st December 1977 consisted of 
6,385 employees. 


Financial Highlights 


TOTAL DEPOSITS 
TOTAL FUNDS AVAILABLE 
LOANS AND ADVANCES 
OWN FUNDS* 

NET PROFIT 


5.580,337,233,305 LIRE 
4,080,125,607,903 LIRE 
2,667,663,056.151 LIRE 
125,922,455,696 LIRE 
10,443,063,023 LIRE 


* (after approval of Shareholders’ General Meeting to which on May 2nd, 1978 will be added the 
new dividends accrued on shares of Bank's property) 








J.O 

FINANCIALTTMES Hint of progress 


Rnancial Times Tuesday June 27 1978 




BRACKEN HOUSE, CANNON STREET, LONDON EC4P IBY 
Telegrams: Finaattmo, London FS4. Telex: 886341/2, 883887 
Telephone: 01-248 8000 


HI 



Tuesday June 27 1978 . 


arms cut talks 


BY PAUL LENDVAI, Vienna Correspondent 



FOR SEVERAL years the 
Government has been finding it 
difficult to persuade able busi- 
ness executives lo accept senior 
. in the nationalised 
industries. This is partly 
because the conditions under 
which the heads of the state 
corporations have to work are 
extremely unattractive, and 
partly because the salaries 
offered are too low. On the first 
point the complaints are well 
known— lack of clear objec- 
tives, arbitrary interference 
frhm Ministers, uninformed 
criticism from members of 
Parliament and others. Many 
businessmen have felt that in 
these circumstances it would be 
impossible to do an effective 
jhh. The salary level has usually 
been a secondary consideration, 
but an important one. Not many 
businessmen are prepared to 
accept rates of pay which are 
about half the level of com- 
parable jobs in the private 
sector. 


Wage Restraint 


It may bs that the first set 
of problems will be eased if 
the principles and proposals set 
out in the recent White Paper 
on nationalised industries are 
implemented. But that will 
take time; there is still a good 
deal of disagreement about the 
appropriate institutional frame- 
work and the criteria to be 
used in assessing performance. 
The salary issue, by contrast, 
is clear-cut The heads of the 
nationalised industries have 
been very shabbily treated. 
They have been made the pawns 
of successive attempts to win 
trade union compliance for 
wage restraint. Quite apart from 
the disincentive effect on 
potential recruits, the Govern- 
ment’s handling of top salaries 
has created bitterness among 
the current chairmen, which 
can hardly be good for perform- 
ance nr for constructive rela- 
tionships with Whitehall. 

The matter has been fester- 
ing for some time, particularly 
after the Government's decision 
not to implement the recom- 
mendations made at the end of 
1974 by the Top Salaries Re- 
view Body, under the chairman- 
ship of Lord Boyle. The 
recommendation then was that 
the. chairmen of British Steel 
and the Post Office should have 
their salaries raised to £40,000 
a year (from £28.100 and £21.100 
respectively) and that the 
chairmen of most of the other 
large state corporations should 
go from £23.100 to £35,000. 


Apart from a £4 a week rise last 
year and a further 5 per cent 
announced in December, the 
chairmen s salaries have been 
eflSeotiveJy frozen^ Now the 
Boyle committee ' has recom- 
mended to the Government that 
the general level for the chair- 
men of nationalised industries 
should be raised to £40,000; the 
level for the bigger corpora- 
tions like British Steel and the 
Post Office would presumably 
go up even more. 

The publication of these 
figures has produced a predict- 
able reaction from one or two 
trade union leaders. But 
whether they are accurately re- 
flecting their members' views is 
open to question. Electricians 
in British Steel .or British Air- 
ways. for example, expect 
roughly the same rates of pay 
as electricians in the private 
sector. Why shi-uld senior 
managers be any .different ? 

Certainly the timing is 
awkward for the Government, 
but it is always awkward. One 
day some Government will have 
the courage to grasp the nettle 
and pay the chairmen the rate 
for the job. just as the present 
Government, to its credit had 
the courage to permit the state 
corporations to charge a com- 
mercial price for their pro- 
ducts. It is hard to believe that 
the Government's hopes of a 
further period of pay restraint 
will be fatally damaged by the 
correction of a gross anomaly 
affecting a handful of senior 
men. 


T HE FORGOTTEN. TALKS 
in Vienna for a reduction 
of NATO and Warsaw Pact 
forces- in central Europe are 
showing some life at last. -The 
eastern side has moved some 
way towards the Western posi- 
tion that' a ceiling of 900.000 
soldiers and airmen from each 
side should be imposed, rather 
than setting maximum 
strengths for each national con- 
tingent. 

How far the Russians really 
did move when the proposal 
was submitted by Mr. Nikolai 
Tarasov on June S remains to 
be established. It may be some 
indication of how difficult the 
task is going to be that Mr. 
Tarasov's proposal came at the 
172nd plenary meeting of the 
19-nation conference, which 
began as long ago as October 
30 1973. 

Mr. Tarasov claimed that 
given a positive Western 
response the proposals pre- 
sented on behalf of the Soviet 
Union. Czechoslovakia, East 
Germany, and Poland could 
produce a breakthrough, and 
move the negotiations decisively 
towards an agreement. After 
some initial hesitation and even 
some conflicting statements 
issued by various “authoritative 
sources ’’ in Vienna. Washing- 
ton, and Brussels. NATO spokes- 
men now describe the Warsaw 
Pact initiative both on and off 
the record as a *' significant 
move" towards the structure 
and “some of the substance" 


of the Western position. 

But ■ they, also" shy that ' with- 
out an agreement on actual 
figures of military manpower it 
will be impossible to reach a 
mutually acceptable agreement 
on reducing - forces and arma- 
ments in -central Europe. 
Furthermore, the offer falls far 
short of what -the Wert pro- 
posed in its last major proposals 
of December-' 16 1975 as 

amended on April 19 of this 
year. In sum,: there is- still much 
to be done to clear up ambi- 
guities concerning manpower 
data, and ' the post-reduction 
levels allowed to the .11 direct 
participants <the U.S., Belgium, 
Britain, Canada, West Germany, 
Netherlands, and Luxembourg 
for NATO, and the Soviet 
Union, Czechoslovakia, East 
Germany, and:. Poland for the 
Warsaw Pact) which have 
troops in the central region. 
The other eight states" from the 
two alliances have .a restricted 
status. 

In order to- understand both 
the scope and the limits of the 
Warsaw Pact move, one has to 
remember the starting positions 
of each side. The West sought 
to reduce the disparity of about 
150.000 trorips and some 10,000 
tanks existing in the central 
region in the East's favour. Its 
three main demands were — and 
are — that: — 

• Any agreement should pro- 
vide for approximate parity- of 
ground force manpower, which 
means that the Warsaw Pact 


Repugnant 


The Balance of Forces in 
—Central Europe™—* 


The increase in salary might 
be made more palatable — not 
just to trade union leaders, but 
to the public— if pan of it took 
the form of a bonus related to 
performance. The performance 
criteria could not be confined 
to profitability, especially in a 
monopoly like the Post Office, 
and the formula would have to 
vary from corporation to 
corporation. But the principle 
of relating the chairman’s 
remuneration fn his effective- 
ness as a manager is surely 
worth examining. There are 
some members of the present 
Cabinet to whom financial 
Incentives and large salaries are 
" morally " repugnant, especi- 
ally in the public sector. The 
Prime Minister ought to over- 
rule them. Unfortunately, the 
chances are .that he will decline 
to make a fight of It and the 
problem will be deferred once 
again. 


NATO Countries* 


Relative strength 
NATO 1 

Warsaw Pact 


o • • o • ftl «•••©• 


TOTAL 

SOLDIERS 


SOLDIERS 
N FIGHTING 
UNITS 


MAIN ® 
BATTLE 
TANKS 


am 

Ci <gg 
€Eir am 


ARTUERY 


1:2-5 


The Left w ins 
in Iceland 


FDCEO-WWG OL- 
TACTICAL * ' 

AIRCRAFT 


1:2.4 


HnctueBna French torcaa In tha FKterl R«pt*fic ot Germany 


would have to reduce its 
troops more than NATCT; 

•' That there should be an 
equal common collective ceiling 
on the manpower of each side 
without placing numerical 
limits on individual- national 

forces; and ‘ 

• That the reduction should 
be carried- out in two phases; 
with first stage cuts confined 
to forces of the two- super- 
powers stationed in the 1 central 
area. 

. The East all along insisted on 
equal cuts, seeking to preserve 
and to give a contractual 
sanction to its existing 
superiority. ■ Its negotiators 
pressed for across-the-board 
comprehensive reductions by 
all participants of all types of 
forces and armaments. Last 
but not least, the Soviet side 
wanted to impose national ceil- 
ings which would have disr 
rupted Western defence policy 
and made it difficult, perhaps 
impossible for the alliance to 
compensate for a reduced U.S. 
presence by increasing other 
national forces. 

The freeze on national forces 
was in practice specifically 
aimed at the Bundeswehr. To 
break the deadlock, NATO in 
December, 1975, proposed the 
withdrawal of 1,000 U.S. tactical 
nuclear weapons, 54 aircraft 
with nuclear capability. 36 
Pershing missile launchers, and 
29,000 troops from central 
Europe in return for the with- 
drawal of an entire Soviet tank 
army of 68,000 troops and 1,700 
tanks from East Germany. Two 
months later, the East put . a 
counter proposal which moved 
somewhat closer to the two- 
phase approach without chang- 
ing the projected final outcome. 
In short, it was not regarded 
as an adequate response to the 
previous Western offer. 

Overshadowed by the conflicts 
at the Belgrade follow-up con- 
ference on European security 
and by the sharpening tensions 
between Washington and Mos- 
cow. the Vienna -talks were 
deadlocked for almost two years. 
But- it if important -to realist 
that the basic groundwork was 
being laid for possible progress. 
The weekly plenary meeting 
was regularly held on every 
Thursday and the American 
and Soviet chief delegates also 
regularly met on an informal 
basis.. It is. at these informal 
encounters, lasting for three to 
four hours in the respective 
private residences, that the 
real bargaining is dnhe, .much 
to the chagrin of the Romanians 
who; have repeatedly criticised 
the practice of holding unofficial 
meetings. 

Though formal proposals are 
introduced only at the plenary 
meetings, the two sides inform 
each other in advance, of any 
forthcoming move. Thus it was 
no surprise when NATO last 
April put forward some propo- 
sals which in any case had 
already been widely and pub- 



A Phantom fighter takes ofc t& West has proposed a reduction of/tfie number of; aircraft { | P 
with nuclear capability/ *uch as these. In the central European area.- ... ‘IV 


-licly discussed for almost' half within two-three years ali" direct* would also riot . be binding ufrt 
a year. -In essence, it -offered -participants would follow, suit France, Since. Fran ce is not pa. * 
the Soviet side greater . field-, With the West reducing -by . of the - military,, structure . ♦ W 
bility by suggesting that .five fl 1,000 men and the, East by NATO and -rather- frowns upt- 
Soviet divisions (instead of 1P5.000 to reach a common the Vienna talks. . Thus, 
tank army) plus 1,700 tanks .collective celling-. The. very national shbeeilings are impost 
might be withdrawn not only" arithmetic basis of the. offer ,4j and if Fiance write to withdra 
from East Germany, but also” $dwever disputed - by NA3$ more troops- - from . . We 
from Poland arid Czechosib-; which ca I relates that: riq$ .Germany, than provided for, tl 

vakia. Furthermore, the Wrist>t05W)O but ■ 262.000, Waftow West Would have fewer pHJj 
also agreed that two-thirds of -Pact ground troops would bfcvri in central EuropeThan allowg.* (yn t . - 
the 29.000 American troops to -to' be removed from the. central to- it. • Ia^ the unl ik el y -event • 
be withdrawn in phase' one region to reach the ;.700,000 mi^ mcreasing iK forces 
would be moved out to rate ceiling. -. ■ >' v ; Germany, to® west would hav , 

plete units and not by thmnhng^-.'Eyen allowing ■ for mistakes,., too many troops and would ha\. 
out divisions,' It also; offe®&difference betwewr the two Wp|J:.Wni«?-out ‘ 

hmre specific commitments, with {figures amount? to more thriri 7 The- East , wants:- to -free 
regard to the timing -of sricoridilS per cent of the Warsaw Pact' certain categories of civilia 
phase reductions. NATO tabled ^forces as calculated by ^ATO ■ employed by., the armies wh! ■ ' 
the proposal after the two sides Experts. An Eastern 'source sees conceding the need for 
had agreed on an exchange- Wf- the reasons for the discreparicy farther ^cJarifiCation. ' of ; ttr " 
more detailed additional dato’to'data in a western asstrmption d6flnitioV of military personij : " 

on the forces involved. : Vof too high a degree of manning, a s- such. In hay caSe. by t! ; • ’ 

' inclusion of- paramilitary lime U.S>{5dvJet - reductlo ,1 " 

"■'‘"forces such as frontier-'guards would lbe completo, a s6C0i_-- -• 

_ T , internal security units, afid phase' l! agreement'; concerns • ■ • 

Narrowed ■■ . ^ ; ^l the so-caned grty are* of con- timing arii aebp^if reduetio. . 

;i flitting deflations,..,: Bur the wffl-Sfte^eai signed. Tbe-Es.V 
ilia nan •* -'..-V^West claims' that -the: para- also •; wants :an escape =■• dau 

111.C gap . units wert^fexcluded givtog it a cast^roH guarant '. .. , 

• ■ . ' "iii^from its estimates. "" '" '" r " >; thatwHat it-caHs ^diminish \ ; ; 

. It was then, on June 8, th^.-.- i , ecort d major - stumbllne security" w.qtild-be maintain? 7/ 
the Warsaw Pact side madene*^. . ^ interprets-' ; -The. : Vferina; conference la t 

substantive proposals -which ;^ of Mmm bn [collective ^61y: dfplomr" ■ 1 

undoubtedly have ^ ^ings. A n Eastern^souree told Of: the ti" ; . . 

gap -separating the two side* ^ Financial Times thaf the blocks; " meet regularly face-- 


The question is by pre cisel y;- n<?w Warsaw Pact proposal face. : So-frir it -baS -not be* 
how much. For the first trnto^^yg out certain restricfcfonS aiftridtfefi by::tlie : deterioritiori r - i- 
the East accepted the prin^ to: v ^ thout providing fm-indiriduaf' ■0ie --- - East-West -atlWKphe.- 


>d . -1 

1 

• j.-v 
r 4 

c 

ri/d 't 


of collective rather than 5n ^ aational subceilings. 'Butlii’f act Even a "comprehensive agtt 
vidual national ceilings, and thf' ;the new formula- would ^oontiiii meat -would • change • little - 
western suggestion that, each prov jsion that rito fliteef those .strategic ari4 struefin 
side should be limited to a total; participant might 1 Increase its disparities /to.- Europe - wht.v: 
of 700,000- ground forces ^^5 above .the . level . existing are due. tq the relative victol ■ 
a combined ceiling of 900,000 oh before the r edimfioQS.- JFrirthei^ v «f “the , Soviet Union -and -t : 

-total ground- ami-air frirce re a dh^t particfpkirt -mighti’diStaBee of-4he -U:S. r and -to- 1 

power. In phase one that meant compensate for 50. per cenlrTact . that the strategic missil 
that within one year the Soviets' ^ a roduetjon toade to another to . .thA western . parts Of t 
would "be willing to tjSe qfit national force. \ What "does this Soviet; Union are targeted 
30.000 men (two divislbns and mean to practiced The "IVest: the. central region witho 
the equivalent of another in the German BundeSwelt noW bas ,beif« .subject- to. an MBI 
form of detached units, plus an 340.OOO. soldiefs. \Reductog :treAjyr7KevertheleS|B, real pi 
army corps command head- NATO forces tb^TOO.OOO woifld ^f^jto-Viemia could have 
quarters with .support-service torolveicutttog the Bu^G^ehr-.g^rer toari,- expected imps 
units), 1,000 tanks and 250 t0 300,0^0. >ubse%entiyr^v^^W^-'reIatipns. also 
infantry combat vehicles, to unilateral reductions ^ ^wer?biade * ^ hrbw that 1 thh^ ^oniinous trei 




• ‘7: i 

: .—stf. % 


infantry combat vehicles, in unilateral reductions wer?|( 
exchange for A reduction of b' y another NATO membei 
U.S. forces byjl 4,000 trorips and if a member were to withi 
the withdrawal of 1.000 U.S. from --? the . alliance, 
nuclear, watfieads and 90 air- Bundeswehr would only 


or "towards -Confrontation can 
iv .reversed:-' ~ - • 

xe 1 '.-Time toft, before ■{ tlto summ 
«. rraess- in^fidd-july^is - too she 



nuciear. wameaas ana au air- Bundeswehr would only eft rraess to.mld-vUly^lS' to® she 
craft and missiles fas proposed allowea to compensate for fial^to flhd-oort^totioiirserious t 
by the West 2\ years ago). This 0 f the reduction, and moreover, "Soviet" coricessions 1 are - ai 


reductions of armaments. the alliance as a whole^ ^rematoed - counter-claims lonffstaltyW^^M 

According to eastern figures, the same. . . . .. talJu'-tosy' .w^ entered ■ 

the Soviet Union and the U.S. Apart-iiom- prejudicing '.the -deciai^ stag& thopgh it wou 
each would cut ' its- forces so-<a£ei,; European .optio^ ^if be preSmfure.'io ape.ak alreaAl 
stationed in Central Europe by western " Europe bec6mhfi-u-,-'a --'radn -d^IIcau \T[ 1 

7 per cent In a second phase unite'd state) such an agreeinent^tage'aboat '£ 4 . r hreakthroagNU | li 


ICELAND FACES a period of 
political uncertainly following 
the left-wing victory in 
Sunday's general elections. 
Given the island's strategic 
importance, it is hardly sur- 
prising that NATO planners 
have been keeping an anxious 
eye on the poll’s outcome, par- 
ticularly as the Marxist People's 
Alliance, one of the main 
victors, wants to take the 
country out of NATO and dis- 
mantle the important American 
base at Keflavik. But it is still 
far too early to draw firm con- 
clusions about the likely 
policies of the next government 
in Reykjavik. The new Govern- 
ment will have to be a coalition, 
and a good deal of negotiating 
is bound to take place before it 

is formed. 


Complicated 


It is true that the left wing 
has done well. The outgoing 
Prime Minister, Mr. Gcir Hall- 
grimsson, leader of the 
conservative Independence 
Party, conceded defeat well 
before the final results were 
known. At the time he did so, 
the People’s Alliance and the 
left-of-centrc Social Democrats 
looked likely to win a combined 
total of 28 seats in the 60- 
member national assembly, 
against only 21 for the Inde- 
pendence Party, down from 25 
in the last elections in 1974, 
The Independence Party would 
remain the largest in the new 
Parliament, but the formation 
of a left-wing coalition, would 
clearly be a possibility. The 
situation is further compli- 
cated, however, by the massive 
defeat of the left-of-centre 
Progressive Party, the junior 
partner in the outgoing coali- 
tion, which dropped from 17 
scats to 10. The Party's immedi- 
ate reaction to the election 
result was tn opt for a period 
in opposition, apparently 
torpedoing plans for an alli- 
ance of all three main left-wing 
parties. 

The elections’ major victors 
have been the Social Democrats, 
who registered a spectacular 
incase from five to 14 seats. 


Their success means that the 
People’s Alliance, which also 
won 14 seats, will not after all 
be the. second largest party in 
the new Parliament. After its 
strong showing in last month's 
municipal elections, the People’s 
Alliance had hoped to be the 
dominant force in a new coali- 
tion government. It had con- 
fidently been telling the 
electorate that a vote for parties 
in the centre -left of the 
spectrum, like the Social 
Democrats, would be a wasted 
vnte. Unlike the People’s 
Alliance, the Social Democrats' 
are in favour of Iceland’s NATO 
membership and the retention 
of the Keflavik base. 

If the People’s Alliance wants 
to form a government with the 
Social Democrats, it will have 1 
to moderate its opposition to 
NATO. It might, for example, 
settle for a re-negotiation of the 
current defence agreement with 

Washington to ensure that the 
U.S. in future keeps an even 
lower profile than it now does 
on the island. Foreign policy, 
however, was not the main issue 
in the election campaign, which 
concentrated primarily on Ice- 
land's domestic economic prob- 
lems and Mr. Hallgrimsson’s 
rather chequered record in 
coping with the trade unions 
and inflation. 

There is no doubt that the 
result is a severe personal 
defeat for Mr. Hallgrimsson. 
His party is badly split and his 
continued leadership must now 
be open to question. 

Any new Icelandic Govern- 
ment will have to face a difficult 
choice between toughness 
towards the trade unions and 
the continuation of a high rate 
of wage increases. Neither 
policy will be popular with 
large sections of the electorate. 
As for NATO, it will be difficult 
for the People's Alliance to 
claim that it has a mandate from 
the electorate for its policy of 
outright opposition. In the 
final analysis, the majority of 
Icelanders would still probably 
prefer the low-key American 
presence on their island to the 
risk. of exchanging one super- 
power for the other, 



RS 


Dawn watch 


In New York 


You might expect that after 32 
years with the same company, 
Dennis Weatherstone would 
soon be put out to grass with 
a gold watch. But in fact he is 
still only 47 and has just been 
made one of the two deputy 
chairmen of the bank he joined 
in 1947, Morgan Guaranty, and 
of its holding company, J. P. 
Morgan and Co Incorporated. 

It is arguably one of the 
highest positions occupied by a 
Briton in the New York bank- 
ing scene. Yet when he was 
transferred in 1971 to run the 
head office's foreign exchange 
and international treasury de- 
partment, he was the last to 
hide that he was less than 
enthusiastic. “ I thought 
London was the financial centre 
of th® wprid-" be told me yes- 
terday on the telephone from 
New York— adding that, though 
he believed London was still 
best, he was doing his best to 
narrow thr gap. 

Despite 'the many office and 
bank headquarters in New York 
and the role of the dollar, 
Weatherstone said he did not 
yet see New York in “ an over- 
taking situation." In part, he 
said, this was because so much 
trade is Invoiced in dollars that 
U.S. manufacturers are mat in- 
volved in foreign exchange 
markets. But he said that also 
the time zones worked against 
New York— though he has in- 
troduced dawn shifts in New 
York to change this. 

Weatherstone, who has a 
reputation for carving profits 
out of foreign exchange, told 
me he had been surprised how 
little attention the U.S. banks 
gave to their international busi- 
ness. His colleagues say he 
“ revolutionised ” bis head 
office and its links with the 
Euromarket Now of course 
Morgan, like many banks, reajps 


a major chunk of its profits, 
abroad. ... 

A fit, slight L'mdnner, he is 
already in charcc of world-wide' 
funding, money-market, trading- 
and portfolio operations of the 
bank. - He is understandably 
keen to see New York develop 
international banking facilities 
for offshore business. 

Though joining the bank as t 
junior clerk, he completed tbA 
exams of the Institute of Barf 
kers while still is and claims 
to be their youngest graduate 
ever. He sees his promotion 
as meaning “ gonrf old London 
has chalked one up ” — though, 
for what it is worth, the banlvs 
London office is rim by to 
American and its regional 
operations in Britain arid 
Scandinavia by a Frenchman. 


time to catch up, seeing that 
■the murder was to. 1 96 L. His job 
has now been taken over by hrs 
daughter Josephine, aged 26. 
According to Frank L Fitzsint 
mons, the Teamsters' president, 
this , was by -an “ unanimous " 
vote of New Jersey's 1,300 
members. 

In his first Press conference 
for more than two years, Fitz- 
simmons — who became leader 
in 1975 after the still un- 
explained disappearance of 
rival Jimmy Hoffa— said the 
union, with its 2.3m members, 
was “the greatest organisation 
God ever created." 


In a glass darkly 


Team spirit 


A sentence of life imprison® ent 
has just been pawed on tony 
Provenzano, leader of the 
Teamsters Union in New Jt rsey. 
He was found guilty of co spir- 
ing in the murder of a inlori 
rival; the law has taken i long 






Royal warrants are reviewed 
every IO years, meaning that 
some firms have jittery 
moments when their term 
comes up. According to that 
most sober Toronto daily, The 
Globe and Mall, the outlook is 
so uncertain for Canadian Club 
whisky that Canada's diplomats 
are pointedly ordering it at 
Buckingham Palace receptions 
to ensure that it'keeps toe. royal . 
coat- of arms on its label. “ Of 
course, some of us like it, but 
toere is no lobby afoot I per- 
sonally prefer Scotch,” a Spokes- 
man at the Canadian High Com- 
mission told me. Hiram Walker, 
the makers of Canadian Club, 
adamantly deny that diplomacy 
is coming to their rescue. 

But their headquarters near 
Windsor*— Ontario, not Berk- 
shire— do admit to having had 
some indications that the war- 
rant will not be renewed next 
vear. It seems that demand in 
the Palace is just not what it 
was when the warrant was 
originally issued, "to those high- 
living days of 1898. 


chief economist of Canadian 
investment . bankers : Wood 
Gundy, for trying a bit of purple 
prose. .In his latest Fixed 
Income report he dares to com- 
pare the • Canadian . capital 
market- with - a . painting by 
Salvador Dali. “ The main 
themes leap put at you with 
surrealistic vividness and all 
over the canvas there are 
clusters of creative busyness . . . 
Here there is a plastic distor- 
tion of reality and there a 
melted time horizon or two. Yet, 
when you step back from the 
canvas it all seems to hang 
together. And you go away with 
the feeling that the Canadian 
capital market is to very good 
shape." 

You may also go away with 

the feeling that economist 

Grant is waving hfs' paint- 
brushes around a bit wildly. 


Last resort 


Big picture 


* Perhaps he's part of a 
pressure group for the 

moratorium ! " 


Analyses of bond markets 
rarely make colourful reading. 
So I dcKflot blame John Grant, 


Although for obvious reasons 
toe names of toe people 
involved cannot be revealed, 
this story .1- ijave. garnered in 
Whitehall :ig entirely true, a 
company" in a development area 
- somewhere to- England " had 
been given so many loans that 
the Department of Trade finally 
decided to call a halt An 
official was sent up to convey 
this grim decision to the 
managing director. . 

A short while ago the official 
chanced to meet toe managing 
director in the street and was 
invited by the latter tb bis flat 
for a drink. The flat proved tn 
be most luxurious. The DTI 
official apologised for having 
once been a bearer of " painful 
news. “Don't think about it 
old boy,” said his host There 
was no alternative, really. 
Things had got so bad for the 
company that I was almost 
being driven to using some of 
my own money!” 


Qbserver 




17 



INAJNCIAL TIMES SURVEY 


Tuesday June 27 1978 



ritish Exports 

Substantial parts of British industry are competing well in world markets but 


up 


By Geoffrey Owen 

IN EXAMINING the prospects 
for Increasing .the UK’s share 
of world exports, it is all too 
easy to he depressed by the 
strength of the competition. 
Quite apart from the long- 
established - tendency for 
traditional, export markets to 
disappear as importing countries 
build up their own manufactur- 
ing industries, the ranks of 
exporting nations are looking 
uncomfortably crowded. 

There are the new Industrial 
countries like South Korea and 
Taiwan, whbse economic 
strategies, largely modelled on 
Japan, are geared to a rapid 
increase in exports. There are 
countries like Brazil and India 
which, despite their huge and 
undeveloped home mar kets, are 
determined to extend their 
range of manufactured exports 
into : sectors of advanced 
technology. * 

There is Japan itself, busily 
diversifying its exports in 
order to lessen its dependence 
on politically sensitive products 
like steel, cars and consumer 




| ai 

V* u j?*. 

electronics; withit&.-a general 
move towards products of higher 
sophistication and 4tdded value 
(and hence Jess vulnerable to 
the appreciation . the yen), 
there is special emphasis on 
mechanical engineering, where 
Japan’s share of wftrld exports 
is stOl surprisingly low. 

Finally there is the U;S. The 
fall in the value of -the dollar, 
coupled with the ^well-known 
American advantages of high 
productivity and economies of 
scale, has made exporting from 
the U.S. more attractive; the 
impact is being felt both in 
'Western Europe and- in third 
markets.- 


with the growth of world trade likely to be slower in the next few years exporters 
are going to have to fight hard to hold their position, let alone improve it. 


West Germany 

U.S 

Japan 

France 

tIK 

Italy 


All manufactured 
goods 

1966 1976 19' 

19.4 20.6 20 

20.2 17.2 IS 

9.7 14.6 15 

8.6 9.7 S 

33.2 8.7 3 

6.9 7.1 7 


Chemicals 
1966 1976 


Non-electrical 

machinery 


Electrical 

machinery 


Transport 

equipment 


^ m investment decisions of the from which an export drive can 
SHARES OF WORLD EXPORTS OF MANUFACTURED GOODS SEwEST?"? whiS SSTSME rcarkTare 

(per cent) • f _ achieved a substantial Increase totally different from those of 

All manufactured Non-electrical Electrical Transport jn their exports last year. In overseas customers, as has been 

goods Chemicals machinery machinery equipment road vehicles as a " whole, the case in nuclear power aod 

1966 1976 1977 1966 1976 1966 1976 1966 1976 1966 1976 including components, the UK telecommunications, it is very 

West Germany ... 39.4 20.6 20.7 23.5 22.3 23— 24.9 19.6 20.0 21.2 18.7 still enjoys a large trade surplus, difficult for the manufacturers 

^•S - 20.2 17.2 15.7 23.8 17.7 28.3 24.6 23.0 19.7 23.1 20.2 By fgj u, e biggest contributor concerned to compete success- 

J apan 52 1 5f .5? 5J 1 5S *5? 55 ?5?» 10 Oie UK ’ S trade surplus in fully for exports. 

R7 52‘1 *55 1 t'l ,0-5 ,5? 55 , 5? • manufactured products is At a time when several 

5; 5? f , « c *z~7 machinery. Last year this sector developing countries are making 

6,9 ^ 5-1 *‘ 9 6-0 achieved a surplus of over large investments in new tele- 

Note: Hie figures refer to the shares of exports by the eleven main manufacturing countries. In addition to the countries £3bn., about twice as large as communications systems, it is 
listed above these are Belgium /Luxembourg, Netherlands, Sweden, Switzerland and Canada. the contribution from the galling to see the lion's share of 

Source: Department of Trade chemical industry. Non-elec- the business going to Continen- 


d escribed 


described as knowledge- 

Competition Table 1 : UK TRADE balance in major sb 

r. by the customer depends on (surplus (+) or deficit (—) in £m) 

It is sometimes signed that technology rather tbaD price. 2977 3976 1975 2974 

second - ranking .industrial Others, are standard items pro- Mai»tiin»rv -j-iiliq 4-2 444 4-i <>*4 

p^rs^chasFran^nd the duced in volume and semng 3££e :::::::::::: XI™ i£S- Jw +s£ 

UK are likely to be hardest hit largely on the basis of price. Road Te hides +738 + 945 + 944 + 729 

by tiie changing pattern of While there may be a tendency 0££ er transport equip. +124 - 7 +1 +198 

world competition. They will be for the first group to gain in im- instruments .. + 85 + 67 + 69 + 42 

squeezed on one side by the portance, it would be absurd to Textiles + 62 + 52 + 39 + 79 

three most powerftri^dustiial suggest that the UK should de- Irtm ^ s wZZ''' + 31 -145 -144 -163 

nations — the U.S., West Ger- Jiberately phase out industries a 0 thin S and footwear -281 -369 -310 -235 

many and Japan— and on the which depend on mass produc- 

other by the developing tion. Sourc *‘ Overseas Trade Statistics. - 

countries which are U ; longer There wiU tgMaf be — — 

content to rely on., labour- chaDges in ^ geographical 


mbourg, Netherlands, Sweden, Switzerland and Canada. the contribution from the galling to see trie lion's share of 

chemical industry. Non-elec- the business going to Continen- 
trical machinery, as Table 2 ta], Japanese or American con- 
shows, is one of the sectors of cerns. 

I **"~™**“™ — ■■ 1 ^ have to be put right The fact international trade where the it is important that the same 
• ..a 1M MA the UK became a net UK’s share of exports is higher mistake — of staying too long 

Ul\ TRADt dALANLL IW mfUUn dhUTUnb importer of steel in 1974 than that of France and Japan, with an obsolete technology — 

(surplus ( + ) or deficit (—) in £m) reflected production problems is not made in other parts of 

row 7Q7A 107? 707a 707* within the British Steel Skfrpnorf fl the electronics industry. The UK 

. . JzlZ . o f.. , Corooration which have not vet 011 clJ to lu has some strong electronics com- 


mtensive industries. /But even Iocatio n of some .major indus- Tbe growth of world trade is attractions of the UK as a manu- .-IS iL " ik , lii G «> v *ronient assistance will 

if this analysis, is accepted, it trieSf but the ^re division of likely to be slower over the factoring base have tended to . S nTm ^ nat,0Qais ~ “? a i nl > U.S.-owned almost certainly he necessary, 

is not clear what practical con- Iabour between ^ developing next few years than it was in increase. Much will depend on ment by ^ mjlIs ' are g0od ' companies which decided some There are nevertheless strict 


+856 Corporation which have not yet w **to*** has some stron g electronics com- 

, „ 9 _ been entirely corrected. Yet it The reason is that in a fair panies. especially in military 

, is worth noting that the UK number of product categories — equipment and capital goods, 
+ 118 returned to the black in its steel such as diesel engines, farm but lacks a strong presence in 
+ 41 trade ,ast r ear and that British tractors, mining machinery, the production of micro-elec- 
T 106 Steel continues to be one of some types of textile and con- tronic components which, most 
+ 60 tke cou °try’s largest exporters, structiou machinery — the UK authorities are convinced, will 
— 203 *be SC °P B f° r exporting has companies which are among have a profound impacr on the 

bulk steel from tbe UK is pro- tbe international leaders in world electronics industry and 
babfy more limited than was their field. To some extent the on a number of user industries — 
thought a few years ago, the areas of strength are associated over the next few years, 
prospects for stainless and other with heavy investment in the This is a field in which some 
nanu- ^gh-value ^ rades - where there TJK by the so-called multi- Government assistance will 
, . has been considerable invest- nationals — mainly U.S.-owned almost certainly he necessary- 


— ■ ... iuUUUi UCltVXCII LliC UCiCJUti lilt ui<ai J uni o ujhu u |7 <w iu lUVi juuwjj will Uv^LUU u II . _ . .*7 , ^ — — 

elusions result from. .it. No- countries and the older indus- the sixties and early seventies; whether the slow-down in wage An even bigger disappoint- - vears ?f 0 tu ma * v ' e to® uK their limits to what the Government 
one has yet devised; an all- trial countries is unlikely to be British exporters are going to and price inflation is main- meat, particularly in comparison ? iajn E “ r °pean manufacturing , can do directly to improve the 
embracing formula whereby the very c i ea rly defined. Even in have to fight hard to hold their tained, but the combination of with a country like France, has ? ase and W, V C - pnsitinn . of Eritish manufac- 

UK can select the sectors of the textile industry, for position, let alone improve it an advanced industrial back- been passenger cars, where the slippD 1 I ? ineir British plants, turers in world markets. It 

industry in which it .is most instance, there are some But recent trends are by no ground,, political stability and UK is a substantial net importer But ^nether British or foreign used to be said a few years ago 

likely to achieve international branches where British com- means discouraging. Last year low labour costs should consti- and the share of foreign models owned - , tbe s ^ ct j, es ^ es are . that companies in. say, France, 

competitiveness and:, then panies have established them- the volume of the UK’s manu- tute a. powerful advantage in in the total domestic market companies; which have matched Italy and above all Japan could 

ensure that the necessary selves as low-cost suppliers of factured exports rose by about the competitive battle. bas reached an embarrassingly ln ternational competition in count on the active support of 


investments and manpower are standard fabrics, combining 8 per cent., which was about .So much publicity is given to high level. How quickly this Preduct design, manufacturing their governments in securing 

directed into those sectors- high quality in the finished pro- twice the growth of world trade the failings of British industry will be put right depends to a e ™ c,e nc> an “ marketing skill, exporr business. It was claimed 

The fact is that today -suhstan- duct and economies of scale in in manufactures as a whole. that its competitive strengths in large extent on the new To break into the world’s top that in the range of financing 
tial parts of British industry are manufacture with the UK's There is some evidence, par - many sectors are often under- management of British Leyland; league normally requires a solid facilities available, in their ex- 

competitive in world nnakets. advantage of relatively low ticularly from foreign-owned estimated. It is true that there the balance will also be crucially position in the home market port credit arrangements and 

Some of them mighf be labour costs. companies, that tbe comparative are serious failings and these affected by the sourcing and continued on next page 


. . . .it y , * - 





People wonder whether wefre specialists in civil engineering 
ning or residential housing or travel or building or property 
development or dredging or international construction or 
insurance broking or process engineering or land reclamation or 
scaffolding systems or site investigation equipment or piling or 

S' 




























financial Times Tuesday. June 37. 1S?8> 


BRITISH EXPORTS H 


The following eight artides deal with the industries 
that provide the major part of the UK’s exports : their 
performance, their share of world markets, their main competitors, 

their strengths and weaknesses and the prospects and problems 

that they are likely to face during the coming year. 

Motors: still a force 




. -w'&z ?: , r 


• ■ y." -* •’ 


IN BRITISH Leyland and Ford These figures reflect two basic committed to exporting as 

the motor industry embraces facts. First. Britain's weakened British Leyland. the one 

two of Britain's largest ex- car industry has simply oot indigenous manufacturer. Tim 

porters, another two significant been in a position to develop an is not to say that the U.S.- 

performers in Vauxhall and aggressive stance overseas. Its con ^ 1 ^ Cars 

Chrysler, and a host nf strnnsly strnn; ^wtlns Pos.Hon .. the ^‘"^^^.^^oeiates 


MOTOR INDUSTRY TRADE BALANCE 

<£m) 


export -orientated companies immediate post-war years was 


c-Avvi4.-viicu4.aLcu luu V «.ul« , * - ~~ __j im marker unpons oov 1 VM 

among the component maniifac- built on the combination of its a ™ L 0 an in a * l^siMe Components . . 

toreix. But despite this export- traditional Co«n^ f?r a pureTy naSa! producer Exports ...... .7. IMS 1-640 +22 

mg bias, the record of the m- kets and a worldwide shortage ^ v German Ford for Imports “loo *dG ■ 66 

dividual companies in overseas of products. But as trade accounts for a very Commercial vehicles , 

markets is extremely patchy, barrier* came dow-n. and the jarge proportion of the group - Exports +19 

Talcing a broad view, the overall Commonwealth markets became sales in thg continent: and - Imports I- 3 ' - 11 +t£ 

trend in The last decade has less important, its inherent Chrysler Francfe dominates Other motor products __ 

been away from vehicle export- shaky supply position and ques- Chrysler sales in most of the Exports 578 <*.- -25 

irig a°d towards more enmpo* tionahle quality came to weigh £gc. Imports 110 164 

nent exports — a move which heavily against it overseas. .411 motor products , „ 

has both confirmed and exacer* The U S. market began to TVorarl Exports 3.103 3,i66 l 

baled the decline of vehicle move steadily towards the West J. refill unports i-<>o T’qii —id. 

building in Britain. German companies. particularly At ^ same tj me the multi . Net balance l*-9 - . ~ 

Last year's figures, which Volkswagen, and then to the nationals have become much ^ 

reflect a relatively poor year fr>r Japanese. because of their i arger exporters of components .. 

th* components industry, never- ability to guarantee regular in decent years as they have grow there wiU be a direct such demand from the armed 
theless indicate wfat has been suppUes and reliable products, sought to integrate their !" ? ^5* 


Exports 

Imports 


1976 

1977 

% change 

633 

752 

+ 19 

8S6 

1.324 

+ 50 

1.345 

1.640 

+22 

455 

756 

+ 66 

5-18 

653 

+19 

123 - 

211 

+ 72 

57S 

722 

+25 

110 

164 

+49 

3.103 

3,766 

+ 21 

1.574 

2,455 

+ 56 

1,529 

1,311 

-14 


sector, the UK component developing qukkiy, and a 

manufacturers have expanded berof Comecoh states are show- ..pbneats^o.Tfee' * ,ecqnapi*2£ 7 of 
rather than contracted in recent ing- an increasing interest' 
years. Their exports account mrseas markets. •. ’:y; 


uusilicaa, im; ubvc U 16 QeVeIOPlHS-WUlHJ, WPreCQgg, . ■ .*T -' ^ - gTT ^TJL- ' 

put a great deal of investuient thc 'Westeni motor eoagp aitiea 1 vnere it ife flrme^pogsiXBe. to 
in plant outside Britain as weH. . yjrifi find their exportimiketsr ^*^ sinpe^pam.«to^ofily 6ne 
But there has" been an appreti.- ami even t hAir . ^<yn 1 ttowAtti ft'flri'. fay^.^factbb^sp-ppVlt^ world 
able advance in parts sal estates' increasingly under chal- 3cale7 ;■ ^ 
abroad, both in the older lengg. Many developing, eoun- . - 

Common wealth markets and tries rather th a n ' providin g Bb neats field, therefore, will. be 
within the EEC. The object sales’ opportunities as 'iri. tlie^ "viridable iaS^ m^e^OTfdtng 
has been to get into as many .past, will Ha th tbe : change 

markets as possible, ally them- .technology to" bail d.up -'-their deea d e. Sy cbn tfcast vrftii T!ran ce 
selves with vigorous overseas own production; facilities- Tbu^ :and,^'West Geiinans^^h^ .la^ has 
vehicle producers, and through, trend in exports . will' ptT>poTtiopate^a^^and‘mt) r e 

producing parts for virtu allpVtbifcards the prpvisioa /of these 
every vehicle in the world, ^et^Eacilities. alot^g with, 5d’@eient 

an entree into the parti culafly^nmonent parts ' to get : these Wished. . „ teagghWit este m 
profitable replacement par&.'devdbpments afloat. The^majci®^ 

business all over the world. . VEutopean hiriit-up vehicle Vex- , J * 1 ^ ; weakne^ Whi^^g ^sts- i n 

Within rho navt rianoila tWa. wVr+iTio dffnrT w’ likplv hfi- ^ C&T WA‘QMSii}XWg;^SeiCtOT r 


7. ' ?V7 ■■■•"Vjtv 


services and for all kinds 


to £653m But component ex- most of the other major the component export figures, “ aiua ^ Paykan par— a derivia- trucks. ... become by far the biggest ex- .v. Most European vehicle manut j^ij^anjil^^dti'fcoi^eiicial 

som Se bv ’2 oeTSt tt 2^15 * and also contributing to a live of the Hunter-as a base Indeed. Leyland has a reason- porter rn the world-with ^4m ;i «tu r ers. indeed, now *etieye 

™ S f P*J Lt,p *" ls - TTC? , . humo in the component import for buiJdu1 ^ up- Iran s motor ably .strong position m the vehicles last year it exported .that the ind as try;, will, develop ^TMi^cejSS^rinw^tiracr- 

-l.€bn.^ In most years dunn. Secondly, the U.S. multi- . - . ,g— /j mDOrt c industr> r . -This deal is now developing world, particularly more than double the numbec^jpcreasingly bn a~ . Continental 

the 197fe the components m- nationals— Ford Chiy fi ier and we ‘ t u bv 6fi cent) running at well, over 1 00.000 in AFrica. It has, for instance, of any of its major competitors." pattern— that is . to say 'S5- : SS ,:- 

austrv' has done even better Vauxhall— -which have such a ■ haDDencd o-gf units- a year,- worth .about £100m developed -in Nigeria until this But several new competitoravyehicle production and export- 

relative to the car manufactur- large stake in the British t j iese nxoducen now make more in . sales ’ ®hd accounts for the i 5 now • the second most are also likely to enter the lists.-. :ihg will tend to be CQQtlUhgd' rtrinri 
ing sector. industry, are rot inherently as Tr„„.^ Q „„ biggest single slice of UK imDortant export area in the South Korea, for example; has' within large continental' zones. 


- ■ % 


statistics in 197 
went u pby 66 per 


LEADING WORLD EXPORTERS 

(060's units) 


Export ratio 



Production 

Exports 

% 

Japan 


8,514.5 

4,352.8 

51.1 

F ranee 


4.005.7 

2.267.3 

56.6 

West Germany 


4.104.2 

2.127.7 

51.8 

Italy 



1.583.9 

714.3 

45.1 

UK 



1.714.2 

666.7 

38.9 

VS. 


12,695.9 . 

950.9 

7.5 

Source: Nation?! figures. 


ship then, across frontiers to “"“r industr >' ^ overseas, 
the assembly works. In the By contrast with the U.S.- 
case of Ford, and increasingly controlled companies, BL, the 
of the Genera] Motors activities former British Leyland. has a 
in Britain t Vauxhall and the much more traditional export- 
AC Del co components com- ing profile. Its emphasis is on 
pany), Britain is seen as a build-up vehicles; and it tries 
prime source for parts supplies to compete in a wide variety 
— Ford’s planned new Bridgend of markets, not' in the more 
factory is a case in paint. selective zones practised by the 

Both Ford and Genera! multinationals. 

Motors, through its Vauxhall/ By world 'standards BL is no 
Bedford subsidiary, are also longer a really-- large-scale 
concentrating- on developing exporter. Last year it exported 
Britain as a base for com- 355.000 cars and commercial 
mercial vehicle production and vehicles against more than lm 
export. Ford builds most of by Renault, l.4m by Toyota, 
its European trucks and all of and 1.2m -by Datsun. But BL. 
its tractors in the UK. and GM nevertheless, has an unusual 


world for the British motor already begun a 
industry after Iran. Europe, and intends 

By contrast with the vehicle further; similarly. 


forced to feok aBrdlii} 


■ is European irucivs ana an ui anu i.j>iu uy i^aiauu. uui ou, . •. jr^r . ..V 

its tractors in tlie UK. and GM nevertheless, has an unusual „ • - - A ^ >"• , "v, :; 2 , 

recently made Bedford the position in world markets bv THE EXPORTING performance 19 to, when GEC was taking fitor . One of the mam-- inhuming fell.frqtti'.ten to ffvo a* a result 

centre for all its commercial virtue of the Land-Rover rang'e of electrical engineering com- tion’s share of home orders. f^S J^ctors for the UK niadufact»r r , of -^series of indrgecs iku^ired 

vehicle activities in Europe If which has won widespread P^ies is dominated by the per cent or 9,120 MW), Parsons ■ers in world tnarkefs Is - the ,by^e ; Indnsti^I-B€orgaiti^ 

and when these companies acclaim. This vetiele is in turbine genemor sector yhich. ^ able to. keep ite. factory y^t;|anc6 


•■'‘.t". . ■;••• ... : 

•; • . . - V 

• ■■■ . v 

•: . 

• ' . •• 

;• ' • ; ' ' ' " ■ . . 

(•>;. 

■ ; 

■ ■ . 

a 

::.v v . ■ 

1 

* * ' 




currency. reversed, since Parpdns. .has in most counts, wldifr tiie '• i .'ind 

Indeed, if it were not, the taken the only bomftjorder (for decision ' to^ --deyetob" an . all- jBbnar. Lor® ^"Duni^sei^fch. 
industry would by now have Drax) 311(1 GEC has ^ own British Bteim Geftferalbg HeR^ ^as.a^entoettwspc^fxday. on 
disappeared because of the lack su P e T I (or export pmorraance. Water ; Reactor (SGH WR) 

j GFP. p*sfimstftc- that it h-<s ■_ . . - > . \ ^ w.^, .. ^ « . 


. 7 . 

' . : . 



cAruni h 


■ 

■ 

■ •. 


+ :% 

1 • ” - • V 

^ ^ ^ ^ 

' : • '• A. . *' r 

■*• ' - . ’ < - . - 

. . - v ' . - ;, 

\ - v - J. 

; • ‘ • r • . 


■. - ., 


EVE M ENT • 

- - . • . 



disappeared because of the lack su P e J^ r P^formance. Water ; Reactor (SGHWR) <ait^ of 

of home orders. In recent years 11186 11 ' “** manufaetdrers"' off SWd^'wrd^y’lRiflie 

the combined turnover of the taken i. 800 MW of export ordero developihent rif vtfie mssiirtf^swt 

two turbine generator com- th J f ' ‘Jloi!!?® 6 ^ rth Water Reactor (PWR), ^fclS' turors, partiritiari^:'^^;.*a.ve 
panics. Parsons f subsidiary nf a total of £ —Qm. is now ' almost a‘; wflrl d. beeb - tn vesrin&;vci ui^j/^besrvi 1 y 

Northern Engineering Indus- Although this is mr sufficienr standar ^: f -, , ■ ^ 

tries)"and the General Electrical to fill GEC's, turbine -generator Therfiforie 'biii of-thrRe iaHt : is 

Company (GEC) has been run- lj ctones - 5^. is *?** l1 f gdrles -of '' export 'orders'- .^ nter * 

nine at about £200m a year, of | 5 l0 80 P^f cent loaded,- wh.th rentl _ available British ma’wi?? a ^^ ^Rnd^I^fi3rtisn.and 
| which about half has ^ ^ ^ ^ , 

, exported. JSsed state of the mSet fot two. They -‘ can compete • Tm t. 

The main difficulties arose 0 enerating equipmeitt ’ One nf order* -for;. Individual tuibAgp °£ 

! because of over-ordering by ^EC'^stTpSf SSrtJn generator- sets- 6r Tor 
the Central Electricity Generat- a f Dr |J^7s lS?ea XrTit hat fossil fuel systems,' but they- 
ing Board in the 1960s which ma jo r contract,, cut /off from the 

t d t( Jo-n famj ^- e ° f ° rdPrS in and il “ Presently bidding for number, of, turnkey 

l he 19i0s. Nn new power anot her power station there. systems .which eome “up’- > f<H:‘ d 

■^tatjon was ordered between tender. ‘ . marKet; ' '. ^ ^ 

1973 and last year's orderinc of A document- prepared by the v The "switchgear vjnarket/ 'has 

the Drax B station near Selby. 121261 National EconomicDevelopmeat-'bceii;- gova^g^b^ -to^-. same 

Which was nvrinlv a rescue REC ,, Fortin. Tecord nV H r Office, whic& predates 
nporation for Parson,. • • ^ECs repdrt, estimated that .the wbrld 

rnie dearth of home orders the last three market open tb the U3S between ^?-^^WiSS!SSkSZ 

^reed the companies fn M to the Cent n I 197fl T98I -would Eheoreti^^^gj^g^^^ 

ter markets elsewhere. Parsons " ll ^ target set oy me „ f volt cj rcarb break6rs-.\-5®epth er 


to,™*** "'z he %\ to r wi sKw . 

^c' w»Hd fhe tadustry. Its targo. tf.r 

Mf ofZ orosSrS; Je. U» combined exports of both VM-Ml 
with exonrt orders for 10.500 eomponies. or rather the exports key statiohs and 7,000 MW of 
MW or just over S per cent nf of a proposed eombmed coot- rmdeor tunttejr. 
the available world market (ex- P»«?» It It 


station was ordered between 
1973 and last year's ordering of 
the Drax B station near Selby, 
which was mvinlv a rescue 
operation for Parsons. . 


Target 


. GEC’s exporting-record over 
“f" 1 l^sonahly' we" iSTthTSSj! Sffl'SSS 


We’re honoured 


CONTINUED FROM PREVIOUS PAGE 


Pullman Kellogg Division of 
Pullman Incorporated in the 
United Kingdom has been 
honoured with the 1978 Queen's 
Award for Export Achievement. 


Kellogg engineers have 
been solving engineering and 
construction problems for the 
refining, petrochemical and 


Europe, the Middle East and ; 

Africa. And much of the equipment 
and materials exported to i 

the construction sites is manufac- ' 


We’ve been given this award the United Kingdom and abroad 
for increasing our exports more for more than three decades. 


chemical processing industries in tured for Kellogg by British 
the United Kingdom and abroad companies. 


than sevenfold in three years. 

We're proud of both 
accomplishments. 


IP Pullman Kellogg 


Plants designed and engi- 
neered by Kellogg personnel in 
the U.K. are located throughout 


Our dramatic increase in 
exports exemplifies the spirit of 
cooperation among our suppliers, 
financial institutions and ourselves. 


P'jiinijn Kellogg L'n-ueo 
Kellogg international Corporation 

The Pullman Kellogg Building, Wen it ,*y. Mu HA 9 0EH, 


success whs haseri on =ts partner- 11 1S 110 w “ B3 F rnar tn e extreme - ;beiBg ^cJ^riect/^is^herc in 

ship whh Howden in Canada. o-W? ^ - considered to be the vanaUous - of home ordering^-^,,^^; Reyroll e 
which Howden announced re- W & (‘feast and ftmine”), 

con fly it intends to terminate -ene.ator inausuy. • a most unfortunate effect on r«k^wiige" '■ .the 

in favour of Person's Swiss jll ' fat ® d cp RS^ report, exporting. _ DuriDg tb€ J9S)s. Vro^a^ '- WestiiighOBse. 

rival Brown Bnveri. In the which angered or embarrassed w h e n the CEGBV ordering 3 nd -GEC’s .range-"of SF6 gear 
Dast vear. Parson’s nerforma nee almost everyone connected wi in reached almost panic propor- j s now gaining:, width" acceptance, 
in the evonrt market has not the industry, has, manufacturers u 0 ns, manufactarers bad .little . - • A~-~ A 

been at all encouragin'*, partly, claim had a veiy bad effect incentive- to sell- hard in. export r*nmiiniiflV^ 
no doubt, because of the fierce porting prospects markets, because their factories V'UIlipveAi*^-^ 

com petition from Swiss. Japan- Jf“ u “ ^ ^dJficiMdes ^tife were f Irea ^' oirerlQade < i - ?t is- intbe’field of electrical gen- 
ese. German and other maim- ^zL manufacturer rtow dear that this was a crucial eratbrs.^ -For' standby power ora 

facturers. which all suffer the inausuy. as one ma c rer trme when other manufacturers, main source, in. a cut-off location, 
same problem nf nvp'-raparity Y0 “ w "J * particolariy the Japanese, were/gritisb manufacturers are doing 

Jind a comparative fall'n® off nf devised a oetier piece 01 P™ - begiriiiing:. to increase their -vell -in the world market with 
domestic orders since the oil paganda for our mmpe-tntnrs. exporting ambitions and /to about 80 . per cent- of its produc- 
crisis. aml there is no doubt^that they j, u ijd u p a reputation with .their tiorr exported and: total sales of 

During the period 1970 to have made use of it. customers.- - about /60.00Q generator units a 

The same picture, : is.‘ broadly year. *■. . . . 

true • of- '• .. switchgear, circuit .' However; - rsaler- of electrical 
__ breakers and ^tt^nsformersi ..motors overseas present a less 

HottlP rnw-riNUED from PREVIOUS PAGE . wlilch h *«.-**i had fo .compete happy picture, espe dally in the 

DdlLiv CONTINUED from previous p j n export markets, just when l smaller «use ; (rf sizes, where 

they become most competi- :imports have . .a high pene- 
tive.-. / ■ ' - s . .- ■■■ - . --■ • v 1 - ■ tration and.-: the . export mar- 

in the degree of political back- specific problems which need .In -the decade' between I968/kets arH extremely competitive, 
ing from their governments the attention. British exporters are and 1970, for example, the traris- ' Substantial - : dVfcr-capacity still 
tjv*-. (•nmnpnton; were in a far now P r °bably as well served by former .industry's turnover exists through .Eiirope, par- 
srrnnoer nosition the counlr > , s finahrial institU; declined from. £I49ra a year ticularly in the large, - highly 

19 v ‘ tions and by Government depart- (1976 values) to only.f76m in' automated factoriesinWest Ger- 

Whether or not those claims me nts as most of their overseas 1976. tii-tfae same period, -how-- many,- France and Sweden. .In 
were justified at that time, they rivals. The Government, except ever, exports rose from fiSm to. spite, of ? this, GfiC has been in- 
are hardly applicable now. In p ei -baps in the arms trade, can- £28m. " The volume '.of eyRorts vesting quite' heavfly, with Gov- 
rcccnt years the British n05 w - in export orders. It is not has more than doubled during eminent assistance, to xtream- 
(iovernment has greatly • in* Government support , which ex- the period, 1 : ‘but_more, linpprtant,'-line produetion and increase 
creased its sen-ices to «- plains the success In world, mar- exports now accoimL foi ,: over: a/icap«cJty. .'Tfie’ twdtt ; alm.-.Is to 
porters. The facilities available 0 f French car makers, third of the industry’s turnover beat back imports and to'obtain 
through the Export Credits j^e German machine tool compared with less than 30.; per a bigger .share of -'Export inar* 
'.iiiarantee Department, for ex* builders, or the Japanese con- cent * decade ago. This trend kets, particularly, in the U-.S, 
ample, have been extended and sumcr electronics companies; it likely to continue, because' it .where the market, is dominated 
;i variety of other forms of \ s t j| e excellence of their pro- is clear, that the. five remaining by' Westingbouse and General 
assistance is available. Govern- d uc t*. Britain. 100. has its. world companies -in. Ihe iridustry-'can- ' Electric Some years: ago -they 
mem Ministers are much more leaders, but not enough of them, not all sui+ivebn the home maf-:. decided tO ^sqiietoe the British 
williiiG than they used to be to -pbe Government cannot create ker. alone. -/ , . -right oiit^ bnt the possibility of 

lend their personal support to then: what is can do Ik to create During . the . decade employ' increasing sales in- the U.S. now 
companies negotiating parheu- jj ie economic conditions in .raent in the industry has Fallen' looks -fnoderately.- encouraging, 
lar contracts. which such companies ar elikely *'■ , - ‘■h’-i. • T “* 1 E *vhat- : -- -. - , '--./. 7 - : ■ 

While 1 lie re may be some (a grow and iq prosper. and the n sibber of companies: .V- :/. 



s *- 


■~t‘. r. 












nkltjtiHil 



: -V'- 

- .-o. 






* : 












Leyland Vehicles has built up a world- 
wide reputation for producing die very best 

commercial vehides. 

"With trucks, buses and tractors which 

are dependable, durable and designed and 
built to operate effidendy and economically in 

every climate and terrain. 

Last year alone, we exported to 

Africa, the Middle East, Europe, the Far East, 
Australasia and Central and South America. 
Our exports have earned a great deal 

of money for Britain. 

And they've helped to make us . 



Leyland Vehides. Nothing can stop us now. 


Britain's biggest speaalist truck builder. 

Now we're investing over £150m in 
new research, development and manufactur- 
ing facilities. 

So, we’re doing what we've always 
done best. But, were doing it better dian ever. 


t • 

( 





20 


Financt# , Time* Tuesday 


BRITISH EXPORTS IV 









BRITAIN has been exporting equipment and wheeled tractors 
nearly £5bn worth of mechani- industries, 
cal engineering products <tex- j n t ' nc last full year for which 
eluding cars and lorries) and rta t. iUlS are currently avail* 
this industry has a favourable a ^ ei C ;.-ports of tractors were 
trade balance in the region of v/orth rt>n.8m and the favour- 
£2.5bn a year. As the third M rrade balance 

was £472. 1m. 


. LOIlSLUiufuii trquxpiucm VA]iVi ta 

machinery, »>e UK remains b ht jn £575m and the 


the U.S. and West Germany. 


bare statistics alio shows that «* ,naU3ines 

the UK appears to be suffering remained the major exporters 
a decline in this important within mechanical engineering, 
market. In individual sector And these two industries are 
after sector its share of world dominated by the North Araeri- 
trade in percentage terms has can-owned companies. In trac- 
been moving down. But this tors Massey-Ferguson. Ford, 
has as much to do with the Darid Brown ta Tenneco *ub- 
industrialisation of developing sidiaryi. Intemaiiona] Har- 
countries as with any failure of 



U.K. 

TCP 

TEN 









Positive 


Exports 

Import 

trade balance 


1975 

IflTfi 

1975 

1976 

1975 

1976 


fm 

£m 

£m 

£m 

£ni 

£m 

Wheeled tractors 

468.0 

Gil. 8 

99.9 

139.7 

368.1 

472.1 

Construction 







equipment 

470.8 

575.0 

161.0 

215.9 

309.S 

359.1 

Textile machinery 

223.5 

229.0 

82.1 

90.0 

141.4 

139.0 

I/c engines and parts 

130.7 

137.4 

36.8 

27.4 

93.9 

110.0 

Constructional 







steelwork 

127.4 

206.9 

35.7 

49.7 

91.7 

162.2 

Vaives 

94.9 

89.6 

31.1 

32.0 

63.5 

57.6 

Furnaces and other 







plant 

90.0 

893 

39.6 

31.7 

50.4 

57.5 

Forklift trucks 

S4.4 

87.1 

35.3 

38.0 

4S.S 

49.1 

Machine tools 

1S5A 

208.8 

137.8 

176.5 

47.5 

32.3 

Pumps 

105.2 

249.6 

59.2 

SL7 

46.0 

67.9 

5 . 1,1 ne: Department 

lndu*tr7i 

Biumejti 

jlfonilpr 

MW 



to the British as veil as the 
Germans and North American 
groups. 

Following its success with 


seoger cars and ships and in 
electronic products such as TV 
sets and calculators, Japan is 
putting more emphasis than 


Already Komatsu is second- 
largest of the world’s construc- 
tion equipment makers. And 
the European bearings industry 
has been considerably shaken 
under the impact of Japanese 
groups. Two of them. NTX and 
NSK. have actually set up 
manufacturing/assembly opera- 
tions in Germany and Britain 
respectively. 

As well as gains by the 





The cooling tubes at the:. cement too rks coristfuCfetf' by fbr r 

the National Cement Company of Dub0i:r'. .l ? >; V \ 


th<» T 7 K- L- on .» „„ ves ‘ e r. J ll j ?° * in a . re a ^ * el * the multinationals to locale British mechanical engineering T •»*«.. nr 

ke ' ? UP esUohshed in Erita.n In fact, manufacturLn .. facilities. industry in world markets raec haniC3l 

with changing trend,. only John Deere of the major Americans were comes from West Germany and. 

It remains true that UK Americans does not have a ine „ . . . e fL c n ? Tt * e 5 e increasinclv in rerem vears 

mechanical engineering has an manufacturing facility in the f. rtt attracted to the LK by While more and more 

und^rlvin" strpnnh and a rv the availability of engineering -' a P an - . wnue “ ore .- |D£1 v* 31 * 

underlying s tr.ngth and an, skl u s of aI1 kin ds and the fact mechanical engineering busi- 


position in world markets which 
provide a basis for considerable 
development and expansion. 

The manufacture of engineer- 
ing products with high added 
value will remain for the 
seeable future the mainstay 
the advanced industrial coun 
tries. In 
the most 


engineering can also expect to 
see its world market share 
under threat from the develop- 
ing countries. Many of them are 
insisting on an element of local 


Similar 


The picture is similar 


that the engineering industry j£ ss *^" “ n manufacture and assembly be 

in Britain has an infrastructure incorporated in machinery sold 

. which can provide the variety f £ ei C.. out P ut ’ maD y stvioi* ot » ’ h martet The 

in tl f rmnnonents retmired hv what the West German industry have Jr ™ ^ no f*T raarKei ‘ . 1 . 
oi components requirea oy wnat , u / North American companies in 

are in a position to .. * -•- _.•* 

^io^o'whe^th^market THE UHPORTS problem" faced'has deteriorated and £he< new/cd^'shotild give iraif advan- 


fnrl construction equipment. Cater- are basjca „ v assemble opera- bee " able t0 th.s claim aarrSnIar 

V nf Plllar - b,?se f t in lhe busme f- tions. The' fact that finance for , maDV more years. Machine P a ™mar 
L-u ...uusiria. coun- and ,;eneral Motors ' * an v.as easy to come by and that Pumps and compressors, 7 

the UK it is one of a . dded T -° ,he prev,0 V s hst and the British spoke a fitmi liar lan- futile machinery and steel- an vu 1 
importar. industries Natiuf!aJ Econom,c Develop. gua ^ aiso played a part. tt ™ks P 1 *™ ait fall 

luipuitdl.l HIUUoLliCS .-.a;... ae t msloc lhat the. ^ ^tannrv in r r, 



.•I'M 


ment Office estimates that the 


into" this ofT S. rs Potential 

in terms of employment, invest- tnnm Thcr,? arc no sisns that thc catesory In West Gemrjn "- UK mechanical 

ment and export and has there- _ „ La i . J!! multinationals are looking less During those many years, thc ducts can look 

favourably on the UK as a Germans have built* up a re pu- mand in the 

base, tatinn for quality 


by the British textile industry: emphasis that" has, be an . p.boed:i^e:':mW [.Northern European 


fnre attracted a Fair share of 


account for around half the 

the attention being devoted to sales of construction equipment nl anu*faciurins-asscmbfy Muam 

manufacturing industry by rhe 1 ” and about oO per cent within the past couple of years, ability, for prompt 

Government’s industrial elwtpev exports. f rtT f.vamnle Gaterniliar ha« ser cort-i,«o n.-hi«h h» 

The dependence of the 



Government’s industrial strategy 
programme — a programme de- 
signed 
e 


for example. Caterpillar has set service, which has 
up a forklift truck plant at weigh the heavy 



— M , - . '•r — « lilt lltnoj uuau ■ ait PUUU3HCU _ _ -- ir _ |f - 

lgned to improve Britain's mechanical engineering sector Leicester designed to pxport at involved in baring an over- survey bv the mechanical di:sitT ^ s export record. • - .''between imports into Britain, t0 'offer s cood - aualitv well- 
x-pori performance. as a whoie goes even deeper in least 75 per cent of its output, valued currency. It is not diffi- engineering “Little Neddy.” la fact, particularly at vtKef-iqd exports.'., •:.>,' v • designwi and'attractiveW oriced 

This cannot simply be a that a number of British- It remains difficult to judge cult to fifind many individual “Depresse " r * u 1 — ----- - ..oesnjnea ana.anracuvety pncea 


■Depressed levels of demand top end of the market wberp^- Though tougher" ihrport coil- tc 
^ i -’ — clothing ■ has • teng;^ f, ave been, ihtrodiicla Ja '■ 


es' and . , elothlhg, and. to 
r them on^me^c 


* ■ _ . . I — ^ i’-' *nuiu ujau v > uiu.i mum ivicu ucuiauu ^ 

matter of encouraging British- owned manufacturers ot maih- the final impact of the activities examples of the Germans fail- in most industrial countries -British 

owned businesses to smarten inery rely on American engines 0 f the North Americans, how- j ng t0 Hve up to their reputa- are leading their mechanical enjoyed a social cachet, Britato-^,^ to thii isatee: 1 rhe r 2 The ^ • resodnse to 

up try new export markets and -Pr engines from companies ever, because it is not easy t ion. But these are always engineering industries to steo has always been a strong S 

ionk for gaps in the home like Perkins and Cummins t0 get reasonable statistics takea tQ b e the ev^D'oris up th^/r export effort often at porter. Up until cwnparari«dy -Sil? ££!Sr rOt 

market that they might plug, which are American-owned-to ab0 ut the components they ^ pro ve the ile cut-throat^ Sl2i Thi, awll« too. Britain’s defied*™ Jin f he fr ‘ 

For the North American multi- power their equipment In some i mport t0 incorporate into their P ' particularly to Japan, but also In clothing imports was betag^vAiJ m-nt 

nationals have a tremendous in- cases, such as fork-lift trucks, machines. West Germany is nor without EEC coun trie£ P covered by exports of tnsfim 1 ' 

fluence on the trade perfor- the British equipment is There are other important Problems, of course. There are “Against this background yarns and fabrics. • , -T, r * 1 «» t^ules, has come To accept, m -T^f-..q?me to |168.6m 

roance of mechanical engineer- designed around the Ameiicau mechanical engineering expnr- signs that the difficulties of w-e do not expect exports to ' Thus 

ids as a whole power unit ters where the American in- exporting from a German manu- provide any boost to orders on modest 

Running neck and neck as the All this means that any UK fluence is pronounced, particu- facturing base are becoming 

two biggest e:."H>rters within Government wishing to protect larly internal combustion more significant z? the 

the mechanics: engineering a large percentage of mechani- engines, industrial trucks and Deutschemark persister.ciy stays 

sector— and at the top of the C al engineering exports must do machine tools. among the world's stronger insists, 

table as net earners of overseas its best to ensure that Britain Apart from North America, currencies. The Japanese repre- 
revenue— are the construction remains an attractive place for the main competition to the sent a growing threat as much 


inro there is a need fOripa«lkl. C10thkig-£^rts .1^:yea^ rose 

■•action to improve the^ export by 45 p«r,cent;ih. value and are 
deficit of *7 4m on clodw +»«,*. , 0-0 




. In 1977, with an export sales Why the international preference for 

team of thirty seven people, A. E. Auto Parts A. E! products? 


. cohque'rea most ot the world. 

■ ■ Into 126 countries went an all out sales 
; efet • 

• And but came £20', 000. 000 worth of 
orders for A E. pistons, cylinder liners, ring ' 

. sets,' engine bearings, bushes, valves, valve ■ .for A. E. Auto Parts, a member of Europe's 
guides, valve springs, valve seat mserts, oil largest engine component manufacturers. 


■The quality. The service and delivery 7 . 
The competitiveness and the very fact that 
they cover an international range which is 
continually growing. 

1977 has truly been a rewarding year 



report 

set by the surplus 

Kenneth Gooding The position since,' however,^ 

• • if • . 

V 


' a much greater ektent.in Europe -qlmosirdoubie their l973 vs 

s ot ^-on^rbere Britain’s Iower ;labourf .Jh ? e v industry^ ' inch 

w -iinwWpr^ - t " f cdVhnNub oN tibet ! 


value, 
increased 



supplier slip into the hands of 
competitors, while new markets 


communications -and . ™ lume 

broadcasting equipment la- lhe 



has seen several markets ... 
which it was an important world {^1*110831 

.. I" >he next tew year,, it u 

have emerged in which British clear that the help, given to &l be ^XDorted -field - is -the 

manufacturers have failed to British manufacturers . by the e^portea. •• -. ; 

obtain a significant place. Post Office will be a t* 

- The most important example factor in their success or 

df an area in which British wise in overseas markers, one of integra- 

suppuers have slipped from a reason for this is that the Post up to 

position nf eminence is telecom- Office has necessarily assumed JJJ SSSlSs? 11 * ta ?^ C ^ 4 100 ', 00 a , .iciS<mwi!on a single 
raunications, where, largely be- a much tighter managerial rr.le ®” d f ^fJSSS!SSf S Mp5^^ ; aliconchlp'S2auiiog-. less than 
causy of Post Office ordering in tfie development of System X. ' ^si&P*nih?Qf an linclr. square 

policies, Bn.tish manufacturers The main reason is that com- ^ m^s^tK^^mah'tifacturers of .\ m , 

failed tu exploit the market for puter controlled exchange for thfr Clanaffan mobile ^J 0 .’ ^sterns ahd-sdectrdtiic products ••’‘■•eiC- A f i» 

n.mn..Mr 1 oro nnnlnlinatiari that Series which it develoocd inmtKr 



computer controlled exchanges systems are 50 complicated that dav e l bped jorntiy. ” aiice^tb.. 6 ecome'jno're and ^\'^y 

importblywuteft .1 w. hTCwo^and Piewy: . ^^ 3 Si 


' . - ‘more- dependent on ttie ime- , 

,c electronhs tastaKS. ^So-Cie, 



which was left oped for foreign it would be . . - r . 

compeUtors. to sponsor competitive develop* In ’ most other axefcs 

Before the !S60s the export a J1 fbe roanufac- el ectrohhs business, 

marker in telecommunications Hirers. Consequently each 
was relatively small because the three manufacturers will 

many countries did not have ex- not in the early years at least. In the 

tensive telephone networks, but b * making a complete range of example, 

the UK was a major supplier, equipment but only that part tional .. Computers Limited's fScSiJexSr' 
particularly ia the sterling area, of the system which they were IICL’s) \. dsfcelleat exporting 

Now that the market in third responsible for developing. record, .total UK production in 

world countries has grown It is clear, therefore, that the 1977 Xs : estimated at £580m -1 UcllUlU 

to some 34bn a year, the P«st Office will have to extend compared with a total VK 

UK has lost much of its its management role for the market'-of £6S6in 

market share 10 Japan, development of the system »o In control and instrumental aQ d .rapidly eSaanding world 

Sweden. Germany and thc if* overseas marketing >n con- tiori, the .adverse balance of rhark^t wHIt production, of in- * H .* v vC I\ U 

U.S. British exports in IH76 junction with the manufac- trari^'w'a?; refativ^iv crmaif — ■ — . — . ? i:_ * 

were only £U7m compared with turers. For one thing 
imports of telecommunications be difficult, if not 

equipment of £68 m. for thc P«st Office to ?uj*i.nr t . -••••; ' ^ puits ta fiiirope 

Tiie UK industry's hopes of three competitive bids f -”’" ^ . 1 -- 

carving out a better share of UK companies for an 
the telecommunications market contract. The way 

must now be centred on the de- overseas marketing will be enn- UK tetevision- maDUIactu»K'-:«i®^iif : . rm imhnrtc ^ 

velopment of System N, the fuliy dueled ..is still being actively haire 
digital i-umpuu-r controlled sys* discussed. The outcome nf about 


K At present „the. UK has only • Ci 

the smallMt toehold in this huge 

3 " i-i n iriW «»^boTifYtno wnrlH l *- - 




c 


seals and water pumps. 


The Associated Engineering Group. 
■Not to mention an awarding year. 


THE QllSErrs AWARD 

foi export 
ACHIEVEMENT 1378 



THE ASSOCIATED ENGINEERING GROUP 


A.E. Auto Parts/PO. Box 10; . 
Legrams Larte, Bradford, England. 



Electric Company and Standard 19S J )s when * ^ hoped they l 0 w'^"el.. , compared'fwith't<^ ^ 3 J {0 ^^ 1 ^t^riS^ '^ard's C '*Co ‘s < 
Telephones and Cables, the ITT wiH once again have a highly prod uctip ny.I^ '^ar the 4otal £££$$-* 

subsidiary. competitive product. UK . -market:, -for. . consumer Sictoi • with^Se O J L&ir. 

In the past year it does seem rath , er S 00 ?* 8 }? 8 electronics,/ -worth- . ab6ut jj C jp ^ some U^-ind^ British \ r ^ 

ten in tne £740m -comoared .with oroduc- a- 


a 

**1. 


that the Post Office 
to take a much 
initiative over the 
of British telecommunications 
equipment abroad. It appears 
for example, to be taking much 
more notice of manufacturers 
demands that specifications of Racal have shown 
equipment for the home market world markets, 
should be drawn up in such a PIcasey and Marconi 


tium with western electric popping' concept to avoid small {hut. lienliby^ ^ris. with 

which unsuccessfully hid fur rhe enemy jamming. Although these a . net '.favourable balance 'of : 

Saudi Arabian tele- contracts 


S3bn 


were not in them- trade of I6m last year, 


t 


/*- 


it. 


. Or : . ^ ei Prij 









21 






Tuesday June 27. iff 



BRITISH EXPORTS V 




uction success 




h 

t i 


a. 


ti 

u 


Vjf. 

V 


THE CONSTRUCTION industry 
) its suppliers and associated pro- 
fessions have in lhe 1970* been 
v.one;of the UK's success stories 
; ; in tfiiros or overseas business. 

•' if faa3'iiQt been a question of 
1_1 overnight success, however, and 
neither ;has eve ly participant in 
*the-;exRort drive necessarily 
: : been' fcappy with the outcome 
•Manym contractors have been 
^operatiJOig. abroad for 30 years 
-or rnojre.aud some have seen 
; potential/ profits turned into 
i weighty.; losses as local con- 
/ditioits and difficult clients nave 
; combined to thwart the best laid 

'-p lans ' . _ . 

. ; .But the figures nevertheless 
: -underline the major strides 
- : which, the sector has recently 
^adein selling its expertise and 
C-fs services abroad. Goyern- 
meat figures show that th? value 
V of . construction "work won . . by 
contractors outside' -the. UK. was 
-in 1971 Running at • around 
i £300iu.. • 

In the year lev March- 1977 — 

■ the last- period for which 
' statistics are available — the 
figure had risen to £l.7bn. In 
• the 12 month period ending this 
March, the total value of work 
taken on by "UR building and 
civil engineering companies is 
. expected to have easily topped 
- the £2bn mark. 

Inflation 

The considerable impact of 
inflation on these current price 
figures cannot be ignored, but 
the statistics themselves are not 
essential . reading for any 
observer wishing to quantify 
just how well ihe sector lias 
dune in the international con- 
tracting field. . 

A profile of almost any of 
the large and medium-sized 
contracting operations will to- 
day show a growing commit- 
ment to overseas markets and 
a growing dependence on those 
areas for a rising proportion of 
profits. . Some contractors are 
now relying oh foreign contracts 
for up to 80 .per cent of their 
turnover, a move which some 
people regard as reckless but 
which the '.contractors involved 
say is essential in view of the 
low level of domestic work. 

The contractors are not alone. 
The material producers and 
suppliers are pushing overseas 
sales to compensate for the 
poor situation at home. Direct 
exports have been increasing 
but a greater proportion of the 
material' producers’ overseas 


efforts- has been Aing into 
investment in fciipisn-basecl 
PToduclinn uniis. 

Apart from th^ material 
manufacturers, the professions 
ton- have been making a major 
contribution. Consisting engi- 
neers ft om the inspire' now 
involved- irr contra^ abroad 
worth a conservatlve^rPbn and 
demand for their services is 
strong. — 

•But Fears have rrefflitly been 
-repressed that (hegtast suc- 
cesses may now be |jving rise 
to that old British - complaint — 
complacency. Completion for 
constructi'pn work anajfor con- 
tracts- associated wtj.il has 
become far more intense. in the 
past two years as theseyes and 
efforts of the qgntra cling, 
fraternity have beenijfentted on 
the developing natiorU- 

Nowhere has that Concentra- 
tion of manpower.. Resources 
and selling skills bcen^raore evi- 
dent than in the Middle East, 
where UK conlractnr£-have for 
the most part a well-established 
reputation fur high standards in 
business ethics and ./workman- 
ship. : 

At present around, 60 per 
cent of capital expenditure in 
the Middle East is b&ipg spent 
on construction alone— ?a propor- 
tion unprecedented in the de- 
veloping world — and i competi- 
tion between contractors, nearly 
ali faced with - recessions at 
home, is now more fierce than 
ever before. ••V s 

The situation is good- news to 
the governments of those 
nations involved — they are 
invariably, the clients — which 
are now accustomed to. driving 
hard bargains and to ensuring 
that all parties stick, tir them. 
Their approach has only, been 
toughened by au awareness that 
certain contractors . . were 
attempting to lake wildly" exces- 
sive liberties when tendering 
for business. ’■ 

The situation is not ,as rosy 
for the contractors themselves, 
who face what can be a. long 
and extremely expensive- fight 
to win work. Neither isf there 
much they can do if competi- 
tors such as the South' Koreans 
care to step in and bid for con- 
tracts at up to 30 per centbelow 
everyone else. In addition, local 
contractors are gaining in 
strength all the time add-com- 
petition for smaller as well as 
larger contracts is intensifying. 

That the British will have to 
fight to maintain their signifi- 
cant market shares there ii'no 


doubt Aggressive salesmanship 
could be the keynote when all 
ni her factors are broadly com- 
parable. 

U is a debatable question 
whether in the market intelli- 
gence and information sphere 
Ihe UK contractors are as well 
geared a?, some of their com- 
petitors. The Construction Ex- 
ports Advisory Board was origin- 
ally established by the Govern- 
ment to help introduce an cle- 
ment of strategic combined 
planning into the efforts of UK 
eoniracTons m overseas markets. 
It was recently wound up. how- 
ever. as Ministers apparently 
fell its work could be adequately 
carried on by other existing 
organisations, such as the Over- 
seas Projects Group. 

Reluctance 

There is. without any doubt, 
an inherent reluctance on the 
pan of must UK contractors to 
act in concert. Only the largest 
"f the large contracts force them 
together into marriages of con- 
venience. whereas consortia on 
a national and multi-national 
basis apparently find much 
greater acceptance among many 
of their competitors. 

But ir is not merely the alti- 
tude ,of tile contractor* them- 
selves which can be decisive in 
the winning 01 business. To win 
work, the potential contractor 
lias to know what is on- offer 
and here the support of an in- 
telligence system ou the ground 
can be absolutely vital. 

The diplomatic network is an 
obvious vehicle for the in forma- 
tion-gathering process and it is 
lair to point out that in some 
respects it has been doing a 
aoud job fur the UK building 
and civil engineering sector. 
Many commercial departments 
in UK embassies around the 
world devote endless energies 
to producing assessments of 
market potential and m linking 
up potential clients with con- 
tractors. 

But it must be said that the 
record is a patchy one and that 
while some commercial depart- 
ments deserve plaudits others 
require something stronger. It 
is not necessarily the fault of 
ground staff, who are faced 
with an immensely demanding 
task and yet can be left under- 
manned and witti few resources. 

The contractors themselves 
say they are aware that many of 
i heir competitors from other 


Michael 


Textiles 


countries have their own ron- winning construction contracts 
siruetjon expert wilhin their in Europe is an easy job as most 
embassies to help them out AU nations have well-developed 
loo often, the UK companies contracting industries of their 
say. the commercial diplomats own, yet some UK companies 
have little or no knowledge of have managed to notch up some 
their industry. significant successes — if perhaps 

So it is really a matter of ™ore on the building than the 
appreciation at the highest civi1 engineering side, 
political level that individual Membership of the EEC 
" freelance " sorties on the part should provide more chances for 
of contractors can be time- working outside as well as inside 
consuming and wasteful and Europe, Under ihe Lome Con- 
that a co-ordinated approach to vention. British con tractors will 
the work of winning business in be eligible to compete for con- 
difficult markets is invariably tracts in 46 countries, including 
going to make the difference 1 developing States in Africa, the 
between a contract coming to Caribbean and the Pacific, 
the UK or going elsewhere. 

Winning the contract is. of 
course, only half the battle. 

Many «»f lh<? developing regions 
— notably Africa and the Middle 
East — present a formidable 
range of lough working condi- 
tions. The UK contractors have 
proved themselves sufficiently 
versatile in cope, both from a 
technical and a personal point 
of view. 

There have been suggestions 
f/iat much of rht work which 
has been pouring our of the 
developing regions is. now be- 
ginning to dry up. The ex pend i- 
rure figures themselves suggest, 
particularly among the oil pro- 
ducers. lhat spending is being 
tut back hut there is no evidence 
to support ihe view that the 
Middle East boom in particular 
is over. 

It may well he 1 hat the nurn- 
hcr of major infrastructure 
projects, involving multi-mil lion 
pnund contracts, will be declin- 
ing in numbers as development 
work enters a new phase, hut 
i here will still be enormous 
volumes of business available in 
fields such as housing, urban 
development, leisure and recrea- 
tion facilities. 

For the major civil engineer- 
ing contractors, nevertheless, an 
examination of new markets 
beyond the oil-rich nations of 
the Middle East i> becoming a 
priority. Many of the GK civil 
eng inters already have- work 
lurlher afield, notably in Asia 
and Australasia, although there 
too competition is apparently 
growing. In addition to in- 
creased participation hi these 
areas, regions such as Lami 
America may also provide the 
contractors with important busi- 
ness. 

Opportunities for work do 
exist, however, much closer to 
home. No one suggests that 



f93ra. The deterioration com- 
pared with last year was 
accounted for by lower clothing 
exports and higher textile and 
clothing imports. It will only 
become apparent as the year 
proceeds whether the import 
performance represents de- 
livery in the first three months 
of a substantial part of the 
quota allowed to developing 
countries. If this is the case 
imports will slow down as the 
year proceeds. On the exports 
side, some recovery during the 
resr of this year may also come 
from the effective 7 per cent 
decline in sterling's value since 
1977. 


Threat 


_ Cabling being installed in a village in Oman 

Cassell Han ker Siddeley Poicer Engineering's £17 in c 


q.s part of 
ontract. 


CONTINUED FROM PREVIOUS PAGE 


efforts have be<-n spread acres* 
all its sectors, and significantly, 
in several of these, exports 
Iasi year were ahead of the 
target for the year laid down 
in the sector working parly 
reports drawn up as part of 
the Govern mem - s industrial 
strategy. 

Thus In wrml textiles, where 
the industry maintains an 
export _ promotion body through 
a statutory levy, considerable 
progress has been made towards 
ihe objective of regaining the 
highest share of world trade 
held by the industry in the 
197US. Total exports by the 
sector, which has been pursuing 
.i pnli& of concentrating at the 
medium to top end of the 
market fur some years, reached 
nearly £40um. last year or 
roughly 40 per com of output 
by value. 

Seven of ilm lop 12 markon 
supplied by the industry are 
fellow EEC members, with 
Germany headinc the list, last 
ypar with pun-bases totalling 
f 41 ni. The oilier big markets 
are Japan, the l : .S., Hong Kong 
and the Middle East. A sig-‘ 
nificant pan «f the industry's 
success is accounted for by 
Scottish producers who raised 
their exports per cent last 
year to- more lhan £3(Jm., with 
Germany acain proving the 
biggest single buyer of Scottish 
tweed?. ./• 


In knitwear there has been 
a similar major increase in 
exports which last year totalled 
more than £23Um. Much of the 
domestic market for cheaper 
items such as tee-shirts and 
synthetic fibre pullovers and 
tops, has been lost to imports, 
but the industry has tried tn 
compensate for this by develop- 
ing i»ver.seas sales for classic 
British knitwear in natural 
fibres. Some of the big pro- 
ducers — based mainly in Leices- 
tershire and Nottinghamshire — 
have also been seeking to 
develop similar links with 
major Continental buying 
organisations to those they 
already have with the big 
British retail groups. 

Efforts have also been made 
to persuade cotton and allied 
textile producers in Lancashire 
to try to escape from low cost 
competition from overseas yarn 
and fabric suppliers by develop- 
ing products suitable For export 
markets. Though the bigger 
Lancashire groups have been 
exporting fabrics for apparel, 
household and industrial textile 
applications for some time, 
many nr ihe smaller producer-! 
have not ventured ovei-eseas. A 
series of export seminars has 
recently been organised by the 
British Textile Employers' 
Association in a bid to .stimu- 
late export activity. 

But although, as the statistics 


on their own show. Britain’s 
textile and clothing industries 
were able to achieve a major 
increase in exports in 1977. 
there are no grounds at all for 
any complacency. In the first 
place the performance though 
good, still needs to be im- 
proved upon, yet even sustain- 
ing last year's earnings level is 
likely to be difficult. 

There are a number of 
reasons for this. Margins in 
textiles— even in the higher 
added value products which the 
U.K. industry is seeking to sell 
— are very tight, and the indus- 
try is particularly vulnerable 
to currency changes. 

The sector was benefit ting 
much of last year from the fail 
in value in sterling in 1977. The 
rise in sterling at ihe end of 
1977 had an immediate impact 
on the industry's sales over- 
seas, however, as the results of 
the two biggest British groups, 
Courtaulds and Coals Paton in- 
dicate. Both companies have 
recently reported exports down 
in value in the Ian financial 
year. 

The textile and clothing 
trade figures for the first three 
months of this year are 
similarly sobering. Fur the first, 
time ever, textiles re-corded a 
deficit — £23m — and this, added 
m the ' clothing deficit of 
£70.51 m. produced a total loss 
on textile and clothing trade of 


The other threat to the indus- 
try's export performance as 
this year unfolds, could entno 
from a predicted upturn in con- 
sumer spending in the UK 
marker. A number of false 
recoveries from the recession 
over the past iwu to three years 
has made the industry wary of 
predictions of an upturn, and 
reluctant as a result to commit 
itself to stocks. There have 
been warnings therefore, that 
the industry could yet find 
itself unprepared to meet 
higher demand later this year. 

The performance of the UK 
textile and clothing industry 
has to be measured against 
what could be achieved. Though 
the clothing industry has 
doubled its export sales over 
the past three years, the report 
uf its sector working parly shows 
that Britain starts from a very 
low base indeed in the EEC 
market. In West Germany, the 
most important EEC market, the 
UK in 1975 — the latest year for 
which figures were available — 
supplied 2.5 per cent of all 
imports. Comparable figures for 
other EEC countries' share of 
the German market were: 
Belgium S.4 per cent, Nether- 
lands 12.3 per cent, Italy 45.6 
per cent and France 21.2 per 
rent. Figures produced by the 
knitwear sector show a similar 
low base fur UK exports. 

Nevertheless, the efforts of 
the past year show that the UK 
industry kis become much more 
aware of the opportunities. The 
recent MFA also means that 
com pell lion from low cost 
sources not only in Britain, but 
tn potential export markets on 
the Continent has been reduced. 
The industry’s export perform- 
ance from now on will depend — 
tu quote the ringing phrase of 
one speaker at a recent textiles 
conference — on whether this 
situation is used as a featherbed 
or as a springboard. 

Rhys David 


V t-Vv 



"... • %_ 

Our thanks to 





WHITEHORSE 


THE QUEENS AWARD FOR 
EXPORT ACHIEVEMENT 


1978 



The Anglo-Afghan Trade Centre 
Manuel Dias Liquor Store 
S.A.V.A. Sociedad Anonima ./ 
Dalgety Trading 
Bums Philp & Co. Ltd. 

: S. Smith Sc Son (W. A.) Pty Ltd 
Eugen Fenyvesi V.G. 

Sociedade Acoreana De 
Representacoes Ltda 
Frank B. Armstrong Ltd 
s.a.CinocoN.V* 

Friths Liquors Ltd. 

“La SevillanaJ' Gonzalez y . 
Compania 

Santiago Castillo Ltd. 

Martini & Rossi S. A. . 

Jardine Sandilands (Singapore) 

The Distillers Company (Canada) 

Ltd. 

Atlantico S.A. 

CasaDoLeao 
Jacques Scott & Co. Ltd* 

Engel & Co. S. A. 

Jardine Matheson & Co* Lto* 

Codisa 

Francoudi & Stephanou Ltd. 

Messrs. Erik Andersen _ , 

Da Costa & Musson (Dominica) Ltd. 

Casa Velazques, C. por A. 

Technical & Trading Co. 

Centro Comercial Joqanas A. 

Ali Zaid A1 Quraishai & Brothers 
Gilbeys of Ireland Ltd. 

SLS.L. Enterprises Ltd. 


Gellatly Hankey & Co. 
G.H.Mumm&Cie. 

A.S. Farebrother & Co. Ltd 
Oy Heirir. Frentz A.B. 

F. Tanon& Cie. 

M. Guy de Beaupre 

R. Prevoteau & Cie. 

Tlie Scotch House, St. Kitts. . 
C.F.A.O. Gambia 
Martini & Rossi 
Gebr. Heinemann 

G. B. Ollivant Ltd. 

Falkland Islands Trading Co. 
Saccone & Speed (Overseas) Ltd. 
Anker S.A* 

W.E. Julien & Co. Ltd 
Mid Pacific Liquor 
Distributing Corp. 

Enrique Marroquin M & HIjo 
Mackay & Co. Ltd 
Augusto Pinto Ltda 
Guyana Stores Ltd. 

Agences Fronlif S. A. 

Andre Kers tens B.V. 

Jardine Marketing Services Ltd* 
Albert Gudmundsson 
Fairmacs Trading Company 
Empire Stores 

S. S. Miranda Private Ltd. , . 
Bento Miquel Fernandes & Fiihos 

Ltd. ;• 

PX Borsumij Wehry Indonesia 
Iraq Stores 

Nathan Zwy & Co. Ltd. 
GpeBnoCaipano 


Desnoes & Geddes Ltd. 

Jardine Matheson & Co. (Japan) Ltd. 
Kokusai Bussan KK. 

C. Le Masurier Ltd. 

Costandi M. Bajjali 
Nairobi Vintners (Kenya) Limited 
Supply & Building Company 
SOGEPA S.A.L. 

Supermarket Supply Co. 

F.H. de Cunha & Cie Ltd. 
McConnell <Sc Co. Ltd. 

Jardine Sandilands (Malaysia) 

Sdn Bhd 

Ceylon Tobacco Company Ltd. 
Saccone Sc Speed Ltd. 

Blyth Brothers Co. Ltd. 

William Young & Co. S. A* 

Charles Mercer 
La Generale Alimentaire S.A* 

Costa Sc Cordeiro Ltd. 

Jawalakhel Distillery Pvt Ltd* 1 
Taeuber & Corssen SWA (Pty) Ltd* 
West India Mercantile Co* • . 

M. Edouard Rabot 
Bums Philp (New Hebrides and 
. New Guinea) Ltd. 

New Zealand Wines Sc Spirits Ltd* 
Quill Morris Ltd. 

Nils Ekjord A/S 
Sharikat Fanniya Omaniya 
Phipson & Co. (Pakistan) Ltd* v 
African & Eastern (Nr, East) Ltd. 
Cyrca S.A. ■ 

Nicolas Gonzalez Oddone S.A.G. • 
Conrad & Co. Inc. 


J.A. da Costa Pina Ltda 
Costa Pina Sc Vilaverde Lda 
Cadiemo Hermanos Suers. Inc. 

M. A. Almana Sc Partners 
Ets Jules Caille et Cie. 

Temooljee Sc Co. Ltd. 

Freetown Cold Storage Co. Ltd. 
Castle Wine Sc E.K. Green 
Sue de Francisco Quintana Ylzarbe 
Saccone Sc Speed (Iberia) S.A. 
Rockland Distilleries Ltd* 

Peter Sc Co. Ltd. 

Marsoliau & Co. Ltd. 

Hazells Limited 
A.Y. Margossian 
HJ. de Vries Trading Co. 

Richard Cederlund Agenturfirma 
A.B. 

Marmot Kellerei 
G.O.TD. 

.Cim Fa Co. 

General Food Co. Ltd. 

Doxiadis Brothers 
Saha Vara Co. Ltd. 

Taurel Sc Co. Ltd. 

Teddy Danon&Co. 

Bethell Robertson Sc Co. Ltd. 
Bums Philp (South Seas) Ltd. 
Calvert Distillers Co'. 

Jose Aldao S.A. 

Distribuidora Benedetti C.A* 

West Indies Corporation 
Eurafric Trading Co. Ltd* 
Generalexport 
S.O.GO* 







32 


Financial 


ms 


BRITISH EXPORTS VI 




role 


SOME LEADING BRITISH EXPORTERS 


"Joint European Transports' 1 
or JETS, variously seating 

between 130 to 100 passengers. .• ^ ; 

At this stage, no decisions o&'.(^ie 'figures— — refer to! the. value. of direct exports from the 
which way the UK Government UK in each eompanies financiai yearj _• 

wants the aerospace industry to'; ; .. . . ■ '-1977 j 

go— either with the U.S. petroleum ' 7 : - \.'f ‘ 

THE UK AEROSPACE indust ry ponent manufacturers in a wide aircraft within latest noise American aircraft powered by aircraft or engine can go on Western Europe, or even per-'*i(a ..... ^ SiJS '. 

has always been highiv export- range nf industries, particularly regulations, is being pushed British engines. Some 52.000 generating business for many haps attempting collaborative p onI "... .994 A : 

orientated. As one of the spear- including electronics Last vear ahcad British Aerospace. different types of spares, worth years, which is the justification ventures with both— have beep British Leyiahd . . 854 ; >/ 

head industries in advanced , pvamnlp Piiiri«»H W pi'nnn 5 ' Among nt her civil aircraft on $21m, will fae carried in the for being in aircraft manufac- taker i. but they are not expected British steel .... .. 533/- ^ ... 

technology, it imports a large r ‘ E , p .. s which the British Aerospace Air- premises at any one time to sup* ture in the first place, but also to belong delayed, and may weU B^ush Aerospace *■ *: 536. ; ■■ 

quantity of high-cost raw contributed nearly £2,m to the craft Gr<nip has relied exien- port One-Elevens. Viscount illustrates thar the industry emerge by the time the Jg. GEC 1 : -. 524' 

materials, and by its skills con- export figures, while instru- S j Ve jy in recent years for export turbo-props, HS-125 business does need some new civil pro- aerospace industry goes to Royal Dutch ;Shell ; : ■ 44©r. : - 

verts these into finished pro- merit? accounted for over £57m, has been the Trident, the jets, the Short Brothers SD-3-30 jects upon . which to base its biennial Farnborough Air Show Unilever ; ~ .. - -429;. ~ . 

ducts — aircraft (Civil and airborne radio, navigation and last 33 of. which has now been Commuter airliner and the pro- export business through the in September. - > ■ ^Qniituilds 40Srr;./ ; . , 

military), guided weapons and radar aids over £13.5m, aircraft delivered to China. ducts of over 150 other UK IPSOs and 1990s. Farnborough,- always re- . Ma ssey Fergnson/ • . 369 -- -• 

space vehicles, as well as tyres some £3. 55m. and items The group is also still heavily aerospace companies. At this time, a number of garded along with the ^^HawkerSlddefey .295 

ancillary components and equip- like flight simulators (ground- engaged on building wings for RoILs-Royde is also a major new ventures are under con- Air bhow, as one of the greatest 

meat— that it sells worldwide, based “flying training aids") the A-300 European Airbus, and contributor to the UK aerospace sideration, most of them on an biennial air displays in the -jj^g r..' v 264k; 

In 1977 according to figures pie- some £IQ.2m. with orders and options for export performance. In 1977, internationally collaborative world. WiU Distillers „■ ,j -1245 


pared by the Society nf British 
Aerospace Companies from the 
Customs and Excise Returns, 
exports amounted to no less 


that aircraft now exceeding aero-engines accounted for no basis. In particular, much in- important this year, ft iot only- gg£g r _ 

100, «nd still growing, there is less than £432.6m worth of total terest is being focused on the it be the biggest yet Vanxlwll 
confidence that the Airbus will exports, of. which new engines big markets that are expected m rms country, with no less.-- - 




213L 

r/;195 


British Aerospace alone in 


continue to provide a suhstan- were valued 


than£I.03Sm. a new record level iq - T ' t ‘ f f otal sale<! f tiai volume of work for' British £U6ra. “other than « , ■ -w 

that was virtually double the J' ' achieved exports of Aerospace for years to come. engines at £l24.5m. and parts at ins around 160 passengers a countries^ participating. Dut- 

fimira nf ft nMfnPmn^hinvprl H . . Th. British A********** c.n, . 


rines big markets that are expected l " this country, wiut no Europe ' ...Jj-L 183/- j/.- 

than in future in the short-to-medium than 418 aerospace ^companies vU-. J ^ 176 • . 

ew" range categoiy of aircraft seat- iroal home an f* . 1/ . °verse3s ? - # ' . V ■ : '' 7 ri 

. 5 _ nniintr ac narnmnutin? •• ... •• . 


figure of close fo £520rn achieved 
barely four years ago in 1973. 


£536, n. or 62 per cent of total Tfle . British 


Briririi 


, 1 u move 

While exports have steaaily sa | e 
grown, so has Britain's own ^ 
need to import aerospace pro- 
ducts. especially aircraft of 
types which are not built in 
Britain, such as Boeing 747 
Jumbo jets and other wide- 
bodied airliners such as the 
Lockheed TriStar and the 


companies 

Apmvnai 1 * ww 



McDonnel Douglas PC-lb. while ianri aiK j f or the Tornado 
some other types of U.S. air- , combat aircraft 


liner, such as the Boein; 737 


short-range jet, have proved 


popular with some independent 


at more 
than new 

lunn lbU passengers a 'PbilfDS 

Aerospace over £i9l.7m. Among tJie new time. This market has been a l £ » U wnl be tbe BiBt Since industries ' 

,o«r.‘ This' compared with Dynamics Group is also a major engines, the RB-211 programme estimated to amount to more iwe**#!**': 

< nf iT40ra in 1976 (when cnjiributor l» the nationalised predominates, with various than 1.0OT aircraft up to about iT ^ a 7j ve ^ e Bnnlop Holdings ^ 

constituent enmnanies of industry s export performance, versions of this “big thrust” 1990. and it is not surprising, AhiieiT may even oe ine venue, *' . „U.. f 

1 ‘ A h!S*U ? ht .1 1977 th^uc p 0W er un it being „W>. Look- therefore. Uat neariv all rtth. 

entures will be either ®® — ' ■■■.*«;•“ 'A-V.-, 

announced or otherwise ^ onoc ? r — -> - -- *"—• ..* 

exploited for the first tiiaei rank Xerox..— ^ — .....w—; 

’’ Swl«3»K •ntl-UaX BetVs the figeres shr, W . rtere ^iblTorai'ion puVTo^rd * “to 

e“vp, Thi, s^-eSnvnT pr" If 1 “"“"V* 4 high volume of Boeing of the U.S. on its 757 whll^ « tb^prttS. ol m^'Tomco ■ - " ' 

p1, V 'J 5 . business ,n engines first short- fo medium-range jet: and - 

'bkse S for ‘ZTheT suhSl’sl f'cLT* SOme Hmc ' aS °- a " d pos,ible par,,cipa ' i ° r ' ' lith 

sales of Swingfire in the Middle D 1 
East. Other suided missiles ar1. 


port vices for Saudi Arabia, 
fur the Hawk trainer fur Fin- 
multi- 

rnle combat aircraft have 
helped in raise the British 
Aerospace Aircraft Group's 
order book to more than 


space products rise, and as ak- : Davy International - 

craft themselves become more JohnsoQ Mat they 


.157 
148 V . 

W-v.: 

122 ., 

'^117". • j 
Ml«V . 

: : 

■ i; m ■ 

- V. ■ 


LK airlines. Thus, imports of anc j j n t j ie civil sector, 

aerospace products of all kinds 


continue U> provide a solid 


contin 


1976 

813 

822 

632 

897 

443 

371 

405 

187 

305 

285 

337 

299 

.235 

240 

193 

165 - 

186 

219 ' 

123 . 

144 

145 . 

113 

125 

m 

112 

100 ; 

71 

117 

91 
93 . 
94 

115 

25 

98 

92 


some 


in 1977 amounted tn close to 
£766m. hut this still left a 
fat'ourable balance of payments 
figure of some £272 m. 

Fnr the first few months of 


in 19 
£150 in 


amounted to more than 
These included con- 


noi only wi 



. . .. export base for the group, in- . 

expuri? by the Aircraft j oup c | UC jj n o the Rapier anti-aircraft ,l ke the 

" missile, currently in service are finding a new leave oi me— v:.». ..s .n^resieu .» pu^.u.c such as components and equip-; 

ith the UK armed and some excellent expon busi- UK part.icipation m the develop- mentr are p ] ace d there, and S- 


seas custom era. 
Group is a ) so 


over 
The 

considerin, 


ness — in either land-based nient 


new versions 


contacts established at Faro*’ 


bined are'p£iSf}ffijffiiej%h^^ 

^Dvnanucs industrial, or marine i including L-1011 TriSiar. At the same borough Tre “often the ‘fdr? ? ' Britain’sMt&&cp6^ 

.sidering a warship propulsion) a r^ l ' c , a ' In ." e : tf ) ere are . ‘25 ^nners of muiti-raiffion pound - commmes listed aboae are fdrei<n&Qa?tie& 

weapons . R-nUy.. ^U, 

Michael Donne 


fintiM vlts of HS-125 executive f f,ut also several 
and HS-»48 feeder-bners. 

Fur tlu- HS-125. the new Serins 

this year. e:;p»rt sh.puwnu T0 (i version attracted some 28 numbe r of new cu.ded 

have eontmued at a hiftii level, order- Hurin? the year, and the v .. nUir ., s in collaboration with itself has moved into ibis land- European manufacturers cm a ; nvo j T i n <. companies, 

reaching over f_’70m for the mol - .line of new orders „v e r.seas countries. For example, based arena, and while its aero- new B IO version of the A-300 * ° 

fir<i two months. These have dtr.inc ihot year, including one Ufv ussinn* lin future ami-lank nautical applications will con- Airbus tn seat about 200 pas- 
he^n coupled with the inflow Series *iflO aircraft, approached uvaf ,,,„ N f, al0 been hcj,| with tinue to widen. Rolls-Royce's seneer>, and on a series of Aerospace Correspoadenf 

of some major new export £45m. Total orders for the jiessersvhniitt-BoJkovv Blohin of Industrial and Marine Division i- : 


id- 


orders, inehidins one for radio HS-125 nov: lop 400 aircraft. ^ v . e ., G t »rmany and Aero- is hoping for big orders in the 



Chemicals : 


communications equipment fur must uf iheni for export. spatiale of Frame, with a view years ahead for this power unit 

eivil aviation use fruni Libya. Unc-EIeven jet airliner in agreeing a cummun system in pipeline pumping and other 

and fnr the continued develop- cnnriruM k S j n production, asain io meet the requirements of the duties, 

merit nr the Royal Saudi Air m n S rly for export, and a proto- British, German and French 

Force. ml for riie manufacture of thi* armies in the late 19SU-, and T.ijfpcf 

While inevitably a substantial airliner in Romania was signed 1990s. In addition, a number of 
proportion of the industry’s sonv? |j me ^ , with disctis c /< ns new air-to-ground, zurfxce-tn- New aviation rerso-ns of the 
export performance h accounted s1 j|] ; n progress on the details air and surfaecdn-surface RB-211 are coming forward, the 
for by ?hp bis British Aerospace 0 f deal. If this is finalised missile concepts remain under latest heing the Dash 335 engine 
nationalised grnup (comprising — .-, nr j British Aerospace hopes Study. of 33.000 !b thrust for use in 

British Aircraft Corporation. t h at j t v .iH he soon — it could In order to help its customers the next generation of short-to- 
Hawker Siddeiev Aviation. j ea rt to the building of around in the U.S... British Aerospace medium range jet airliners now 
Hawker Siddeiev Dynamic?, and $o aircraft in Romania, thus has recently opened, in conjunc- being planned. 

Scottish Aviation), and by the considerably strengthening the tinn with Rolls-Royce, a new But while exports are th« 

State-owned RoMs-Rnyce and continued One-Eleven produc- multi-million dollar spares lifeblood of the aerospace indus- , „ . . ^ - ^ 

such ofhor airframe companies tion programme. At the same facility at Dulles Airport, tn*. it is a fact that (he peak pa.vmenis uf any sector Oi overvalued by as much as 10: pet pharmaceuticals -worth. £424%i ; --fitocks, «icb as.efhaae.; 

- ‘ ■■■■■■ - - - an older figures for 1977 did contain a manufacturing industry. Despile cent it had a very damaging Exports or organic rtimnleals , The aon -. is to bring 


as Short Brothers and Harland. time, development of a One- Washington. Replacing an 


UK 


and the independent Westland Eleven Series 670 to meet sne- facility at Arlington. Virginia, substantial volume of spares if 1 ';- record of success, however, effect on British iodusfiys. have grown in value ^ in. ^£eal : tirade Avith other EEC countries 
Aircraft group which includes cific .laoanese reauiretnenfs. the new premises will support relating to aircraft arm engines chemicals exports have exports. In the long ruo .-^t . terms by 71 cent in -plistics xnaterials such as 


both helicopiers and Hovercraft, and a One-Eleven Scries 600. civil and military aircraft and first designed and built up to differed in cummun with most would undermine the abUity wh i 1 e orgaoic <dieini cal&expoxts p.yc, polyethylene and poly- 

- acn. This uilier goods over the last year and incentive to invest in n6w. nave more tnan dqublea.; . - Kqpyl«ae_ - Into balance by 


a major contribution comes both eqiuj'ped with a new engines in North America, built 20 or even more year . 

from the ancillary and cum- silencer capable of bringing the either by Britain itself, or not only shows that a -ueccssfu! from the depressed trading con- plants 


to supply 




apparently ItS 
farmers that appreciate 
a superb tractor. 



THE QUEEN'S AWARD FOR 
EXPORT ACHIEVEMENT 


pi 


Da\idBro\vns success at exporting 
tractors doesn’t go unnoticed. 

Hence our fifth Queens Award to 
industry the only one awarded this year to 
an agricultural machinery manufacturci; 

For the fiiture we are. aUTcntly 
ougliing £15 million into enlarging our research, devel- 
opment and manufacturing facilities. So we can build even 
better tractors for world markets. 

Our second great investment is our workforce at our 
Meltham and Leigh factories. Many of them are dedicated 
to maintaining and expanding our second-to-nonc parts 
and service back-up. 

This is how we succeed in selling 80% of our total out- 
put overseas and earning vital foreign currency for Britain. 

For when it comes to tractors, what we sowed 
yesterday we re 


overseas Pharmaceuticals is^me ofi the 1990. Last year -the deficit 
d i (ions m many of the world's markets. - y.; most important : export .'sectors worsened fa . some £155m. One 

major economies. - With sterling now - back- td of- the chemicals industry add epfion now' being studied is 

Last year the chemical in- levels around $1.83 tb'e overseas . -sales increased 0 in that ■eF “Butmpe&4 p^eBIPtlOD, ,, 
dustrv accounted lor about 10 industry’s concern overalls ^ftek-. 1977 by23.ft. per centto £554 kl "under fwtijicli the UK would 
per cent of the UK's total manu- of competitiveness / has Imports increased by -217. per begin rapid expansion of its 
factorin'’' output with produc- diminished. Impetjffl Chemical cent to £V73m aigl the balance plastics : materials sector over 


diminished. 

tion worth some £13bn. About Industries, - the 


's biggest of trade was. up al. 5 per cent tfie^ nextTf ew, : years, so- that it 


single exporter is.A case in point Drugs . manufacturers .have ^.couldc’take, .lion’s share of the 

complained to the Govern mejit : growth; ; in TEC markets pre- 
that their ability to\Iricreare. 'dicfdd?^r t^e-'TSSOs. Such ideas 
their export, earnings. I^s been' hayri^found' "Itttle f avour with 

In common : with all the major how. 

chemicals companies in Western Whtch jrfcuejiat existing 

Etirooe its^nrofitabiiitv has been hsn?e sl, PPed to tbC lower enri nf /and-proposed plairts are more 

For much of 19 7 S Cen.ic.s ^ Info , . .. 

exports have been erratic, but P^t 2- mourns and sates teu manufacturers exfiortine the ThPhs^TVw ih*istrv 

the lam-t figures are m..r^ . away dramatically in the second ? rnm : ' TO ■ 

me idie. i n 0 uas are mun. .. R t h from, the . UK to . reduce to^,toAbe,-MwMrW5th^senous over- .. 

encouraging and suggest that half of last > ear But with tbe export; pripes, and ,*ence; ' vftni'.shpari 

overseas sales are increasing change.in-the value of sterling nrofiiebUriv of^ exhort^ sal^tT 


34 per cent of the industry’s ex- 
ternal sales are exported and in ” 

1977 this contributed some T TnWS)l < n 
£1.4bn to the UK’s balance of 
payments, about 25 per cent of 
the UK’s total balance from 
manufacturing industry. 



t,,e L A - • estimates, for the fl ve years .to -^.^w. ; ^ ^ vean . .. 

c t The UK chemicals Industry ^&^ t e 0 ^,„ f “ r 10 a ^-^^ T '^it^S^j:haye chance of;'./' 

-ed still has difficult months ahead gTowth rate below io P er 5 e “^>i^ g ^fj^.^ij e .'Sy: ibe-inid-: ~ 

. : _ in avmirt tnorl-nfr *1 n rP - ti/ilh lUTn/lli ’.'fl# tlin,' lmnaFnc 1 fVOAiT IvnS.ir+i-w .* ' 


the'ri 

The Association’s latest fore- 
cast suggests that exports this 
year could increase by 6 to 

per cent in volume compa ... , ... ... .... 

with 1977. But this rise is ceriain in export markets and. with .. . Much of the impetus^ foTv- _-198Q$y7_03ris 'Part 'tbe lndustry - 
io be exceeded bv the rate of world demand continuing in the improving the UK’syaha're^ ^;0f;^ai’.% , ee7h?h?Blectea.. maere. are " 
heniicals imports/ which sn far doldrums chemicals export world ..chemicals marketSyhasydanse^ ^^eVUK’s ' strong .. 
this year have been running srowth is going to .be lower come from the various sector r .^sfcedf being- 

some 15 per cent higher in than expected, and certauly wb^ing- parties; estohfisfm'd''g$''^$di:-;d^4z^tebt;/onv;West ' Ger-.:;'.~‘ 
volume than in the same period ^er- than last year.. Because part of the Governments ihd^ vfiiSny ^d Swbarland tor a very 
of 1377. ~ of increasing competition from trial strategy exercise. -. TTi^^WjdK range of! the.fintisrmediate-; ‘ 

viriane nnimtri«e ramnaniae V>nM> ^wail. 'tn 1 . an«Mnh4HS' : An"'- 'matcO-'lhimi taar*t. 1 r 


_ ... . various countries companies have "tried to- concehtrate i 6n .used td majee: t hem , -the se cto i / 

i,3si year UK cnenucais ex- w m have t0 W ork hard to parti cul ar market. segments, r to ^workUlg [ p arty rep’ortaigu ed. . 

inA.M.d-A « 1 .a;h nA«intv>fiMnn a f : Ini' l ■ ■ ■> 


the UK market proved in- in tlxe EEC, particularly the cfteinf^IsVmxgbt^ta^e^ been cons t&e ■ 
creasmgly attractive to lower Netherlands, . Belgiiim and sTstrotly fivburable, biit ' the foverse^.-^benricris* companies . 

cost imports. The result was that Luxembourg,’ nww»i*.. ;j -• riw n.«n<ic..<ni4i . ™, . 

imports rose at a faster rate than an j France, 
exports, increasing by H.3 per a i 5o supply’s substantial 
vent in volume and by £471m in of chemicals imparts to 
value to a total 
UK chemicals 
ikularly sensitive 

and when sterling moved up pean community. . ■ 

sharply against the U.S. dollar Much e — *' ^tockff.^But tbe eariy : hopes. «e,-^. >. , „ 

at the end uf 1977 it caused growth 

the industry considerable outside ... . 

anxiety. The problems arose emerged as toe seventh largest ^\^: ^^.1?.^' ,: ^^^^ I ^Q /r;'MRv Sbcfi':investotent‘ : ''rnns ora 
particularly in the area of bulk single 
chemicals, where there is £144 itl 

serious plant over-capacity in USSR ww . ... .... 

Ihe UK and elsewhere tn £I26m. compared with £30m in GoveriKnent;. endorsed - a- -pblicy'ViEji^H^ - 

Europe. In the more specialised ~ ^ - - : - 

product areas the UK was not as 

badly affected, but in such r ... ... . . . r .. _ . .... . . _ t 

sectors a* plastics and petro* am j Kuwait In 1970 Worth prbved^fo be' totally unre^5tic?.wtoo\it local/ manufactoze,- j- 

cbemitols Britain . became an America, accounting “ " * ’ ' *»-•- . -jr- • • 

attractive market for con* 0 f British exports;. 


tinental producers striving to major market 


improve the loading of their commonwealth countries- renrn. likeffe-- 



reaping today 



David Brown Tractors Ltd 

A Tenneco Cc«rnpany 

Affiliate of J l Case 



TENNEWlJ 


3round $1.70 to as much as mediates of in such products 
1 51.93 it was equivalent to the as solvents, resins, dyes, - plasti 
| erection of a trade barrier of risers, paint, plastics or fibres, .v&ii 
1 13 per cent against UK exports Exports of organic chemicals indtfcs 
i with an equivalent bonus were valued at- nearly £705m to htiBff; 


toa ?i*.. ■’-? 
th'aix/:;.’ . 



C) 


h 



23 


BRITISH EXPORTS YH 




| During the past 20 years 

f the geographical pattern of the UK’s 

expert business has altered very significantly. Western Europe now 
takes over half the country’s export sales, compared 
with about a third in 1960. 

•A ■ 

> 

The major markets 


TOP 20 EXPORT MARKETS IN 1977 

% of total UK exports In 


THE CLOSER INTEGRATION 
of the UK’s export business 
With our European neighbours 
was greatly stimulated by the 
f EF-TA agreement and later bv 
r fail, membership ' of . the 
^European Economic Community. 
t^ e early 70s, faced with, 
the prospect of . a huge tariff- 
free market across the Channel 
and keener competition, within 
the UK 1 itself, many -British 
companies ■ invested -in new 
marketing- ajjd distribution 
arrangements oir the Continent 
Often this involved the' forma- 
tion of - local -sales companies, 
the acquisition or establish- 


ment of man u fact uring-Tacilities 
to support direct experts and. 
most difficult of ' j)I, the 
redesign of products to suit 
Continental requirements. 

. :Have the opportunities been 
exploited as fully as tiifey.shoiUd 
have been? in those products 
where UK companies have a 
distinct technulogii-al edge, like 
diesel engines and some 
segments of the aietomative 
component business, the Euro- 
pean market has provided a new 
source of dynamic growth. In 
parts of the textile ^industry 
some companies have been able 
to combine the UK’s Advantage 


"f relatively cheap labour with 
economies of scale in 
production, thus increasing their 
share or the European market. 
A growing number of manufac- 
turers. of which. ICI is a notable 
example, have been developing 
a European marketing strategy, 
with the UK plants forming pan 
of a . co-ordinated supply 
network; in lCI’s case this has 
h‘--ea accompanied by a very 

t-unsiderable increase in direct 
exports from the UK. 

Western Europe now takes 
over half the country's overseas 
sales, compared with about a 
third in I960, yet there is a long 


ill 



Marconi broadcasting equipment— part of a £T.5ro order from the Nigerian 
, Broadcasting Co^orat ion— being airfreighted to Nigeria. 


way to go. There are still too 
many sectors, such as cars and 
domestic appliances, where 
imports from the Continent far 
exceed British exports. The 
UK's share of the total EEC 
market remains too low. For 
example, of France's total 
imports of manufactured goods, 
the UK supplies less than 7 per 
cent., compared with West 
Germany’s 29 per cent share 
and Italy's 13 per cenr. The 
UK supplies only 5 per cent of 
West Germany's imports of 
manufactured goods, compared 
with France's 16 per cent 
share and Italy’s 12 per cent. 

It is true that these countries 
have had a longer period in 
which to adjust to the lowering 
of tariff barriers within the 
EEC; moreover, their manu- 
facturers were not as com- 
mitted to other, very different 
markets (particularly in the 
Commonwealth) as their 
counterparts in the UK. But 
the performance of British 
industry in Continental markets 
continues to be disappointing. 

Perhaps, the? British penetra- 
tion uf European markets was 
interrupted to some extent by 
the emergence, particularly 
after 1973, of the oil-producing 
countries as a lucrative new - 
market, apparently easier to 
exploit than, say, West Ger- 
many or France. Last year, 
the oil-exporting countries took 
13 per cent of the UK’s total 
exports, compared with 6 per 
cent in 1970, and it is not 
always appreciated just how- 
important these countries have 
become to individual sectors of 
British industry. 

Saudi Arabia, for example, 
was the biggest market for 
British fork-lift trucks in 1977. 
The three leading customers 
for electrical power machinery 


were Nigeria. Iran and Saudi 
Arabia. Nigeria was easily the 
largest purchaser of British 
lorries and trucks. In cars, the 
second largest market after the 
U.S. was Tran, though this is 
mainly the result of Chrysler’s 
contract with that country’s 
principal car producer. The 
UK is the fourth largest sup- 
plier to the OPEC countries, 
just ai lead of France but well 
behind the U.S., Japan and 
West Germany. 


Buoyancy 


The relative share of invisible 
earnings in the UK Current account is significantly 
higher than the average for other industrialised countries. But 
there are indications that ther^ may be a decline 
from the peak level of 1976. 


It may be that ihe buoyancy 
of the OPEC market, though 
now beginning to slacken, has 
revived the interest of British 
exporters in other developing 
countries. The more advanced 
nations of Latin America and 
the ASEAN group in South- 
East Asia, which had • been 
neglected for a good many 
years, appear to he attracting 
more .attention from British 
exporters. British contracting 
skills, allied to the ingenuity 
of the City of London in work- 
ing out financial packages to 
suit the customer, have proved 
to be highly compel itive. 

While tile very large contract 
may receive a disproportionate 
amount of publicity — most 
export selling is a more 
routine, unglainonuis affair — 
the spin-off effect of such 
orders, both in direct sales for 
other British manufacturers 
and in putting Britain on the 
map in the country concerned, 
can be important. Since Davy 
International v.un the Acomlnas 
steel contract in Brazil, for 
example, there lias been a 
steady stream of orders placed 
in the UK for related equip- 
ment. 

The same company is leading 
an . international consortium 
which hopes to win one of the 
main contracts for the Zulu 
steelworks project in Venezuela; 
if Davy . is successful, this 
should again lead to substantial 


hardware orders for the UK. 
GEC'$ power station order in 
Hong Kong, one of the first 
turnkey jobs of this kind won 
by tlie UK for several years, 
will bring useful work for a 
sector which has had to con- 
tend with a stagnant home 
market and intense competition 
overseas. 

Another set of markets where 
the willingness to undertake 
lareg and complex engineering 
projects is important is the 
Coinecon countries. For some 
years the UK has been . less 
successful in these markets 
than our Continental rivals. In 
1976, for instance, the last year 
for which detailed figures are 
available, the UK accounted for 
only 4 per cent of total OECD 
exports to the centrally planned 
economies, compared with 7 per 
cent for Italy, 10 per cent for 
France and 22 per cent for 
West Germany. But here, too, 
there are some indications of 
a change in attitude. 

Massey Ferguson's contract 
to re-equip the Polish tractor 
industry has brought in its 
wake a considerable inflow of 
business for British manufac- 
turers of machine tools and 
other engineering products. 
Davy International’s £J47m 
order for two methanol plants 
in tiie Soviet Union was the 
largest single contract in the 
history of Anglo-Soviet trade. 
More recently, the agreement 
between the Romanian Govern- 
ment and British Aerospace for 
the manufacture under licence 
of the BAC-1 1 1 should bring 
valuable orders for suppliers of 
equipment to the aircraft 
industry. 

The financing of these pro- 
jects is crucial and in many 
cases there is also a require- 
ment for the supplier to buy 
back part of the production 
of the new plant. It was 
apparently its greater flexibility 
on this point which enabled 
Citroen, rather than GKN. to 
win the recent East German 



£m 

1977 

1967 

1 U.S 

3,087 

9.4 

12.2 

2 West Germany ... 

2.501 

7.6 

5.3 

3 France 

2,148 

6.5 

4.2 

4 Netherlands 

2.139 

6.5 

3.9 

5 Benelux 

1,837 

5.6 

3.6 

6 Irish Republic ... 

1,640 

5.0 

3.S 

7 Switzerland 

1,421 

4.3 

2.4 

8 Sweden 

1,197 

3.6 

4.3 

9 Nigeria 

1,069 

3.2 

1.1 

10 Italy 

978 

' 3.0 

3.0 

11 Denmark 

797 

2.4 

2.8 

12 Norway 

762 

2.3 

2.5 

13 Australia 

761 

2.3 

' 4.9 

14 Canada 

713 

22 

4.2 

15 Iran 

655 

2.0 

0.8 

16 South .Africa 

581 

1.8 

5.0 

17 Saudi Arabia 

577 

1-8 

0.3 

IS Japan 

469 

1.4 

1.7 

19 Spain 

465 

1.4 

1.8 

20 Soviet Union ... 

347 

1.1 

1.2 


Source: Department nf Trade. 


DISTRIBUTION OF UK EXPORTS BY AREA 

(per cent) 



1960 

1970 

1977 

Western Europe 

34 

46 

53 

(EEC 8) 

(22) 

(29) 

(36) 

North America 

16 

15 

12 

Other developed 

15 

12 

0 

Oil exporting 

7 

6 

13 

Other developing 

25 

17 

13 

Centrally planned economies 

3 

4 

3 


■■ ' ■ 

— - - 

— ■ ■ ' 

Source; Department of Trade. 

100 

100 

100 

cod tract to build a plant for 

example of 

die kind 

of invest 


making front-wheel-drive trans- went which is necessary, 
mission systems. Both the Yet • however successful 
financial and trading implica- British companies may be in 
tions of these deals often the developing world, in the oil . 
necessitate the formation of exporting countries and in 
international consortia, with Comecon. these three markets 
formal or informal backing are unlikely to account for much 
from the governments of the more than the present 30 per 
supplying companies. cent of total British exports. 

Above all, these contracts Equally, although the U.S. is 
require a commitment of tbe UKs largest single 
management and engineering market, its share of total 
resources which few individual Brit i sh exports has tended to 
companies can spare. Yet it decline in recent years: given 
is precisely this commitment the strength nf the competition, 
which the recipient country is especially from Japan, it would 
most anxious to have. There surprising if that trend were 
is no doubt that companies like reversed. 


Volkswagen and Mercedes Benz 
have gained considerably from 
their decision to invest in manu- 
facturing plants in Brazil when 
that country was at a much 
earlier stage of industrialisa- 
tion and from their willingness 
to persist with the investment 
through the ups and downs of 
the economy; few British com- 
panies were prepared to take 
the risk. Without a willingness 
to invest in some of the newly 
industrialising countries there 
is a danger that the markets 
will be lost; British Leyland’s 
truck factory in Nigeria is one 


The crucial battleground for 
most British exporters is 
Europe. The aim must he to 
obtain at least as big a share 
of Continental markets as Conti- 
nental suppliers have achieved 
in the UK. What is needed is 
a revival of the enthusiasm 
which accompanied the UK's 
accession to the EEC. For if 
British industry cannot compete 
in its “home market" of 
Western Europe, there is little 
chance of making up the last 
ground in the rest of the world. 

Geoffrey Owen 


BRITAIN’S EARNINGS from 
invisible trade have made a 
major contribution to the UK's 
current account in the last few 
years, offsetting a sizeable part 
-of the large deficit on visible 
trade. But there are dow' clear 
indications that the surplus is 
on a declining trend from the 
rpeak level of 1 97ff. • 

...The picture, as with the rest 
of the balance of payments, is 
-complicated by North Sea oil 
activities, the growing- profits 
due abroad from rising oil 
production are likely to mask 
a continuing expansion, in earn- 
ings from services. " '• . 

: The overall significance of 
invisibles is- shown by the fact 
that receipts from the three 
inain categories — services: 
'interest,, profits and dividends 
and transfers — amounted to 
.33 per cent of total -current 
account receipts last year. 
Invisible payments were equiva- 
lent to 29i per cent of total 
current account payments. But 
this represents a, decline from 
the peak .figures of the early 
1.970s . when . the percentages 
were 41 and S3 per cent 
respectively. . 

Receipts 

"The relative share of 
invisible earnings in the UK 
tture'nt account is significantly 
higher than, the average for 
9ther industrialised countries. 

. in i976— the last year for which 
comprehensive-figures a re svail- 
able— invisible receipts were 34 
Per cent of total current 
account credits in the UK. com- 
pared with just under 33 per 
Arittn the U.S. There was a 
range of between : 1 8 and 27 per 
*rif for other major. countries 
» the area of the Organisation 
™r Economic Co-operation and 
fevelopment- There is less 
difference for invisible pay- 
outs where the UK percentage 
fractionally less than that 

T7est Germany and Japan but 
ffgW than -the U.S. 

These differences . are 
effected in the fact that West 
ienuany has a net deficit on 
nvfsibles while the UK has the- 

ifgest net invisible surplus 
fter the U.S. While the per. 
frifage importance of invisible 
rade in the UK has declined 
jure the early 1970s, the 
teolute surplus has increased 
fvaiise credits from services 
aVe grown more rapidly 
,a n transfer debits. 

The surplus on invisible trade 
tev'from about iBOOm m 19. 3 
K& .peak of £2,65bn in 19,e ’ 


when there was a visible deficit 
. of £3.51 bn. However, the surplus 
fell back to £l.77bn last year. 
The main reason for this 
decline in the net surplus was 
a drop in the bet contribution 
from interest, profits and divi- 
dends and a larger deficit on 
transfers. 

. There has, however, been a 
steads' growth in the surplus on 
services, which account for 
around two-thirds of total 
invisible earnings. The net 
surplus rose from £540 m in 
1972 to £2.57bn last year, signi- 
ficantly aided by the fall in 
the value of sterling. 

The most striking feature has 
been the rapid growth in earn- 
ings from travel. A combina- 
tion of the squeeze on real 
incomes and . the fall in the 
value of the pound has cut the 
number of UK residents travel- 
ling abroad, while the number of 
tourists coining to the UK has 
jumped up sharply. Moreover, 
overseas visitors have, according 
to the most recent estimate, 
been spending nearly twice as 
much a day in Britain as UK 
residents have been spending 
.abroad. 

The result has been a rise in 
the net surplus on travel front 
£20m in 1972 to just over £lnn 
last year. However, the period, 
of rapid growth appears to be 
■ over and the surplus has shown 
signs of levelling-off in the last 
six months arid may decline 
this year. This is partly because 

of movements in sterling out 
mainlv because visits abroad ate 
likely" to rise following the 
recovery in real incomes in me 

* Surpluses on the other main 
invisible items have also ex- 
panded steadily in the last few 
vears— in particular, aviation 
has benefited front tfie lour*? 
boom. In addition, earning* 
from the City's financial services 
also grew steadily «P l J/ 
with- insurance and 
featuring strnnslj. 
from construction woiK bate 
SS risen sternly in Ihe M 

iwo wars, notably as a re>i 
nf ihe greatly increased work- 
load in oil-producing coumn .. 

There has been greater xma 
til™ however. In wrnlns* fr f °™ 
commodity brukinc h 

Baltic Exchange M l« ne 
the ups-and-downs of these 

drv cargo shipping nas 
Uffiet bv a deficit on tank.rs. 

In contrast 


in earnings from services as a 
whole, the contribution from 
interest, profits and dividends 
has fluctuated sharply — up from 
a net surplus of £534m in 1972 
to a peak of £1.52hn in 1976. 
but down to £405m last year. 
The rise was partly the result 
of an increase in earnings 
from direct investment abroad 
(including profits retained over- 
seas as well as remitted; as a 
result of the decline in sterling 
in 1975-76 and the piek-up in 
activity and profits in many 
industrial countries in that 
period from the deep 1974-75 
recession. 

Variations 

-Earnings from abroad on 
export credit and on lending 
by UK banks have also increased 
since the early 1970s, for simi- 
lar reasons, while there has been 
a smaller rate of increase in 
debits. Variations in interest 
payments have been associated 
with the changing level of 
sterling balances. 

The decline in the net sur- 
plus on this category last year 
.reflected the build-up of around 
£450m in profits due to over- 
seas oil companies. The slow 
.rate of economic growth 
coupled with the appreciation 
of sterling also reduced profits 
earned overseas and there was 
a rise in inierest payments 
abroad following the increase 
in public sector borrowings. 

The deficit on transfers was 
fairly stable at between £400m 
and £500m but rose sharply to 
fSfilm in . 1976 and to £1.2bn in 
1977. This was principally the 
result of higher payments to 
the EEC and some increase in 
overseas aid. An exceptional 
increase in payments to the 
EEC— due to be partially offset 
by rebates later in the year — 
was wholly responsible for a 
decline in the seasonally 
adjusted net invisibles surplus 
from £441 m to £36Bm between 
the fourth quarter of 1977 and 
the first ..three months of this 
year. 

The overall outlook from now 
onwards will be dominated by 
the North Sea. It is difficult to 
make an exact assessment , but 
Treasury estimates last year 
projected a rise in the invisibles 
deficit.on North Sea oil opera- 
tions from £900m last year fat 
1976 prices) to £I.5bn in 198fl. 
The deficit is clearly likely to 
be greater in current prices. 

The Bank of England con- 
cluded that, “although the. 
North Sea programme is the 


major foreseable influence on 
invisible earnings for the next 
few yeans, it may to some ex- 
tent be counter-balanced by im- 
provements elsewhere in the ac- 
count. In particular, eaminss 
from services may continue to 
increase faster than payments. 
Such increases will, however, 
have to be very large if the net 
surplus on invisbles is not to 
decline." 

The short-term prospects are 
not entirely clear because of 
the offsetting influences. The 
most recent survey by ■ the 
National Insitiite, for example, 
projects only a slight decline 
in the surplus this year to 
£l.65bn, against the revised 
estimate for last year of £L.77bii, 
with a rise to £1.9bn projected. 
In contrast, a special review of 
the prospects earlier this year 
from stockbrokers Wood 
Mackenzie projected a fall in 
the invisibles surplus to £700 m. 
Brokers Phillips and Drew are 
projecting a similar total for 
1978 with a surplus of only 
£lbn next year. 

Within this overall picture, 
the prospects for services 
appear to be reasonably 
encouraging. At the end of last 
month the Committee on 
•Invisible Exports published its 
seventh annual survey of the 
prospects carried out by the 
Economists Advisory Group. 
This projected a rise of. around 
9 per cent in 1978 in the over- 
seas earnings of the major 
service industries with rather 
more than half the rise reflect- 
ing a higher volume of business. 
This is estimated on the basis 
Of gross invisible earnings 
minus overseas- expenditure. 

The airlines expected the 
biggest rise in 1978 as a result 
of a recovery of traffic lost 
through industrial disputes in 
1977. favourable currency move- 
ments and higher traffic. 

In the City, both insurance 
companies and brokers were 
optimistic though a fall in earn- 
ings was expected at Lloyd’s 
because of the impact of com- 
petition on premium, rates and 
of inflation on claims costs. 

Among the other features of 
The survey were a fair degree 
of optimism from consulting 
engineers and export houses 
though caution from the ship- 
ping industry, the Stock 
Exchange and commodity 
dealers who air expected earn- 
ings to remain close to, or even 
a little below, the 1977 level, 

Peter Riddell 





individual 
export finance 






In a ‘fast-changing international scene, its more 
than likely that you could find ft profitable to 
; . review your trade financing arrangements - if 
- only to make sure that the/re as efficient as the/ 
should be. - 

And when you do review them, you’ll 
probably find that we at A P Bank can help you 
to a more efficient -and profitable -solution. 

. Not only are v/e specialists in international 
trade —we're also specialists in providing 
tailor-made solutions to individual problems; 
and in the kind of professional service that 
comes only when a customer is the personal 
responsibility of a senior manager who can make 
• immediate decisions. 

? As a bank with many years’ experience of 

international trading, v/e know as well as anyone 
that importing or exporting is never an easy job. 

But if you’d like to find out how we may be 
able to remove some of the difficulties, .please call 
01-588 7575 f and speak to David Ollettor Greg 
Brzeskwinski, They’ll be happy to help you — 
personally. 



A P Bank Limited 

A member of the Norwich Union Insurance Group 


NORWICH 
UNION * 

CeiFAKE 


2! GrestV^ndjestar Street, 

London El J i 2HH. 

Telephone: 0 i -553 7575. Td~-.: ES32 1 5. 


% 







24 


**■ •".V'T : \",.V'”' S ■ j. \ f l '. ■' u 


BRITISH EXPORTS VIII 




Financial arrangements play an increasingly important 
role in export trade — particularly where the real!} big contracts 
are involved or when the buyer country belongs to the developing, wor 
Britain the banks function as the major source, underpmn 
by the Export Credits Guarantee Department. 



rchant 



as 



- \. 








THE FINANCIAL 
•Ahirh capilal plant 
ran offer the oversea., buyer is 
n.m- as crucial as quality ana 
delivrrv times in winning cun- vie 

cl. "in an increasing number ihe market 


• ■ n T>,n moHii.m *enerallv available to : their tak e - f n r th e contractor or -at etid v 

v.iih their often extensive is that the contractor does not for many of the J^rS -mpetiiirs. ‘ ■'*<}** give IDUuerM - 

rvnorier" inrai presence in. ur knowledge involve his hank early enough, the contractor and merchant a. ■ together Many buyers prefer -the . ■ He ‘1 • , : 

P • Jrnnilar countries, they This is because traditionally bank have worked together nee t u ^ ^ uf financing to be m L.S. dulfcxs;- tractor 

„ provide an- invaluable ser- they have turned to banks only throughout the negut.aUuns. if tY^ banker is often because their own cut-, foreign ' 

the contract » .t .. &ajnpl?5 nf how . »ch „ 'fte «w» «m3* 


til 


the exporter entering when 


for the first time, advanced stase uf negotiation 


tracts m an - ab | e t0 ailv , se un T he and often onl; 

m deals 't n «« fait " r ailrt commm rt end,- awarded. 

" h ,': h c, ir:. h . c i : i ' v ,rd ,retd,ed 1 ,!L In Hie buyer s enuntry. Thin I. an 


nie. aovancen siw m partnerships have proven 

the and often only when it has been essential element in w 


ri to he 


’actually Others still insist on sterling, potential risks •-■resiiVHnr 


awards, 
lijjy ; :coiM- 


an essential element in 
major contracts fur 


Britain 


h, financially stretched 
d-'iclnpiiis countries the avasl- 
ahilnv nf credit U frequently 
bii-.ci\, li r<t. priority. In 


ihe 


three: :na 
i !i<: right 
tun 


the contractor 
people at the 


mnirr* where funds are actually i&*gW£ Q^I«^^;Pa^rly,now s-- : ’ 

S& required it will be .too late o ^ pitfoS ,«?* ...... . - - ^ 

.xporier iu me est y ial . the where a cost escalation pray i- busmes? - has l>ee». opened up ... , 

own car- sion jn the.cob'tract- meang -ro 
wani 'ta the exporter has to estimate jwentweness 


extricate 


m nines, 
if credit 
in iH'df. 
linaneiHl 


ihe more «i> phi Ml calc a 
■.-.here availability 
prr.jcnis :t> problem 
the quality of ih» - 
no' li.T-i’ byi'i.iiies all iinp'Tianl. 
A- a result IK couiraeiur- are 
leant ii- nmiv and nmre un ihe 
merchant hanks. 

Bui ihe expertise t.f the 
niei-.-hatu bankers «•«-— far 
hpy.,nd devisin? the financial 
p.ii-kage. '»ften they, more than 
ihe exporter, arc the entre- 
preneurs v;hn hring new cun- 
rraeif to Britain. In many ways 
ihe merchant bank.- fulfil the 
rob* played hy governments and 
the big bank-- in other muniries 
such as France, Germany and 
.to pan — scekins >1111 export 
fpporlmiiU- 1 -. identifying pro- 
ject = in which British companies 
f. -li Id participate and 
ari\iMn: the 



-vail 


T.rktna this further in difficult the advantage of an .n-hnuse 


merchant bank in Lloyd's Bank 


Sre lS C^ gS”iL U 1 who International. The clear ers 
ui:h i.azards are the m.wi active particularly when i all I expo t 
(ll ;]v pure merchant banks in credits were hnar V e< J . ir ] 

h.. i -x port finance field, has sierlme. have tended Tn be 
nii«r.i'-»*l for some time the regarded— and regarded lliein- 
hnnk I i even ahie to advise and selves— as simply the provider 
3 ssi-i contractors in negotiating of funds. More 
ihetr commercial contracts. The have hecn attempting In 
■ond'ifins of the contracts are encourage exporters in 

different from better use of their extensive 


Davy Pnwergas — for the fl-Lni 
Soviet methanol contract, which 
broke new ground in getting 


tractual 

me P x^ricnced ar at handling!" '"Iff revenue.' This » now possible _ 
consulted early enough the in Hong Kong. Singapore, and a ti on 
banker can even 


broke new ground in ?«.«««* banker can even -steer an Malaysian dollars for instance. , buyeT a nd | ■ ■ 

the Soviets to accept toreign €Xportl? r away from undesirable In circumstances it may. reticles bas now ^ 


of ■ their amount which he': ;can; 'Ti^yilaWr-.bife- tegL . • 

of : their 'forward- v - ' ' - V- ; this .. ly to the - _ = 

•iii— problems arising- fixim tfee ekpoi^er. - :: 

rbp- contract- by-' the - "Jt-was itfte , merchant ..bank#, . . . : 


currency finance. Schroeder 
and GEC for tlie £lUOm Hong 
Kong power contract- which 


markets or projects through hii 1)e tft ^ exporters 

local knowledge. to quote in a . 

But valuable though the.<e curreni: v such as sterling or .-TCS.- ^ times es porters 



lit r-u: '-bfi.it the 


then 
pxpnrier 

ne^fti^tions. 


c 

usually quite 
those which the contractor may 
i„. n-od to. The same is true 
for m.irkels such as the Middle 
Ka-’ and North Africa as well 
a.- L.i::n America. 

Thi» swpertise which the 
merchant bank is able In pro- 
vide can be vital t«» the con- 
traci’T right tbrmuh from 
plaiuiiPg his sales strategy to 


informaltnn 

facilities. 


and advisory 


Winning 


But tradiionaily, and by the 
very nature of their hustness. 
it is ihe merchant banks who 
have been the most active m 
fostering a close relationship 
with exporters. 


reeentlv they JX,,,,S t,u "' c '' t oul ' rt,uliM ‘ c *-■*•■“* - currency sucb as sterling or -V.S.- times expo osii df'these 'ftt' tbe ; hi ■' - . : ■ * - 

recently tiiey jnvo|ved the largesl ever export ser% . kes ma y be the prime role dollars . In others, quoting- .making the best U£d ; bj ; W“e ^ countries • :--.a 

ma ,.- credit of $390m. Lairds and 0 f the merchant hank is arrang- slrong currency as D-marks or schemes. - ;;; W mor^ often , n< 

make .. ... — • — the $wiss Francs can allow tig _ - . :W 

to contractor to make a suhstaiifcril pooLagC ?• <v-> imvoTvingt.^iil ? these 

price discount by selling , me * to-... • ^ ^onfttiiwfefln^ jtfifiisitrfalised, ’ .. ■ : :;s 

currency forward during the • ln putting together a financial ^ ^ . - ' ' 

construction period. package for exporters aftuiOn^d “ i>ro- - •' 

chant banks are be in &■ called ^ . ■> -. : . - : . : ' 

- 

rl tvba e^-addeti-:'. ^sing wto the 


Metro Cammell for the £2om j ng lbe finance. With 
Hong Kong mass transit railcars w jtch of buyer credits^ 
order, which marked the first- f lire ign currency the merchant 
ever buyer credit to be financed i WI1 k's involvement in export 
in HK dollars and involved ^n tracts is more important 
extremely complicated ttnane- lb an ever. Most contractors find 

ing arrangements. Lazards were lbe yjhnle business of foreign 

also involved in the iiiifiaf currency financing 
stages of the GEC pow-’i complicated. Added t«« whsen 
contract as adviser? t« the tb ey are often unaware <’f the 
Department nf Intlusiry. advantages <»f being able to 

the quote in different currencies— 
flexibility which is 


Being able to quote in- the chant batiks 


same currency as a major :<nxxi? upon more a “ d mean-; Z ~ * 
exLemeiy .. ... „j,.o n f 9DO wiis inn ner cent financing... ••., Tfl®.. -•*« ,«hi :-• 


tor is also advantageous. 100 per «■»:. - 

too Often the buyer'- m more usual 5°® i^gebf "fi^^»6ns'which .'• 
ssing bids in different gufc- the past .twp t0 ^.F®* 

.i.iac cn nr» a smnf basis, been export- credits 'rfViewtv for: exhorts - ’ lir 


This has Despite these suacs'-cs 


ncgoua'ina 5h ^ □"uai’irubieni developed in the extent that merchant banks sulk have diffi- a 

Euromarkets 


not 


Tapping the 


-y. '.- w.n^r -^iP ujv murvitam iwum 
v -• offei-tithe. exp^e^r e^ ntiB.Uy 
financing^ integrst^; tdim- ^oE*!** 1 

ling Increasiagly cbmmpti^xpseris;’ jif; proiect^ fiErince y\} h _ .. - ; 

rojects j- • - ' 

indivtdnal- wnintri ey -fn ' : dibot*t *' .... 


UNTIL 1P7' 


up until then been ;he cosy and 
profit a*Me preservi* nf the i.'K 
dwriiij and merchant banks. 


Lnp.iinn'- larzc 
fnreiun h?.nl mg «.ommunity bad 
hi.'i'n virtually excluded from 
pnividitic Kt'iil.i backed export 
finance. Consequently, ’lie Cban- 
r.dior nf in<- KM-mviiivi's >ta le- 
nient in December 197H annnunt^ 
in j the itchinu of a larye part 
nr tli:.. Government backed buyer 
rred’ti unto a foreign currency 
ba-i.« was greeted v.armly by 

the ferei-’n bank’*. Ai la?t -t . , 

looked as if they would be .Lr-'-tly i»r indirectly through a 
ailn A«.-il to br-ak into hai had mn-nriuim bank in tlie City has 


to the same currency 

contractor should on the. onfr Multinational 
hand be able to offer a.ittice becoming 
which will be lower in the as pr 
foreign currency than his- ster- . that individual 
ling price while tlie buyer will unable to supply 

“■ - ?S i I .gagsl 

in the City and another be beyond the 


nmre than trebled 

The Hnufrrr. there weie -Si> realised 

foreisn b«k, rep^nwd r«, u.xd could ^ ((hc ( , s , hlllk 


Although a few foreign banks direct!* in me - l,u bank ^ to prudential lv' provide, precluded From putting [together 
VC been operating in the City <3 indirectly J m P a ^ Ian ^ bank- P - dcaJs Those banks wh:cn ha. c 

r over m years the real total of Sag at the end of la>t Herit*. the “ ™ *n ' jn 1hv merchant banking subsidiaries 
owth m numbers Maned in year. S..w then the numbe > ‘ in London, principally the 

e iPfids ami paralleled the have grown further and roughly suuess of the schci . American.?, can arrange d?h:i 


Although a few foreign bank* directly i 

, . . :.. .u.% C.t.. 75 mHiVi 

ha 
fm 
grow 

Ir.vvh^ 'in "the P Lmidon-ba<ed twice as many foreign banks are The scheme got off tn a slow 
Fi' dollar- marlct .. over the now represented in London as in staru partly becau-e the t.K 

]!., decade the number of any other major financial centre, authorities underestimated the 

foresail hank’* represented either Indeed, more American banks complexity «f the documen'.a- 

are tn be found in London I ban 

in New York. gum.^ . 

The bulk of the hu-incss of rated in the Euromarkets. The ,, anks are Themselves eligible 

rhe r.irci°n batiks lies in the initial proposal was to simply l0 arrange financing under me 

Eurocurroncv markets, out •»? transfer rhe standard sli-rlmg scheme." 

trdal UK * fi. reign currency documentation onto a burn- Thi5 a hr.ut-turn was a hitler 
deposits of £l28hn in May 197S. currency basts. But this proved hlliw f nr ihe foreign banks and 
the foreign banks (including impractical. Euromarket banks sce m? 



but ‘‘where a managing bank :s 
substantially owned by a non 
UK registered company it s'na-l 
not extend participation in the 
involved, if deals were cre( jit to other banks within the 
to be successfully syndi- same group unless such other 


’ vva 


he consfirtiuni banks) account 
for £liW.;)hn. U.S. banks with 
£44. 1 >>n arc far and away the 
moM import arrt. followed by the 
Japanese banks with £lfi.-bn. 
Tu pul these figures in perspev- 
.ve the LT\ clearing hanks' 

foreign currency deposits 
mount to just £5.9hn. The 
foreign banks do operate locally 
and control around a fif’h of 


Euromarket banks seem> io 
were not so well versed as their powerful 


have resulted from 
behind the scenes 

British counterparts in the ways pressure by the merchant and T , IE 

of EC 1 .ID and while certain clearing banks U» curb the . nvoi 

matters were taken for granted potential foreign com petit: on 
under the old sterling buyer The 
documental ion. they had to be rationalised 
spelled out in more 'detail in arguing 
the foreign currency scheme, 'lo -parit 

help advise the ECGD on the banks wisnmg tu par«c.|.»w. tance credits 

type of documentation neces- By limiting access only to UK credits 

< a n- for the Euromarkets, the registered companies it cmild- 
. . London based American Banks' make sure that they were ad e- ' J* ofew 

all UK sterling deposits hut it Associa tion set up a special sub- quately capitalised and subject orerseas^ .mar K e^ grew 

is on the foreign currency side ^nnmitice under the chairman 



competition 


clearing banks atid provided fixed- t&epEpGDvrtadf 

U, 'S? J" rate export, lending, beyotid an > AlthpugMie^t^s.qKibblec.. 

• . UK **' amount ' equivalent to-; l^.Rer a lrttfe^M^laTjyely ^ 


put vheir mam 


whe re t-hey 
emphas'.s. 

Margins <<n international 
business have been under pres- 
sure for some time anti foreign 
banks have been searching 
around- for ways «>f boosting 
heir profitability. Inevitably 
they have been turning then 
eye to. the domestic market. 


ship "f Ed Roberts, 
vice-president ai Bank 
America's London branch. 


Problems 



Bunk of America, and Credit orders. As banks are basically 
Lyonnais should be able to look s hort-terni lending institutions; 
after their own prudential re- a way had to be found of pro- 
qmrements. The prime purple riding exporters with longer- 
of the restriction seems to have term finance and at the same 


hail what they been lo prevent the merchant time insulating them from sharp 
lypica! agreement banks suffering front oxcesrive movements in interest rates 


The problem': on document* 
tion are le.* 

were but a . r — _ 

Some i*f the big U.S. banks have ran s ti)l run in nearly 1UU page., competition. during the credit period, 

been cultivating UK corporate an d prompted one American Given that the UK mcrchin* Co nsequently, ECGD unveiled 

•us; i un ers but i hey have been banker u> comment lhat 'the banks have worked closely vv th plana to enable banks, to provide, 

it a disadvantage because they documentation must be worth .be ECGD for a lung Line and fixed-rate medium- and long- 


could not offer ihe full range at least an extra quarter on the 
of ECGD credit facilities, as spread." Because of the com- 


cmild a clearing bank. 

The opportunity to break into 
the UK export finance market 
following the switch to foreign 
currency financing was clearly 
nm goir»e in be missed. Apari 
from the fad ihat this sort of 
business offered attractive mar- 
gins and fat conmmsnms. ahme 
all it -gave foreign banks a 
chance to Imibl up their cor- 
porate relationships. If they 
could offer export credit facili- 
ties They could then cro&s-se!! 
t-heir oi'ner services. 


plexity of the deals only a few- 
foreign banks have really tried 
to take advantage of the new 
arrangements. EGGD financing 
is nor as simple as norma! 
medium-term lending and if 
foreign banks are going- to 
arrange the deal? as opposed to 
passively participate m them, 
they have in hire specialised 
personnel and at the same time 
be assurer! nf a healthy return. 


|he ECGD for a lung lime and fixed-rate medium 
understand the system -.ye!!, a lerTn credit to UK exporters 
case could be argued far ke^p- against an ECGD guarantee. In 
iny the foreigners under con- jggj t j, e scheme was wridened 
lr«*l. However, this move could ro include buyer credits. Origin- 
backfire at 3 later date. At the a jj_ v hanks lent for periods 
moment, (he foreign banks are U p‘ t0 five years, and beyond 
participating in ihe schemes that finance was provided by a 
because the spreads are consortium of insurance com- 

generally healthier than rouse pan ic®. They withdrew from the 
on normal medium-term syndi- scheme-later on. This framework 
cated lending, where intense has been altered from time to 
competition for biia:ne 9 e has {i me , but basically remains the 
driven them down to a saiTie . ECGD .continues lo pro- 


ridiciilously low level. But v j de “insurance" and through 


The absence of participation some day margins will improve th j. h an fc S it is abre to offer com- 
fccs in many nf ihe deals being and foreign hanks may nut then p^jjtjygj export 1 finance.' 
dune particularly irritates some be so eager to put up foreign 
foreign banks. currency to support UK 

expo ners. 

The American banks have Tf f„ re jg n banks are going 
heen the most visible su far. set up s pectaJ departments and jiic 
is then was how thp foreign Citibank group has led fi v e ^j re staff to service U.K. — perhaps too well. By the end 

saw the foreign currency deals of ils own end partinpalefl exp0 rt ers the foreign currency 0 f igg( 


Eager 


Danger . 

The scheme has worked well. 


scheme originally. It gave them 
a gmid entree to new corporate 
clients and they were eager to 
participate. For their part the 
authorities' realised from the 
start that if the scheme was to 
be a success they had lo involve 
Ihe foreign banks. The clearing 
banks were able enough to cope 


in another three. Altogether it 

has done over SlUOm of business 
so far. Bank of America has 
done upwards of 850m and 
Chemical Bank and Manufac- 
turers Hanover Trust have al.-n 
been active as have some Ger- 
man and French banks. The 
foreign banks have limited 


1960s the clearing, banks 


scheme has to be made attrac- were becoming concerned -about 
live to them and this could tlie growing-volume of fixed-rate 
involve changing the rules of expori lending that they were 
access so that foreign banks ^^0 0 n to their books. There 
have more scope for arranging was a danger that their commit- 
the deals themselves. _ men j j n thj s area might mean 

To date about -S15bn of that they vcould -have, to turn 
foreign currency financing has awa y other lending business.: 
been completed, and of this the ConsequenlJy, the .authorities 


□aims were ame tu muhh w v-hv ihpmselvp* tn f.irpi«n- currencv ^ , . ^uuac muciw.t, v..x- 

with the sterling side but when b ^ ]yer ( ! rPdjts and a ^ h '„ ush they ^ iL a " k !,„ a ™;"J J.% aU I wel ! ! h * 


it came to foreign currency 
they just did not have a big 
enough dollar base (and (his is 
the key currency) to meet the 
expected requirements. 

The clearing hanks currently 
have forviun currency advances 
of Hie order of $4.8lm out stand- 
ing and (he new scheme en- 
visaged that Slim a year at 
least would lie involved. This 
could prove conservative since 
buyer credit business had been 
growing at a rate of 40 per cent 
per annum prior to the new 
scheme. The UK clearing banks 
were keen to show ihar (hey 
could provide Hie dollar funds 
from their own rp«ourep« ami 

so keep the business 10 them- 


SO.fibn'. This means that local paJt of thfleir- lending at the 
U.K. banks have committed Ban j- 0 f England from'1969 on 
themselves to providing $0Bbn wards. 


of foreign currency finance at 


have been permitted to partici- 
pate in the sterling scheme, 
since April, they have not been 
verv active as yet. The foreign ... . 
hanks’ emh-.siaMn lor the f ^ r, - v ^ ™. alur ^ 
scheme was tempered by -he <*»""« banks total foreign 
fad lhat lii- U.K. author 1 lies «*«*«?, ^vjhiwi onl> total 
al icrud thu rules of access to *4.Shn >t w*uld seem that they 
ihu furpiyn currency financing are cumni.tting a Tairly sizeable 
sihuiiie Itusi n« n, her. Until th’.Mi proportion uf their tola lend- 
foreian hank, had been working ‘"S- U the demand for foreign 

under the impression that lh-y currency financing grows even au<u<ij4tre „ 

cmild arrange the deals and faster than at present they a> j ola ^y risk-free. Tending, .-the 
collect the fees as well as merulv regret trying, to keep tms banks' felt that they wefe beiQS 
participate. A number or deals market to themselves ana tne req „j red (o subsidise.expbrts by 
were undertaken on lhis basis, foreign hanks might noi oe lending at uneconomic rates, ii 

U„der 1 lie new «,!«, nn.y i 1 ^ "reSnan^^, o?1h5? 

authorised hanks that are ongIMlly announced. ! a !‘! 

regi^tpred in the UK a< '.miii- 
pauiea are now eligible to 


This helped considerably.-Wt 
by tile early 1970s anotber prob-; 
lem was beginning to surface. 
Tlie fixed rate of interest 
(originally 5hP er vent.) started 
to look too. low in comparison 
with market rates of interest* 
and even though the ECGD 
guarantee meant that, it was 


**>-«»* tt ii lending at the Bank -of England;- _ 
William tim the latter was close to. its. limits, 4 •? 





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Ftajmcnd' Times Tuesday June 27 ' is 

BRITISH EXPORTS IX 






facilities go 
on > expanding 


cent if cover is 


Credits S cent, of which is .sold, on short- taking over responsibility for other 1 per 

(ECGD) celebrates its diamond f But mi i ch £ rovidiog the boncis fnHn ^ taken out for up cu mne mourns 

iSiilee In the BO v^ ^ ^ cl “ nou J ul S tatol for ba *ks so that the company's as is often the case with very 

was set UD in 1919^*4^? i* -1 f? hem * s t0 cover particular normal overdraft facilities large contracts. This additional 
S British rrarip a f! “J** 1 ** situations its special schemes would not be affected. "cob-t" of up to 4 per cent, thev 

Lottie ^°v d haV ® bad SOmewhat sw- The -jumbo” contracts argue, can often cancel out any 

•iindereone coTKiriSS? 16 ^ bas - scheme, introduced in its original potential gain from selling cur- 

escalation ,-scheme, form 21 years ago, has never rency fonvard so that they are 
fleeted tha , re ‘ ln oduced , m December, itren used and there are no signs no longer able to offer a price 

emphasis 1? 7 S, was only used- twice yet of the extended scheme in foreign currencv which is 

™^ 0rt V,” 11115 e °uir-' du ring the first two years of its beitig taken up. But this is only more competitive than a sterling 

ay and more jecenUy the crucial operation, though it is claimed to be expected given that such price. - 

role which financing nbw- plays that ; several contracts - were contracts, are bv their very D „ , , ... 

in, negotiating overseas con- negotiatedusing the scheme but nature few and far-between. , d ? SDIte sucb grumblings. 
trae ^ s ., in the .end were lost to Tender to contract cover, Vj t e _ 

In the -Z920s ECGD provided a c<,mpemors ' It has since been ivhich has been available for d ^ ^ ^ 

very simple form at insurance u f e<l , mor ® frequently— a total less than a year has, however. J! a ° c fi~ r ° U ~B!? in !f2; Pt !!.Sf 
cover on a veiy restricted basis, of deals worth a total been widely used by exporters. f n?r *?rn rl^rrn 

the first credit insurance scheme val J^ of ; £i 7 8 : 6m Thls - scheme covers a company ' a ef L b taroer of $lbn E ?or D S Sch 

as such not bein^ introduced haVlDS now concluded. negotiating a contract to be end of th?s year 

until' 1930. Much of the depart- p «t of the problem is that fi ™mced in foreign currency hut some si 5 bn worth of con- 
cent’s growth dates back to the ^ scheme is very complicated, f gamst , e * cl ? an S e rjslt5 during hav J a j re aciy been con* 

vr ... 1 . sn nniv tk. the nerind herwpn tender nnrt Ir,tct5 na\e ajreauy oteu iwi 



Vital 


for the Metro Cammell contract 
in Hong Kong, which was fin- 
anced in local currency. 
Acceptability of the scheme 
Sterling has appreciated con- has been helped by increased 

siderably since the scheme flexibility with which ECGD is 

started, and this is reflected in now operating the scheme. In 

crucial in winning severaXmajor the number of contractors which March of this year it announced 

contracts, for Britain. ' These have taken out cover. So far that contracts with a loan value 

provision, of insurance include the £147m Davy s * v en contracts totalling £38 8m of up to £5ra are no JoDger 

cover on a commercial basis Powergas methanol deal in the have been won using the scheme required to be financed in 


feet once again. But even then th®* the British scheme is far m °ntbs. 
ECGD continued to function less comprehensive than that 
solely as a provider of insurance ?Pe*ated by the French, which 
eover. the .‘first financial bank 45 °P en en ded, though at some 
guarantee schemes not being in- considerable cost to the French 
produced until 2954 arid the laj £P a >' er - 
buyer credit scheme for capital Even s0 the scheme has been 
"goods exports not until 1961. 

' Th e 


, I ! ! 


i i 


remains ECGD’s primary role, Soviet Union, the £100m turbine — ‘t played a vital role for in- foreign currency. For contracts 
insuring the exporter against generators contract awarded to stan <*e in the Metro Cammed in the fom to £20m range, 
non-payment Jjy the buyer. In GEC by the Kowloon Electricity H °ng Kon S deal — while an- foreign currency is preferred 
additlon to the commercial risks Supply Company of Hong Kong °ther nine contracts worth a and for those over the £20ra 
.which it covers ECGD is also the and the £25m rail cars order further £176m are currently mark it is mandatory though in 
only organisation which will pro- placed vfritb Metro Cammell by un der negotiation. Another 17 practice exceptions get through, 
vide cover against political and the Hong Kong Mass Transit deals totalling £334m have also This means that the UK con- 
exchange risks. Railway Corporation. b ‘’” n b ’d for bur not won so that tractor is able to offer a choice 

; ^ . Bond guarantees alsq got off altogether tender to contract of currency for financing— a 

ocheines t0 **thera slow start. But cover has been taken out by 31 facility which it not freely 

r despite continuing criticism contractors. available to his competitors. 

- But its insurance role extends over the limitations ol the But despite its usefulness the 
further than that Due to the scheme it is now being used scheme is not without its prnb- fj-a jjlino 
increasing complexity of ex- fairly extensively. A total of Ien,s - It operates in such a way VJWJJIlxJ b 
porting and especially financing, 121 guarantees with a total tba t ECGD gains if sterling Foreign currency j!so appears 
;ECGD has over the past two tn contract value of £l.68bn have weakens, while the contractor to be gaining acceptability with 
three years introduced several now been issued reflecting in benefits if the currency appre- overseas buyers. The Soviet 

special insurance schemes. part, the lowering of the eligible ciates - Given the normal Union, though it accepted 

These include imyn-anre contract value in several stages fluctuations in currencies the dollars for the Davy methanol 

aeainst nnlitieal risk* of -new from original £20m to the scheme should be self-financing project, still maintains that this 
•investtm-nt overseas fnr nn Present £300,000 in response to in the lonser term. But because did not set a precedent But it is 

of industr y <fc™a n ds. »f .the sirens* of sterling being encouraged to accept 

main problem of bond ' much of its ooerahon, foreign currency again by lower 

guarantees continues to be the ECGD has been experiencing a interest rates on such financing 
b “ te ' Th=J- regard a loss on the facility. This compared with sterling, 

company's bond liabilities as * said to have prompted some ' _ Euronean 

port for the issue of tender, part of its overall financing debate between the department, . . f : t nr iip n t 

1 perfonnance and advance Pay- faci]ily which . wi]] Iend t0 b | which Is required to operate its c ° ] a “ t "f b EJf? 

W ■ment bonds -together with cover off^ against its normal over- insurance business on a com mer- , c -f, 

against unfair calling of the draft. The extent to which this «al basis, and the Treasury. ^Jlan an ^eal Sr instance 

-Scy °r i0USl7 fram STtf\22"2£ i, i!l2 2ThSi « by "e 

3 r S?o^ 6 So^ D fte Romanians' j inai^nccthati, 

v i N ECGD Will also provide “joint particular customer.. But Insistency that buyer credits be Jj fa ?orfly agreed ro 

V I - md several . cover for UK men}- locking up funds in this way is hnanced m foreisn currency it ? CG ? 

iers of a consortinm; involved in proving • to . be a problem, should also shoulder the finan- jn parT ' 

•jumbo” projects against losses particularly for the- smaller cial burden, of the scheme. r pS P ?thP nil 

resulting from the failure of companies who may be tender- -All ECGD will say at this n o pari ier i 

me of the other members. Last mg for several contracts at one stage, however, is that the "f 0 a f/L ^ ® 

December this coyer- was ex- time. scheme, being a new one. is SI ^" e ?, a .^ ni ,. T ne , of cre , 

•.ended on an experimental basis .Taking out ‘bonding cover under continuous review. But it uoydg aana international. 
:n cover losses due to situations with;. 'ECGD is intended to seems likely that there may be wbl , cn wa ® Jts . nrsl ever expur i 

’ailing short of actual insolvency overcome this problem, though some changes in its operation. credlt in E(,re!gn currency. 

»ut where probleihs affecting one many contractors say that in Contractors, too; would like the The conclusion of the 
jartner could jeopardise the practice this is not the case — a scheme modified as they find it HK$2i>4ra financing for the 

■onlracL claim which, is in turn rejected rather expensive. . First, they Hong Kong mass transit rail- 

ECGD’s straight ■ insurance by .the banks. The debate have to carry the first 3 per way has also prompted specula- 

:over schemes are widely used — continues as industry seeks ceat of any currency swing, tion that ECGD will now con- 

3CGD covers about 38 per cent greater Government involve- while the premium itself, can sider extending the scheme to 

j£ all UK exports, some 80 per ment to the extent possibly of amount to anything up to an- other currencies. 


a 



CONTINUED FROM PREVIOUS PAGE 


mrefinanced lending war in- 
creased from 18 per cent to 20 
... .’vfl ■?! j ; » r cent in. JuJy, 1976, and 
'T /j iU’ l *lnaily to 21 per cent in 
- * *' Jecember, 1976. However, once 

.gain the success of the arrange^, 
aents 'began after a while to 
/ut.siitains' on the financial sys- 
emv'arid.lhis time, it was nol. 
, - ’ he hanks, but the . UK Govern- 

ngm, itself that was feeling the 
jineb. lhe cost of . refinancing 
he .Credits and paying the extra 
interest was having a material. 
Impact on the Government’s, 
Nfe pending plans.. The arimial cost 
... f l bridging the gap in interest 
ates alone, leapt from- £20m 
- o £220m between 1972-73 and 
976-77. With growing pressure 
rom the IMF to reduce public 
xpenditure it was obvious that 
sport financing would be high 
n the priority list. 

The 1972 scheme ran but in 
ictober of last year and prior 
o that the authorities had been 
iscussing the outlines of die 
ew scheme with the clearing 
ankg arid other - interested 
arties. In December, 1977, the 
;hw arrangements for ECGD 
upported sterling export 
nance were unveiled and it 
/ould be fair to say that while 
ibe banks termed them •“‘accept- 
|bJe” they were not .ecstatic. 

The main objective of the 
j ew scheme was to ensure that 
he banking system carries on 
ts. own books a substantially , 
arger share of the fixed rate 
sriding without refinancing by 
^'Government The authorities 
fere keen to ensure that an 
dequate supply of fixed rate 
'■nance would be available so 
hey dared not squeeze the 
anks to bard. As a sweetener 
he maximum interest rate for 
rank finance provided under. 
XGD guarantees for business 
a credit terms of less than two 
ears ithe short term business) 
-'as. increased by i of a P yr 
*nt to fc of a per cent. 

The new scheme started opetj 
‘tiftg-from April 1 this year and 
till apply to all future commit* 
^riots' to provide fixed rate, ex- 


. LONDON CLEARING BANKS AND SUBSIDIARIES 
Lending for Exports mtd. Shipbuilding 


. ;; 

<£ot) 





November 

1972 

1973 

1974 

1975 

1976 

Medium-terra Export 

1.529 

1.771 

2.165 

2,682 

3.340 

Shipbuilding Finance 

343 

.404 

450 

499 

554 

Sub-total 

1.872 

2,175 

2,615 

3.181 

3.894 

Less refinance: 

G31 . 

_ 858 

1.184 

1.598 

2.163 


1,241 

1,317 

2.431 

2,583 

1,731 

Short-term Export Finance 

221 

264 

381 

470 

560 

Total - 

1.462 

1,381 

1,812 

2,053 

2.291 


4 



.port or domestic shipbuilding 
sterling finance. Under the new 
scheme the participating banks 
provide all the finance needed 
for lending in respect of maturi- 
ties up -to and including five 
years, or such longer maturities 
as they are content to hold 
themselves. Their entitlement 
to refinance with ECGD or the 
Department of Industry will 
extend only to* those amounts 
which are due w mature for 
repayment more than five years 
after commencement of the 
credit period. Banks participat- 
ing in the new scheme will be 
entitled to a commercially based 
rate of return on their un- 
refinanced lending which will 
be calculated by reference to 
sterling London interbank 
offered rates. 


Credits 


Existing commitments under 
the old schemes will take several 
years to run ' off' and in the 
meantime the banks have agreed 
with the authorities that they 
will increase the amount that 
they will hold on their own 
account to a fixed proportion 
based on 24 per cent of the 
value of their non-interest 
bearing sterling sight deposits 
up to March Si. 197S. 

Of the £4.1bn of outstanding 
insured credits of over two 
vears, ££2bn are currently being 
refinanced by ECGD. The new 


scheme means that virtually all 
new medium-term business will 
have to be shouldered by the 
banks themselves. It is reckoned 
that no more than 25 per cent, 
and perhaps as little as 10 per 
cent; will be eligible for re- 
financing. Looked at another 
way the banks will have to take 
upwards of £lbn a year extra 
on their balance sheets once 
the scheme starts. This should 
save the public purse about 
£300m in a full year. The banks 
have. given assurances that they 
can provide the extra funds, 
while also meeting the expected 
demands from other priority 
areas. However, if competing 
demands for capital increase in 
the future, the banks may well 
want to renegotiate the scheme 
and perhaps extend the amount 
of money available for re- 
financing. 

The other prong to the 
authorities plan to reduce the 
public expenditure element in 
export financing was the switch- 
over to foreign currency financ- 
ing. This should be cheaper 
since UK rates are generally 
higher than Euromarket rates 
and there is no provision for 
refinancing along the lines of 
the UK scheme. In February 
3977 the Secretary of State for 
Trade outlined a number nf 
measures aimed at bringing 
about a switch in financing of 
sterling buyer credits to fnreign 
currency. -In future, ECGD 


should only underwrite larger 
projects where these were 
financed in foreign currency. 
In April of this year the foreign 
currency scheme was extended 
to supplier credits with a 
maturity of over two years. 

In addition to switching a 
Targe amount of ECGD business 
onto a foreign currency basis, 
the authorities also opened the 
scheme up to foreign banks and 
this is what has upset some of 
the hanks. They were prepared 
to participate in the scheme as 
long as they had a monopoly 
along with the merchant banks 
but they were not so happy 
when the scheme was thrown 
open to all comers. The big U.S. 
banks with a natural dollar base 
looked to have a natural advan- 
tage since they could .raise 
foreign currency funds more 
cheaply than the clearing banks. 
The foreign banks were also 
seen to muscle in on the ECGD 
scheme because it would enable 
them to build up their corporate 
relationships with big UK 
companies. 

As a result the authorities 
revised their rules of access to 
the scheme in October. 1977, 
Whereas initially it had been 
open to nearly every foreign 
bank, the new rules stated that 
only those banks authorised 
under the exchange control Aet 
1947. and registered as com 
panies in the UK will now be 
eligible to arrange such credits. 
This protected- the UK banks 
from unnecessary competition 
although the official line was 
that it was meant to provide 
“parity of competition.” 

Against ttiis background the 
clearing banks have had to 
adjust to veiy significant 
changes In the framework of 
export finance over the last IS 
months and it will be some time 
yet before the dust has settled 
and it be judged whether the 
current arrangements are more 
or less beneficial than earlier 
ones. 


ECGD's imminent move to 
extend the foreign currency 
financing to supplier credits 
will give contractors still 
greater flexibility. But while 
contractors may welcome any 
signs of flexibility from ECGD, 
the extent of this in some 
instances makes a mockery of 
the so-called gentlemen’s agree- 
ment on export credits. Britain 
has already followed the 
French and Italians in lowering 
interest rates on its cheap 
credit package with the Soviets. 
But it is bending the rules still 
further for the Rolls Royce/Tri- 
Star Pan Am deal where, by 
providing credit insurance 
cover for the entire aircraft, it 
is effectively providing access 
to cheap finance for what is 
essentially an internal U.S. deal 
— the sale of the airframes by 
Lockheed to Pan Am. 

To be able to do so it is 
bending even its own rules by 
extending insurance cover to 
U.S. banks when normally this 
is confined to the UK supplier. 
It is also breaking the OECD 
regulations on aircraft sales by 
offering credit terms of 15 
years instead of the maximum 
ten allowed. 

ECGD’s financing of this deal 
has been repeatedly and vocally 
criticised by the U.S. The 
British Government can expect 
further attack from the Ameri- 
cans over its recent move to 
allocate 5 per cent of aid funds 
to the financing of supplies of 
British goods and equipment 
or development projects. 

This means that for the first 
time Britain will be able to 
offer “credits mines" a mixture 
of credit and aid. This is a 
financing method widely prac- 
tised by the French which has 
frequently, given them the 
competitive edge. But it is a 
practice which the Americans 
are very anxious to see 
abolished, along with cost 
escalation cover which was 
given another year’s life in 
March this year but may not 
survive the next renewal date 
given American agitation for 
tougher niles on export credits. 

Margaret Hughes 



25 


Export success 
achieves a special 

flavour 




l Ji 




Last year we achieved a 
growth in exports of 59% in 
twelve months from £31.4 
million in 1976 to £49.9 million 
in 1977. 

The total value of die 
chocolate and sugar 
confectionery exported from 
the UK in the same period was 
£149 million-^ one-third came 
from Rowntree Mackintosh. 

Tills success was given a 
special flavour-the Queens 
Award for Exporr Achievement- 
our second in six years. 




dr ** 

tHaJiy 



Rowntree Mackintosh 


19 7 8 



TEAPE. 

AN EXPORT 
SUCCESS ON 



1974 Wiggins Teape receives 
The Queen’s Award to Industry 
in recognition of the company’s 
technological innovation in the 
development of a highly 
technical photographic base 
paper-Glorythene. 

1975-1977 While the paper 
industry in general suffers a 
recession, Wiggins Teape is in ’ 
the process of doubling the 
value ©fits exports to 150 
countries. Ofthe many 
different kinds ot papers 
manufactured hv the 



company, it is the Fine, Speciality 
and Technical papers which 
are at the heart oiks export 
success, , 

In a three year period, 

Wiggins Teape’s exports 
increase in value from ^36 
million to £62 million-afrgure 
•representing 28% ofall the paper 
exported from the U.K. 

1978 Wiggins Teape receives 
Tiie Queen’s AwardfoirExport 
Achievement. 

Wiggins Teape. Real export 
success, on paper. 


William Haul 


1994 i § 7 | 

Wiggins Teape L united 
'd ’• Gateway House, Basing View, Basingstoke Hants. RG21 2EE. 
Telephone Basingstoke (0256) 202 62 





financial Times. Tuesday June 27 


BRITISH EXPORTS X 



The Department of Trade helps exporters bv 
providing a range of services and financial assistance. 

On this page Lome Barling examines how exporters use these facilities, 
and discusses the Government’s industrial strategy, and in particular 
the work of the sector working parties on stimulating exports. 



parties state 


AT A time when, growth in 
world trade continues to be 
slow, the only means of iinprov- 
ing British competitiveness in 
export markets is by containing 
costs, raising productivity and 
improving design and delivery 
performance. 

This is the view expressed in 
a recent memorandum on the 
Governments industrial 

st ratesv. endorsed by the 
Chancellor. Mr. Healey, and the 
Secretary of State for Industry. 
Mr. Varley. It also points out 
that these are not things which 
the Government can do for in- 
dustry. .. . 

Moreover. Jrorth Sea oil ts 
seen as more of a problem than 
a benefit, in that it will make 
ir more difficult to use the 
exchange rate as an instrument 
to improve competitiveness. Any 
improvement in price competi- 
tiveness as a result of sterling 
depreciation is regarded as 
dangerous in That it brings with 
it seme increase in the rate of 
inflation and can also mean less 
responsiveness to market 
changes. 

The main purpose of the 
Government's industrial 

strategy, launched just over two 
vears ago. is to make Britain s 
manufacturing base fully inter- 
nationally competitive through 
a substantial improvement in its 
performance. 

As a means of establishing 
how this could be achieved, a 
number of sector working 
parlies including people from 
management, trade unions and 
government, were set up to 
report on their various indus- 
tries. After a difficult economic 
period many of these S\VPs 
have reported, with particular 
reference to their overseas 
activities. 

Out of 16 SWTs which had 
reported by February this year, 
nine expected an increase of 
their share in world trade by 
1980-81. another five aimed to 
maintain their share and two 


foresaw a slight decline. A 
further 15 SWTs have objectives 
which arc aimed at improving 
the balance of trade within 
their industrial sector, although 
this classification is meant only 
la give a broad indication of the 
possibilities. 

Although aggregation of 
export objectives can he based 
, ?n jv ««n reports covering just 
over half all SWT exports, the 
National Economic 'Development 
Office *aid earlier this year, the 
industries concerned were con- 
siderin'-' export growth for 
1975 S'. 1 at a little under three 
times ine 3.5 per cent per 
annum growth for 1971-76. 

A similarly restricted number 
of SWTs suggested little or no 
further growth in imports in 
constant prices from 1975-SO. 
Altogether, these trade objec- 
tives '‘eve then seen to result 
in a ?toss improvment in the 
trade balance of around £2.5bn 
at 1977 prices. This was slightly 
smaller than what was implied 
by 1976's reported objectives, 
and will be adjusted again in 
future. 


Substantial 


However. SWPs are still 
aiming at substantial and some- 
times spectacular improvements 
in trade performance despite 
the fact that trade internation- 
ally is not now expected to im- 
prove as much as was then 
thought. 

More specifically. SWT* 
report opportunities abroad in 
agriculture, public utilities, 
transport and infrastructure 
requirements. The rise in oil 
prices is also thought t«» have 
created special opportunities 
for mining machinery and 
diesel engines, and opportuni- 
ties for higher performance 
products and production pro- 
cesses. computer control and 
automation equipment are con- 
sidered to be good. 

On marketing, the SWPs 


emphasise the opportunities to 
improve' the effectiveness of 
UK companies and in some a 
total “systems” approach in 
the product range is regarded 
as essential. The advantages of 
a selected markets approach is 
also stressed by some. 

Western Europe is the region 
most frequently mentioned as 
an opportunity area but some 
SWTs see their best opportuni- 
ties lying outside Europe, 
ranging from the U.S. to 
Cnmecon. OPEC and developing 
countries. But in a number of 
these markets the difficult 
trading environment involves 
considerable risk and heavy in- 
vestment for the companies. 

A number oF SWTs also em- 
phasise that the nature of ex- 
port expenditure — a negative 
return on capital in the early 
years followed by a slow build- 
up in profit — may inhibit com- 
panies from undertaking the 
necessary marketing activity. 

The main problem areas are 
seen as: 

© Financing large scale projects 
with long lead times and asso- 
ciated substantial working 
capital requirements; 

G Proriding long-term risk 
capital in order to invest in 
distributor support, service and 
spares facilities and increased 
stock -levels: 

O Supporting tendering costs 
and feasibility studies, obtain- 
ing pre-shipment finance ami 
the exist of working capital. 

Expanding 

In response to this, the NEDO 
memorandum says -that in the 
private sector. ICFC. ECI and 
other venture capital institu- 
tions «m provide risk capital, 
and the NEB is expanding its 
role -in some areas. 

It also points out that the 
Export Credits Guarantee De- 
partment pre-shipment finance 
scheme was introduced in 1975 
for the problems of production 


finance of high value. The 
British Overseas Trade Board s 
Market Entry Guarantee 
Scheme is also seen as a signifi- 
cant aid to exporters. 

On credit insurance and 

finance-facilitating guarantees, 
the memorandum points out 
that the threshold fur ECGDs 
bond support scheme has been 
progressively reduced from us 
original level (contracts of 
£20m or more) and was lowered 
to £500,000 in December last 
year. . 

A thorough review ot trie 
cost escalation scheme, taking 
account of the views of indus- 
try, had also been carried out 
in considering whether it would 
be continued. Early this year 
the scheme was extended for a 
further year. 

Looking briefly at the reports 
of two SWPs and their -thinking 
on exports. Jt is dear that their 
stated export objectives depend 
to a great extent on achieving 
their aims on reduction of im- 
ports t through import substitu- 
tion) and -improving their -in- 
dustrial base. 

The electronic consumer 
goods SWP, for example, aims 
to reduce import penetration in 
its sector from over -40 per cent 
at present to 37 per cent by 
1980 and 35 per cent by 1984. 
Its export obpective is to in- 
crease sales abroad from their 
1975 level of £78rn to -150m in 
1980 and £28Qm in 1984. This 
will reqtre the proportion of 
output devoted to exports to 
be increased from the 1975 level 
of 20 per cent to 28 per cent 
in 1980 and 35 per cent, by 
1994. 

The SWP believes that its 
increase in export volume must 
be centred upon Western Euro- 
pean markets in the short- to 
medium-term. For colour tele- 
vision, for example, the UK 
share of Western European 
markets by 1984 would need to 
be raised from dts :975 level of 


22 per 
cent. 


cent to around 


The constructional steelwork 
SWP. again a random example, 
believes that it should aim to 
increase its exports by 33 per 
cent in the four years to 1981. 
and more particularly should 
avoid the usual reduction in 
exports when the home market 
is improving. Il is pointed out 
that over the past eight years 
the UK industry has taken a 
lower share of the world market 
while other major exporters 
have maintained theirs. These 
losses were greatest in the most 
rapidly expanding market areas. 

Despite the prospect of in- 
creasing competition from many 
emerging countries in this 
sector, the SWP has adopted an 
export objective of which it 
feels the industry should be able 
to achieve. This involves an 
annual increase in exports of 
10.000 tonnes of constructional 
steelwork from 110,000 tonnes 
in 1976 to 160,000 by 19S1. 

Two main factors should make 
success possible, the SWT 
believes. These are the large 
amount of spare capacity which 
will prevail despite the snort 
but rapid growth in demand at 
home, and the greater aware- 
ness which many companies now 
appear to have developed 
towards promotional efforts for 
exports. 



,^y 






Nine loading shovels JramF. E. WeatheriU Lid 

a government scheme to improve Jarmatg. 


use m 







:i~ u 


n-- i 



THE MOST significant direct 
Government involvement in. 
exports for some years was the 
part it played in the £100m 
power station contract which 
Babcock and Wilcox and 
Genera! Electric were recently 
awarded by Kowloon Electricity 
Supply Company of Hong Kong. 

For the first time the Depart- 
ment of Industry played an 
integral part in the negotiation 
of such a contract, and the 
Prime Minister took an active 
interest. There is now con- 
jecture whether this may not 
set a pattern for future deals 
of this kind. 

While it is clear that the 
Department of Industry's role 
as main negotiator came about 
because of the circumstances of 
the UK power industry, the fact 
that it was a negotiated rather 
than tendered contract and the 
UK's special relationship with 
Hong Kong, the deal clearly 
broke new ground. 

Mr. Alan Williams. Minister 
of State at the Department of 
Industry, was in -overall charge 
of an operation aimed at provid- 
ing an attractive package of 
equipment and finance, and 
Lazard* was appointed by the 
department to advise on finance. 

General Electric was ap- 
pointed main contractor by the 
department and a three-man 
committee was appointed for the 
development of tactics and nego- 
tiating procedures. They were 
Mr. Alastair Macdonald, an assis- 
tant secretary at the depart- 
ment. Mr. Norman Scott, con- 
tracts director oF GEC. and Mr. 
David Gem mi 11. assistant direc- 
tor of Lazards. 

One of the clear advantages 

of the actual negotiation, which 
was conducted partly by Mr. 
John Lippitt. a Deputy Secre- 
tary at the department, was that 
the buyer was dealing directly 
wirh the British Government, a 
gilt-edged client. 



A model of the proposed United -Arab » Emirates Assembl y ;Sgfl b&MQ 

designed by architects and town planners, John. Brunton'cna -Fortners . . - 


Unusual 


A good deal depends on the bankyou choose 


We have grown with Hong Kong and as one of 
the largest banks in Asia we are in the best position to assist the businessman. 

With over 400 offices in 40 countries, we can provide you 
with influential contacts in all major trading and financial centres of the world as 
well as a broad range of banking facilities. 


The Hongkong Bank Group 

With offices in the major financial centres of the world 


The Hongkong and Shanghai Banking Corporation 
Head Office: 1 Queen's Road Central. Hong Kong 
London: 99 Bishopsgate, London EC2P 2LA. 
and in Edinburgh and Manchester 


The British Bank of The Middle East 

London: 99 Bishopsgate, London EC2P 2LA 

Members of Hie Hongkong Bank Croup 


- SOHJC.1H.7I. 


The eventual deal, which was 
unusual in a number oF other 
respects, was concluded with a 
£390m export credit and J. 
Henry Schroder Wag* as the 
lead manager*. The loan was 
the largest of its kind to be 
guaranteed by the Export 
Credits Guarantee Department. 

However, the novelties oF the 
agreement have caused some 
problems, notably over the role 
ur ECGD, which arguably should 
have bad a more prominent part 
to play, and of the British Over- 
seas Trade Board's Overseas 
Projects Group, which was 
recently reorganised to play a 
bigger part in co-ordinating so- 
called jumbo contract bids by- 
British companies. 

Late last year, following con- 
siderable pressure From indus- 
try. ECGD introduced an insur- 
ance scheme providing cover for 
rompanies involved in export 
contracts worth £50m or more, 
for an experimental period of 


three years. So far no policies 
have been taken out under this 
scheme. 

Overall, the BOTB now faces 
more difficult circumstances in 
wbicb to promote exports, due 
to the slowdown in world trade 
and a general tightening of 
world markets. 

The success of Export Year 
has done much to persuade 
industry that promotional acti- 
vities of this kind can be useful 
in bringing home to ■ all 
employees the importance of 
being competitive, particularly 
when selling abroad. But the 
question now vital to manage- 
ment is whether this achieve- 
ment can he sustained and 
penetration of markets (often at 
considerable cost) can be Fol- 
lowed up with 1 an established 
presence in the country con- 
cerned. 

Clearly attempting to capi- 
talise. on the enthusiasm for 
Export Year, the BOTB recently 
launched Export United, stress- 
ing the need for co-operation by 
all members of companies. It 
has the support of the Con- 
federation of British Industry, 
the Trades Union Congress and 
various other industrial and 
commercial organisations. 

A number of companies such 
as J C Bamford Excavators have 
decided to make 1978 their ex- 
port year, usually linked in with 
export targets for specific 
countries, or products, while 
others have opted to continue 
their 1977 export year in an 
effort to maintain some of the 
impetus generated. 

Following a long period of 
criticism about the lack of en- 
couragement for small 


exporters, the BOTB' recently, spread'over.a maximum period 
introduced the Marker^Entry .of :fivfr years. There is also-* -; . 
Guarantee. Scheme 'TBE^J'-and'-'-numtiausi^'-jCtHrttlpntopir of 
the first agreement for its use. ■£2p,000-to aEy,oqe project Com-." ■ "V 
has been signed with Osrp; a' j*anle& areajso expected’ to show . ■ ' : . 

Hemel Hempstead-based’, Coin- that : their proposed venture is. - * .. 
party which manufactures metal' '» well-planned package, and, 
and plastic finishing iihlaterials. that th®f have tbetisapafa ill ty to . 

Under the scheme, the BOTB carry through th_e project - 

can. provide 50 per cent towards Mri.Rog^Selnktma director 

the eligible costs of a venture ; of Osirtiy :«Hd ■ that fee. scheme .. ~ * 

in return far a levy on sales- gave.Jiis’ company the. confidence ‘‘H?YcifT c 
receipts on.a company’s exports--; w -tfike one the - Tisky of a new ‘ ' 
Eligible costs are broadlythe’ venture ‘and-believed that his^U-i^^ 
overhead costs of the activity company could hulTd up sales in - 
which are written : off 


v bqmpaiiy could build up sales in."., 
as. tjie U5, qver the next three* 
incurred and can -only, be £»■ * y ears: . Its 1 ' ^main '.contribution ’L' . ■ 
coupe&by the exporter through 1 woUld be towards costsPqf offices. . _ u 
his profit margin on -sales. ■ - and staff: ih.tho:-neW araifceL- ...? .. 

The investment -> period. : .' The BOTB ; fbaf ■ Osrb's t 

during, which contributions- ■ ’applic^jioji :had been speedily ju' 

made to MtEGS».and the ^^o^'-approVed due.tb theTact.that it '..- icr 
ing recovery period ^during .fully met . all. .the terms' of the' ' . ' : :■?. 
which the . levy ' continues* £cftepac. It \ljad'- 'done much of ’• X ■ % 
set in. relation" 'to;; the ratevpL ^4 -nece&ajy fijitial research!. . e 
the levy so 

4m nanATTOfi' Jft _ C —1- i ilTirKT w 


expected to recover its contribu-/ -yhVaim of MEGS^wiifle offer : ..** - 
ti oos With a return on inv^t- aid wl^dh does - not give ..": • 
meat of 2.5 per cent above- the muck”away onvint€*^ rates . is ; 

.1.^^, liaal-n 1 Wa MtA ... . . - 1 ! ■ - -J Ll i 


clearing banks' base rate. * 

Recovery 


‘ to- cprovide - a reasonably quick ' -~ r;£ 

service ^tbout becoming. in-, - '-" . 
w ,. r , . .. . .. -- volved: In iaqy : m-depth evaliia* , r - r . J 

The levy payments stop wlien tfon ‘ of. a- company’s e^po rt v / 
this has been achieved and if project So Jar the 30TB .has ,U 

sales .do hot materialise as ex- . received more, than 600 Inmal- . • ; -.f .. 

pected. tfie levy payments' stop inqnlri^and about 60 applica^ . 
at the end of the agreed re- tiohs, .of. wh(<* seven are being - . , : 
coven period. For this, potential, process^. ^ . .v*?*!'- v 

loss to die scheme, the com- The -BOTB reports- that the 
pant pays ah annual premium flow of . applications so far is ■ - .u : 

of 3 per cent of the pbtential. better ;than expect.ed^and rt is. • - 

scheme cottttibutions d'unng.tiw end • .> 

vears when the robtributiqns^ per cennof hqmpa^e will get -: 
are being "received by the coui- : a r M&waL.:'Gf. ,ihe f -. companies: ■ 
pahyj- . .. U :.j.' which juLye,^ptied,; .67. pe^-cepu ' J c 

■ There. axe ao limits, tb-^the sire ..ha.Vje-. a. : ; tunmve^o£ Te6S . tbw ■ ; 
of the company whicfrmay'apply. £2m ,thal ( y.:) ; ' j 




h 


ik 











. }-• 




Ilnanaai Times Tuesday fee 27 197 ^ 


27 


SOCIETY TODAY 



for 




po 

j 1 ^ 

% 





JUST ABOUT every leading 
politician*' wiH be telling ns 
tins summer that people should 
able to Choose the age at 
which they retire. Flexible 
retirement Is a slogan with such 
strength behind it, in both Wes- 
tern Furope’andrthelTJ.Sy that 
all parties- will . feel obliged to 
say something., positive ‘•about 
the idea: It : sounas fine, but It 
> leaves on one" side the $64bn 
v question of who will pay ? 
ir-. ' Tp principle, the most appro- 
,priate ai^wrer would be, “ the 
^ * .De&nane?. . "during his or. her 
Ufabme’- Ot work ^ but the 
> tro^QS with that is that a large 
* ani^g^S^ngVproportioh of the 
pen^iwii 'bpoq which |most re- 
■ til^RebPle depend is financed 
byiteniwigjaxpayers. ' i -i 
y retirement would 
ad<kt«£hls: burden unless li was 
ac<|ta[papi#S by .what would 
amqj^nt 'to, a revolution ary. shift 
of jSe irespbnsl bility lor . pen- 
si ous~ff«h the. "State 'loathe in- 
dMdu^J— tha't- is, - to a- system 
of aeftiarially sound endowment 
poUcleS.. 

There .is -no other way. ;lt can 
already be; discerned from the 
grc^ing tleirate; ia Britain that 
thi^kfiscal' hur die lies ahead. In 
the ll JSi they have begun to trip 
over it; -jfbllowiQg- .a- new law 
that permits most people to stay 
at ’jrorfcriintil 70 whatever their 
employers or .workmates may 
have; to. say afbout tae "matter-. 

This ' .crucial connection 
between the; age of retirement 


thing is that men and* women 
should both be governed by 
the same rules. 

No one other-’, than 
an ' unimaginably courageous 
chauvinist would seriously 
quarrel with this, tput the 
. trouble is that a strong focus on 
equality between the ganders is 
too narrow. The EEC has come 
up with, ' not quite a' recom- 
mendation. but rather “ a 
practical .proposal for discus- 
.cussion \\ ..that everyone, should 
retire at 63, which would mean 
'three years more for women 
and two years less for men. - 

Leaving aside some contrary 
opinions from the /Department 
of Health and Social Security it 
.appears 'that this compromise is 
the nearest thing to being cost 
■free — if one can adjust the 
equations to indicate that the 
savings, on women's lateT 'pen- 
sions would compensate for 
men's earlier ones. Yet even the 
Commission must acknowledge 
that such calculations are neces- 
sarily imperfectr 




307J 


PROPORTIOM OF THE OLD 


Slim- US Cmm* ffcneta, Svm II PuJkUmb I 


in the US 

PERSONS AGED 62 & OVER IN ADULT POPULATION 



Sua . Ccnrt. Sunlillal Soviet. ftwflnw ProJccUau 

in GB 

I PERSONS OF PENSIONABLE AGE IN ADULT POPULATION .. Jgejp 


30' 


77 1980 


1990 


2000 


2010 


2020 


2030 


2Qv 


15' 


91976 1981 1986 1991 1996 2001 2006 2011 2016 


.Although the proportion of pensioners in the UK Is not rising dramatically, the n amber of very old pensioners is. 


Option 




- Pension /Funds ;• has naturally 
not -rfoEgotfen.^ the principles 
involved. . : but its recent 
voluminous report- has so far 

'.suffered, the fate of. being 

- adopted as the basis of a sub- 
mission by the Equal-Opportuni- 
ties Commission that whatever 
else happens the. important 


If there is any kind of option 
built in— and in this age when 
flexible retirement is a political 
necessity.it must be — then there 
Is no certain way of . knowing 
■who will take, which option. If 
the individuals really were 
saving for their own futures 
this tnigbt not matter. However, 
when pensions are increasingly 
taxpayer-financed then adjust- 
ing the rate of pension collected 
is only a marginal adjustment 
to an essentially uncontrollable 
inflator of costs. 

In Britain another potential 
inflator of costs is the declared 
policy of the Trades Union Con- 
gress, which ha6 decided to 
press for a lower pensionable 
age. 

This first appeared in their 


“ statement of objects in 1925, 
and was repeated only a few 
weeks ago when Mr. Len Murray 
told the annual conference of 
the National Association of 
Pensions Funds that to accept 
the suggestion of a retirement 
age of 63 for all would be “ to 
step back from achieving the 
policy that has the overwhelm- 
ing Support of working people 
— the right to retire for all. men 
and women, at 60. on adequate 
pensions." 

To . rub it in, Mr. 'Murray 
spoke of a phased programme 
of reducing the retirement age 
for men and added that the 
TUC “ would be totally opposed 
to anything That would deprive 
women of their existing right to 
a national insurance pension at 
60." This policy is preferred by 
the TUC partly because it" is 
one of their sacred cows, but 
more importantly, at the 
moment because trade union 
leaders seem to see it as a 
means of combating unemploy- 
ment. 

The TUC is here being as 
narrow in its own view of the 


principles involved as is the 
Equal Opportunities Commis- 
sion. Many people in arduous 
and unpleasant jobs — coal rain- 
ing for example — naturally 
want to retire early. In some 
such jobs a contract like the 
“Thirty years and out'' nego- 
tiated with the unions by the 
U.S. steel corporation in 
America would be desired by 
most workers and understand- 
ably so. Thirty years down a 
coal mine would be more than 
enough for most people. 

“Grey power” 

But for others — a minority 
perhaps hut a significant one 
— the opportunity to continue 
in work, particularly in the 
service sector, - would not be 
unwelcome. It was the realisa- 
tion that this was so that led 
Congress to accept a brief but 
intensive campaign by the 
proponents of “ grey power ” 
(pensioners' rights) in the U.S. 
to amend the law against “ age 
discrimination ".in such a way 
that most private sector 
employees are now given a 


statutory right to work until 
70 if they choose. 

The Equal Opportunities 
Commission will understand the 
significance, of such a law for 
women. As increasing numbers 
of them come into the labour 
market, it becomes- plain that 
those whose children are past 
nursery age can look forward 
to an active and possibly 
uninterrupted working life as 
long as that of some men. 

A woman aged" 40 would have 
a quarter of a century in which 
to pursue a decent career if 
her retirement age was raised 
to the male’s 65, and the chance 
for her own equivalent of “ 30 
years and out" if the law over 
here allowed what it now does 
in the U.S. — work until 70. 

To those who say “yes, but 
what about unemployment?” the 
reply is to look to the popula- 
tion figures. In many Western 
countries, and certainly Britain 
and the U.S., the large influx 
of wartime “baby boom" young 
workers will continue for only 
a few years more. By the early 
19S0s the supply of young 


labour will begin to slow down, 
so that the likelihood is of an 
increasing labour, shortage.' 

At the same time there will 
be an increase in the numbers 
of old people in the U.S.,' and 
in the UK an Increase in the cost 
of giving old people decent care 
(because the number of very 
old pensionsioners is rising 
sharply). Flexible retirement 
is perhaps the only way 
of providing for adjustment of 
the size of the labour force, 
at the far end of tl*?; scale, to 
meet the peaks and galleys of 
the working-population curve. 

Mucb of what I have said so 
far can be ' expected in 
the Government's forthcoming 
Green Paper on the retirement 
age, and provided there is a 
plentiful. insertion of the phrase 
flexible retirement, the 
likelihood is that the Tories will 
give three cheers and say that 
the only difference they have 
with the Government on this 
matter is on the soundness of 
the costings and the fact that a 
Conservative government would 
do them better. 


Such a Green Paper might 
suffice as something scratched 
up for a summer pre-election 
campaign, but without an 
answer to the practically 
unanswerable question of costs 
it will not be enough. In the 
U.S. they are preoccupied with 
the discovery that the social 
security system invented during 
the depression still leaves pany 
old people in a distressing 
condition while anv bone of 
financing an improvement comes 
up against the mighty.for.ee .-of 
the taxpayers revolt - that 
achieved such a triumph in 
California a few weeks ago. 

In Britain we have increased 
the state pension to a level that 
is historically high by British 
standards but still low by the 
standards of the insurance- 
based systems of the wealthier 
Continental countries. - Yet 
there can be little doubt that 
substantial further increases, 
desirable as they may be, would 
meet taxpayer resistance of the 
type that has so shaken the 
Americans. 

And there is no getting 
around the fact that any move 
towards flexible retirement 
based on the present tax-as- 
you-pay principle would be 
more costly than what we have 
now. In an ideal world there 
may be another option— per- 
haps a return to care by the 
extended family of a kind that 
is' still enjoyed in Japan^-but 
iri the West the breakup of 
that kind of family is probably 
irrevocable. ' 

What is left is simply this: 
the hopes for our elderly can 
only be met by the elderly 
themselves. In working life 
they (that is, most of us now) 
must save more and must be 
encouraged by reductions in 
taxation on unearned income to 
save more. 

In later life those who want 


to work past 60 or 65 must be 
permitted to do so with perhaps 
only a modest reduction jn 
actuarially based pensions if 
the arithmetic can be so 
arranged. Binding future tax- 
payers — our children— to a level 
of contribution higher than the 
one we are beginning to find 
onerous as we support our 
parents now is a foolish prin- 
ciple, fraught with danger for 
the present generation. 



Future 


Nor is the danger merely . 
fiscal. In this article I have 
deliberately omitted the cus- 
tomary hundreds of millions and 
billions of pounds with which 
we so often scare ourselves' 
when peering into the future 
for pensions. Those figures are ' 
still there, but they are not the 
most disturbing part of the 
story. 

Care for the aged is not a 
constant in human society. The 
Japanese veneration of their 
elders is one extreme*— the 
British tendency to place them 
on one side is close to the 
other. 

As the burden on working 
taxpayers increases the extreme 
could be pushed even further 
so that retired people, particu- 
larly the very old, might increas- 
ingly come to be seen . as an 
irritating social burden. Such 
a future seems far from impos- 
sible to anyone who has wit- 
nessed the shrinking back from 
social security that , is already 
taking place. 

In short behind the present 
rhetoric about flexible retire* 
ment lies the awkward proba- 
bility that the only people upon 
whom many of us will be able 
to rely when we retire is our- 
selves. 


Joe Rogaty 


Letters to the Editor 


*4 

U 


Ys 


t < ’f* 

* \ 
I i 






Investment in 
Westland 

From Mr. M. Webber 
Sir,— I am the convenor for 
the hourly-paid employees at 
Westland Helicopters, Yeovil. 
The employees I represent are 
very concerned with the profita- 
bility of the company, the profit 
that is needed for dividends, re- 
investment, wages, and security 
of empIojTnent, We, who invest 
iOur. livelihoods, jare ..aware of - the 
(problems in our industfy and 
;w6uld like -to make those who 
‘invest monfy equally "aware. 

We /started on the present 
jiCcewdric scheme ia 1975. Before 
its . in trodhCtion.' we repeatedly 
;old tfbe.' company ■; that it would 
icrt :be an improvement Within 
^months the company was com- 
ilainjng. as /to the effectiveness 
ififSe sySteni. Early jn 1977 the 
Jejjirtv 'managing : director of 
( iVestlahd Helicopters -proposed; 
inS'i we" /accepted, . a: flat rate 
iy?fem .with np piecework. -This, 
'sig ; subsequently ’ withdrawn by 
re "Westland Aircraft .BoardL 
jjfeiirthe year* representatives 
if; the same Board insisted that 
.jtax- assembly workers- 'should, 
__'d‘on a flat* rate before any wage 
n crease -could be paid.-. This we 
Jigfeed, along with a proposal to 
jegirtiafe a ffate- rate system by 
^ Vpril, 197S.- /Negotiations have 
•low reached an impasse. 

* * jn. view of' the poor ' company 
’ leyfbnnance we. are no longer 
'C(rsuing a • wage- cla'in, The 
-ompany ' Is, however,- still 
tterapting to impose" another 
rbposal that, would, at -best 
educe the skilled workers' earn- 
agv ; by £12501 

Oar real concern Is the belief 
• y. the- Westland Aircraft Board 
hat a reduction of £12.50. and 
Busier- from piecework to flat 
te will generate higher produc- 
,'vity and profit This-, I 
enuiaely believe. . would be 
isastrons. We have a company 
fitK-'a product skills* and P rD " 
pects second to none. I can only 
Ope the people who invest 
loney in the company use their 
iilbority wisely, 
i, Webber, 
onvenor- • 

>es"tiand . Helicopters, 
eovti; .. 1 . 


Merseyside 

progress 

rom the chairman, 
tanning and Land Committee, 
ity-oi Liverpool 
Siv-The article on Mersey- 
d? ^‘Exploding • the myth.” ' by - 
hys ; David (June. 18) was for. 
lamost part a fair and balanced 
•port about. the present indus- 
iaj relations situation on 
ersey&ide. We in Liverpool 
:e "particularly pleased that Mr. 
avlff brought national promin- 
lce "to the recent objective 
.•port showing that the imago 
; -poor industrial relations on 
erseyside is no longer justified. 
Ttie suggested solution involv- 
:g- package management/unlon- 
iais is not a novel one- It wa* 
Reposed by me in the city 
‘Uijcil as leader of the Liberal 
nap some years ago.. Nothing, 
iwever, would do more for 
erseyside than an industrial 
ialion 5 charter for a fixed 
iriod on the lines so common 
id effective in the U.S. 

The dismissal of the idea of a 
ee port which, although put 
rward -by the Liberals ongio- 
fy, is now the -policy of the 
ty council has. been done far 
o glibly. In the first place it 
- interesting to note that 
water- London Council has 

lioured Liverpool's lead in -this 

apect- in regard to the Port of 
sndon. In the second place 
e-beiieve that if the economy 
: Merseyside as a whole^is to 
-Vive, and the massive unem- 
oyment problems which now 
'C6ur. be resolved, then, a major 


new dynamic has to be .intro- 
duced outside the ordinary 
government grant structure,. That 
is why the free port proposal 
provides for a linked free trade 
industrial estate with direct taxa- 
tion inducements (such as. exist 
elsewhere m the EEC) and the 
use of. the land bridge across 
the . M62 to Hull which would 
be a linked free port. 

There has been a shprtsfghted 
failure to recognise that an east/ 
west trade axis is highly desir- 
able in order to stop the present 
“two nations" situation econo- 
mically: There' is also a clear 
•..mental block , within the White- 
. hall bureaucracy ‘in so far as 
' they appear to ignore the need 
-"for this country, and the EEC 
;to trade : with the rest of the 
"world,.;; in particular the 
Americas, ; and the enormous 
advantages which would accrue 
, to -Liverpool, Hull and the EEC 
if the city's scheme was to be 
;adppted: . . 

. ,'.I agree that solutions will have 
ltd come from within the area as 
-well./ That is why the city 
council has taken specific action 
which complements government 
^activity to which Mr. David 
: refers/ 1 At this very moment 
there are in- hand schemes for. 
a major redevelopment of Lime 
. Street Station and the old North 
Western Hotel by British Rail. 
On the waterfront there are two 
highly imaginative schemes for 
conference, recreational and 
shopping facilities likely to go 
ahead in the near future and the 
PSA is currently undertaking a 
major port development and will 
soon start a new civil service 
office development on the former 
Exchange Station. A major new 
shopping development is planned 
on the" Central Station site which 
wilt- give- a- tremendous boost to 
the centra I. shopping area. The 
council is itself under tailing a 
comprehensive " new factory 
building programme on cleared 
sites and we have in band plans 
for the- development by private 
enterprise of new offices in the 
Moor-fields are! The council's 
plans for building new homes 
for sale have set a lead to the 
nation and will bring into the 
city Centre, a new active popula- 
tion- and new vigour. I suggest 
therefore that Liverpool' is doing 
a great deal to help itself and 
that the most encouraging factor 
is the Vast amount of money now 
being invested by private enter- 
prise in development within the 
city.' 

' I hope that Mr. David’s article 

and this letter will encourage 
more industrialists to come to 
Liverpool and Merseyside where 
they will be assured of a warm 
welcome. . 

Cyril Carr. ' 

Municipal BuSdings, Dale Street, 
Liverpool' 


London’s 


problems 

From the M ember ofCrmter 
London Council jor Ch\nff!ora 

Sir,— In' their article 
IB, John Brennan and Davia 
Churchill put together a master- 
ful summary of the unemploy- 
ment problem that London faces. 
It is all too true that government 
consistently fails io recoemsc the 
magnitude of the problem and 
adheres to policies which put 
London’s inner city areas at such 
a distadvantage. Even London s 

“partnership" areas have been 
given only limited concessions by 

government 

This whole question of 
London's industrial . 
city problems is one whit* Is or 
the utmost concern to th^ ^ndon 
Employment Forum- Chaired by 
the Greater London Council and 

comprising representatives of the 
regional organisations of the CBl 
and TUC, the London Boroughs 
Association and the London 
Chamber of Commerce and 
Industry, the. Forum has been 


arguing strongly for the urgent 
action which is needed to rescue 
London's Inner city areas and 
help its johless. It "has urged on 
Ministers the need for assisted 
area status to he given to 
London’s inner city creas, for 
further relaxation of controls 
over industrial development, and, 
within overall public expenditure 
limits, for additional government 
resources to rejuvenate London's 
run-down areas. The Forum is 
keeping in close touch with 
London MPs on the economic 
problems facing London and to 
assist \ them in presenting 
London’^ case and getting some- 
thing really effective done about 
it, the Fbrum has produced a 
booklet seeing out fo words and 
diagrams Lhe stark facts of 
London’s unemployment problem. 

We still have a long way to go 
to' convince central Government 
of London's urgent needs, but 
when we have, in the London 
Employment Forum, a group 
representing aJl.sides of Industry 
and local government, unified in 
their common resolve to /ee these 
.needs met, I would not share the 
pessimism with which John 
Brennan and David Churchill 
conclude their article. 

Richard Brew. 

(Chairman of the London 
Employment Forum). 

Members’ Lobby, 

County. Hall SE1. 

Local authority 
spending 

From Mr. M. Srutwdon. 

Sir;— The article on “Value 
for Money” in local authority 
finance (June 14) might have 
referred to a major" problem 
which bas been barely tackled. 
Looking primarily- at capital 
expenditure rather than revenue 
we find that the potential for 
learning from experience is 
insufficiently recognised. 

The problem is acute in the 
public sector where capital is 
often spent to meet real but 
unquantlfiable needs. Having 
spent the . money it is politically 
desirable to claim success for the 
venture and this allows little 
room for critical analysis as to 
how the money might have been 
spent more wisely. The absence 
of this -critical facility means 
that the ability to ieam from 
the. -experience is only available 
to a very small number of people 
who happen -to be close to the 
particular circumstances. Some' 
criteria (e.g., reducing accidents) 
are ' comparatively easy but 
others (e.g., improving amenity 
or' appearance) are much more 
difficult. 

The next step is to relate cause 
and -effect so that any required 
achievement becomes more pre- 
dictable. The complexities of the 
situation are usually such that 
balanced objective views at this 
stage are difficult. Nevertheless 
if increased value is to he 
achieved progress must be made 
in such analyses. It is important 
to recognise the opportunities of 
increasing value for money. 

Maurice Snowdon. 

142, Borough Rood, 
Middlesbrough, Cleveland. 

Share prices 
and audits 

From Dr. M. Barron 

Sir,— The article by Dr. Firth 
(June 14) on the effects of audit, 
qualifications on share prices 
described an interesting piece of 
research and made some 
plausible proposals for changes 
in reporting practice. Unfor- 
tunarady it is. not necessarily 
true that the . recommendations 
follow from the research. 

Dr^ Firth’s research method 
was to look at the period 
immediately after the announce- 
ment' of the audit qualification, 


and compare the share price 
movements of a “ qualified 
group of companies with a com- 
parable group of companies 
which had not bad their accounts 
qualified. Then, in his words, 
"if any significant difference 
occurred . . . this was attributed 
to the information content of the 
audit qualification." The diffi- 
culty arises because c»f the near 
impossibiM-ty of flatting, for a 
group of companies with quali 
fled accounts, a comparable set 
of companies which are Identical 
except- in so far as they have 
44 clean "-accounts. 

For. example, most companies 
that receive' a 41 going concern " 
qualification do so because of 
their alarmingly high debt levels, 
and it is perfectly plausible to 
believe shat when a company 
announces high debt levels the 
rhare price will be adversely 
affected. Of course, it is also 
plausible to believe chat an audit 
qualification contains informa- 
tion beyond that, which the 
ana'yst could have found out 
for hdmself by looking at thr 
debt. Thus It is not easy to 
discover whether it is the debt, 
the audit qualification, or some- 
thing entirely different, which 
causes the price movement. 

' In other words, since an auddi 
qua Hfl cation will frequently be 
published alongside other 
adverse information, i-t is not 
clear whether it is the quali- 
fication per se or tbe underlying 
information which is important. 
Hence, given the necessary 
limitations of preliminary 
announcements, it is by no 
means clear that the earlier 
announcement of the status of 
the audit report is t be highest 
priority. 

Michael J. Barron 
(Lecturer in Accounting). 
London Graduate School of 
Business Studies. 

Sussex Place, Regent's Park, 
.WI. ■ 


EEC textiles 
battle 

From the Head of the UK 
Otfices, Commission of the 
European Communities 
• Sir, — I am sorry to have to 
return to this issue, but ia his 
letter (June 23) Mr. Beson. makes 
an implied accusation of bad 
faith which I am afraid I must 
contest. He alleges that the 
Commission made a deal on 
textiles without the knowledge of 
the member states. Having 
spoken with the Commission's 
negotiator, who discussed tbe 
proposed talks with the re- 
presentatives of all the member 
Governments, .• -I can. only 
categorically reaffirm that Mr. 
Beson’s allegation is unfounded. 

We realise that the Com- 
munity's procedures for negotiat- 
ing with non-member countries 
may seem complex and can give 
rise to misunderstandings. If 
there Is a misunderstanding over 
this difficult problem of 
Portuguese textiles, and if Mr. 
Beson is seeking to explain it by 
attributing bad faith to the 
Commission, 1 am afraid tbat he 
is wrong, * 

On the question of consultation, 
the Commission is bound to con- 
sult with the member states on 
its negotiations with non-member 
countries; but it is not the normal 
custom to discuss with other 
parties the details of a negotia- 
tion in progress. It is, however, 
the Commission's firm practice 
to consult with the European 
trade unions on the Community's 
policy on synthetic fibres — as I 
stated in my previous letter. 
Reference to a Hitlerian “new 
order,” in this context, are 
Irrelevant, to say tbe least, 
Richard Mayne. 

20, Kensington Palace Gardens, 
London, WS. 


GENERAL - 

EEC Foreign Ministers end two- 
day meeting, Luxembourg. 

U.S. Senate reconsiders Anglo- 
American double taxation treaty 
following deletion of controver- 
sial clause • exempting British 
companies from unitary tax pro- 
visions in certain slates. 

Mr. W. 'Wapenhams, World 
Bank vice-president, chairs three- 
day meeting opening in Paris to 
discuss further aid to Zambian 
economy. 

Comecon annual summit opens 
in Bucharest (until June 30). 

Hr. Helmut Schmidt, West 
German Chancellor, ends two-day 
visit to Nigeria. - 

' Sir. Leslie "JUucphy. -Chairman, 
National Enterprise Board, speaks 
at Foreign Press Association 
lunch, 11, Carlton House Terrace, 
S.W.I.. 


Today’s Events 


Confederation of Shipbuilding 
and Engineering Unions' confer- 
ence opens, Eastbourne (until 
June 30}. 

Second and final day of Finan- 
cial Times conference on 
Scottish Finance and Industry, 
Edinburgh. 

International Whaling Commis- 
sion annua! meeting continues, 
Mount Royal Hotel, W.l. 

Road Safety Exhibition opens. 
Old Library, Guildhall, E.C.2. 
(until July 71.. 

PARLIAMENT ARY BUSINESS 

House of -Commons: Remaining 
stages - of . ^Employment— tCon- 
tlnental Shelf) Bill, House of 
Commons (Administration) Bill, 
and Parliamentary Pension Bill. 

Honse of Lords: Transport Bill. 


committee. Judicature INI) BD1. 
consideration of Commons 
amendments. . Community Service 
by Offenders (Scotland) Bin, 
second reading. Petroleum regu- 
lation orders. 

Select Committees: European 
Legislation (subcommittee 11. 
Subject: Sheepmeat marketing. 
Witnesses: Imported Meat Trade 
Association, Scottish NFU (10.30 
am. Room 151. Nationalised In- 
dustries (sub-committee A). 
Subject: Innovations in rural bus 
services. Witnesses: Transport 
and General Workers’ Union i4 
pm. Room Si. - 
COMPANY RESULTS 

Final dividends: Eoulty Consort 
Investment Trust: First National 
Finance Cnrnoratioo: Halma: 


Imperial Continental Gas Associ- 
ation : J. Jarvis and Sons: 
Property Holding and Investment 
Trust; Standard Chartered Bank. 
Interim dividends: Ashdown In- 
vestment Trust; BAT Industries; - 
SGB Group. 

COMPANY MEETINGS 

British Shoe. 40. Duke Street, 
W., ll.io. British Syphon Inds^ 
Sheffield, 12. English National, 
11, Austin Friars, E.C., 12. Equity 
Capital Ind., 20, Aldermanbury, 
E.C.. 5. Executes Clothes, Leeds, 
11.30 Foseco Minsep, 36, Queen 
Anne's Grove, S.W., 12.30. Mappln 
and Webb, 40. Duke Street, W., 
10.30. Sears Holdings. Selfridge 
Hotel, W„ 12. Sears Engineering, 
40. Duke Street, W„ U.lo. Silent- 
night Holdings, Manchester, It 
Wire and Plastic Prods., Folke- 
stone, 3.15. 





Incorporated iri Italy with. limited liability 

PAID UP CAPITAL AND RESERVES OF LIT. 95,500,000,000 
- REGISTERED AND HEAD OFFICE — ROME 


ANNUAL MEETING OF SHAREHOLDERS 
APRIL 21 , 1978 

The annual meeting of the shareholders of Banco di 
Roma, held on the 21st. April 1978, has approved 
the Balance Sheet as at 31st Dec. 1977 as well as the 
relevant Profit and Loss Account which closed with 
a. net profit of Lit. 6,502,204,075. 

The Meeting has also decided to distribute a 10% 
dividend, to allocate Lit. 2.5 billion to reserves - 
which therefore rise to Lit. 25.5 billion - and to carry 
forward the remaining profit of Lit. 136,360,507. 

The aggregate total .of capital funds, consisting of 
capital stock, reserve - equal to 63.75% of the issued 
capital - and balance carried over, increases to Lit. 
201.3 billion. 

Deposits received in Lire and foreign , currencies as 
at 31.12.77 were Lit. 1 1,275.7 billion with an increase 
of 16.04% on the previous financial year. Loans In 
Lire and foreign currencies amounted to Lit. 7,852.8 
billion with an increase of Lit! 946.5 billion (equal to 
13.7%) on the previous financial year. 

The meeting has nominated as Directors Avv. Ugo 
Niutta and Dot?. Alessandro Alessandrinf. 

As triennial mandate of the Board of Auditors had 
expired the Meeting was also called to appoint a new 
Board for the three years 1978/1980 and nominated: 
Prof. Carlo Merlani, Chairman; Dott. Gastone 
Brusadelli, Prof. Paolo Emilio Cassandro, Dott. 
Fausto Persegani and Dott. Aldo Serangeli, Regular 
Auditors; Dott. Domenico Bernardi and Dott. Enzo 
Donnini, alternate auditors. 

The meeting also accepted the proposal to increase 
the capital stotk from Lit. 40,000,000,000 to Lit. 
70,000,000,000: 

— for Lit. 10,000,000,000 by issue of 2,000,000 new 
shares at the price of Lit. 5,000 each to be offered 


in option to the shareholders on the basis of 1 new 
share for every 4 old ones held; 

— for Lit. 20,000,000,000 by issue of No. 4, 000,000shareS 
of Lit. 5,000 each to be offered free to the share- 
holders on the basis of I new share for every 2 old 
ones held. 

Consequently the Art. 6 of the Statute Is modified 
as follows: 

* The Capital Stock is fixed at Lit. 70 billion, consists 
ing of No. 14,000,000 shares each having a par value 
of Lit. 5,000/ ' 

The Board of. Directors reappointed Dott. Leopoldo 
Medugno as Chairman and Dott. Danilo Ciulli as 
.Deputy Chairman. 

Aw.Giovanni Guidi and Dott. Alessandro Alessandrinf 
are the Managing Directors. 

Aw. Tommaso Rubbi is the Secretary of the Board 
of Directors. 


FINANCIAL HIGHUGHTS OF OUR BALANCE SHEET AS AT 
31 DECEMBER 1977 


ASSETS 

$ thousands 

Cash resources 

' 1,858,243 

investment securities 

2,092,770 

Loans 

9,238,578 

LIABILITIES 

Capital and reserves 

233,929 

Deposits 

13,265,574 

Net profit 

7,650 


ll ^&WATIONAL PARTNERS: BANCO HiSPANO AMERICANO, COMMERZBANK, CREDIT LYONNA/5 





NEWS+COMMENT 


DIVIDENDS ANNOUNCED 



Current 


Whitecroft down £0.75m to £4.25m 


John Booth 


payment payment 

4 ft? A i«i* *7 


Corre- 

sponding 


Brenner lap. int 3 .So 


Aug. 7 
Aug. 4 


IN LINE with indications in their 
interim statement, the directors 
of Whitecroft, textiles, engineering 
and construction group, report 
taxable profits down from a peak 


197S year. 


though directors said they expec* 
ted second-half results to be 


would not achieve the profits for 
the 1976-77 year. 


the dividend is stepped up to I3.4p 


3p net. 

Turnover for the period was 
£55.1 Itn and excluded chat of 
George Longden and Son, which 
was closed during the year. For 

1976- 77 turnover was £55.96m but 
included £6.6m from Longden. 
Also included in the turnover for 

1977- 7S was the group's share of 
associates turnover, with the com- 
parative figure being restated. 

There was ■ an extraordinary 
debit of £0.75rn For the year, rep re- 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

Adda IntnI. 

28 

5 

Land Securities 

29 

* 

Bankers Trust 

28 

2 

London Prudential 

28 

2 

Bilton (Percy) 

31 

4 

Pentland Industries 

28 

5 

Booth (John) 

30 

7 

Pickles (William) 

31 

4 

Brunner Investment 

30 

8 

Readicut IntnI. 

29 

1 

B running Group 

29 

4 

Recfcjtt Australia 

30 

7 

Cattles (Holdings) 

28 

7 

Regal fan Props. 

28 

S 

Cronite Group 

28 

6 

Tefabitt Group 

30 

7 

Cummins Engine Co. 

30 

8 

Trident TV 

3D 

6 

Dawson international 

■ 28 

4 

Walker & Staff 

28 

4 

Efdridge Pope 

29 

4 

Whitecroft 

28 

I 

Grant (J.) (East) 

28 

3 

Wilson Bros. 

28 

5 


Cattle’s 1-2 

Country Gentlemen’s . v -» l 6 - 3 

Cronite idL Q.SO 

Eldridge Pope im. 2.33 

Sekong Rubber 


of £110,000 {£140.000). The profit Trident TV int 0.93 


Aug. 17 
Septa 


last year totalled £#S5,000. * Staff 

Revenue from farms and estates Wilson Bros 


seasonal nature and Whitecroft 3 


Oct. 3 

Aug. 15 


Total Ij 

5 £1.5m for year 

S.5o * ■ 

2 * : . 

JV5. FOLLOWING r “THE £tl2^KT over up 40 per cent and pn4SS± 
increase to £608,000 in the first profits up 45 -per- cent . ' ’ 

half, pre-tax profits -Of' CattfeV- t =r 

“*5 (Holdings) rose from an .adjusted • COUHnfiViI.- - . ... 

£iJ22m to £tSm in the year ended Cattle’s has managed to keep pa^ - , 
March 31. 1978. Turnover totaled with. -the national increase in new- • 

„ . £34.5m gainst £285 m. credit with customer accounts «p % . _ . 

' - ' The profit is up 23 per cent ou oy more than a fifth .to HSJqj. . 


accrues almost entirely in the Dividends shown pence per share net except where otherwise stated, the previous year's adjusted Aiflwugh; ttos was mamly -respoj 
second half, the directors say. "Equivalent after allowing for scrip issue. 7 On capital figure. Had the same basis been mhle for. esrtendfafr the Ie*el.i 
Present indications are that increased by rights and tor acquisition issues. v used this year, 

incomes from this source for the would have been £158m, against lower, interest rates have redua 

full year should show an improve- £L27m, a rise of just.. under -24 chaips from £0|Sm ..i 


meat compared with 19m. 


Dawson 
chief sees 


would have been £158m, against lower interest rates have^reduced, r 
■ £L27jn a rise of just under -24 -bank charges from - £0£Sm .to. . -r 

_ ' . ‘. per cent progs Jhr the sear • -- 

Dftfrnlintl (Tl*Alin IACC - ■» turnover in the M ■ two - 

Kegalian group loss ■ 

reduced to £ 1 . 95 m -rp^. 2 ? 3 « 5 *£ ; . v ;■ 

* tUUvVU V\J c vit/^ui cos^ D f borrowing have = moved had. the. benpfit/of -soma physical*'.' 

„ :^4 up- sharply recently,- but -despite ex pans^ eagre's hag.mWe good - - 
GROUP results of Kegalian Sports and Gift Center tw a prospects for the year book pr(^res& : m, jts jure. Tmrefaag^, • 
Properties for the year ended (Dulwich), J. Smith and Son extr eme ly "good. V ; awisiom wpera. sgfes iaie :per 

March 31. 1978, show a loss before < Swansea), Penybryn Investment, _ . ■«««.- cen t ht^her ^t'Just over £3ra aria, 

lax of £155m compared with a R- Harvey and Co, Stratton ® asic profits bave , more' than dbuWeC 

£3 75m deficit to the previous Estates (Holdings), Twitch^ show" f ** ;^t : rofeamg;cdntmu^ . • 

year._ iSe Joss per 25p share is Properties. tMndjilftk 1 - 


Bankers 

Trust 

hopeful 


« a ■■■■ Properties tor ine year enuea iuutommj, a. oauui ouu juu estremeiy "gOOa. ‘ w«»wo -jgra .are- o* -pex,- • 

shortfall r 

fS? ■&&.%% 5STE ssa» t ¥Tse- 

2g*ȣ 

*nd ^blisaeora ..in HP^ch). Mmpta JKEEtttfWStfta 6!»iG^-::. 


1977-78 year are STUkely to be K HoD^fey Pa^k ^ *» the teM from 

S! n wareSSs 1 a^bUgations .in (Ipswich), _Ofympia ^ * 


value as well as income growth, his annual statement. However, gSrtTf itssubsicSrieT the Auctions*’ (DerbS. RajSS for the first time and are beea^S' ffl^Ur tote 
he tells members. although sales volumes and mar- respect of its suOSTttianes, __iae gucuyus aImost 39. -per cent above last Mnim. ^ 


he tells members. although sales volumes and mar- respect or its suosioi 

As already known for the year gins are likely to be lower, the ^ : T DUp . , I ° SS , d , oes . not 
to April 30, 1978, revenue before group is well able and better shareholders funds. 

S* 90T) Pr ?r d gros 8 tO reve^ ,5 ?f eV6r W ”nn ^ thSrfoKSi 

£297^73 (£262.0081 and the net tu'proSacS significance to ^rehc 

dividend is raised to 9 «5n /9.dn\ SSSSF*® J 1 * 0 *® pre-tax prohts Of show a profit of £337.20 


diminish Butcher and Son (Watford). Nick <toarges^.jTicre^e : ttg cost of 

Eziefula, VST (UK). Nefehlre, year s figure- ^ - hortowtogs, in. the current yea», •- ’ : 

n : i-. ■ . m* chnwc a 1S1 oer cent growth over « t 


dividend is raised to *>Jreo l-j 4n\ pre-ioa. h««“« Show a proof of £337,207 |is),smj wshjtoj “““ 

debi?of loTSrn For the year] re'pr'e- HU UC1 U1 Per 25p share. Mr . taring Joints ' "JS’llO-SUn *™P cb 


S in fl i°“ there’ Sr ™ S?5SjM"h5W«rt -,**3 „ fro m £3.l3m to au. The toss '». «■ 

Jaffna?? rriSft Of S«2 whi7h hopeful that the current year’s malntato this ttSdfo? Inn the? x To date ’ order 1x101(3 «* »»*■ was after crediting interest ™ent Co 
KfEJ S! Ld toconfSm Trite results wifi produce higher earn- y^ l:Un UUS trend ror anoUJer factory against budgets, rhedbair- adjustment in prior years of OWnton) 
?hS ??Su B r ings and dividends. Meeting, 20 Fencburch Street ” an *** s ' aild » «*>e directors £304.964 (£24.476) but before tax ^knar. 

loSLllf ° ^ w r A* already known, pre-tax Ec , on JiLy 19 atlL45am. , ° ten H°J 1 t0 tf ? e '"berf/ 11 of £61.711 (IM.731). There is Pegasui 

goodwill. revenue rose from £l.o9m to strength and efficiencies of the a provision of £89^60 lndepend< 


Aimrp TW.nl Pardon RnrinUna more addM thrOUgb aCqUiSltJOI^., . 


cen^ cumparea: With. 1 - 
^:p/A.:sad\8S r B0^ : 


TngrjOj Haleeard, 


:>l -"IS AUCUUjr mivnil, 

e onc^w,f, - revenue rose from £1.59m to 

Since the end of March the £ 1.157m for the year to April 30, 
group has acquired Moorlite Elec- io7S. and earnings per 25 p share 
tricaj for £324m cash: this com- were better at 2.594p (2.414p). 
pany turned in pre-tax profits of The dividend is lifted to 2.55p 
£0.71 m for the March 31 year. i2-1pi net. 

Net tangible assets per share of During the year, the directors 
Whitecroft were 22S. 77p (213.3lp>. decided to Invest more In the U.S 

and to make an initial investment 

• rnmmont In Ta P an and t0 P 3 ? for 1,1,8 l1 *® 

comment. larse noldin^r of Emprunt 7 per 

MTiitecroft’s profit shortfall was cent FFr 1,000 Bonds was sold, 
held at 13 per cent in the tradi- A start has been made in reduc- 


Upturn at 
J. Grant 
(East) 


pcan) stantiauy oy acqmsnoni- ‘ r ; , - ’.*• • • ! 

Despite the drag oa earntogs- Taf A ’ 

aj. a r o cult gf !»»■ lwynnli apwi.- - >-T . *4 U? Jr/ 

lntevatiop. to maintain the mnerenc of £61.711 (£64.731). There is Pegasus Household GcKtds^ ^ mgs to the early years - Jjlnil 

strength and efficiencies of toe a provision of £89^60 Independent Radio StmHos, - ment it js intended to conttou 6 CK ' tf fflll - •** 

group. .PiwMB W; . worij (mMM as , ina mVuUeott. Five Star MartSi ^Tiral lisSSSTta 9 tti^SSy : - : ' £ 

famous brand names which wu ^ oint companies. Eurotone. The Great American ^nd 10 new locatimis ; have hem -. Aplthu ^ 4 - - •' pT T, 

be increasingly promoted in order j t emphasised in the Success, North MidJand Electrical, earmarked for the current ^ $ ~ 1* - 

ISariS? 286 ItS Shafe V> ° rk3 P 851 tiJat sharehoiders 1 funds are Ronsol Instance Broker^ Over- the chairman says. . a ’ '•.^Met^poI^^robEh or 5eUori - r 

n,arkets - derived from profits of Regalian mark Smith Warden, Betabet, _ - 

With their advisors, the direc- Properties Ltd. and these profits ganny Quastel (Bookmakers), ov S ,niea£d^ 
tors are looking at acquisitions arise mainly from the manage- H. Silverstone and Son^.-Hger SSaSf^S^iimre-Sri^SJhffi'^SSeS-WrSff'SSR. K - • 
tobroadenthe group^s criming ment agreement, the toremre gyles, Bealull, and Q*riaud f - 

business, and also in other related state. Properties. . seven to 11 and . three exisfing TatEr^ wtitbe pad on Jose 28. 


held at 13 per cent in the tradi- A start has been made in reduc- io P°r the year ended January 31, of“i£tal£ 

tionally more important second ing the company’s holdings of ]?78 pre-tax profits of James ^ effirilm 


industries. It would be prudent therefore 

Mr. Smith says that toe group to sound a. note of cantion for as 


Tionauy more important second ing me company s Holdings OI trrz^ r‘\‘7r ine The lateit and most efficient First half t m uJ9ap|AiiuUJio ivauito au : - uip; >uu ■ 'i/tKDIUUCI''. <U7|.- £4lt0* *»■* 11 

half following the 18 per cent Water Board preference stocks Grant and Co. (BUM home l tw- “V e ™ J?!- e “ CI |"J ^ere is an inevitable deerrasem . L retail side, of the group’s acQyfc- -Qglaigg arejartected to star 

slide in the first six months, and this has had an adverse effect ™hers). rose £305.000 to£788,000 toerawIsaDlann^ &to ?K whjcb "ll 1 HSe OV -• ties have been. ^ caa*^ -fcr 

Profits from textiles now account on revenue, but should improve «?U» turnover increased from “ e i? J?L. a . hence profitability in future U J cem over recent years and 4he will be avaHable in the markei 

for half the total though last its capital position, the chairman £12.Sm to £14 4m. SSJiTm ^rh a V?7urt£r ye ^ re - J . . .. .Davis of Bond^Stre^ sto re.m (m Janfc~27-X-act^tiaace wrti 

years contribution fell from adds. in hls annual statement with 8 wata turener Current trading gives nse to a V^lUllllC Hull and the White House ^toxe the ’requirwneiitatrf^ ^tbe Coducl 

£2.4m to £2— m before tax. Sales The 20 largest equity invest- the accounts, Mr. H. Oppenheim. “ currently pianneu. reasonable expectation of the ■ in Derby ceased trading on Mart* >iof The Stock Exchange." - -^ 

here were mainly affected by low merits by market value at the toe chairman, says sales for the William Baird and Co. holds maintenance of profit levels in FIRST HALF profite before mot 31, 1978. ■••. * : - ’• - 1 Bi&kixs to toe issue are PfaHliol 

consumer demand Tor White- year-end amounted to £9.4Sra or first three months of this year are 28.3 per cent of the equity: Wood- the present year but the replace- tbe_Cronlte Groupmcreased from The Derby store hfla since Drew.' • i5 

croft’s household products and 31. 1 per cent of the total portfolio slightly ahead of last year and, bourne Nominees 15.4 per cent; meat of stock at reasonable cost *115.000 to £153,000 and should re-opened as a Ewbanks Discount .r... * 1 

chean imports, while reduced of £30.46m (£2S-26m). Unrealised providing (he general economic and Prudential Assurance 6 per will be no easy task. con tmue to show an improvement Centre and expansion of toe FrriTCrtTTFl? ^0/ - 

orders from the company’s largest surplus on investments stood at climate remains stable, the direc- cent. The Board is investigating for the year, the directora say. ;■ Ewbanks operations hi 1 . . 


offices were re-located in more -and December 29 with a -first 
suitable premises. ... V payment £S1W30 1»er-«100 Stock 

Disappointing results to -toe j :<m -l)e^ 1378.1’ : T * 

retail side of the group's activi-' 'Deafing-s ar& exjiected to start 
ties have been a cattoe fpr Cop^ ot - i l?zurBday-'' 3toekrof;£»3ff,oef 
cern over recent years and the will be avaHable’ in the roark^ 
Davis of Bond {Street store ni bn Janfr 27 'in -accordance witi. 
Hull and the White House «ture the ’reqmrements 'of toe CouucX 
in Derby ceased trading on March >uf The B^SScft ang e ~ - ’ 7 

SLJ978. . . . v. , BiSSfe to toe ^are Pbsm . 


Derby store has - since and Brew.' 


orders from the company’s largest surplus on investments stood at climate remains stable, the direc- cent. 


customer added to problems. The £i4.06m i£12.23m). tors look forward to another 

buildinq side is now concentrat- At April 30. 1978. Prudential satisfactory year, 
ing on smaller contracts while Assurance Company held 9.5 per An upturn in consumer spend- 
the recent closure of loss making cent of the equity, Scottish ing is expected at the end nf the 
subsidiary George Longden will Widows Fund and Life Assurance year, but there is. as yet. no sign 
accelerate this process. Orders, Society 9 per cent, London and of any large increase, (he chair- 
however. are still hard to find Manchester Assurance Company man says. 

and margins have been .squeezed. 6.5 per cent and Pearl Assurance The year’s profit is struck after 
Building and engineering supplies Company 6 per cent. interest of £3Q3.noo ( 1339,000 i hut 

were hit by much lower profits Meeting, Winchester House, EC, includes a £10.000 (£87.000) 


investigating for the year, the directors say. 


— m » Mb i^VUl U IP IIITUll^UUUn . j m w 

to another Meeting, Edinburgh, July 18 at various commercial and industrial , The * iSSS" 1 * 5£eH5J* 


11.45 am. 

Statement Page 29 


schemes with a view to establish- from Q.73l27p to 05M37p per 


areas is planned for the .current 


ing alternative 
profitability. 


share For the year ended Sep- 


insurance booking com-j 


WO CONVERSION , 

The Bank of England announce* 


from the Belfast subsidiary which jujy 18, at 2.30 pm. 
contributed only £100.000 against 
£Jm last time. But the group’s two 
engineering companies are both AnvOllPn 
doing well and with Whitecroft -T\U V 

in acquisitive moods this sector ^ — , 

looks its likely target. At 207p hv I Afifll 

the shares are on a p/e of 5.6 JUV/UUi 

and yield 10 per cent a a» 


Advance seen 
by London 
Prudential Inv. 


decrease in deferred service 
charges. Tax took £434,000 
(£332.000). 

A maintained final dividend of 


Downturn 
at Walker 
and Staff 


(ember 30. 1977, the total was ponies now operate under CatSei that the Treasury .wifl make m- 
2 ,4 18 Tap from pre-tax profits of Insurance Brokers, and several cbn version offer in ,resp«^ "a ■ 
£272.687. ' . new nffiww have . -eOTmupnced. holding of 5 per.. cent Excbeque : . 

Turnover for the first six business , together; wfth the 1976-78. 

[D months amounted to £3_7m agatofct acquisition of Barraclough and. This stock trifi- Be redeemed a • •• 

r £2.75ra. Profit is before tax of Bowden in Rotherham.- • . par on September— 20, 197S- - 

£80.000 (£58.000). ..• Hadrian Computer Services Redemption request forms will b.- 

The group is in investment continued to progress with turn- issued on July 26, 2078. 
compulsory bolding with subsidiaries en gaged t~ "■ ' ' ■ • 


Winding up 
orders 


Orders for the compulsory bolding witb subsidiaries engaged- 
winding up of 47 companies have in design, production and sale of 
been made in the High Court castings and fabrications in nickel 
They were:— and chromium alloys. • ' 


0.4375p maintains the total at DESPITE RISING from £61,495 to They were: — and chromium alloys. • ' 

0.875p on the privately held capi- £71.847 in the first halt pre-tax V - 

tal. Earnings per 2ap share are Profit at Walker and Staff (Hoid- w ____ __ n . ' ; > 

shown at 17.3p (17^p). tags) fell from £197.840 to f AflC ilm - 

Extraordinary items total £31.000 £180,697 In the March 31, 1978. \\ USOD DlUS. lUDS XI 111 | 

(£315,000) and debenture redemp- year. ■ • — J l • -- 

tion transfer takes £20.000 After tax of £15^67 (£36.465) THE SUBSTANTIALLY higher weeks of 1978 with sales „l*P.25 
(£18,000). and an extraordinary profit of profits expected by Wilson Bros^ per cent on the , comparative 


This AdvertlsamBrit is issued in compilance w&h thB 
requirements of the Cornett of The Stock-Exchange* 


£8.623 (£3.147) profit was £17U53 publisher 
compared with £164,522. Turnover toe year ended March 31, 
was £2-2Sm (£2m). turn out to be a 37.1 per 


shewn at* 7.31P a^amst 716p and over “P 20 * P er cent to OASlm. arising from toe Hofei de France 
tSr^irideid is up from 0 5143 d First half profits had increased et Cbofceul to Pans whUe the 
net to 0 57437P from £346.174 to £4S6,029. - Park Hotel fa. Amsterdam pro- 

* . e 1 j 1 ^ f orw- rliinod o cm oil imrirnTOnlPTlf 


•rise to a record £1.09m from turn- per cent with most of toe increase 


T " tion transfer takes £20.000 After tax of £15.967 (£36.465) THE SUBCTANTIALLY higher weeks 
DRUMMOND INVS. In spite of worries over worsen- (£18.000). and an exfraordinary profit of profits expected by Wilson Bros, per < 

ing inflationary trends in the UK «-623 (B.147) profit was £liU53 publisher of greeting canis to* figure 

A petition seeking the winding and US. the directors of London y. > , , C0mP noo ' v 7m ^J 64 ' 32 ^- Turnover toe year ended March 31, 1978, O ve. 

up or Drummond investors, the Prudential Investment Trust con- P ||0(f OC1QTI was £22Sm (£2m). turn out to be a 3/ .1 per cent. Imrea 

financial services company, was tinue to believe there are A »vui.oiau Earnings per 5p share are t0 a ™5>ni £1.09m from tuni- P«rce 

adjourned for a week in the High attractive investment oppor- g-\ .• shown at 751p against 7.18p and ov ®r up . ,r P e r cent to EULoim, anan^ 

Court yesterday. Mr. Justice tunities around and that the I.OrDOr3.tlOD toe dividend is up from 0.5143p , F '^L^e l L? r 4 oB ^,S. a £ M1 ulcreased p a rt 

Oliver granted the adjournment company should remain fairly puiauuu net to 0.57437p. H from £346.174 to £4S6,029. . Park 

3fter learning that a scheme of fully invested, says Mr. M. B. Profits of the Rhodesian Comparative figures of the . A net final dividend of 0 .757 p 
arrangement Tor the company Baring, the chairman. Corporation amounted to £204.000 engineering supplies stockist and toe total from 15o7p to vur 

».■>' to be pur before a judge for By this time nest year they against £270.000 for the half-year distributor are adjusted for ED l-40->P- If the income tax rate is uoiea 

hi-: approval nn Monday. hope to show an increase in asset ended March 31. 1978. before tax 19. reduced before the AGM on 


METROPOLITAN 

boroughofsepton 

\ ' Placing bf£3,OQO^HHK- J ■ 

Variable Ratfe Redeemable Slock,19S3 
\ «l,89| per cent r . 


Rhodesian 


figures 


from £346.174 to £4S6,029. Park Hotel fa Amsterdam pro- 

A net final dividend of 0.757p duced a small improvement • 
raise? the total from 1557p to During (he year the London 
1.403p. If the income tax rate is hotels "ere professionally re- 
reduced before the AGM on valued at £16.159.000 to produce a 


August 


increased final will be recom- 
mended. the directors say. 


appropriately surplus of £5,611,935. 


The directors have again re- 
viewed the group’s Investment fa 


The accounting policy relating City House Copenhagen. Although 
to ED19 gives rise to a tax charge the rental income has Increased 


Land Securities 


'In Uhe accounts of £374.107 and during the year, because of es- 
the application of this policy change rate fluctuations and local 


requires a restatement of the tax property conditions, it has been! 
charge in 1977 from £243,574 to a decided to carry the investment! 


► credit of £8,070. 


at the same value as to 1976 and 


As a result earnings per share a provision of £619,735 has been 
for 1977 have been increased from made. 


Summary of Results for the Year to 31 st March 1 978 


Total Income 


31.3.78 
f 000 
64,503 


31 .3.77 

cooo 

59.667 


income from all properties before taxation 
Taxation 


Transfer from Capital Reserve (Note 1) 


18,428 

5.578 

12,850 


11.959 

3.888 


4.77p as published in the 1977 
accounts to 6.95p Earnings per 
share in 1977-78 are 6.19p. 

1977-7S 1976-77 

£ £ 

Turnover 12, 51 1.96310.407.778 

Trading proR* 1.409.808 1.192.910 

Greeting carrff. etc. 1.437.327 1,165.472 

Loss prop, dwell. ... 4.670 31.00* 

Investment iDcorue... 37.131 78.440 

Expert** ft?. 977 68.454 

Imprest Charges 2S33S6 331.614 

Profit before tax 1.0U.94S 792AC 

Tax 374.107 7S.070 

Extraordinary credit... 177.823 — 

Attributable S90.66G 600.912 

To capital reserve 177,828 — 

I merlin dividend 74.414 5T.5B8 

Final dividend S7201 87.201 

Kerned 551,223 656,113 

t Credit. 


Meeting, Sherlock Holmes Hotel, I 
W. July 18 at 1130 am. 


Application h&Rbeenmad&lo the Council of .The Slock 
.- Exchange for a© above -Stock to be admitted to the 
• Z Official •£$. , r -\r: fc ? ‘•'Tv - - 

In accordance wfiti4he re^ulremente ofthe CtotrrK^^rfTha 
Stock Exchange £8(^800 of the Stock is available fh Wie 
j market on the date of publication of this Advertisement ahet 
until 10 a.m. on Wedn^day, 28tft June, - f 97 S. ^ ^ 

- Particulars of the Stock have been droulatad iii the Extef 
Statistical Services Ltdl/, and copfes/roay be. obtained 
during usual business hours on any weekday, (Saturdays 
excepted/ for 14 daysj-^roinanrf&idudmg 27 th June, 1978 , 
from • • ' -> v.-vV^ ’ 

. Phillips & Drew, ' 

. teeHouse, London Walj, LpndonEC2Y SAP 

and The Stock Exchange 



v] 4 

1* ’•« .... 




THE 



M 




8,071 

4,592 


Income available for distribution 


12.850 


12,663 


Ordinary dividends (Note 2) 


10.333 


7.623 


Earnings per share fully diluted 

a) On income from investment properties 

b) On income available for distribution (Note 1 ) 


Pentland 
sees first 
half jump 


Points from the Annual Statement fortheyearto 25&Mfach>'X97 $' , 
by the Chairman Mr. P. X>. j Cfewey, £.CJu . : 1 V; 


March 


[ « *a>s- 


The. Accounts and ’Cbarges ^ y ' ; . ; : 

Water charges not increased in l^ZT/TS^resafecf in - . • * • ** 

a deficit for that year of•#lW;OOQ...0^^ren^^6r , ' ; ; , ;; jgv / ‘ciZ 
1978/79 water rate increased'w‘i8-2% to 9/!i£f ih tKe' ^ 

£ and meter charge by 21.9% to 72. 3p per thousand t 

gallons, even so^ the water supply charge for . , ? . 

ahouse with ahetamualvaltiedf_£3(^ — • 


7.84p 
6.31 p 


6.71 p 
6.71 p 


NOTES 

v 

1 No transfer from capita l reserve in respect of the outgoings of development properties has been 
made this year, . 

2 A final dividend of 3.80952p per share is recommended making a total for the year gf 5. 30952p 
per share which compares with 4.804 p per share for 1977. The total dividend is the maximum 
permissible and is co vered 1.24 times. 


Mr. Stephen Rubin, the chair- 
man of Pentland Industries, 
told the annual meeting that 
turnover and profits for the first 
quarter of 197S sbowed a marked 
improvement and anticipates that 
the half-yearly statement will 
show a significant advance 
despite the development costs of 
new ventures. 

Pentland’s principal subsidiaries 
engage in marketing, importing 
and exporting all types of 
merchandise. 


The aggregate value of Group properties was C826.620.000. which comprised investment 
properties valued on an open market basis as at 31 st March 1 977 with additions thereto and 
development properties at cast less provisions. 


The consolidated net assets amounted to £476.574.000 ; without adjustment for taxation arising if 
properties were to be sold the fully diluted net asset value per share is225p. 


Adda looks 
to further 
profit growth 


GapitdlB^ ’ j. 

Kenley SOUTl 

rompktion.'New semeexteery^^ 4. 

about to ^testad^j&tim ,. f^nAT|( 

Significant inexease.me^^ - 

of unEergphi^^ ■~^ Lr ^.\ 


Messrs. Knight Frank & Rutley valued on an open market basis a fully representative sampfe of the 
investment properties at 31 st March 1 978. They reported that the values showed an uplift of 21 .6% 
compared with the corresponding 1 977 values, but commented that subsequent to 31 st March 1 97S 
yields on which properties are sold have eased. 


The recent programmeof sales is now concluded. 


The net income for the current year after charging the outgoings of development properties should 
permit an increase of 1 0% in the rate of ordinary dividend. » 


Copies of the Report and Accounts are available on request to: 


THE LAND SECURITIES INVESTMENT TRUST LIMITED 

Devonshire House, Piccadilly, London W1X 6BT 


Following the £1.3ra tumround 
to a profit of £996,01)0 fa 1977 Air. 
D. D. Garcia, chairman of Adda 
International says that he antici- 
pates further growth in hotel 
profits both fa UK and overseas in 
the current year. 

Last jnonth Mr. H. J. Edwards 
and associates acquired 5.25m 
shares In the group from the 
chairman and the executors of the 
estate of Mr. A; A. Garda. Follow- 
ing completion of this deal Mr. 
Garcia will resign as chairman 
and managing director and will be 
succeeded by Mr. Edwards who 
wiH become chairman and chief 
executive. Mr. BIL Thompson will 
join the Board as managing 
director. 

Commenting on the results the 
chairman explains that profit- 
ability of the continuing London 
hotels again increased substan- 
tially fa 1977 with trading profits 
more than doubling on a sales 
gain of 35 per cent. The pattern 
of growth fa sales and trading 
profit has continued fa the first 29 


DomestiG Consumers will receive a beritfe^of. . : : ; - r 
approximately £1 perilous^ 
measure reducesfinanciai accotxntabilityof 
authorities and companies;; : • 


'v,-; • ; >-i 


Collection, of this charge; o^&fcalfoftite :,,s 

. . 'Consumer able to,asqert^:&^ .-.V ^ ", 


London’Roadf . 

Bedk ill, Stafey.:KFii llj, 







if 


Financial Times Tuesday June .27 1978..* 




space 


$ 


SS-; IMMEDIATE ; priority .of 
and Securities Investment Trim 
■ to Vet the vacant space in. its' 
,i vestment an d development pro-' 
{erties. Lord Samuel, the chair-, 
jaorsays in the 'directors’ report 
«ih accounts. 

[■■lir the March si, 1975, year the 
pup substantially reduced the 
mount of unlet space; with the' 
r^jjnated annual rental value of 
et properties .cut from £LL2m 
£5*n. 

\ Of the total £3.62m relates to 
iropefoes completed at balance- 
late. £1. 15m. to those properties 
o Jje completed In the year and 
(ie remainder to those due for 
mapletatHL after March: 31, 1979. 
f Lord Samuel poiats out that 
per making adjustment for the 

fertiaJ value. of voids in properties 
old, in' new' revitalisations and' 
h developments- begun- in the 
[ear the total rental value of the . 
-roup's L unlet .properties 'was- 
•educed by. some. £5m. 

] Hi ere are signs that LANDSIT 
vilT be stepping up its develop- 
neiit programme, which has been 
everely cunta&ed since 1974. 

'-Lord Samuel says improvements 
in opportunities for development 
ire now evident and the group 
Intends to take advantage of 
these opportunities with its own 
properties as they arise, as well 
as: to undertake revitalisation 
works; "It is not -foreseen that 
these would be on a large scale.' 1 
be says. 

With tie • curtailment of 
development, outgoings., on pro- 


BOARD MEETINGS 

The following companies haw^. nodded 
awes of Board -meetings to the Sloe* 
Exchange, such meeting* art. usnall? 
held tor the . purpose* of cowldonng 
dividends. Official - . Indications vare n« 
available whether dividends concerned 
are ' .interims or foals and' -the «ub- 
ftivtoong shown 'below are based mainly 
oa. lost year's timetable. 

TODAY 

Interims — Ashdow- Investment 'bust 
BAT Industries, SGB. 

. Finals— Caini (Dundee). Emdti Consort 
Investment Trust. Halm a. Imperial Coa- 
lin'".’"'' (tas, I.CP. Pmwny HoW’nx »nd 

Investment Trust. Renwlck. Standard 
Chartered Bank; Teal emit. •_ " ' 

' ' FUTURE -DATES 
Interim*— ‘ 7- ... 

Allied - Textile ...^Joly ffl 

BarofSerm International June 29 

Finals — - 

Bassett (George) I. July 4 

Bra Ham Millar July- s 

Caledonian Associated Cinemas ...July ' 3 

Latham (James/ ..._ July io 

Mansfield Brewery July 5 

Meyer fMootague L.> July IT 

Shaw Carpets July ( 

Stanhope 'General InvestooeiK. ... July* 15 


potties have fallen.- leading to 
last year’s decision to ho longer 
make transfers from the capital 
reserve to cover outgoings; 

But ' the group's Articles 'are 
not to be altered to dgiete or 
amend Che clause allowfog such 
transfers. Should circumstances 
materially alter in the future the 
company may well wish to con- 
sider recommencing the practice, 
he says. - 

But he points out that- should 
the group move back into large 


Readicut plans to spend 
over £20m by 1983 


scale development it would be a 
few years before outgoings on any 
new programme rose to an 
appreciable level 

Development properties are 
«hown in accounts at £52.54 rn 
-compared with £75.7m previously. 

LANDSIT faces a repayment of 
some £42m on its U S. dollar loan 
m February and the chairman 
says that short-term funds are 
sufficient .to -cover this, liabilities 
outstanding at March 31. and to 
fund pie remaining capital ex- 
penditure on development proper- 
ties. Capital spending is shown 
in the accounts at £8m compared 
with £32.9m previously. 

The recent sales programme to 
finance these liabilities is now con- 
cluded. At balance date 'the group 
had short-term deposits of £88m 
against f 63.02rn. 

Property sales last year totalled 

£64 m, and /bur City properties 

were completed fully let. The 
major development adjacent to 
Fenchurch Street Station has been 
completed and is cow available 
for letting. 

As already reported available 
income for the year was £12.85m 
( £12. 66m) after outgoings of 
£3 78m on develbpmem properties. 

For the future directors are 
confident that in the absence of 
unforeseen circumstances income 
available for distribution for the 
current year after deducting the 
net . outgoings of development 
properties, will permit an increase 
of 10 per cent in the rate of 
ordinary' dividends on shares now 
In issue and those which would be 
issued in the event of full con- 
version of existing 51 per cent 
loan stock in September. 

Meeting, Piccadilly, W, July 18 
at noon. 

See Lex 

Statement Page 28 


Eldridge 
Pope up 
at mid-term 

BEFORE EXTRAORDINARY 
profits of £69541 against £1?,1S6 
previously, taxable profit of 
Eldridge Pope and Co. rose from 
£329.855 to £355.122 in the March 
31. 197S. half year. 

Turnover of the maltster and 
wine and spirit merchant was 
£o.77m. compared with £5.1m. 

The interim dividend is up from 
2.75p net per £1 share to 2£3p. 
Last year on record pre-tax profits 
of £1.09m a 335p final was paid. 
The company has dose status. . 

Improvement 
expected at 
Brimning Grp. 

Preliminary budgets at 
Brnnning Group indicate Thar it 
should continue to increase turn- 
over and profits in the current 
year, Mr. Geoffrey Brunning. the 
chairman, says in his annual 
statement. . 

As previously reported pre- 
tax profit in the March 31, 1978 

year climbed from £0.68m to 

£0.81m. 

Among subsidiaries. Circular 
Distributors has begun the year 
with forward order books healthy, 
while current indications are 
that the caravan operations will 
have a much better trading 
year. 

■With boat building, the com- 
pany has reached capacity with 
no room for expansion, but » 
new factory in Northants will be 
in production by next summer. 
The printing side is expected to 
do better while silvering capacity 
at Novolor (Glass Processing) has 
been Increased 2$ times. 

At balance date net current 
assets were £2 .37m (£2.22m) and 
fixed assets £1.3Sm (11.23m K 

Meeting, 100 Whitechapel Road, 
E. July 21 at 12.15 pm. 





Dawson International Limited WSM 


.. _ _ Jtoco/poated in Scotland) . 

The Dawson Group is one of the world's larged manufacturers and processors.of textile products • '■'■JKW 

based on animal fibres- wool, cashmere, camelhair, mohaic angora and alpaca. While best known for its 
luxury knitwear the Group also markets raw fibres, semi processed materials, yams and ladies fashion clothing. 

B Record results-pre-fax profits up by 50%: earnings per shareup by 56% 


V we 




Exports in excess of £37 million - 

Balance Sheet strength further improved 

Substantial dividend increase proposed as soon as legislation permits 
Current order books satisfactory ~ 


■Jar?** 


SUMMARY OF RESUETS 

1978 

1977 



£ million 

£ million 


Sales 

82.60 

67.26 


Profit before Tax ‘ 

15.53 

10.37 


Profit attributable to shareholders 

8A6 .. 

510 

i 

Net assets employed 

33.10 

23.69 

• J 

Earnings per share 

Dividend per share 

39J.p 

3.7p 

251p 

3.3p 

— *4 


Cop>n of ifio Annual Report containing :h« tenement to tfwre holders by the Chairman Mt Aianfimth CBg, available 
from The Secretary Davvson Inrcrrutionjf United. Kinross; XVT3 7DH 



WU|le ^ Baffanfym 

j.&D.mcrancE braemah 



OVER £20m of capital expenditure 
is - planned by Readicut Inter- 
national by 1833, wi th £5J>m being 
envisaged for the current year, 
says Mr. P. J. F.,Crosetv <tfiainnan, 
in his annual, statement, with the 
major spending, in the. manufac- 
turing division (textiles) and 
"others." And the group is 
planning far higher- sales arid 
profits in the 1978-79 year. 

As reported on May 18. wsfJi 
turnover up from . £67 .72m to 
£?638m~ pre-tax profit- of the 
group for the March 31, 197S. 
year advanced from £7 22m to 
£7 .59m and the. dividend Is in- 
crease to 1.58603 p (1.42p) per 
share. Exports rose by 23 per 
cent to £21.77rn. 

On a CCA basis pre-tax profit 
is adjusted to £4.8 lm after 
depreciation adjustment £1.63m, 
cost of sales £1.38m and the gear- 
ing- factor £0-24m. 

In the retail division Mr. Groset 
says prospects for. the current 
year, with Lower -inflation and 
larger disposable incomes, are 
much healthier and an improve- 
ment in both sales and profits is 
anticipated. 

iFirth Furnishings in Ihe 
manufacturing division (textiles) 
has the necessary capacity avail- 
able to meet the rising output 
levels predicted for the auto- 
motive industry at home; and 
" ~ *”* : * abroad, he says/and The^present 

popularity of its product ranee 
in all sectors .augurs well for the 
• ..future. t . 


JJ. 


*. *lS 


The remaining companies 
this division will do better, he 
adds, in the current year for j 
they start with better order books 
and they are. producing, "articles 
which inculcate a higher techno- 
logy either in their production or j 
their finishing, both of which 
make it more difficult for 'com- 
petition to follow." . . . 

Prospects are brighter in .the 
yarns division, as . margins con- 
tinue to improve and the benefits 
of research on new manufacturing 
methods come into use for yam 
production; ho says there Is 
every indication that the current 
year may be better both for sales 
and profit. 

At Dunlicraft in the " others 1 
sector, further growth Is seen, 
with increasing opportunities for 
exporting. The -remaining' com- 
panies in this division, all antici- 
pate improving their contributions | 
during the year ahead"-' Mr. 
Croset states. ■ 

Prospects in manufacturing 
division . (carpets), look more 
encouraging, he adds. Sales to 
the U.S. should benefit' from' the 
strengthening of the U.S. doliar 
but Australia will remain an ex- 
posure. • ' 

Present indications for the 
group’s overseas activities are 
that performance will improve, 
but profits may: not reach the 
rerirtti ^evet -achieved in 1976-77. 
Meeting, Great Eastern Hotel, 
EC, July 20. at ,12-30'pm.. 
Statement JPa^e 30 


0 New 2-piece can plant 
to open at Braunstone, 
Leics by the beginning of 
1979. 


0 Capital investment at 
Venesta International 
Packaging to increase 
productivity. 


0 Encouraging year from 
Security and General 
Printing Division. 


Equipment interests 
; . .,-5. ' - consolidated in Metal Box 
. . Engineering : a strong 
base. 


0 The interchange of 
technical and market 
knowledge between the 
Stelrad. and Ideal 
businesses has yielded 
higher sales and profits. 


$ Higher sales and 
profits from Metal Box 
Singapore. 

0 Trading conditions in 
India more favourable — 
sales and profits up. . 


0 Lamicon plastic bottles 
develop satisfactorily. 




Extracts from Chairman's Review 
It is gratifying to report slightly Increased profits of 
£1,303 ,302. in another difficult period for the house- 
building industry. 

Demand for new homes has significantly 
accelerated and Increased margins are now being 
obtained. 

The land bank continues to be In excess of 6,000 
pfots, sufficient for four years at current production 
levels, v 

An increase of 20% inthe final dividend Is 
recommended. .... 





Year to 31 March 197S 

• E'000 

Turnover 24,664 

ProfJtbeforetaxation 1,303 

Profit after taxation 978 

Earnings per share 3.85p 

Dividends per share ' 1.70p 

Net assets per share . 36.6p 

Copies of the Report and Accounts are available from 
The Secretary, Coroben Group Ltd., 

Fanum House, 25-32 Park Haw; Bristol BS1 5JL 


19 77 
£'000 
18,799 
1,261 
. 1,175 
4.63p 
1.45p 
2?Jp 


THE SOUTH AFRICAN LAND AND 
EXPLORATION COMPANY LIMITED * 

(Incorporated th ihe Republic of South. Africa / 
EXPLORATORY. DRILLmG PROGRAMME _. , 

In respect of the drlllmg programme in the area to the 
south and south west, of the mine .workings,, the resufiLof the 
third deflection U long deflection) of borehole bWF.iis 
announced. The results of the other intersections, previously 
published, are repeated belpw for -information. ■ 

Borehole SWP. 1 is situated in the claim, area on the fann 
Witpoortje 117 lit. approximately 3300 metres west norin 
west of the- south west corner of , th ? n H 1Iung , lea : 
commenced in ' the Jatier part of- 197G,aad 
Ancillary short deflections sure now to be drilled from the 
third deflection. 


Main Reef Leader 

Depth 

Metres 


1st Intersection 
2nd Intersection 
(1st Deflection) 
,3rd Intersection 
(2nd Deflection) 
fth Intersection 
(3rd Deflection) 


3 065 

3064 

3065 
3044 


Corrected 
Width 
Cm. 

7L3 

83.9 

90.9 


Gold 


Uranium 


110.4 


££ 

0.45 

ass 

1.57 


fcg/t 

0.05 


cm. 
kg /t . 
3.6S- 


0.07 6^9 

0.02 , 254 

0.07 


(Srerecoveryw^ complete in 'all casesbutthe base, of 
the reef was disturbed by minor faulting in the 2nd Deflection. 

I^recardto the other borehole SRK. 1, which was. also 
stared ^ the laner part of 1976, .drilling Is wntomn* 
SRK -l on Dortion 10 of the farm Rooifcraal 156 I-R ; . tile 
mitral ri-hts of which are held by the Company, is situated 
approximately 3 700 metres south west of the south west 
comer of the . mining lease- - . . . ' 

•lohaimesburg 
luhe 27. 197S. 


Extracts from the Statement of Sir Alex Page Chairman, Metal Box Limited, 
taken from the Company's Annual Reports and Accounts 1978 : 


. Review of the Tear 

r . • While overseas the past year, on the whole, 
was satisfactory, at home it has been a difficult 
. . one, not only because of the unfavourable 
' weather conditions for food and beverage cans, 
but also because of certain industrial unrest and 
these difficulties have resulted in lower profits. 
The technology of can making is undergoing a 
significant change and we have made a 
substantial investment in two-piece can 

- manufacture, which has not yet earned any . 

.- return. This technological change has involved 
both changes in the nature of the work of 
employees in some of our factories and in the 
degree of skills required. These changes have 
taken place against the background of the three 
' Phases of the Government's wages policy, one 
result of which lias been the drastic reduction of 
differentials between rates for skilled and those 

- for unskilled work. The result has been 

“ substantial industrial unrest in some factories 
with the consequence that our new equipment 
has not been properly utilised. Once again 
despite tins industrial unrest, which mainly has 
been confined to one or two particular areas, the 
‘vast majority of the Company’s employees have 
demonstrated their loyalty to the Company and 
conscientious devotion to their work. I should 
like to thank them for their efiorts in what, I know, 
- - have been difficult circumstances. 

Results 

Sales at home were 18 % higher than last year 
and overseas the increase was 7% ; combined 
sales were 14% higher. Including associated . 
companies, the combined profit of £55.8 million 
was 4 % less than for last year. 

Exports 

Exports last year amounted to £59.3 million, • 
an increase of £15.8 million (36 %) compared 
with the previous year. 

Continental Group Agreement 

One of the most significant steps has been the 
renegotiation of our Technical Agreement with 
The Co ntin ental Group Inc. of the US. We are 
. ' thus free to pursue a separate course for the 
' development and exploitation of can making and 
crown rap making technologies. I wish to express 


Sales 

Home 

Overseas 

% 

2978 

£000 

1977 

£000 

+ 18-1 
+ 6-9 

532,897 

224,562 

451.364 

256.809 


+ 14-0 

807,459 

708,173 

Profit before taxation 

Home 

Oversea^ 

Associated Companies 

—9 0 
+ 2-5 
-f 138-2 

34,341 
20.43S 
• 1,000 

37.732 

19.835 

419 

Taxation 

—40 

-41-0 

55,777 
- 10,772 

56,086 

18,363 

Profit alter taxation 

Interest o£ minority 
shareholders 

+ I3-0 

+S4-5 

^ _ 45,000 

6,232 

39,823 

4,034 

-Profit before extraordinary 
items 

Extraordinary items 

• 4-8-3 

38,768 
-- (4,172) 

35,789 

4.292 

Interest of Metal Box Limited 

— 13-Z 

*34,596 

40,081 

Dividends 

On preference stocks 
Interim ordinary dividend 

of6-6p 

final ordinary dividend of 

8 - 2662 p - proposed, 


99 

4,002 

4,927 

99- 

3,487 

4,446 


4-12-4 

9,028 

8,032 

Profit retained in the business 
Metal Box Limited 
Subsidiaries 

Associated Companies 

* 

24,421 

494 

653 

22,213 

9,511 

323 


—20*2 

•25,568 

32,049 

Earnings per £1 ordinazy 
stock unit 


64-9p 

61-Op 


-Environment - 

It is gratifying to - report that the Industry 
Committee for Packaging and the Environment 
(INCPEN) has with Government backing achieved 
its objective of a Voluntary Code of Practice for 
the Packaging Industry and the Packaging Council 
with responsibility for monitoring it. With our full 
support INCPEN has also joined with sister . 
organisations in other EEC countries who share 
our concern about the prejudice being shown 
against packaging by the Environment and 
Consumer Protection Service of the EEC. 

Overseas 

The Overseas Company, despite political 
problems in a number of territories, has had a 
reasonably good year; in particular, the glass 
plant in Nigeria is well established and is making 
good profits. 

Outlook 

The prospects for the economy do not 
appear to favour any substantial general 
increase in sales this year. There are 
opportunities for increasing efficiency and 
profits,- if we ban overcome the industrial • 
relations problems which affected us. last 
year. X believe that there are signs that this is 
happening but until we can give incentives 
for greater- effort:,- skill and responsibility, 
which is difficult under the pay policy, 
problems are bound to arise. 


s 



our gratitude to Continental for all the help which 
Metal Box has received from them over nearly 
half a century. 

I 

Metal Box - Standun lnc. - - i -g. 

Our first major project following the ■ 

termination of the Continental Can agreement . 

has been the formation jointly with Standun Inc. of S 
Compton, Los Angeles, of a company to . - J 

manufacture two-piece beverage cans at a g 

factory to be built in the Los Angeles area. The m 
new corporation has signed a contract to supply 0 
Pepsi-Cola Bottling Group with beverage cans. 


A good business to be in 


To : The Secretariat* Metal Box Limited, Queens 
House , -F oibury Road, Reading, RG1 3JH. 

Please send me a. copy of Ihe Reports and 
Accounts 2978. 


Name- 


Address, 


FT 


V 









PORTSMOUTH AND 
SUNDERLAND NEWSPAPERS, 
LIMITED 

SIR RICHARD STOREY'S 
STATEMENT 

Lord Buck ion 

On Februmy 1" me eve of bis S-nd birthday, the 
Company's President. Lord Button, died, tor nver 50 
vuars he bad led and served tin. Company. The Board 
and l now publicly record our admiration and appreciation 
of the wise judgment, exacting standards at excellemw. 
integrity, and personal example of energetic and mspmng 
work u./th which Samuel Storey. Lord Buckton. marked 
t be Joa£ period of bis service to the company. 

Results . a 

The financial results recorded m this year s report and 
accounts are undoubtedly good. The Company s large 
capital investment In the South is now beginning to earn 
a proper return. The present trend in advertising volume 
and newspaper circulation is encouraging. It is. however, 
salutary to note that the Coinpan/s first current cost 
accounting statement shows a pi‘i»R before lax of £1.5*Ll)OU 
compared to the £1.91*5.000 stated on a msiovical basis. 

New Equipment for Portsmouth 

Management has continued negotiations with Uie 
production unions to enable tbs nio^t modern composing 
techniques available tv he used at The News Lintaj. 
Purls nt mi ib. Some of the new equipment has been in*ilalled 
and it is hoped that tile rest will follow spun. Tee Board 
remains determine J that optimum i'>e shall be made of 
this machinery Tor the benefit of shareholders, employees, 
readers and advertisers: however, in order to secure 
agreement at this stage, it has been necessary to defer the 
full and proper use of the equipment. 

New Technology in the protincial press 

There has been too little pietMinr nationally front the 
leaders and members of the Newspaper Society towards 
negotiating the introduction into the industry oi the newest 
composing technology — increasing use^ of_ whion is now 
being made in many other cuun’ries. Continuing inactivity 
tan onlv damage the provincial piers generally and will 
lead newspaper;, unless they can negotiate satisfactory 
solutions independently of I he Newspaper Society, to that 
jungle from which sonic national n spa pera are now so 
feverishly ami belatedly trying to ex Inca te themselves. 

Development at Harllepooi 

At the Mail, llutlepwol. a programme of modest 
development has been started to improve woi'iting 
conditions for the staff and iai.se the duality of the paper 
so that the profit from this office may be increased. 

Lack of progress in Sunderland 

I said in wy 1976 report that the Company's develop- 
ment in Sunderland, where veb-offsft full colour printing 
and eomputerLred photo composition in a new building 
had been introduced, would “avail th* Compare nothing 
. . . unless all involved are now willing to concentrate on 
producing the finest paper possible with the nev.- plant 
and premises which have been designed to u^e modem 
methods and give employees the maximum comfort and 
pleasure Now. two years later. I regret I have lo say 
that it still has not been possible for management to secure 
from the production unions the necessary agreement 
whereby anything like “the finest paper possible - may be 
or is produced. Not only due<? tiii? deny to the public the 
high quality newspaper for the production of which tne 
Company has invested large sums of money, but it also 
se\i“rel*. limits the work or the t-eM of the staff who arc 
doing their best, as is evidenced, fur example, by the fact 
that journalist* from this office have won the award or 
“Provincial Journalist of the year - ’ for the second time 
in the last three years. Obtaining an agreement for proper 
productivity and the full use of colour facilities is now 
extremely urgent. 

News Shops 

l am delighted to report that the optimism which l 
expressed last year for this year's profit from News Shops 
•vas well founded. A useful contribution has been mad" 
by this subsidiary and 1 hope that the number of shops it 
owns wili increase so that profitability may continue to rise. 

Local Radio Investment 

Two uf the radio stations in which the Company has an 
interest— Metro Radio (Tyne and Voarj and Radio Tees 
FTeesside) have begun to produce small profits, and the 
third. Radio Victory (Portsmouth is moving towards 
profitability. I hope, therefore, the Company will soon 
receive some return on its investments. 

Developments iu management 

The Company is strengthening its Board and manage- 
ment by recruiting a specialist iu industrial relations and 
much attention has recently bren paid to this subject 
generally. A management development programme 
including concentration on training has bean started. The 
Board has established local management committees and 
delegated to them greater authority than bad hilN-rto been 
conferred locally. Management consultants and the 
.Industrial Society have helped to advise on many aspect* 
of these subjects. 

Circulation Growth 

Tbe Company is increasingly using market research in 
order to improve its sale of newspapers and advertising 
space. Such research, for example, bas shown that readers 
of the Echo. Suaderiand. have a higher degree of lru*t in 
its advertisements than in those of any olh-'r mass cmc- 
munlcathm. Inevitably there have been increu^j iu the 
prices or almost all the Company's newspapers and in 
advertising rales: these have been accompanied by heavy 
promotion campaigns which, together with an improvement 
in tbe content and the design of most of lhe newspapers, 
bas resulted in buoyant circulation. A major aim now is 
to regain our previous level of household coverage — that 
is lo say the proportion of households in each circulation 
area taking the Company's evening newspapers. Achieving 
this target would mean that with the population growth in 
our thro* areas, a significant increase in circulation Would 
be achieved. 

Advertising Volume Continued Increase 

The volume of advertising in each of the Compands 
exening newspapers continues to rise: 1 am more confident 
that advertiser; are willing tu pay enhanced rates for 
provincial newspaper space than that readers «re prepared 
to pay frequently rising cover prices. Each of the evening 
newspapers is now selling for slightly les* rhsn many others 
id the country: advertising rates have been increased by as 
much as was thought reasonable. Of course, optimum use 
of modern technology would help stabilize both cover prices 
and advertising rates. 

Staff 

Apart from the exceptions already mentioned, ail the 
Company's staff have worked enthusiastically towards the 
goal of providing the public with the best possible service 
and l thank them warmly for this. Progress at The New* 
Centre bas been particularly good and 1 believe that the 
content ami colourful production of the Company’s news- 
paper* there is now probably as good ay anywhere in the 
world — as is the printing of other publications for au 
increasing number of outside customers. This immodesty 
may be justified by the number of nation A awards for 
newspaper design, printing aad content, i-.uicb have been 
i< «in by this office. 

Board 

In September. Mr. A. D. \Y\ Hraky ns-Abrah.vi left tbe 
Board and 1 thank him for the service he gave to the 
Company and wish him well in tbe new work he has 
chosen. 


APOLLO 

Ediisd cy Denys Suitor) 

The world’s 
leading magazine of 
Arts and Antiques 


Published Monthly once £2.00 Annual Subscription £25.00 ■ inland l 
Overseas Subscription i2B 00 USA & Canada Air Aitiaced S56 

Apc/lo Magaunt Bracken Hou:*. :o Ccnnon Street 
London B.C4P 4Rf T el. 5?.2« 5UJW 


MINING NEWS 




A mine under a mine 
for De Beers 


BY KENNETH MARSTON, MINING EDITOR 


THE .ANTICIPATED go-ahead for 
a major new diamond mine for 
De Beers near Pretoria comes 
with Uie news that the necessary 
negotiations have been completed 
with the South African Govern- 
ment 

The new mining property is, in 
fact 3 downward extension — 
below the gabbro sill intrusion— 
of the Premier mine which 
started production In 1903. Apart 
from being a major producer of 
industrial diamonds, Premier has 
Welded famous “era diamonds 
such as the. huge Cullinan of 
3.106 carats in the rough state: 
the Niarchos: the Transvaal Blue 
and the Taylor-Burton. 

Ironically, as Mr. Harry 
Opnenheimer was at some pains 
to poult out in the 1970 annual 
report of Dr Beers. Premier has 
not paid a dividend on ils deferred 
shares for over 50 years and the 
preference payments are 20 year* 
in arrears. Tbe prospects of 
being able to mine economically 
the new deeper area have thus 
been entirely dependent on more 
lenient tax and lease arrangements 
which have now been obtained. 

Limited output is planned for 
the first quarter of next year from 
the first production area — LI — 
below tbe gabbro sill which has 
reserves of Mm tonnes of 
kimberlite at a grade of 72 carats 
tier 100 tonnes. Below this deposit 
lies some IQOm tonnes of 
kimberlite which >hou1d be ready 
for mining by lflyT. 

Production at the LI area 
«bould rise Irom MM.00U tonnes a 
year in IDS l to lm tonnes in 1983 
and a maximum l.2m lonnes in 
lfis’3. Premier's existing mining 
area still contains some 4»iu 
tonnes and last year the mine 
treated 7.07m tonnes at a grade 
of 2S.42 carats per 100 tonnes. 

The resultant diamond output 
of 2.01m carats compared with the 
total recovery of all De Seers' 
diamond operations of li.$lni 
carats. It is reckoned that liic 
opening up of the new area below 
the gabbro sill will extend the 
life of the overall operation at 
Premier to at least the end of 
this century. 

FLUORSPAR MINE 
FOR SOUTHLAND 

Southland Alining hopes to .-.tart 
mining at its Pianciano flujrvpar 
deposit near Rome in 19.S0. Mr. 
Maurice Messara. the chairman. 


totol shareholders in Sidney 
yesterday. 

tie quoted an appraisal by 
B. U . Hodge and Partners, the 
London consultants, which said 
that the deposit couid sustain an 
annual output of 200. M0 tonnes of 
metspar. tile metallurgical grade 
fluorspar, for 16 years. Operating 
cost? would be 832.76 (£17.71) a 
tonne of product. 

Southland has been interested 
in Putooiano wince 1971. Various 
other groups had looked at in 
the previous 20 year- but had 
lost interest because of problem*; 
a^ociated with the b.wficialion 
of the ore. Southland ha< success- 
fully completed pilot plan! tirrt- 

iny. 

Suulbland shares were up op »i 
SUp yesterday. 

ASA builds up 
ERGO stake 

THE ATTRACTION uf East Rand 
Gold and Uranium i ERGO > tu 
t S. invu&iurs bas been empha- 
sised by the disclosure, in its 
latest quarterly repuri. uf a pur- 
chase of 157.0 DO shares by ASA- 
a Johannesburg-registered com- 
pany which a;:ts as a vehicle for 
U.S. buying of Sou lit African 
mining stocks. 

ERGO was established by Anglo 
American Corporation tu treat 
accumulated mine wa-tvs ami 
extract gold, uranium aud 
sulphuric acid. 

ASA's quarterly report for Lhe 
period to the end of May shows 
that it has acquired a total ERGO 
holding of 24S.200 shares, v-ortli 
£>1IL8U$ at yesterday's closing 
price of 367 p. U began purchas- 
ing shares ■ in the preceding 
quarter. 

Switches in the .USA portfolio, 
which had a net asset value uf 
R162.$m (£10L6m) at the end of 
May. R34m more tiian three 
mouths previously, act as a baro- 
meter of LLS. investment interest 
in South Africa. 

In ibis connection. ASA has 
continued to build up its -take 
in gold mines with a •igmficaut 
uranium potential. Thus a fur- 
ther 15.U01) shares in ilartebeesl- 
fontcin have been bought, but 
130.000 stares have been -old 
from its slake in Ely % ooruJtairbr. 
whose life is known u> be limited 


and whore ore grades are 
expected lo decline. 

Other switches in the ASA Port- 
folio were the sale of lT.uOO 
shares in Consolidated Murchison, 
the troubled antimony producer, 
and tbe ronsotida.uuu of coal 
interests' through' the purchase of 
5.000 shares in Ajucoal and 2,500 
shares in Tavistock Coal 

Ab.Vs nut asstis were wulili 
Klu.du (£10.38) per share at the 
end oF the May quarter agarnsl 
R Ui.3D n> the end of the Febru- 
ary quarter. 

Agnico-Eagle: 
dividend talk 

MR. PALL PENN A. president oi 
Canada'* Aguieu -tingle .Hines 
renta.fBS as confident as ever 
abuu; tiie future uf the com- 
pany'.- gold -aad silver operations. 
Asked at the Toro«-:o annual 
meeting: *• When arc you going to 
pay jl diividend - . 1 .'' he ropbed: 
" Don't be surprised if wc make 
a slaremcm before tilts year is 
out." reports John Sogank-h. 

Now free of debt and enjoying 
Lhe benefits of h.yber gold prices 
— because of the fall in tile 
Lanadran dollar the price oi 
bull. on ihe re s* currently over 
C82W per ounce— : ie company 
expects to make an operating 
profit of C82.3m (£l-2ra) In the 
ii r=: half of ibis year and should 
do better in the sev-oni haLf. 

The Joutel gold property in 
Quabec is yctiiny into the higher 
gr^de ure from the first two of 
SS slew- deep levels and an 
ini pro ted s-ald recovery I; 
aDch'ipdied trum this ore. .Vo 
improxcmcnl i» also reported at 
tac v'Lver operation at Ontario's 
Cobalt Camp where the receut 
-j-'.velry box" intersection wa= 
obuined of 2.231 ounces or stiver 
per ton over two feel. 

.'Jean while, the company has 
readied agreement in principle to 
a. -quire the lonner Castle 
1 jvthewey -iher mine in the 
Go-.vcandn di-tnc: of northern 
Ontario. "We'Ll take a good shot 
y. it.” $a:d Mr. Penna. adding that 
additional gufd properties are 
b-.-'.ng sought u-Vrilti ? reasonsble 
rs'J’u- 1 ef the .'*ate! mine. 
Aani'.-o-Earle -liares are around 
Of6.12 in Toronto. 


HIGHER TURNOVER of S35jMik»- a.good •W*J- inTirtM O The iteed^rlducts and SkeSng 
against £30 and pre-tax profits relatively . ^ the Casein thS 

ud from asim tre; -AuAnliaR ^Jxmer S -says. Mr, H.'rSTetcbef. the 

-cported by Trident Television Torto , have nm mto 

Ujp first half year ended- Maitfe the In = order to- lessen working 

grow* in W' SSBf 

March but the directors are eoz^company wold approach i £lRm «ocraoi lawman ** ^ pa i <y 
fident that a satisfactory result &r the foil year. fiiaHLJSt 

win be achieved at the year-end puts the shares on SieSfin S§al 

with a su bstan tia! advance -on n/e of 4^ and a yield of 104 per at relative iy pneesj in reia 

last years performance wfirai a.^at, which is ta line -with sector fS 

“ Profit ^ waives. %£&FW5£lSl 

"Sftaariata dWfcid^-i- _ mj . ■■■ ■: 

lOp share is being stepped up" ’-Tl lo^rf £2H^.tf?d^SS lnwt). iff 

M ?S?4?p 0 ’ 32p ^ ,st :iveCKIIt ^ d 0 n C 

The Interim pre-tas profit— after ' " * I 

Drovision of £7 .24m Exchequer ; ||\1 I HI 

le-.y— is an ■ encouraging advance' LI 
lh*» directors say. ' v~l - . I . - 


Australia 

ahead 


the gro up's - SnanciaL poaTtian was 
- mud improved- in renni of. net 
■ ' asats and r^uci^ indebtedness. 
..••• Al :0ecer6beir 31 Mast there : were 

nrt v iaiErent J .a^et8 - dr .£U2,145 

compared wih liabilities of £18^86 


Ad’crtWns remained estremeijf o H P Q fl ■ ■ — - r . n« ,^se« ' 

buoyant and aggregate Teveuue dllCuU compared wihjliabfllues of ■ £18JS^ 

ssrsi a Mr'S . 

«w u ■■T t pT *^-«^EaaaagLgg . 

npriod for the leisure dlrWoii' Sfid w ReckiU and Colinan, 

V-'indsor Safan Park wair cJfflfftt vo,- u p by il— per cent, lo : Aoarf. from tH^. runOtiTg down 
while a maior improvement Pro*: .\vn 44m and profit increased; '.by. P® en . 
gramme was implemented/ ' .... jfi r our cent to . AS8.55m allur ‘StreMtliea^^ jhe.Tights isspe 
The scenery construction com-' n»i!1^7 rteureciatioa. minority -laetlKovembec, - which brongnt m •; 


based subsidiary has been '.-re-. « v< Vhat the sales percentage inr-Ot thb.ttme -of; the "acquisition vt 
housed in a new and larger 'crease is lower than --iasf time,^ two adhesfive- companies In. April, 
factory. ' / ijl " reflecting the success of govern*^ ri'^JSeetfng*-.- Zt^'IUnlAd Placei .W^ 

In Australia, trading contiflaes; meat policy directed at Teduobg July J& atucion: '- 
to be difficult and unrewsirdhifc ' flj e rate of inflation in - the 1 - — -t.VIV --‘t. •'.' - . 

for everyone in television renCH Australian economy. . 

and the directors consider that the o n capital increased from- a ' : ' nTIWinPl* - ! HV : 
solution lies in rationalisation erf ^crip issue, directors have .-de-- ” 1 , UUU V. ± -“* ■ • 
the industry. -1 Vi’ dared an interim dlrideDd -eL: 


T'jnr. :r 

Profit tafora tax __ 
T::-;v.rcr cor. -r* war 
Austrata — TV rental, 

•3 Its loss 

_ Oitex aet-vluei 

:;,t prof.r 

Artrfiarabie 

t Profit. . 


SVS - SWfrr - 
_ si.ote -s&wr _ 


. *.671 


4490 

WH.' 

.74 

:+i j- 

SI 3 

-'5M - 

S.3B0 

i.aao- - 

2471 

L&B 

14 

'• - rt< 

~,1£3 

■ ;U? 2- 




J . :_ ■/ i Frontier os^ revenue of -£906A99 - 

t 1 net - 

John dOOIsI I . 1 . --wtriquiaWe e^nungs- oE- Brunner . 
^ Investment. Tru^r ; ii-ere;. up from 

slumps to 

fln n non , r ,. , Expenses; - ^ totalled X107.154 

xXU.UoO . . . -.(£38^76); including loan -, stock - 


OIL AND GAS NEWS 



t Profit. - .. . ra. After a Ejtz J&II 

£132, 0S4 to £5 j, 480 taxable profft - : ' jE arn j n g S , per Bop ; share ' -are 
9 comment of John Booth Matacmg (BultTOj.ihayn-ai Yp7p' a gHh'f f I7tp and 

,‘e bLek offn” “rSfnf SL2 “"“f .»tr o t ffijm p#,™ W1 

stripping out Australian interests mssjai snnbutabie profits orXTSJDS. 

Sor^of^n-lS? 1 intMim^remS- f^- 5481 and minority interest/ of CpAAnff laolf • 

£8.954 i£ 15.7M) the retained • loss/ ^ClUflU : B<iU 
which showed profits ahead by * r , 7 "n «f4l28t - - - • w. • . 

more tnao 50 per cent. There • 

^ ST- ^ at Cummins 

the television sector increased by neL - Second-half earnings \ar Cam- 

only 10-9 per cent and 9.1 ^per . . mlui Engine -Company collapsed 

cent respectively, though Trident T phhlH' T1AW ' •• , ^ from’rJSAfei . to £0J33nt leaving * 

says the picture looks a ' btt A CuDUt Uu.TT ' : r - premia? profit for. 1877 dowa from 

brighter for the rest of : titer l ; 3A4m, . '- - 

summer. Costs are rising. /hiit: DCHGi DlaCvU v -. ^Tarniwet for. the - year was 
no rent card rises are planned 'at . • _ •*.. V^a.hcad frbns £70.3m to £87,31m and 

the moment and the discount Tbe Tebbitt' Group "is to 'con - after 'tax of JE2-45m fMJlm) net 
season f historically, in Trideia’s tinue a policy, of reducing its profit.was f2.69ni against £4-l9m. 
case, about 20 per cent off normal, financial exposure to'tb£Tdnn£&-' Tbe/ company is .owned by 
rates) is in full swing. Mean- industry' whiTe fitUl niaintalning a Cummins v 'Engine . Company 
while tiie joint cr.erseas sales liable business in leather. This lncorpbrated of the U.S. and 
renrure u i*h Anglia has got off to will involve - greater, attention -agaurjw. dividend is to be paid. 


Sun Oil acquires 50 per cent 
of Fort Kent project 


The U.S.\s Worldwide Energy 
Corporation says that its C.nadian 
subsidiary. Worldwide Energy 
Company, has entered into a leilvr 
agreccient with Sun Oil for the de- 
velopment of ils Fort Kent heavy 
u:l project located in tile- Co Til 
Lake area of oor tb-eastern 
Alberta- 

Under titc terms of the loiter 
agreement. Sun tul is acquiring a 
50 -per cent interest iu lhe -LWii 
acre heavy oil project. Sun (Jil will 
,-ruy 70 per cent of capital costs on 
the phase one expansion currently 
under way and catimaled lo cost 
C$3. 3m. 

They will also pay 70 per ceni 
of tlio ertimated capital cceis of 
CSa.ittn. for the phase two expan- 
sion planned for next year. At 
Sun Oil's election, they could pro- 
ceed with phase three, currently 
planned to commence in ly$i. and 
Sim Oil will pay 55 per cent of 
the first C$137m of capital costs 
for the phase three expansion and 
development. 

The agreement provides tha< 
worldwide shall operate through 
oha.se one and phase two and Smi 
will become the operator if i hey 
elec: lo proceed with pha.-e three. 
This agreement Ls subject to the 
approval or the Foreign Invest- 
ment Review Agency ot Canada. 

An outside engineering firm has 
c a I c u I a t e d that Worldwide 


Energy s Fort Ken: project h35 
3i:»m barrels of exploitable oil in 
place. This engineering study in- 
dicates that 85m barrels of oil 

could be recovered over a 20-year 
period at a su-tained rate of 
12,000 barrel l ,er tiny. 

* * * 

Texaco Canada says that tests 
of ils Pv-mhinu well In West 

Pembina. Alberti. indicated 
i-cinniercial production rrom tbe 
Nisku formatiiiu. 

The ic.-f- vere mode belnw the 
9.31/1) Foul level. TeJilng continues 
to assess the re-civoir. 

West Pembina, near Edmonton, 
has been esfi:n:-ri>d to contain 
2 on barrels of uil. on the basis 
of oil com pa nie-' c-.p Jo ration so 
far. and is the must important 
oil discovery arch in Western 
Canada in a decade. 

* +■ * 

Oil companies exploring off the 

vest coast uf Greenland 
apparently are citing up after 
disappointing re-ulLs. 

According tu .i report from 
Copenhagen. Ln- inland officials 
were quoted saying that one 
consortium h:.^ stopped drilling 
and will reiimi'ii-h its concession 
by Uie end of shir, year. Standard 
Oil {Indiana) ■. the operator of 
tills concession, ar.d other partin- 
pants are D.-ntinea of West 


Germany and Psn-Canadian of 
Canada. 

The Greenland officials said 
several Olivers anion? the 21 con- 
cession holders are also expected 
tu abandon further exploration 
because of the failures from 
drilling so far. 


Hudsons Bay Oil and Gas and 
Dome Petroleum, top bidders in 
:he .Vbert:; Government week 
kind -:tic in Calgary, paid $5-2m. 
or an acre Tor two sections. 

Tow-hip 4S and Range 12, tn the 
Wes* Pembina are*. The acreage 
is adjacent lo land where a gas 
hlov.uut ocenred al .Vmoco- 
Paciiic Petroleum’s well last 
December. Dome and Hudsons 
Bay alvo paid f'-UMM an acre for 
another tract in the same area. 
•*-■*■* 

Gulf Oil Canada will test a 
35U.04Q barrels shipment of 
Mexican crude oil at its Montreal 
refinery late this month, for 
evaluation as a supplementary 
source of supply. 

Gulf is the largest Petro- 
chemical producer in the Montreal 
area. II is the first time Mexican 
crude will have been imported 
to C'lnuda. Main Mjurces fc)" 3 
Yeneru*? la. the mid -East and 
Nigeria 






The Annual Genera! Meeting el the 
Company i vas held in Manchester 
yesterday. The following are extracts from 
the statement by the Chan man. 

| Mr. C. Harold Buckley, submitted to the 
| Meeting. 

\ 

1 977 must rate as a disappointing year for 
your Company, particularly after the 
encouraging results given in our interim 
statement. The figures for the year to 31 st 
December, 1 977 show turnover al 
£22.925.490 against £21 .21 8.089 in the 
previous year, and Group profit before 
taxation fell by £59,056 to £31 7.082 Yom 
Directors decided, in view of these figures, to 
recommend the same final dividend, 

0.396p pershare. as paid in 1977. 

The downturn in sales in the last quarter of 
1 977 had an adverse affect on Group profits 
in view of the fact that a large percentage of 
your Company's turnover is manufactured 
m Britain, and our margins were constantly 
under pressure due to the intense 
competition from low cost imports 
manufactured m the Far East and 
elsewhere / 

The policy of rationalisation ^ 

commenced in 1 976 is siill being 


vigorously pursued, and I believe the benefits 
will become apparent when there is any 
real upturn in the British economy. 

I would be less than honest, if I intimated 
that 1 978 had opened up well. The retail 
trade, by and large, is not buoyant and the 
April Budget has done singularly little to 
give our economy the shot in the arm it so 
badly needs, f am, however, very optimistic 
and confident about the future of your 
Group. It is soundly based and the 
Subsidiary Companies are well diversified in 
garments tor men. women and children, 
household textiles, soft furnishing fabrics, 
sportswear, upholstery fabrics and neckties. 

The trade names, including Banner, 

Span/a and Uwin, enjoy a high reputation on 
the High Streets of Britain, and in many 
overseas markets. Changes have been 
effected in the Senior Management of 
certain Companies, and these changes 
augur well tor the future . 


Group Companies: 

Henry Bannerman (Holdings) Ltd. 
Wm. Chapman Ltd.: Glen Fabrics Ltd. 
j Harrow Fabrics (Int.) Ltd. : Macaseta Ltd. 
/ Sparrow, Hardwick & Co. Ltd. 

Susy Ware & Co. Ltd.: Uwin Sportswear Ltd. 


WILLIAM PICKLES & CO. LTD. 101 Portland Street. Manchester M60 1EH 

i h . 








June 27 iyfg 



31 


mysterious Stantec »*,. 

. .-ISJwmas Johnson Foundation rll c ,5. nt .s Prer *’ rence shares (85.3 barter? 
:. -‘S^Sabd..ba S surfaS* ^L™') “d 233.811 3.S5 - ‘ 


\ £f r P Qr t* Gwent, is due to take place 

■O per An Turin un infra 

announced S» C^SJKSSM 


M* AtaSRLK «SI) Pr0fere “ e ( 8 « Sr onJime 3 „, m 

?l"iw ‘2 th ' new shares of T 1 LLING CHIEF ON 


-■ . t t 1 : — r • — ■ . iis'iuEtrxaJ “ , 

^jnaiiufaeturer, Avdel, S?& e share certificates Mt “ , oa “uju ^uupmig 4LLiviLica vii rfanav J 
: ^option 1 to buj the remain- "5? 11 *® 8 ?™>/or cheques tor the ? n « site to provide a remedy for nimnrt 

• 7. in? anare& Itir -a fllWhow £C ^SO COriSlnPmHnn tn afwntlntt nwpp nPY^Af i nvirl ndvmeiinwt B ** 


Adwest 
buys Duport 
subsidiary 

By Christine Moir 
Tn a move which will create a 
company with around a third of 
the steering gears market, 
Adwest, the Berkshire engineering 
group has bought a subsidiary of 
Duport the West-.Midlands indus- 
business based at New- trial holding group. 

The company involved is 
Barman and Sons which is one of 
(he leading independent manufac- 
turers of steering gears, with a 
turnover last year of £20.2m 
nearly half that of Adwest 
Adwest is paying £2m for 
!«»•- a jj ii — - . • Burman but it has also agreed to 

<* “ 5 A-? ui ? coupling activities on repay worth of loans which 
" had mado available to 


appointments 


H hi? -Shares ; ; for • a further £G.6m *®‘ accepting lower order intake and permanent Enraiah ^Th&se^wiH now be 

ygj, ^LtUOMl *™ n ” *>“«&•«£» y 17.:-U7y. W for future prosperity SKSEid talk hSnK 

^.i ^eaeedJEg ' Slm. .. The option remain open for Thomas TUlfog’s chairman, Sir mes 

.^jcrpires next June. ... JgJJJ*®**:. .further, notice. Robert Taylor,, says In a letter to Pr, 

’ ’ .Xpetails: of the deal were con- nrty^w nTS?#^ ' F «& rive shareholders. were weak — £501.000 before 

^toned in a circular, to share- 1W8 to^ooniw tfi mSmS; -r heHeve that In the trading interest, suggesting some £200,000 
' :5<rtdars .yesterday wbdeh. rev^ted shares in cLimate outlined by your chair- pre-tax on commercial rates of 

• "thatJf Newman does not take ud Shipstone in Aui course, man (made at the time Fluidrive interest for the borrowings. Some 

its option Stanley Thomas John rxm. r ... released its interim results), in- 20 per cent of its business has 

jHfl Foundation Curacao wWrh" ^UvtCIOR SEJCLS dustnal transmission manufac- been In supplying compohents for 
.' Has granted the nation ami TP VO CHADro hirers must form more substantial the tractor industry, which has 

jSsaSto SHAKES groups in order to compete been particularly depressed. . 

holder U, AvdeL ^ - ^man Krwtman, a former effectively In world markets and On the basis of the histone 

V- nS^^JSFi 0 STv 0 ? ’**«*>- wper- to Offer an increasingly vide profits Adwest appears to be pay- 
" - r j55eL- ■ • Wewmans stake ifl market cham and now a non- range of products to customers," ing nearly 50 times earnings for 
-i f £ „ *v director, has sold Sir Robert said. Burman. but Mr. F. V. Walter 

1 ir v W J S v? ® aiD ® foundation ®a0,000 Tesco shares at 43p per The letter accompanies offer chairman of Adwest, says be 
..wnicn -Dougat . Lonrho's 19.5. per ® fta re. The sale on Friday— two documents Tilling has sent to confident that profits will recover 
. --■‘ceBt homing in Newman in May days after the company had Fluidrive shareholders giving strongly thi^i year to around £lm 
■WJwr.Md than gold i t for announced lower profits— reduced details of its hid for the Fluidrive pretax. 

1115 holdmes by -about naif to issmv! ordinary capitaL He sees no reason why Burman 

accepting our offer, you cannot recover to a level where 


- ■ A < 11 Ior w, Trj- ucuuis oi ns mo forth 

• £1 .26m. to October. Mr. Alan lus holdings by -about half to issued ordinary capitaL 

* Bartlett, chairman of Newman i® J h » res - ™®i Cre ?? nan accepting our „u C «, ,„ u - . ~ - 

. “id ®dw chairman of the execu- trust also sold 15m Tesco would be exchanging your invest- trading margins amount to 

'HS? J? 02 ”* AvdeL took up at .' 43 *P e ® c y 00 M 1 ®..®?™ 6 ment in a narrow, technical field between S per cent and 10 per 

200,000 of these shares,: the ~ 


day, leaving 
shares. 


. «n»r<»c a < ’® m for on * in a broadly-based and cent of tumorer. For the current 

remainder being placed aniong 5 ares - • ' much larger international com- year some £l.lm has already been 

Newman associates and institu- __ Pany with a progressive and earmarked for plant replacement 

HAWKER SIDDELEY sound record, wide opportunities The purchase has stiH to be 
: The .documents reveal that THE OFFER by Hawker SIddelev and great financial studied by the Monopolies Com- 

Avdel's directors crtii * — *i,~ — u .v.,.. «V strength. mission which is known to be 


reveal 

casting pretax prSs ^ n£n & "iJSZES!* hL^Sme ahSdy^^eJjSe? 08 ?’ Whleh haS c ^ nUy res5starit lo furtiier 
Joe the year to June 30. . Last fully unconditional. Acceptances currently 
.year ^pre-tax profits were £L5ra have been received from share- SJteSL, KSSffi, 

■rand turnover was £22m.- In the holders of Carlton other, than and *s expected 

j la st b alance -sheet Avdel ! s net London Merchant Securities or 
.worth was given, as £3.8m' which its subsidiaries In respect of 
compared with long terra, borrow- 52.725 ordinary shares of C&tltnn 
mgs of £7 :2m and short term and. In fulfilment "of the under- 
taking given by LMS, from a sub- 
sidiary of LMS in respect of . , 0 — 0 - — — — ., 0 

ment Newman ^tn 13547575 Ordinary shares of L n fav °« r of the agreed offer for £4 - m - 

: ment wewm^p is to refinance Carlton. Total acceptanres of the ^vesunent Trust Corporation at 


.Joe the year to - June 30; . L^st ful^mSdSSS. Mm SSSSX,* I ^t^u.?“ tl ^ I ^ 0C J l . How^S?^ miSS^faetor^to 

to mail its favour of the acquisition could 

reply to shareholders within the- be that the market leader in the 
next seven to 10 days. steering gear industry. Cam 

barclays/itc SMS 50 p “ or u 

Barclays Bank has written to Adwest*® pre-tax profits last 
shareholders urging them to vote year were on turnover of 


Ho rro wanes at -€2.5m. 

Under the terms of the agree- 


vOmnoh nt Iam t n. i. — tariton. Total acceptances of the irusr i^irporanon at 

^Saab^Ldlr i ? SeSSS first - offer have therefore been « extraordinary meeting on July CENTRO VINCI A L 

■its option to buy the rest of the Sm^of '"th^isSed 1 ordlnSS LTnder the terms of the deal. Centrovlndal is to c 
eointv will rp.Rnanpf- 9 fnrtha* . 111 01 toe issued ordinary ...... . , • run turn .dtdph hin t, 


equity will refinance a further _ hs> ,_ 

£5.9 m -by December 1980. sn ~T e X !- ■ 

The. first offer is now closed and 
no longer open for acceptances. 

GREEN ALL .WHITLEY IJl e t co i ,slde ^, ti ? n due u J 5der . the 


make 

Barclays will buy ITC for £93ni agreed bid for the 

in shares and then sell it to the ordinary and S per cent 

Post Office Superannuation Fund cumulative preference shares of 
for £85m cash. Mansell Thon>e. It is to bid 1 

Mr. Anthony Tuke, chairman of for eacJl1 ordinary share and 133p 


. » • au *L i_i a t „. :I1 z - - hi i. rtncuony ixiKe, cn airman ox wiunaij wmi c oik 

The offers on behalf of GreenaU Jtoy 27 I97R U ^ despa . tthed on Barclays, says in a Tetter to share- { ° r avery preference share. 

T? ’ r* ^ • ... ■ holders that the effect of these 

Now that the first offer has transactions will provide the bank 


issued capital of James Shinstone 11 t,,,s * Transactions will provid 

• have become unconditional^ aS " ith i, h . e opportunity to raise 


c SHARE STAKES 

raneers pletiou of the agreement, under some £83m of neiv'capltal" wi thout Sir Joseph Causton and Sons— 

• . which Carlton is to acquirer for the need to call on stockholders Mr - F - c - B - Bland, a director, 

Acceptances have been received cash from Hawker Si ddeley’s sub- for additional funds, and to sold 100,000 ordinary shares on 
m- respect of 20540510_ ordinary sidiary. Crompton Parkinson, its increase ordinary dividends by 20 J une 21 - Reducing his holding to 
.•(ffS.8 per cent ) and 153^43 3H lead-acid automotive and traction per cent J500.000 shares (24.5 per cent). 

Herman Smith — Donegal 
Securiies. has acquired a further 

47.000 ordinary shares increasing 
its holding to 252,000 shares (5.44 
per cent). Mr. M. Herman Smith 
and Mr. R. Herman Smith 
(directors) are also directors of 
Donegal Securities. 

Kelsey Industries — "Mr. G. F. 
Arbib, a director, has purchased 

20.000 ordinary shares increasing 
his interest to 399,226 shares [10.4 
per cent). 

Burton Group. — » Mrs. . B. J. 
Karmel, the; wife nf Mr. D. 
Karmel, a director, has sold 
236,958 ‘A" ordinary shares at 
114p. 

Associated Newspapers Group 
•The Hon. Vere Harmsworth, a 
director, has sold 20.000 ordinary 
shares reducing his interest to 
26 .880 ordinary shares. Mr. S. M. 
Gray, a director, has purchased 
1.300 ordinary shares. 

E. J. Riley Holdings — Mr. J. 
Slater* a.. director, has acquired 
6.000 ’ordinary shares. Mr. D. C. K. 
Browning, a director, has dis- 
posed of 146.000 ordinarv shares. 

Randall Group: Ferguson 

Industrial Holdings has acquired 
a further 40,000 shares, increasing 
its holding to 265,000 -shares (10.4 
per cent). 

Polly Peqk Holdings): Mr. R. 
Zelker, a director, bought 25,000 
ordinary shares at Sp on June 23. 

Wertern Brothers: W. and .1. 
GIossop purchased 21,500 ordinary 
shares at 95p on June 23. 


THE UNION STEEL CORPORATION 
(OF SOOTH AFRICA) LIMITED 

(Incorporated in the Republic of South Alrica) , 

- At the sixty-sixth ordinary general meeting of shareholders of the Corporation held 
on 20th June, 1978, the following salient points were highlighted by the Chairman, 
Dr. BL D. Marais: 

1. GROUP PRp^TS^TO^ATE^ 



Group unaudited profit after tar for the Ajriontbs'ended ,AiwriJ=530th amounts to 
R1 351 000. The profit for the correspOjidipg period .the previous, j^ar was R126 000. 
This represents an increase in group profit of- R1 225 000. This^lncrease is mainly 
attributed to higher profits in the steel division whilst ALCOR. Veldraaster, copper 
and castings performed adversely. A further decline. in demaxid for aluminium 
conductor from Escom was experienced which resulted in a 70 per cent drop in 
despatches of ALCOR products. The closing of certain aluminium production units 
and curtailment of working hours were inevitable. 

Recessionary conditions also affected the market for copper and castings and a 
pronounced reduction- in demand for these products was experienced during the last 
6 months. The results of these divisions for the first 4 months of the year are lower 
in comparison with the corresponding period the previous year. 

Special and mild steels realised a profit for the period under review and market 
conditions indicate a revival for the types of steel products which USCO manufactures; • 
Stock levels of steel merchants were kept abnormally Jow due tD the- recessionary' 
situation and the replenishment of stocks also contributed towards the better demand 
which was experienced. 

Despatches of the product groups were 14 per cent higher than the corresponding 
period the previous year. 

Due to the sharp increase in demand for steel products manufactured by the 
Corporation, production, units which were closed down ..during 1976/77 due to 
recessionary conditions, were put into operation and working hours extended. 

- Further cost saving measures remain under the spotlight and will be extended where 
necessary. 

2. MARKET CONDITIONS AND PROGNOSIS 

(a) Mild and Special Steels .. . 

The mild steel market remains weak and is traditionally highly competitive. 
The market for special steels however, is favourably influenced by the increased 
gold price, the reasonably stable motor industry and general stock bu'i(d-up. . - 

The demand for forgings is satisfactory hut activities in the heavy engineering 
sector are still very- low and the demand for carbon forgings is poor. A revival 
in the agricultural sector is still absent and the demand for agricultural steels 

_ .. .remains low. • - ; • ' ... - . 

During 1978 the Corporation will commence with uie.: production of certain 
tool and high speed steels, products which to date have hot been manufactured 
in South Africa, and the demand appears to be very -promising. The general 
' expectations are that sales of steel products will be satisfactory during 1978 and 
that this section will maintain its profit position. 

(b> T^decrease in iron ore mining activities is adversely influencing the demand 
for castings Infiltration ' by competitors m the Corporation's traditional 
markets is increasing as a result of the commissioning of new plants resulting 
in additional production capacity in South Africa . . . . -. 

A nolicv of diversification and penetrauoo into other established casting markets 
is essential to ensure an acceptable utilization of the available production 

No" drastic recovery of market conditions for castings is’ envisaged during 197S. 

(c) ^°PPfL,ifln9n» done; of a market improvement for copper cables, the biggest 
•- electrolytic copper, is noticeable. The demand -for copper from the 

• SS hi a Chin erv ^secto^ha s reduced considerably and with limited expendi- 
. ' - tore by* the Authorities, -the market condition for copper can be considered the 

weakest in the present recesion. . ejl]ent the^ -economy, consumption 

spir * °L : ‘iSSmer orimtated and only a small pottlon i)t the Corporation's 
of copper is ^con. favourably as a result of a higher demand from the 

sasss^Ms ~ — «.■ 

1978 but that this section will realise a profit. .. 

.((*) Veldmasier • . , 0S6 a f ie f the first 4 months of 297S. ..The 

Veldmaster is still operating a COI !J.^ p0 nding period tiie previous- year. . It is 

. . position is similar to that o close 1 the yeaf- witn a loss. This situation 

• expected. th^JeWmaster wiU ga < eq>orr market as a result of, the general 
js mainly attributed to a dec. ^ taken relative la-marketing and pneing 

- . - economic s,unip - -it is expected, will .fim-a favourable influence 

. of Veldmaster products tthieh.'il »s expec ^ - 

.on Veldmaster performance mwi»- . ■ - ^ v v. 

- (e) General the S [ ee r mafket conditions, can; be expected before ■ 

No appreciable recovery in tnesi the American: balance of payment 

1979. mainly for two reasons. The hem ^ q( ^ ^ of the 

problems and as a result of-price cutting, keen 

E.E.C. countries which win not n** on oU tside competition, 

competition and limitations by* 0 e em ■ is basically In. ah unhealthy 

• as far as South Africa is concerned the „. mp tonia^ of capita! intensive 
state mainly due to ? S . 1D J 1U £!P tjscO is ^in the fortunate'-posiiiOD of operating 
industries like the steel industry. _ US . months were a pleasant 

steels and S&'E'te ^ despite weak 

Sttons in the so called mild steel condoctor anj Veldmaster 

rh e D oor performance of the i copper altri buted to; cost increases-. which, 
divtsiSns is less satisfactoryand^^a^ ^ continue. , 

Ste the recessionary Improvement m »e Present inflation 

Contrary to other economists I foresee n ^ 1Q per ^ m 19 rs and an even 
onJ l nredict a consumer moation ra e world pressure, on South 

htoh.r rate for costs. This pwggj| 1 “J ’^peefof cenSln labour groups 
\frica S'lnc^ase wages unreahstieatiy n ^j ncrease in their productivity. 

■ - iSS MSt fscwis t0 1 

3 «teet not their conixoi. ^ ^ ro!fflnE1 . - m which they succeeded in 

Everything possible is being • ;. ; n- ... • 

ils profitability- ■ 

v. D. Marais ^ * - • ■ 23rd -June 1978 

Chairman of .the Board 


ASSOCIATE DEALS 

Rowe ad Pitman, Hurst-Brown, 
on June 23. sold for a dis- 
cretionary investment client 624 
Thomas Tilling Ordinary shares 
at 113 jp. 

Hedderwick Stirling G rumba r 
bousht 10.900 Wood and Son 
(Holdings) ai 53p on June 23 on 
behalF of associates of Newman 
Industries. 


Optimism 
at Wm. 
Pickles 


At the AGM of William Pickles 
Mr! GL Harold- -Buckley, the chair- 
man, said he would be less than 
honest, if he intimated that 1978 
had opened up welL but he is 
very ■ .optimistic -and- confident 
about the future of the Group. 

It is soundly based, he told 
members, and the subsidiaries 
are veil diversified in garments 
for men, women and children, 
household textiles, soft furnish- 
ing fabrics, sportswear, upholstery 
fabrics and neckties. 

Statement Page 30 

GKN/Sheffield 

Twist link 

GKN Distributors and The 

Shefflld Twist Drill and Steel 
Company have formed a joinf 
company for the distribution of 
cutting tools; socket screws, hand 
tools and general engineers' 
equipment to the ~ engineering 
distributor. 

This company will be known 
as Dormer Distribution (Tools), 
and will sell exclusively to 
engineering merchants and distri- 
butors. It .will carry a full range 
of Dormer cutting tools, GKN 
socket screws and complementary 
ranges of engineering tools. 

Progress by 
Percy Bilton 

At the AGtf of Percy Bilton, 
the chairman said that the 
private housing division was now 
achlevhjB its targeted profitability 
after substantial reorganisation. 
Contract housing was under con- 
trol and vrouid no longer be a 
drain on. the resources of the 
group. Meanwhile, cash had been 
reduced to make investments 

which will secure significant 
future growth in.- your, group's 
property portfolio." 


J. F. Tigar joins 
Guinness Mahon 


J‘ 


Mr. J. F. Tigar has. been 
appointed to the Board of 
GUINNESS MAHON AND CO. 
' (Guinness Pear Group) from July 
3. He was- previously assistant 
principal and chief foreign 
exchange dealer at the Bank of 

England- 

* 

The following changes have 
been made to the executive Board 
of SWAN HUNTER SHIP- 
BUILDERS oh the appointment of 
Dr. P. A. Milne and Mr. N. A. 
Sloan to British Shipbuilders: 
Mr. G. ' D. Hilton has become 
managing director; Mr. L. John- 
son and Mr. R. I. Smith, joint 
deputy managing directors: Mr. 
R. F. FairtJffltfM production direc- 
tor; Mr. N. Gilchrist, works 
director: and Mr. C P. Douglas, 
personnel director. 

★ 

Mr. John H- Smith has been 
appointed by the IMPERIAL 
COLLEGE OF SCIENCE AND 
TECHNOLOGY as secretary to the 
college and clerk to the Rovemors 
from July. 1, -.1979, not the begin- 
ning of nest month as reported 
yesterday. He will succeed Mr. 
M. J. Davies, who is retiring. 

* 

Mr. David Harrison has been 
aDDointed m^naeinc director of 
CHARTPAK EUROPE, joining that 
company from George Rowney 
and Co. 

■* 

Mr. Ted Lansdowne, formerly 
marketing director with MARLEY 
HOMECARE. has been appointed 
managing director. Mr. Doug 
SpfckerndL who was merchandis- 
ing and display manager, has 
become sales manager and Mr. 
Richard Girling is now advertising 
and promotions manager. Mr. 
Roy Saunders continues to head 
the buying team. 

+ 

Mr. Alan Rudge has been 
annninted marketing director of 
DEWRANCE DRESSER. He was 
formerly marketing manager. 

Lord Annan has been annninted 
a trustee of the NATIONAL 
GALLERY in succession to Sir 
Gordon Sutherland, whose term 
of office has expired. 

★ 

Mr. David Bangbam. marketing 
manager of the saws and tools 
division of EANDVTK UK. has 
been appointed to the board of 
the company. 

★ 

Mr. John Edwards has been 
appointed, managing director of 
the products divisions of LOUIS 
C. EDWARDS AND SONS (MAN- 
CHESTER) following the retire- 
ment of Mr. George McCord. 

Mr. Janies Bent has been 
appointe d to the board of NET 
BRUCE PEEBLES, a member of 


the Northern; Engineering Indus* 
tries . Group. - He is managing 
director of Baldwin and Francis 
and of NEI Alining Equipment. 

’ ' * ' 

Mr. D. A. Harris has been 
appointed to the Board of the 
ANDERSONS RUBBER COM- 
PANY. 

* 

Mr. Tom Turvey has been 
appointed vice-chairman of the 
COOPERATIVE WHOLESALE 
SOCIETY, succeeding Mr. B. A. 
Too good who has retired. Mr.' 
Turvey has also joined the Board 
of the Co-operative Bank; 

• * 

Mr. G. W. EL Lewis has' been 
appointed managing director -of 
the WICKMAN MACHINE TOOL 
MANUFACTURING COMPANY 
and Mr. J. Carson has been made 
manufacturing director Mr. 
Lewis is a director of Wickman 
Ltd. 

* 

Mr. Ian Wrigglesworth, MP, has 
become chairman of the LABOUR 
ECONOMIC FINANCE AND 
TAXATION ASSOCIATION In 
place of Lord Houghton, who has 
resigned because of pressure of 
other work. 

* 

Mr . W. D. Sharp h&s been 
appointed a director of ARBUTH- 
NOT LATHAM .AND CO. 

Mr. John McCarthy has been 
appointed a director at 
HARRISON AND SONS (HIGH 
WYCOMBE). He joins the com- 
pany from Eric Bemrose. ' 

* 

Mr. Harold Reynolds has been 
made a director of the North and 
East- Midlands regional Board- of 
LLOYDS BANK which sits under 
the chairmanship of Mr.' G. . C. 
Kent. The appointment- is from 
July 1. Mr. Reynolds is joint 
managing director of Whitworth 
Holdings and a director of 
Weetabix. 

* 

YOUNG AUSTEN AND YOUNG, 
which recently joined the building 
contracting division of Trafalgar 
House, has appointed Mr. P. R. 
Howell as chairman of the com- 
pany. Two new directors have 
also been appointed. They are 
Mr. J. R. Bolton, responsible for 
contracts in the London area and 
Mr. J. B. Ainsworth with the 
same responsibilities in the Ekst 
Midlands. 

* 

Mr. John Redgrave has been 
appointed chairman of WALTER 
LAWRENCE LTD. He succeeds 
Mr. Brian Prichard, who will re- 
main a director of the parent 
Board and 'a director of Walier 
Lawrence "Estates. Mr. T. J. C 
Alawby has become secretary of 
Walter Lawrence Ltd. 


XHE . 

JOHN BRIGHT 
GROUP 

> L ' ' ■ . 

Industrial recession effects results 

- ' ■ 

The 55fh Annua! General Meeting of The John Bright Group 
Limited wilt be held in London oh July 19, 1978. The 
foliowing is a summary of the circulated Statement of the. 
Chairman , Mr. /. M. L. D.farde, for the year ended April % 
1978. 

Trading conditions were affected by a sharp fall in the price of 
cotton which forced us to write dowii the value or our raw 
cotton stocks a nd resulted in a stock toss of £27 1 ,000. Also . 
demandfor tyre cord deteriorated to such an extent that w.e 
were no longer justified.in maintaining production at Preston. 
We thereforadecided to pjose down the whole of our . 

operation there. The net cost of thjs closure amounting to 
over £98,000 has been charged in full against this year's 
profits. _ r . - 

Although turnover was^ittle changed net profits after tax (but 
before the closure cost) ha ve shown a sharp fall to £355,047 
as against £600.471 a year ago. ln view, however, of the _ 
exceptional nature of the two Josses and the strong financial 
position of the Group, your Board has decided to recommend 
a Final Dividend payment on the Ordinary Stock at 1.47p per 
Ordinary Stock Unit maintaining the total dividend at 2.42p 
for the year. . 

Demandfor the products of the Industrial Textiles Division _ 
became increasingly affected bYthe world-wide recession in 
industrial activity. Sales fell sharply and pressure on prices 
both from overseas and home competition became severe. 

Our Spinning Division was similarly affected. Under these 
conditions much of this business became unprofitable but by 
availing ourselves of theTemporary Employment Subsidy we 
were able to accept such orders and thus maintain in 
employment a greater number of people than would 
otherwise have been possible. 

In view of the reduced level of activity theopportu nlty has. 
been takento press forward with the modernisation 
programme. The new weaving shed has now beep completed 
and new machinery is at present being installed. ‘ . 

in a market which has b^enfa'rfrpm buoyant, our salesfof •' 
carpet yarn have been maintained at a satisfactory level and 
plansare well advanced toincrease our productive capacity 
in this field. 

The volume of our tyre cord sales was maintained by 
obtaining increased business for export which carries a lower 
profit margin. The general swing to radial tyres has caused a 
world decline in the demand for textile reinforcement used in 
tyres but our tyre cord production unit in Rochdale is one of 
the most modern in Europe and itshould be possibleto 
retain this unit on a profitable level of production. 

There is no clear evidence as yet of a sustained recovery in 
demand for our products. The timing of this is still ' 
unpredictable, but I am confideritthatthe Company with its 
modernised capacity Should bejn a strong position to reap the 
benefit when it comes. 


*The success of our first assault genffemei4 is now 
overwhelraiiigiy dear. 

“200.000 sqft of warehousing and light industrial 
premises in the superb, new Eurolink complex at 
Sittingboume^ Kent have now been occupied. 

"Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number of units available from 
5,000 sqitupto 30,000 sqitYour orders are to capture the 
next 100,000 sqiLas it becomes available during the next 
32 months. 

“Once established, you can expand at win across 20 j 
acres of planned future development. 

“I need not remind you of the vital strategic position of . 
the site. Eurolink is minutes from the M2 motorway, 55 miles 
from London, IS mfles from Dover, and within easy striking ' 
distance of the roll-on/roll-off facilities at Sheemess. 

"Movement of transport and supplies is supremely easy 
due to the site's Sze and parking facilities. Eaves of all 
buildings are 20 ft high. 




“And loc^'franspik sendces^^m^Uies wflTsuit 
your troops^qyfn t^iSe groiftd. 

“Gentlemen, Eifrolmk and success is at your feet" 

For further information, contact HQ bdoiv " 


Tb: FUller Horsey Sons & GasseL 52 Bow Lane* 
London EC4M 9 FeT" : ?“\ u \-V *; % . 

Please send me full information on the 
Eurolink Industrial Centre. 


1 Nafije j * * *> »•• • * s-r 1 

“ Conroanv ! 

1 AddreW ^ K*-* Y .... 

•V 'f-.;, c • ■ ’} •; .lij 

L ■'■■ ■ 

rei Frs 1 



Fuller Horsey 

Sons&Cassel * 

McDaniel & Davv 

Chartered Surveyors 



the big build-up 


The Eurolink Industrial Centre is a joint operation by 
The London Life Association Limited, and The Blue Circle Group. 




(Jp^c> 



32 


'-j Financial. Tipies, Tuesday. ^ ^ . 


INTKR NATI ONAL FINAN C I AL A N D COM PAN Y N E WS 


AMERICAN NEWS 



for Cutler- 



BY JOHN WYLE5 


NEW YORK- June 26. 


EATON CORPORATION, the 
diversified auto industry 
supplier, roday moved towards a 
major presence in electronic 
components manufacture by 
announcing a .S37S.5m tender 
offer for Cutler-Hammer. the 
Milmaukee company in which it 
acquired a 32 per cent holding 
two weeks ago. 

Eaton's move has been widely 
expected since it started to 
unravel the complicated web of 
shared ownership surrounding 
Cutler-Hammer by spending 
SllT.am purchasing Tyco 
Laboratories' stake in the elec- 
tronics company. This valued 
Cutler-Hammer at $55 a share 
and its follow-on offer of S5S a 


share for the balancing 6S per 
cent is being recommended for 
acceptance by the CuUcr- 
Hamraer board. 


The total purchase values 
Culler-Hammer at about 14 times 
last year’s earnings of S4.12 a 
share, which is broadly in line 
with the going premium in this 
year's takeover bids. Of more 
immediate importance is that $58 
a share offers Kopper Company, 
a Pittsburgh engineering firm, 
about $15 a share more than it 
paid in acquiring a 21 per cent 
stake in Cutler-Hammer last 
year. 


An Eaton spokesman said 
today that Hoppers had not yet 


indicated whether it would 
tender its stock but that Eaton 
Is apparently confident that its 
price is sufficiently attractive. 

Hoppers bought into Cutler- 
Hammer as a friendly move 
designed to fend off what was 
interpreted as a gradual acquisi- 
tion by Tyco Laboratories. When 
Tyco sold its holdings to Eaton, 
its ambition was to purchase 
Cutler-Hammer's 33.5 per cent 
holding in another electronics 
company. Leeds and Northrup. 
Eaton agreed to make this sale 
to Tyco should it acquire Cutler- 
Hammer but then Cutler- 
Hammer surprised everyone by 
sellina its Leeds and Northrup 
stake last wek to General Signal. 


BankAmerica 

completes 

Multibanco 

takeover 


ITT forecasts 25% 
in second 




ZURICH, June 26 


Cutler-Hammer will be a 
major acquisition for Eaton 
which could well be looking to 
develop the coin pony’s expertise 
into developing electronic con- 
trols systems for the auto 
industry. In anv case. Cutler 

Hammer will give Eaton repre- clonal (in which the Bank o* MrninTs nVr r share iii the second that, 

sentation in a range of new America controls 50 per cent and ? 107S t0 show a year* -originally been made to “make The - HT- president was 

markets including, industrial, the Royal Bank of Canada and % p ° r cent to TIT understandable,’* ITT particularly bulhsh.onthe. two- 

aerospace, air traffic control, others 50 per cent i. has now \f r Lyman management was now “begin- year outlook for ITTs -.tele- 

consumer and housing markets. 



By Diana Smith 

THE Bank of America, together 
with its Brazilian commercial 

bank associate. Banco Interna; £2TS acti^eF He. cooked But- a strong. 1679 * expected 

Sank of I L in Thk C poo »1 that, while the division, had here. .. . 


BY NICHOLAS COLCHESTER 

INTERNATIONAL Telephone Into iTT’s extraordinarily wide - •, be less Impressive. 


• iiouuib fc (UlU ^ 

As an alternative to its isoS 
a share cash offer. Eaton is offer- 
ing a subordinated promissory 
noie for the same amount wifh 
an annual interest rate of 7? 
per cent payable in periodic 
instalments up to a maximum of 
15 years. • 


vuico w — — - omnnri si /is Mr Lvxnan managemeui. *»«=> . ■ , . 

completed negotiations to take “““r." nresident^nd nine to manage in terms qf five communications business. He 

over 49 per cent of the shares - - *”**«*■ rising 

of Swiss bankers in Zurich today; 


Goodyear sees Peak yields on Treasury bonds 


little change 


this year 


BY STEWART FLEMING 


NEW YORK. June 26. 


AKRON'. June 26. 

OODYEAR TIRE AND RUBBER 
expects 197S to be another tran- 
sition year of solid but un- 
spectacular earninys. 

But Goodyear, which is the 
nation's larqcst tyre '.mupany. is 
setting its operations in shape to 
produce a major profit increase 
a few years from now. the chair- 
man ami chii-f executive. Hr. 
Charles j. Filliod Jr. said. 

Profits for 197S will be ** in 
the same area as last year.” when 
Goodyear earned a record 
?”J05.9iii or £2.-S5 a share. 

With starr-up expense on new 
plant and closing expense on old 
facilities. Goodyear officials 
did nm expect spectacular results 
for 1P7S he said. Profits cites year 
will depend heavily on pricing, 
particularly pricing of lyres for 
1979 model cars and trucks. 

Once Goodyear's new plants 
are in full operation, and some 
of the industry's older capacity 

is phased out. Goodyear expects 
to start cashing in nn its heavy 
investment in facilities and pro- 
duct develonnient Mr. Pill iod 
said. " ft could start next year 
or we could have another cnunlc 
of years of medium results." he 
said. But he is confident that 
sharply higher profits will result 
eventually from the efforts of 
th° past five or -Tx years. 

Over the na-^ five years. Good- 
year invested $350m to SfiOffiu in 
plant and equipment to produce 
radial tyres in the U.S. including 
the cosr of •nnrertin? exist'nq 
lyre plants. The company also 
incurred heavy research and 
development expense on radial 
tyres and Proprietary equipment 
to produce those tyres. 

“We've installed what we 
think are the most eiiHcnt 
machine* in the industry. We are 
loo'-" in n for !«iw production cost 
and fo.- higher quality tyres.” a 
■ unthinarion that he ex loots will 
a 1 70 Gundy ear an ed.qe over 
other tyre prufln «wr.-. AP-D-1 


YIELDS OX new long-term U.S. 
Treasury bond issues are ex- 
pected to reach near record 
levels this week when the 
Treasury sells Sl.Tcbn of new 
15-year bonds. 

The nearest comparable 
Treasury issue now trading, the 
7^ p'-r cent of 1993. has been 
trading to yield around 8.6 per 
cent and. with the market expect- 
ing interest rales io continue to 


rise and the Treasury to become 
a heavy net borrower in the 
second half of the year, market 
estimates suquest that the new 
issue will be sold to yield 
around S7 per cent. 

Although yields on short-dated 
Treasury issues have been higher 
in ihe past, ihis would be the 
highest on a long-dated security. 

After last week's price declines, 
money ami bond markets in New 


York are expected to trade 
nervously this week 'against a 
background of predictions of a 
further rise in prime rates and 
a possible increase to 71 per cent 
in the Federal Reserve's discount 
rate. 

Some analysts are 3lso predict- 
ing that the Fed could raise 
commercial bank reserve require- 
ments in order io tighten the 
credit markets. 


rising 

of the Brazilian investment bank, iTzuifehtHK “mT Hamilton left the impres-. from SLSbn to$5.7bn in 1978. He 

Mult-banco. All that remains is of -$5 u 3fy all " of this aS sion that the days of ITTs explained that the worst of the 
for Brazil's central bank to give ^ _ e .' It Mr Hamilton ex~ amorphous expansion seem -to be “stringent peittagS : on. spending 
official authorisation to the . , e( j af t £e effects of the over, and he-confirmed- that line im key. European markets ” have 
transaction. controversial UJS. accounting management was how - being' no« passed: . ITTs order' input 

A* rule FASB S dealing with cur- encouraged to thtok of divesti v here has' been Stowing an annual 

stock of Multi nan co are held by rencv ^ns and losses. This rule ture a$ well as acquisition in increase per cent for the 
APLUB (the Brazilian associa- h d - ra ' ad p ITT - S figures f or 1977 developing ITTs five businesses;- past- . .18 months. /Because 18 
tion of liberal university profes- 3n{ j f Qr vear - s fij-gt quarter During 1978 ITT should benefit months was the average lead 
sionals). In future, aplub wi i d j sapP0 i n tin2' But. in the strongly from an improvement, time, .the benefits were now start- 
hold 01 per cent while the hank secon( j quarter, the benefits of in the consumer appliance -teta^pw through., . 

°F America and Banco Interna- currencv gains asainst the weak market and in its hotel business. TaUting guardedly of ITTs new 
cjonal take 33 per cent 01 uie ( j 0 |j ar 'nave started to show ITTs consumer interests pro-' willingness. no sell- companies, 
voting stock and 16 per cent ■ Oi . .. dueed negligible profit last -year; Mh .HamJlton said that negolia- 

uie non-voting .stocK. .uuio- ji r _- Hamilton said that 1978 and this is one reason why tloi^ to.' sell - the European food 
banco S total capital is WOr»n 1 I™ *■.. ir> UimiUnn >c nnu I n-urrirr intnrnrfp luara .rt(ll UMMoUtn 


87.5m. 


Gulf Western 
Sherwin deal 


Sherwin-Williams said it 
learned that Gulf Western 


has 

In- 


dustries has 
share of 


Shenvfn-WT^ams be,ween tbe dollar and European 83.5b n to $4bn). and recovery pT its diareholdecs in "Europ 


as a whole should prove. T-a.Jlr, Ham : lton is now. .laying interests were still incomplete 
strong year" for ITT. Sales special emphasis on the improve- and 4 J ti^t : ,fbere. : was “no 
would be up by S3bn to SlSJ.7brfment of the group's marketing assurance ’’ that the deal with 
and the group's net profit Would skills. The turnover of the con-^ Heinz wbutd go through. ■ He 
increase by well over 10 pec sumer group is expected {6 1 grow' admitted- that other European 
cent from last year's figure of from S3J26bn to S3^bn thts year, sales ^were in the offing, but 
$562m. But he stressed that tins - The management expects “con-, stressed that -ITTs. ‘commitment 
improvement was conditional tinned strength " in tnsurance. to Eurepe has- not changed, 
upon “reasonable equilibrium” and finance (revenues up frozil'.. ITT how has some 18 per cent 


NEW YORK. June 26. 


DCL HAS received “an informal 
pnvo-a!" from a Greyhound 
Co rpM ration subsidiary for a 
Dteryer valued at nearly $I5 2nt. 

Mr. James P. Hassett. presi- 
dent and chief executive officer 
of DCL. said that the directors 
had n\»t studied the proposal 
"but noted that the price appears 
loii in light of the market value 
of DCL's portfolio of computer 
equipment." 

Under the proposal. DCL 
vouid be merged into Greyhound 
C.ompuicr Corporation, with DCL 
shjeehoiders receiving 84.50 a 


share. DCL said that certain of 
its shareholders would be 
offered, for each share. SI. 30 and 
8 per cent five year subordinated 
notes due 19S3 of Greyhound 
Computer with a face amount nf 
S3 20 a DCL *haro in advance of 
the merger. 


DCL currently has about 3.3m 
shares outstanding. 

DCL said that Greyhound Com- 
puter had indicated it wouid 
make a format offer to DCL only 
if DCL directors would approve 
it. 


Sharp expanding into financial sector 


BY OUR OWN CORRESPONDENT 
THE Sharp Group— the Brazilian to make the purchase, thus 
off-shoot of Japan's major achieving full status as a major 
domestic appliance exporter— is financial conglomerate, 
steadily consolidating its position T M h - Cham 

in a new area, the Snannal „^ ? r P 

' The" group, through it, holding 5. n S^'C5 Pl *1„d««n"K 
company the Duravel Leasing f®"*' h ?' . 

Company, now controis ^ *7^^ ^ciSreli. 


RIO DE JANEIRO. June 26. 


wmniflv is due to start operations 

vompan..^ insurance broker, a wjth j n ^ next lwo or t - aree 

leasing company and an invest- mon i}j S 


mvnt bank. By its own admission, 
if anyone would care to sell a 


Starting with a capital of 


commercial bank and insurance CrfiOm ($3.3Sm), which will 
company. Sharp would he happy swiftly be increased to CrlOOm 


fr 


This advertisement appears as a matter of record only 





HiDROELECTRICA IBERICA IBERDUERO, S.A. - 


US $ 100.000.000 

medium term loan 


Managed by 


BANCO DE BILBAO 

CHASE MANHATTAN LIMITED 

BANK OF MONTREAL 

DRESDNER BANK AKTfENGESELLSCHAFT 

SECURITY PACIFIC BANK 

BANCO CENTRAL 


BANCO DE VIZCAYA 

AMSTERDAM ROTTERDAM BANK N.V. 

CITICORP INTERNATIONAL GROUP 
NATIONAL WESTMINSTER BANK GROUP 
WESTDEUTSCHE LANDESBANK GIROZENTRALE 
BANCO DE SANTANDER 


MIDLAND BANK LIMITED 


Co-managed by 

THE SANWA BANK LIMITED 


SOClETfi GEN6RALE DE BANQUE, S, A. THE NIPPON CREDIT BANK LTD. 

Provided by 


CfTI BANK N. A. 

AMSTERDAM ROTTERDAM BANK 
THE BANK OF YOKOHAMA LIMITED 
DRESDNER BANK AtCTlENGESELLSCHAFT 
NATIONAL WESTMINSTER BANK GROUP 
THE MERCANTILE BANK OF CANADA 
THE NIPPON CREDIT BANK LIMITED 
SOCIETE GENERALE DE BANQUE. S. A. 
ASSOCIATED JAPANESE BANK 
(INTERNATIONAL) LIMITED 
BANCO CENTRAL. S. A. 

BANCO DE VIZCAYA, S. A. 

HYPOBANK INTERNATIONAL. S- A. 
IRVING TRUST COMPANY 
THE MITSUBISHI BANK LIMITED 
NORTH CAROLINA NATIONAL BANK 
UBAF ARAB AMERICAN BANK 


SECURITY PACIFIC BANK 

BANK OF MONTREAL 

THE CHASE MANHATTAN BANK. N. A. 

MELLON BANK. N. A. 

THE HOKKAIDO TAKUSHOKU BANK LIMITED 
MIDLAND BANK LIMITED 
THE SANWA BANK UMTEQ 
WILLIAMS « GLYN’S SANK LIMITED 
BANCO DE BILBAO. S. A. 


WESTLB INTERNATIONAL S. A. 
FIDELITY UNION TRUST COMPANY 
NATIONAL CITY BANK OF MINNEAPOLIS. 


BANCO DE SANTANDER, S. A. 

GIRARD BANK 

THE INDUSTRIAL BANK OF JAPAN TRUST COMPANY 
ITALIAN INTERNATIONAL BANK LIMITED 
NATIONAL BANK OF WASHINGTON 
THE TOYO TRUST AND BANKING COMPANY. LIMITED 
WESTDEUTSCHE LANDESBAnK 
GIROZENTR ALE-NEW YORK BRANCH 
DIE ERSTE OESTERREICHISCME SPARCASSE 
LAVQRO BANK OVERSEAS 


GRAND CAYMAN BRANCH 


BANCO DE VIZCAYA 



the* 1 "outstand ! n * ** storic renorts - ln his first Eur °P ean Presenta- part of ITTs natural resources .mid it is' almost- certain that the 
i d n 1 n. tion since he took over from group, whose turnover is -set -.to anmtal -meetlM in: -I8S0 for the 


currencies. 


in the cellulose pulp market— half of- them’ in Switzerland— 


Greyhound offer for computer company 


-meeting 


wu'tiam r ° n c Cle Flrfe ni Shenrio- Haro }f % oee " i he helm f^^ P from S930ra to SLibn in 1979^ business year will be held 


A merger would be subject to 
various conditions including DCL 
shareholder approval. 

Mr. Hassett said his Board 
would be studying the proposal 
and was considering retaining an 
investment banking firm to 
advise DCL. Mr. John Diebold. 
chairman of DCL and a major 
shareholder, said that “on the 
surface this appears to be a fair 
proposal and I believe the 
shareholders should have the 
opportunity to consider the pro- 
posal.” 

AP-D.T 


Wili ams ntwiffent 'aid he ha« of 1TT ' iIr ' Hamill0n described 1978. Results from the. engineer- in^lhirope; aid .win be relayed 
1 ih° fnir lhe five °P er atltig areas which ing products group— where tunn. by satellite to shareholders in 
Western Sberiin learned of have now introdui -' e d some shape over will rise from . **3bn • to the UJ5. - 


the purchase through a schedule 
13D filed with the SEC by Gulf 
Western on June 19. 


Higbee loss 

Faced with falling sales volume 
and large inventory markdowns. 


Optimism in steel industry 


!il 




PITTSBURGH. June 26 

mabeV ee the* = departmeot U store HEALTHY U.s. steel orders: for U.S. Steel Corporation said that May^ imports' this week — these 
chain, expects a loss in the fiscal third quarter delivery are strength in those -two. months- executives wony that the earlier 


( 65.64m ). the bank will operate 
mainly in the lucrative areas oF 
Rio de Janeiro, Sao Paulo and 
Manaus, the latter a free zone 
where 3 thriving trade in 
domestic appliances has helped 
to swell Sharp's profitability. 

Through its stockbroking firm 
Valbras. Sharp has an association 
with the Banque Rothschild of 
France, and it is reported that 
not only Rothschild hut also 
ether foreign banks are 
interested in taking a minority- 
share in Sharp's new Banco 
Independenciii-Decred venture. 


second quarter ending July °7 encouraging steel executives fo orders led it to boost its forecast surge /is overhanging the market 
that will exceed the vear-earlier believe that the second half for 1978 steel .consumption by in inventdriesC Oner, steelmaker 
restated loss of 8&S3 000 Mr P r °fit crunch oi the past two lm tons lost week, to Him tons, that earlier expressed wn fide nee 
Herbert E Strawbrid'’f* chair- - vears need not be repeated in ' U.S. Steel, feels ^comfortable" in'" a fourth quarter demand 
man and president sai'd * reports 1973 - that 9Sm tons is “conservative;'^ ^ uptiifh/cufirently Saytf shipments - 

AP-DJ from Cleveland He Yet wbUe many steelmakers Earlier, it predicted shipments may ease, reflecting' ,**a moderat- 
said full-vear results remain expect to report sharply reviving by U.S. producers .this - year ihig economy and some inventory 
uncertain.* second quarter profits, some are would rise from last year’s 91.1m runoff."’ 

n 11 switching their earlier wariness tons to a range of 95m to- 100m ” So 1 far, however, 'The strength 

noneyweil merger of market softness to the fourth tons, depending on imports. . of 'the' 'market' is'.'coutiuuing, and 

Honeywell and Spectronics quarter from the third. Some steelmakers see' fourth woutd seem to assure us that the 

have signed a formal agreement Steelmakers claim that their quarter uncertainty lurking -in 'third quarter will be extremely 
providing for the previously an- plans for a broad-based price heavier than expected imports strong,” - said Mr. . J. .Michael 
□ounced merger of Spectronics increase on July 30 have not in April. While they see. declines Curto,„ senior', vi.ee. president- 
into Honeywell in a tax-free robbed much tonnage from.' ahead — the Government ' may commercial for U.S- Steel, 
exchange of stock valued at some August and September. Indeed, announce a sharp - downturn m- Agencies . 

S24m. AP-DJ reports from ; — _.r ^ 


EUROBONDS 


Reaction in D-Mark issues 


BY MARY CAMPBELL 


Minniapolis. The acquisition 
has been approved by the boards 
of both companies, but is still 
suhjeet to the approval of the 
holders of two-thirds of Spec- 
tronics shares. Honeywell said 
'hat several of Spectronics' 
largest holders, who hold about 

46 per cent of the shares, have EURODOLLAR bond prices at a somewhat tighter level than ' Doiha Thomas 

agreed to vote in favour of the marked time yesterday in quiet those of the. City ■: of, Kobe's Bahrain:, 

merger, which Honeywell expects conditions while D-Mark prices offering, which Is guaranteed by Sonatraeh,. the .Algerian state 

to complete in late August showed some reaction to the the Japanese Government. The hydrocarbons company. Is rais- 

continuing weakness in . the Austria^ bonds '.will have- a ten- ing. B^tratoi, dinars (831m),: 

^ ' German domestic bond market year anal; maturity -With an eight* bymeaas of g' ten-year Issue of] 

Middle South Utilities announced Three new issuqs -were year average' life (Koheyis an 84' per cent bonds. The lead 

five announced in / different eight-year' bullet}, while the mnnager is.-Gulf hiteniationai' 


writes from 


!W)n 

v. *. . .■ 


net earnings for the 


months lo May 31 of 75 cents a currencies. 


/ pricing includes ;a 53 per cent Bank. Sonatrach managers have 

snzreagainst 4< cents previously, ] n dollars, the*^ major new, coupon at par, Thp coupon on recently /been .visiting Gulf 


^ repor, . s - . income was js^uc announcement was a $30m the Kobe issue Is alss 5J per cent . bahkers with a* presentation of 

4 4 TT1 met Frrtrti « . ■ . r «. n. ! <■ . ••• -J 


sobA.m against floatins rate note (FRNi for hut the price is 99pfo put the its future prospects as assessed 

opera, mg revenues of *6-<.37m .Argentina's largest commercial yield at 5-S3 per centi .. . .. . by American consuHants. 
compared with 15.54m. - - ■ - ■ “ - ■ -*-* — ' — ' • — — 


Increase for 
Jim Walter 


bank, the state-owned Banco de 
la Xacion. The five-year bullet 
issue offers interest at a quarter 
of a point over LIBOR or S per 
cent, whichever is t'nc higher 
Lead manager is European 
Banking. 

For 3 borrower of tills class 


.\EW YORK. June 26. 

THE building materials company 
Jim Walter Corporation had margin over LIBOR is small 
earn in js per share of S3.35 for However, lhe minimum rale is 
the first nine months or the higher than usual. The issue is 
current fiscal year, compared priced at par. 
wiih $2.93 for the comparable The Danish Government has 
period of Iasi year. announced that it has arranged 

The soya processing and foods a S50m private placement via 
company Central Soya Company Morgan Stanley International 
marie 51.63 a share for the same with the interest rate set at 9.15 
period against last year's S3 per cent on a ten-year bullet 
cents, while the mohile homes maturity. 

producer Skyline Corporation The Ljubianska Banka FRN 
had earnings of 51.39 a share has been priced at par. 
compared with 9S cents Tor the In the D-Mark sector, the 
till I year. terms uf Austria's DM 100m 

Agencies private placement have been set 


BUILDING SOCIETY 


Notice is hereby given in accordance with the 
Society's Rules that as from 1 st July 1 978 the 
following rates of interest per annum will be paid 
on the various types of investment account: — 


Ordinary Shares - 6.9092 Equivalent 
Monthly Income Shares 6.90% t0 


10.3096 

10.30% 


6 Month Term Shares 7.40% (where 

2 year Period Shares 7.90% 1"“^^ 

3 year Period Shares 8.20% at the basic 

«... „ rate of 33%) 

Subscription Shares 8.40% 


11.04% 

11.79% 

1124% 

12.54% 


Interest rates paid on discontinued previous issues of period 
shares will increase by 1 20% net. Rates paid on accounts 
subject to basic rate tax will be increased by 1.20% p.a. 



176 London Rd.,North End, Portsmouth. 

Member of Building Societies Association 
authorised for investments by trustees. 


CUM PA AY A i\’:YO L ACE W E.V T 



ELANDSRAND GOLD MINING 
COMPANY LIMITED 

( Incorporated, in the ffepublic of -South AftiMl 


OFFER OF 25,161413 SHARES 

The Board of Directors announces that, of the 25,161,413 
shares offered, at a price of R3.05 per Share, to members 
registered on 2fith May. 197S, subscriptions have been received 
for approximately 99.3 per cent. The balance of approximately 
0.7 per cent of the 25.161.413 shares offered. wifi accordingly be 
subscribed for in terms of the underwriting agreement. 

The offer closed on 23rd June 1978. Certificates in respect 
of shares subscribed will be posted to applicants on or about 
14th July 1978. 

Johannesburg 
June 27. 1978 



GRUPPO FC^ANZlARia I?^ILE 

Sodeta pier Azloni— Capitale Soeiale £5,000.000,006 
Head Office: Torino (Italia) Oorso Emilia, 6 
U.S. $6,500j000 Convertible Bond Loan 
8% 1973-1981^:;; 

N. 9 Dividend C^iipoa Payment - 
July 1st, 1978 . ^ • 

Bondbearers are hereby informed that the expiring 
coupon will be payable as from vJuiy- lst,:197S at the 


following banks:; 

BANQUE GUTZWILtER; KUKZ/ .. ; 
BUNGENEB.S^: ^-GENEVE. : : : 

• • • BAN C A DELGOTTARDG^- LUGANO 
. BANQUE SMTEENATTONALE ' ' 

- •• .. 

BANCAPREto^A:^l^GA^ 

- . R OTH^CmLi>BANK A.G;^ ZURICH 


Our Eurobanklrig Services 



' r We3r& iba wh^Owtjecf stiteidjEiiy o^Uaembouig of 
:.-Badische KbrrimuralB taridesC^^ teading'.German. 
"bank .'headquartered 'Hr Mahnbant- Otir-. ; &jfpbanking 
... . services Include deafios-fn 


' Our Euro-speaaliste have 
. . ffie 'praverT. ability lb deal 
'- '-^ successfully in the money, 
mark^s both on an inter--. 
arwj'institiitional basis - 
and. .the. skjjl lo;prwnde> 
V:; effective foreign eoschange 

• ^bver. far.cfient^acavein- 

:-4- tatemaBona|.tradei • .•> 

■ •. ; Comptementirigqormoney 

5 ir^rtets arid foreign ex- 

• Change opwattons, we 
manage or. -partiwpale nr 

'-•’."fijffid-intsrest. Oi ;fdfbver. 

: ■ • syndicated. Eurotoarisr and 


.vffi.-.had&V m fet^-irrterest 
• securities. ?*:■ . . 
;= To ffn jfqis mbtoaboutpur 
. Ebrdbankjrig -sswices jurt . 
edhtSCfc-i -- 'V 


* t>. t^.Krap#.^ Managing. 

Dirsctoij.'iw-^ AfjV -j?- . . - - 

SyrxfiratedEufctoans; ; ; ‘ 


•liOItairfeuu-r '■ ; 

MoneYmarkEf andfbr^grj' 
excfEfftgedeaiin9i.'-;' : 'v>- u 


Sec^trf^' tr^f i-'QOCv’ ■- 


' BADISCHE 

KOMMUNALE LANDESBANK 
' INTERNATIONAL SA;> . 





./ i- .V ; 

y-- t 


*■ ■ N- 


*■ r>;"r 

ap.i f 

• '** n 

a? : 

%*** ;:r- «n 













■ ' - M 






Tuesday. . June , 27 197& 

*•':•' — ^'•••' ' '■"** - '• • •- *-' • .-■"'- ■'. 




.1 


S3 




action over 
VEBA-BP gas deal 


Office! AUSTR,AN brew,ng 

I Viennese beer barons leave the sta 



BY ISSUE COUTT 


BERLIN. June 26. 


BY PAUL LENDVA! IN VIENNA 

— — , ...... 0 „.. v.’jth stringent was expected to be reduced lo which has an IS per cent holding breweries fighting over the rest 

Austria’s oldest brewery, the spurt, has become the sjmbel rationalisation likely in cause a 25 per cent holding in exchange tn Brau. Creditanstalt would of a shrinking market. But the 


WITH THE planned takeover of mg as the patron of arts and merger, along 


completed merger of the third of private capitalism ’in a massive lay-offs among the TjSOO for Scbwei-hater’s total assets. have clearly preferred a merger recent emergence of a. complete 
and fourth largest, and the country where most major employee*. Now. however, the final of the two companies— newcomer has now changed tie 

rirwAw ‘ 4 -emergence of an aggressive, industries ar« either nationalised B ‘ 

^Si't. w « Cartel tive of the Bonn Economics lP ric «utting newcomer, manage- or belong to the industrial bold- 


ment in the industry is being ings of the large banks. But i in^iord "inri''’-! hi>«r lower evaluation pm on the stantia! minority interest But the Tyrol, has erected a 
foreed to react to tougher the image of the “beer barons” nF in.;,,. Schwechater assets. It is reliably the die was cast by the Mautner- brewery in Sankt Poellen which 

competition as sales stagnate. as the "super rich" in an nianii coin* in reported that Bran's final offer Markhofs, who finally opted for wjJl go on stream at the cod of 

Austria governed for the past chidin" non-alcoholic 5^^ is a mere 13 per cent stake. the merger with Brau AG. June. Already, he has given 


' " v - could approve of a -prohibited 

“ er 8 e r it was found -to be in 
. , -/■ ;to;sec.. whether it will take action the public interest. 

. . - ^anstit. „ « Since .^merger control" was 

pre - 1 ' L ntrwlucB d “ 1973, 16 mergers 
' Qffioe »n have been prevented by the 

' ' to f to of^r'anti-meS^r^tia- ! d h uce f when the acquisition ‘ by 

- moVeffe^vl 0 1 2L5K \ 

Germany's largest natural- gas. 


at is the lanur r.r tho arrangements ma> have to be Schwechater and Hie new Styrian entire picture. Herr Fritz Egger, 

,i rh , ulrZr.Lr Z hold up because of the even group— in which it holds a sub- a producer of fibre board from 

1 lower evaluation put on the htantial minority interest But the Tyrol, has erected a new 


two with 
Sell 1.54hn in 1976 and u beer 


Schwechater Brauerei_._ owned 5SS3t ttWM&jhnfe with 

their — 


The situation is complicated Meanwhile ihp owners! notice that his cheap beer wall 
real S35ta3"lS hm'olUtM *““« "if '“l* 1 * ."■‘V™ upheaval's likely^ put an end be marietta all over ftecounuy. 

More tellingly. Brau AG has an 3US * over of Schwechater s to the beer cartel which has V/irh an initial output of 
. , outnut of 1300 hectolitres Dor “P 113 *- A 30 per cent, interest neatly divided the Austrian mar- 200,000 hectolitres against annual 

news that while Schwert ate? U is held *> the Creditanstalt ket since 1907. treating Vienna industry-wide production of" 7.5m 

1 nn * Bankverein. Austria s number as a domain reserved for hectolitres. Herr EggeT is. a sniall 

with the west producer. " Nevertheless, relying 


-wmoany ■ - - -In its most recent .decision, 

i -u- ; . the Cartel OfiSce fined IX leading 
. II the Cartel Office objects lo abrasives 


by the family of Mautner- never reflected 
Markhof “beer barons." will dis- financial position, 
appear as an independent prb- 

Nevertheless. the 

__ Schwechater Braueret, so Ion:* 

jsss? B ™“ AG > r U” *«■* isaass .r 1 *? a jssetc "5£^sn£S S„t wiui me west proouccr. ^evenneiess, relying 

through, while Coesser and Markhofs, is ro be absorbed by “ cent f i.-ctria’s Fedcral government. The main dominated by Brau AG and the on the most modern technology 

Reimngshaus have already com- Brau Ab -has made 1 bcadliops ^ ~ ancl pr Sbably rank SEES? 11 ?" ld ** tJ 5;. r s “i h b - v the •Slyrian compantesr and aggressive^ marketing, the 


bined to form an 


probably 

European 


comes from the Creditanstalt, The spread of supermarkets, newcomer in Sankt Pijelten is 


coneern ,n ^ Province autumn, tue two companies bad , ipacnp “" U| ' w “ which in turn also has a 25 per discount and cut price stores, as likely to be an mcreasinr/ly 

of Styrta. ai Iready agreed to merge their • => . ‘ ' cent interest in Goesser and well as the impact of foreign dangerous competitor to .the 

holding com pa rues without When the idea of the merger Reioingbaus. These two merged competition coupled with stag- established companies. Thus the 

n«, ,.r R«r m i, mod -.oeo «»•-•»•« sa , es K have under- bowing out of the Rlautner- 

Schwechater's erstwhile Markhof dynasty’, while certainly 
share dominance in the Vienna area. the most publicised, is not 
At ibe same time, the mergers necessarily the most crucial 


Ever 

Mautner 


sr since the 1840s, the affecting the independence of was first muoied in 1969. the this vear and operate under the nating 
. . ier-Markhof family has the respective breweries. Follow- Mautner-Markhof family brewery new name of Sleirische Braunin- mined 

umber of price | dominated both the brewing ing an estimated operating loss was offered a 38 per cent interest dustrie AG. with a market 
October IBfiflj industry and. increasingly, the of Sch.TOm (S4.7m) last year, in the Linz company. By the of 29.7 per corn. 

374. The com- 1 cultural scene in Vienna. Since the Schwechater Board has bad time of the actual announce- The mer-ers also invnh 


w ...... M „ enlarged even in the popular dailies. Last 

Ger^’ ^Econom1 y ° £ ^ est BM58 q3oQ & for 

Mmistry. price fixing agreements. ■■ 
if ^r. ;tse ^ “ opposition The companies worked out a 

• Government, price and rebate svstera which 

vtoa COnLrois ** ^ er cent was used in a number of price | dominated 
..ytUBA. increases between 

''ijS c y» C KSS™ ? r interesl - bas «nd November 19 m. rne coni- 1 cuuurai scene in Vienna. Since the Schwechater Board has bad time of the actual announce- The mer-ers also involve the nose a lon«-ierm’threat" tn‘the~33 elVmVnt'in the chanelnc "world 

^f^Uy.ac -,0 ««p. ..he. .»e v. _»blllty of ■ AG's offer Wes. <*S SS3l '"tST “ rl ln M,?” 8 

■companies, including VEBA, in sen: 3M Deutschland: VerefnigteJ 
1974 for allegedly .overcharging Schmirgel-und Maschinen- 

-customers in West Germany. fabriken: Starcke: Carborundum 
In the same year. Volkswagen, Werke; Feldmuhle; C. Klingspor-. 
fn which the government is a C. F. Schroder; Rheinfscbe 
large minority shareholder, was Schmirgelwerke; Norton; ' and 
charged with unjustified price Wanfrieder Schmirgelwerke. 

rises but the Cartel Office sub- In the past ten vears the 2? otl - e5t Pre-tax earnings of in 1977. The interim report does that the net effect would be con- 
■sequently dropped the case Cartel Office has issued’ 171 1 Kr fS109m) in the first four nor show any extraordinary siderably better. The interim 

• Herr Kartte made his remarks legally valid fines amounting toi!. n ? nt ? s of 1978 during which it items because “it is too. early report notes a funher setback 

“ . while presenting the Cartel Office DM 112m. The majority, of com- ■ S* e J "" 10V «L,K ^ per ," nt *J° l0 ^ uannf > / , ? ni * li3,s kind - . ° n ^est German marnet for 

report on Its activities last vear nanies were' fined for illegal l- 8Sbn fS365m). In the However, the 1977 account was household furniture made by the 

-At P the same time, a represema- price and rebafe ^raacements^ ! vt.rrespondlng period 0 f 1977 the dominated by the extraordinary Kubel factories which form one 


Improvement at Swedish Match c ? 1 f tro{ °. f go 

r will remain in 


| BY WILLIAM DULLFORCE STOCKHOLM. June 2B. 

(SWEDISH MATCH made very Kr 26ra, which is Kr 2m less than director, anticipated in April 


French hands 


DOMESTIC BONDS 


Saarland raising $75m 


BY JEFFREY BROWN 


5 roup reported a zero result. items. 


-■ U 


Vi” 




By Christine Moir 

CONTROL OF Generalc 1 

FrenclTrelddinUand will^remain i TH - E FIRST *»f long-awaited placing msututions are able to 
in Freich h^ds Sir S " ' s,a ' e J b0Dd offerings was un- add a tax reallowance to their 
Th^ Tiicl uded~ income of”the group’s worst" headaches.'*' ! Go *dsniith said UterLy ,n Prankfurt > esterda ’ v initial yield and at DM 150m the 


Thp manaPPmPTit ic vtirkino tn ,ru,n aailf 01 a F er ce,u ine “a 111 30111 ^ «r earnings;. . h*“I'«k« i the d 

i its (ot^ast o^U-htly impiuvld share in Wilkinson Match among continued to be matches which I investment by General Onental. market in West Germany, 
ccabi ot ■ ^foriflTSasa ot ^ er holdings and even larger turned m an operating income of |?h e Hong Kong quoted company I — J 


BY METIN MUNIR 

CITIBANK has : raised from about 

8100m to 8150m the seven year officials. The principal worry is [ 
facility under the so-called “con- that there will be inevitable dis-; 
^tructive remittance scheme," a crimination among the suppliers 
new' system contrived to pay off since the S150m rs a drop in the 
Turkey’s debts to foreign sup- ocean compared with Turkey's 
'pliers, banking sources told the overall debt. It is estimated that 
'Financial Times here today. the debt for unpaid imports 
*. The 50 per cent Increase « 1 n 5? n February, 1977. ■ totals 
occurred because a large Dum- simoom. 

.her of suppliers wanted to sub- ' Secondly, the Finance 
scribe to. the scheme. Banking Ministry is Insisting that a por-- 
sources also say that a number tion of the facility be used as 


‘operating results 
whole. 


from the sale of a » P er pen. The main aouroe of earning !,_ herring » J*., j SS^US'JBr 1 %S m, StS<St 

bond expected to be fullv 

ysrwj “-v f vr sssr^ is e m 

years at 6 per cent Price has a tightrope, 
been set at 98’.. Dealers are Both domestic and foreign in- 

mncirisrahlv umreo '**» c Jicuis -icil UJtS giuuu I won/ lung uwur in uic 1USI lUUlj-’“'u inui ness jugoimuuiis Ui A ! u «i,j nn , n u'hnthor the . „ . 1 , 

consiaeraDiy worse Km , tRn , in i«. \ transfer of control of GO were ! c " "re® to_ sec wnttner toe vestment inflows into Frankfurt 

unfounded. . blate 01 Bavarla 


Turkish credit stepped up 

Ankara, June ^ „ ! r£ w iFs e °B u0 3 sss m -s^sr 

“ t , ,t t he minds of Turkish i . s . “l e . fi / n s L. r 0 i r |.. ra °f r ?p these items left the grouo Kr6m loss made in the first four said that Press suggestions of a ! ^ 

Clio Th^ nnnoina U'nrrv ,c ! nj\ e Oeen COn5iQeraDl> worse .Jf? .w - J vT.i .1 r 1 „ c 1 . r r-r. • C 


than expected. 

The Kr 5m pre-tax figure is 


Kr JSfini In the red before months of last year, 
allocations and taxes. On April 30 the group held 

It has been assumed that there liquid assets totalling Kr 620m : 


struck as usual after cost- would be further restructuring against Kr 452m nn December , Ctan/iarr) lTlonfrina 
paifMiiafari rfn n »i.i,tinn an( I costs this year, although Mr. 31 and had available unused Ji.ici.ir ltd 


calculated depreciation 
includes net interest costs of Gunar Dahlsten. the managing bank credits of Kr 245m. 

LKAB reconstruction urged 


, ^ or ‘ ha^e for the moment ground to 

*r ard l £r*?K e ' e * ofIenn ’ « bait. The resurgence in the 
of around DM 450m. equity market is a distraction. 

The weakness of the German while seasonal demands on the 
bond market finally emerged money market — for tax and holi- 

rightened 


STANDARD Electrica, Spain's _ .. .. 

largest electronics company and j * nt0 Re open last week with the nay purposes — have 

controlled by ITT. reports a IB; central bank forced to mount a [iqui^ny on a d:<y-tu-dav basis, 
per cent increase in sales fnrj™ a 3® r fupport operation. The ^ C cordin° to AP-DJ in Paris 


STOCKHOLM. June 26. 


Bundcshabn was again in the 

market yesterday buying some ^ ,, , D ... . 

DM 180m of bonds, taking its JJ P - l . he unit of B.msh 

Petroleum, is to seek shareholder 


1 977 to Pta 28.9 bn (33S0m ). 

Robert Graham writes from 

, „ BY OUR NORDIC CORRESPONDENT STOCKHOLM. June 26. I ISS - * i a ,. ! «lx.dav lotal no to DM 560m reiruwum. is iu smk snareiioiaer 

of other major international “Fresh^mone^ls 0 crucia l | LK AB. the state company investigating LKAB's future against 126m tonnes in 1977; but ! showed a 56 per cent rise.'larcelv f So far in June the authorities J5 P ™p a, pJj|j 1 ’.h 2 , i.mS.iES 

banks are piannmg to provide 15 operating the north Swedish iron since the beginning of this year, underlines that LKAB must also' - * " " J ' --- -- ----- ^n.h r.r 

similar loans to Turkey. fro ^ a serious forei-n exchange ' iri ' nes ’ can * ,e r estored to profit It is due to jubmit a final report look for new custumers outside 

■ Under the constructive 'remit- short age. Citibank'’ is arguing S J™"" 
lance scheme Citibank. will make thal at point it is morQ im ..ditions 


,! within five years. But the con- in August. The company expects Europe. 

are* a financial recon- to lose around SKr073ni (8147ml The preliminary calculations 


accounted for by a telephone I ^ ave bad lo purchase 
contract in Algeria. !DM lbn in the market. 

ITT has a 65 per cent direct 


over 


on the French or international 
markets and in one or more 

Prices have declined heavily. «£?*£„ In „„’ ®’' imum J « ( 
„. FFrs- 400m. On the same dale 


plus a further equity of! The most jecent long-term new U v ?: . , Ul L rt d a ,' ^ 

10 per cent through a issue. DM 750m hv the Federal »bareholdcrs \.ill b asked to 

. * . a _ . AnnrnvK a vnnnnn amhnrurnn the 


Triumph increases profit 


ZURICH. June 26. 


roree. The extraordinarily high assumption that production will last year and the 32m tonnes 

freight rates charged by the be continued at each of the delivered in il> peak year of 

Swedish State Railways for three large north Swedish 1974. The team itself warns 

carrying the ores to Narvik and mines. Kiruna, Malmberget and against too much reliance on 1 Pta 19 6bn (8245m i worth of 

Luleaa harbours must also be Svapavaara. It also assumes such forecast. I equipment to Telefonica last 

drastically reduced. that steel production in the Mr. Sren Johansson, the i year, equivalent to over S5 per 

This is *the pre.limmarv finding EEC will recover to 155m managing director, commented cent domestic sales, 

of the team which has been tonnes crude steel in 19S3 that LKAB could expect to run Profits for the year were 

. at a loss for two more years. Pta 700m (S8.75mj. 


- - to a 

phone monopoly. Compania : of . the DM 1.5bn Government FFrs 6S6.2in 
Nacional TeleFonica. which has; loan raLsed in April slipped to The French 
20 per cent. Standard supplied 


maximum of 


SlSOm'a^aiiahle^tn the Turklsfa 1 iVl^ ‘nir ' struction. a stronger marketing this year, giving It total losses indicate that LKAB could in- j about JUfU a „. v . . , , 

central banks which will pay ft^old f debts Vnfi 1 ^ open its\ efForU ^ devoiopment ° f higher of over SKrl.3bn in 1977 and crease its ore deliveries to about I Luxembourg registered com-, Railways, currently stands at a 

off past due debts, to selected 2 “S. " nwlltf ore products and a 1978. 26m tonnes -in 1983. This com- 1 pan. v. The main Spanish equity! discount of three-quarters of a ^ard to mcreaoe the company s 

suppliers. Repayment of the Rorh Citibank and ■ ' the : ?* creas l, of I>00 ° jj 1 , lh ® work- The team is working on the pares with the 39m tonnes sold j is held by the semi-private tele- ‘point, while the 12-year tranche 

loan, over seven years, with u Ministry of Finance ' have r i-.-u 

spread of 1.5 per cent, will be refused to disclose how manv 
guaranteed 'the recipient sup- suppliers hove applied to herie- 
pliers as well as T>y Turkey. The g r f rf , m the scheme or which 
suppliers would he selected by anc j how many would benefit 
Turkey from among those whose from , t . 

credit with Citibank is good. Company sources expect an 
• Although the scheme appears agreement on the matter 
I? bo attractive for all con- between Citibank and. . the 
termed there are certain doubts Ministry of Finance in ten days. 


unit of Dunlop 

97.90 yesterday compared to an holdings. Dunlop SA. has received 
issue price of par. shareholder approval to float up 

The new Saarland bond offers to FFrs 50m of convertible bonds 
a placing yield of 6.21 per cent on the French capital market, 
which is substantially below the The bonds would be convertible 
market where 10 year bonds re- into shares on the basis of six 
turn 61 per cent on average. The shares per bond. 


Alfa Romeo losses total L 98 bn 


.ALFA ROMEO plans to reduce Romeo 


MILAN, June 26. 
reported a loss of | 


BY JOHN WICKS 

Despite the textile -e cession. Uni versa AG and consisting of ; its capitjd to L52.abn from L4S4bn 

turnover of Triunh International 17 companies in Switzerland ; L150.obn - by reducing the Alfa Romeo ended 19< 7 with 

turnovcr orTi up . •• and elsewhere, accounted for -nominal value of its shares, to short-term debts of L199bn 

the leadin* underwear, founda SwFr 28 j 4 m 0 f t he Total. Dlvl- ! cover losses for 1977 of L9S.4bn against L160bn at the end of 

lion garment and swimwear con- S j 3na i profits of SwFr 9.4m were) (3L14ni). 1976. and medium and long-term 

vern. rose by 5 per tent last roughly unchanged, while cash- The 1977 loss figure includes debts of L99bn compared with 

vear to SwFr 780m (Si 15m k The flow' 'improved slightly to j L48.7bn for the writing down of L77bn. 

group which has 31 subsidiaries SwFr 15.4m. i the state-controlled company's Sales last year rose lo L923hn 

throughout the world also Triumph views, the future participation m Alfa Sud. the from L819bn. but production was 

reports a further rise in profits. - “with some optimism." although ! car plant near Naples jointly little changed from 1976 due lo 

The European division, headed the hoped-for recovery of ; owned with Alfa parent company strikes 
by the Berne company Triumph markets has not taken place -Finmeccanica. For 1976. Alfa Reuter 




cs-ji; v 




M 


a: 




Vi 







. -3 « 


.-.-1 6^ 


,r ? . • * 


^ Banque Bruxelles Lambert 


Main balance-sheet items 

. at31st»VIarch{BFbaiionJ 


Balance-sheet lotal 

Deposits of customers (including medium-icim w 
Deposits of bankers (including subsidiaries and 
non- guaranteed call mooey) 

Shareholders' equity 
Loans to private sector 
Loans to Belgian public sector 


31-3-77 

31-3-78 

Change 

' 429.8 

493.4 

+ 14 8% 

3> >40.9 

269.2 

+ u.as 

’ 149.0 

180.5 

+ 21.1 % 

10.3(1) 

110(1X2) 

+ 17.0 'Z 

378.6 

206.6 

+ 15.6% 

31121 

132.0 

+ 38.7 % 


~ {;! fjjgftoSSm pn"'» l "“ Jf BF 1 - for » yan. iwi^ w Apnl 

Development of activities 

and improvement in profitability 
Net dividend increased from BF60 to BF 72 


Tie financial year endins on 3hl March 197* may 


he 


resumed as follows : a in anc 0 f BF 59.8 

♦ Continued growth with an increase m one y»r o 

bilUon in customers' and nnmv Total of credits 

Um 751 ^m-atc sccioAasBF 338 6 

<— — "« 
of ***■£*; zsiSSES* 

aimulaan* ^ m.emanonal 

“orion of com— 

" h ' ch 

open to them over 200.000 bran - j^y ioternationaL Incrca- 

• Expansion of most acuvitics. p^_ _ Jbc bank has been 

serf share in short-term ftnan f cinfi Q r capital goods exports, ft 
very active in medtum-ierm pc^Togo. Dubai. Cyprus, 
among other countries to Aigena, Pe or co-managed ^ 

and J«e of Eaden. Enrop^ '' ^Tnteement* amounune '<> 
Enrohond issues, fornm loans or P nva " P 

ssMSi -f J ass^ a 


has 

1977. 


paid pro mu to the 2,000.000 new shares dated 15lh May 


. ■ available on request from Bank Brussels Lambert OJK) Lti 

The annual lc i wrt S j _j yndershaft London EC3P3EY 

^ .... ... vsqwrtf '.<3 »-a : '.if 

" v v.% :•=. • 


Sff- 


% 


Luxembourg, in Singapore. The setting up, with the Kora Ex- 
c hang e Bank; of a jouuly-owtied subsidiary company. Korea- 
Europe Associated Fmance Company (K.E.A.F.). in the context of <%■ 
the promotion of financial and commercial relations between 
Europe and South Korea. ..... 

♦ Tighiening of the links with the multinational banking groups 

in which' the bank is associated (Abecor, S.F .E. and SF ” *■ * 

• Deveiopmenrof the bank's computer system, whose capacity ^ 

has more than doubled in two years. ’jX. 

* Constant alien lion lo rigorous reinforcement of internal control 
and management procedures. 

♦ Deceleration in the growth of overbad costs and. thus. 

consolidation of the progressive return lo profitability begun in 
1976-1977. . ' 

ProfiL before duties, taxes, depreciation and provisions, 
amounted lo BF 2.107.7 million as against BF 1,992.4 million in 
1976-1977. After deduction of fiscal charges 2nd amounts for 
depreciation and provisions, the financial year closed with a net 
-irofil of BF 702.3 million compared with BF 594 million in 
976-1977. 

The Annual General Meeting, which was held on 22nd June 
1978; approved payment to the 3,300,000 shares in issue before the 
last ca pital increase of a dividend of BF 72, net of withholding tax. 
compared with BF 60 for the previous financial year. This dividend 
is been nm ,n ? ono ( 






*n 




it 






! "****&l 




The Bank 
that puts 
productivity 

first 


Productivity is the motivating force 
of economic life in Baden-Wurttem- 
berg. one of West Germany’s most 
dynamic and prosperous states and 
the headquarters of some of the 
world's most presitgeous names in 
business and industry. 

Productivity rs also the cornerstone 
of our banking philosophy at Landes- 
bank Stuttgart, one of southern Ger- 
many's leading banks, with assets of 
DM 18.7 billion and headquartered in 
Stuttgart hub of Germany's industrial 
Southwest 

Landesbank Stuttgart is a govern- 
ment-backed regional bank and is 


part of the vast nationwide network 
of savings banks. We offer a compre- 
hensive range of commercial and 
investment services including foreign 
trade financing, security dealing, un- 
derwriting operations and project fi- 
nancing. For refinancing purposes we 
are authonred to issue ourown bonds. 

For a banking partnerwhose first 
pnonty is productivity, just contact us 
at Lautenschlagerstrasse Z D-7000 
Stuttgart Tel.: (0711) 2049-1, Telex: 
7-22701, or our Representative Office 
in London at Portland House. 72-73 
Basinghall Street. Tel.: 01-6060052, 
Telex; 881 4275 LBS LON. 


Landesbank 
Stuttgart W 

V. uiax.is .-i.r.T.u'A-i ur-SKa.*^ SttXria:* 


A 





















34 






Japanese 

audio 

groups plan 
to merge 


Malays offered stake in 
East Asiatic (Malaysia) 


BY WONG 5ULONG 


KUALA LUMPUR, June 26. 


;apore 
bank raises 
stake in 
Haw Par 



Union 

at faster pace 

BY RICHARD ROLFE .i/-v JOHANNESBURG. ^26, 


Jardine 


B i Yoke Shlbata 


TOKYO, June 26. j 

CROWN - RADIO. a medium-sized i 
audio equipment maker listed on ; 
the Tokyo Stock Exchange and , 
Yybernet, a top, but unlisted,, 
citizen hand transceiver maker.; 
plan to merge on an equal basis 
from Octuber 1. | 

Crown and Cybernet are highly 
exoort-orienled companies. The 
merger is aimed at meeting tne 
e fleets of the rise in the yen in 
llie foreign exchange. The com- 
panies believe at Hie same time 
that lii'-v can strengthen each' 
other in “ techniques, ohioe 
management and manufacturing. 

It will be possible, they say. io 
develop and vary products by 
the combination of Crown s audio 
techniques and the communica- 
tions experience of Cybernet. 

The rise in Hie yen left Crown 
with a deficit of YOOOm cS1.4m> 
for the fiscal year ended last 
month, and with Yl.SSbn o* 
cumulative deficits at the end of 
the year. 

Industrial sources regard the 
initiative for the merger as 
having been taken by Cybernet, 
which had been seeking the 
opportunity to become listed on 
the second section of the stock 
exchange, but dropped the plan 
with the fading of the transceiver 
boom. Us business performance 
has been deteriorating. 

The Tokvo Stock Exchange is 
studying the merger, and has 
halted transaction in Crown s 
stocks. The exchange is thought 
likely to examine the merger 
particularly closely since 

Cybernet is larger than Crown in 
terms of sales network and 
employees. 

The company arising from the 
merger, to be called Crown- 
Cvhernet. will have a capital of 
YI.Shn. The president will be 
Mr. Karuki Tor.iono. of Cybernet, 
and the chairman Mr. Kurijiro 
SuezumL 


E\ST ASIATIC COMPANY 
{EACl is to sell 35 per cent of 
Malaysian subsidiary, to 
Malaysians, to conform with the 
Government policy of allowing 
Malaysians wider participation in 
ihe country's corporate sector. 

EAC said that it has received 
approval from the Malaysian 
Capital Issues Committee to sell 
2im one ringgit shares in East 
Asiatic Company (Malajsia) at 
1.6 riPSSRs per share. 

Of the 21m shares offered for 
site. 15m will be reserved for 
Malays, while the other 6m will 
be. open to other Malaysians. 
E^C said that firm commitments 
have been received in respect of 
115m shares from Malay finan- 
cial institutions, and the remain- 
ing 9.5m uncommitted shares 
would be managed by Pertanian 
Earini Sanwa. the merchant 
hank which is the adviser io 
E.\C in the reconstruction 
; scheme. 

East Asiatic Company 
(Malaysia) was farmed in 1976. 
and has acquired from the 
; parent. Danish company, its plan- 


tations, the production and 
distribution ot Dumex pharma- 
ceutical and nutritional products, 
and its general trading, including 
the assembly of Vespa scooters. 
The parent company retained its 
interests in the Carlsberg 
Brewery, and in shipping and 
forwarding, and the manufacture 
of shoes in Malaysia. 

la its prospectus. EAC 
f Malaysia) said it expects to 
make a -pre-tax profit of 
19,5m ringgits for the current 
year, and that it should be able 
to pay a dividend of 20 per cent. 

On the sale price offer of 
1.6 ringgit, the prospective gross 
dividend yield is 12.5 per cent, 
and the prospective price- 
earnings ratio, based on forecast 
pre-las profits, is 4.90. 

EAC intends lo make 
occasional offers of shares in 
EAC i Malaysia) to Malaysians, 
so that by 1990. 51 per cent of its 
Malaysian subsidiary would be 
held bv Malaysians. 

* * ★ + 
Mitsubishi Corporation has 
established a commodity trading 


company in Kuala Lumpur. in i 
partnership with two Malay Arms. ' 
Wong Sulong writes fro* 11 koala 
Lumpur. 

Mitsubishi owns 30 per cent of : 
of the equity -of the dew com-| 
panv, Sinar Berlian. while the; 
remaining 70 per cent has been, 
taken up by Maba Perkasa and 
Impian Development. , Sinar 
Beriian's authorised ca P!.' a J ** 
400.000 ringgits of which 200,000 
ringgits is paid up. 

The executive director of 
Sinar Berlian, Mr. Hidefcazu 
Nagayo. who has 1* }' ears 
experience trading in non- 
ferrous metals with Mitsubishi. 

said that the new company has 
begun trading in lin. It would 
next be dealing in as 

Malaysian oil’ companies are 
expected to require carious steel 
products for their complexes. 

Mitsubishi itself is involved in 
the construction of the USS lbn 
liquid natural gas plant in 
Sarawak in partnership with the 
Malaysian oil company. Petronas 
and Shell. - 


New markets lift Zim Israel 


By H. F. LEE 

SINGAPORE. June 26. 
Haw Par Brothers Inter- 
national has announced that 
the United Overseas Bank 
(UOB) group— one of Singa- 
pore's Big Four banks— now 
owns 8m of Us shares, equiva- 
lent to 7.5 per cent of Haw 
Par’s issued capital. 

Haw Par" also disclosed that 
it has been Informed by Mr. 
Wee tho Yaw — chairman of 
UOB and a tiireclor of Haw 
Par — ibat Wee Investments 
Pie. had acquired 500,000 Haw 
Par shares on June 13. Mr. 
Wee is a major shareholder 
of Wee Investments. 

With the acquisition. Haw 

Par stated, Mr. Wee is deemed 
to be interested in a total of 
8.5m shares in the company; 
or S.S per cent of its issued 
capital. 

Mr. Wee and UOB are now 
beliei ed to be the second 
largest single gnrnp or share- 
holders in Haw Par, the 
biggest being Charter Con- 
solidated Investments, of the 
UK, which at the end of last 
year held 14.125m shares, or 
13 J2 per ceou 


I UNION STEEL Corporation the improved tone oft be . fi* 
nUSCOi— orofits of which four mootha. the chairm n oom 
sharply in' its year to December* not expect 8 1979 
31-h^s reported improved/in the *“*' «« 
trading conditions for the - tor." The 

: four months of the currenf reimi^ 1 llt-risKS, 

: financial year. Profits are wg .healthy state ^ 

'ahead of the comparable 1877-, faster than the towaaxr p - 
‘figures. The chairman. Dr. -M. indices. Bu«. m SE£ 55*1, J 
Id Marais, told shareholders' arthere has been merehantt' 

1 the annual meeting , that net flocking among ^reha^te. 

; profit over the period was up:The group s other interrets, rast 
; from RO.lui in the previous yearnings, copper 
id RL3m fSl.am). mainly because aluminium conductor production, 
of higher profits in the steel ^ pressed. ^ ^ ^ 

;610 Over the year to Decembec^ &3 per cent 

■ U SCO's attributable profit was; duced dividend. There jjs no 
down from R5.6m to lU-lm-dhdiindiCBtioii Of diei^d. poIW in 
: the dividend was reduced from: the current year. Th^i^eae l 

5.5 cents to 2.5 cents. .The group group. 1SCOR. holds K> per eem 
is highiy geared, with deprec^ jf USuO. iAriuding P^fer 
tion and interest on borrowings. .shares, with A n Si° ^raericaa 
absorbing RS.6m out of last year s . Industrial Corporation (AflUC) 
R9.Sm trading profit. Despite . holding 13 per cent. 


losses 




Modest gain at Russell 


Swiss bank to 
open in Tokyo 


BY L. DANIEL 

NET PROFITS at Zim Israel 
Navigation Company rose by 10 
per cent in 1977 to S4m. Turn- 
over also increased 10 per cent, 
to S45Sm. 

The company hopes to break 
even in the current year, in spite 
of heavy loses arising from the 
general "strike in the fleet three 
months ago and the resulting loss 
of some customers. 

The dividend for 19 1« is un- 
changed at 15 per cent. 

Although Zim is the country s 
national "carrier. 70 per cent of 
its turnover of $45Sm last year 
(up 10 per cent) represented 
trade between foreign ports. At 
the same time, the company s 
share in total exports-imports 
through Israeli ports declined by 
6 per cent. The company has 
been losing money on its home 
lines and tanker trade, but more 
than balanced this by earnings 
on freight carried between 
foreign ports. The company bad 
benefited from “entering new 
markets, especially in developing 
countries." Mr. Y. Rotem. said. 


Zim’s operations brought the 
Israeli Treasury SlOOiu in foreign 
currency, he said. 

The company expects to com- 
plete its modernisation pro- 
gramme bv the end of the year. 
It sold off six old vessels last 
spring, and still has six new 
freighters under construction. 
With their delivery. Zim intends 
to compete for a greater share 
of Israeli fertiliser, and citrus 
and other farm produce exports. 
But the company has derided not 
id order an eighth container 
ship for its world-wide container 
service in view of the heavy- 
investment involved. Instead, it 
will charter such a vessel to 
increase th? frequency of ite 
service, which extends from 
Europe via the U.S. to Japan, 
with a feeder service from Italy 
for containers going to or from 
Israel. 

This container service is Zlm's 
most profitable operation and 
was hit hardest by the seamen's 
strike. Zim currently operates 


TEL AVIV. June 26. j 

67 ships, totalling 1.8m dw-t. ; 
owned or chartered from Israe.r 
companies, together with 35 
chartered foreign vessels with an : 
aggregate 200,000 dwl. '■ 

+ * * j 

Am pal- American Israel Cor- 1 
porailon. the American invest- 
ment affiliate of Bank Hapoailm 
BM. has had a good year, both, 
in growth and developing the; 
scope oE its future operations. 
Mr. Jacob Levinson, chairman, 
states in the annual report, our 
Financial Staff writes. Am pal is 
paying a dividend of $50 per 
share." for 1977, equivalent to a 
10 per cent return on the So .00 
per value, of preferred stock 
and a similar 10 per cent dividend 
to the holders of Ampul's Class 
■*A" Stock, which was offered to 
the public during the year. In 
1977 the Ampal group extended 
loans to and made investments 
in Israeli enterprises from 
sources in the United States and 
Israel and in amount of 
SlS3.000.000. 


Sime Darby 
unit’s sale 


Sime Darby Western Inter- 
national BV, a wholly-owned 
subsidiary or Sirac Darby 
Holdings, has sold for cash 
its 40 - per cent minority 
interest in the Belgian manu- 
facturing engineering com- 
■pauy. Const rnctle Werkhulzen 
Vatidekerckhove (VDK), our 
financial staff writes. 

The shares were said 
through Madeuco. the majority 
shareholder in VDK, to LCO, 
a Belgian textile mannfac- 
lurer. Simp Darby acquired 
its shareholding in late 1975 
for the equivalent of Malaysian, 
S2.2m and the sale price to 
UCO is the equivalent of 
MS2.3m (almost ILS-Slm). 

This divestment is consistent 
with Sirae Darby’s policy to 
concentrate on those areas of 
business which are more 
closelv related lo its tradi- 
tional’ skills and experience. 


BY OUR OWN CORRESPONDENT ‘ ■ , . 

•“ ' JOHANNESBURG, June 26.- - 

; RUSSELL HOLDINGS, the maih-this is a premium ^ting.reflMt- 
Soutii African specialist retailer: ing Russell s relative immunity 
,of furniture and household to. the lengthy recession, , 
■appliances, maintained profit-'-.: * * * 

■held its total dividend for the.per cent preference shares 

r s s 6m f r,nr« ^sssr«..wsS s ii 

mio-aved R0J2m lo R12.Sm Reuter reports in London. -The 
(S14 7m) After provisionsiTor market capitalisation^ ami-sh 
normal 'and deferred iax.net holding podgon *Bc£ttntan 

JSSSS-S-W, 

SS “ rain5S 0E 40 CentS " S?e 

The shares yield 8 per cent at Londoi In any shades tended on 
125 cents and in sector terms,; a foreign stock exchange. 


By Ron Richardson r 

• HONG KpNG7;fiune 26. 

JARDINE " INDUSTRIES— in 
- which Jardine, ' Hatheson . and • 

- Co. proposes- 4,6 acquire ' the • 
-16 per . tent : of . ; the ; equity it '. 

' does not- 'already own— imade 
a consolidated 'obefatihg .loss 

- of. KK^.Tni (U.S^l.Tin} in 
_ the. first :£opr^&jpntJis'0! 1978.. 
This represente 1 A worsenjiig ot 

the trehet of.the past two years 
• whicJr saw an operating profit., 
of HKSl2ifflm, Cpr the year- to 
DecemhCT JSTodiurh'littd a Ios&- . 
of HK$6^(H)0Ua§t year. 

The ‘ latest 'figures are -given in - 
the offer document 'issued by 

■ the Jacdine* '’Matheson group. 

Jn tho. -document; Jardine Indus- 
tries' . -cfaaimiaJW-.,Mr. David 
' Newbigging,; . points . out th a t 
mahy. : -OF- the ■gj-opp's activities 
are' se&sbnat with ' the second ' 
half , of . the year , being the 
nrore itoportainti-However. he 
says./the results for the first 
four moritbs i : 6I "this ' year 
“■ compar'd irniirvourably- " ■with 
t- the ye&iarliet- figures. 

He - warns ^tbat -the * reported 
HK87.7m >cane" before 
■ making ^ertain'^ro visions and 
extrajortllhary -- charges, .. “In 
addition^ -it ' has- ' now - become- 


Plan for NZ securities control 

WELLINGTON, June. 26:, 


BY DAI HAYWARD 

THE New -Zealand Government 
is to establish a Securities Com; 
mission to supervise ^fhe. 
securities industry. . 

Last year, the Government 
introduced into Parliament’ > 
Securities Advertisement Bi.li .to 
introdbee a measure oF conlrpl 
over financial advertising^ A 


"number of .submissions, -from 
interested parties recommended 
the setting up of a Securities 1 ! 
Commission. • •• 

The Commission, which will be 
established later this year, wiU 
have the power to cancel com- 
panv prospectuses and vrill keej> 
rheck on .claims made: -in 


financial advertising- 





appaxehE .-tiiat ."provisions, will 
" ade ior fhe write- 


. have tp\lw;Hrade:-- - 

dowit bf'fetpck^ 'an'd for warranty 
costs.^. hie/ says, i .. ^ 

Jardihei- ■ is. " offering 

•HK$4Ah c^h fof each of the'. 
4.76m 2“ J^dihe ' 7 Industries 
shares n & vdoes ndt -own. The 
scheme - of ; arrangement in- 
volved, -fo' hecoine- effective, 
must- be - > approved by holders 
of at leESt -K per Afent of the’ 
outside shareaf ' Subjeot; to the 
" passage'" of -.a’solujion at an 
.exteiordtefari : ieheral ; meetin g , 
‘■-on July-21, -and lo obtai n i n g 
. courts Approval; the scheme 
I' • -wyi; •' become » - effective - on 
August ;1. r' V v -■ : ' ' 

As'^ieported 'at tiie time of the 
- ' 1977 -annual fceport, . Jardine 
’ 3 ndusteies* • trouhtes stem 
= 'mainly" from, "losses incurred 
by r . iis Conefept 2tSCfl group of 
■ subsidiaries,' which moved .into 
the; manufacture 'of radios. 

. / tele visa bn - games.; and other 
xpusumet- electronics for . .sale , 
/.izi.'the U&.- 


Bid 


Offer 


By John Wicks 

ZURICH. June 25. 
SWISS VOLKSBANK. of Berne. 
Switzerland's fourth biggest 
commercial bank, is to open a 
representative office in Tokyo on 
July 1. This is intended lo 
improve services to llie bank's 
jnicrnatinnaliy-active clientele 
and to strengthen business links 
in the Far East. 

The office will be headed by 
Kenzo Wada. formerly a manag- 
ing director in tho Japanese 
Mi'nislry of Finance. 


STRAIGHTS 

: AV.i.-T Austral : a S:pc 

- VII EV !!»S7 

I .vwralia > i>a 1W2 . . . 

I Vusiralian >.!. A S. 9;P' f ^2 

Farclars Hunk S ! fw IW2... 

I Bowau-r . n :pv 1992 

I Can. X. Railway Sim 19>« 
iCr»-d;i :.aii>'iiaJ SJpc I9SS.. 

! PconurZ S nc 19W 

: FXS 9m. 1 1993 

1 ECS SIPC 1997 

. ElD Str*? 1992 

PM I 9:p... 19>9 

rtri.:s»»it 5-nc 19*9 — 

' e*sn iTC !95« Vdv 

•>:». La:-">s Pan.r ‘Inc I9S4 

: Ham-.Tf<cr 9;p>.- l»2 

. Hydro 9pc 1992 ... 

1 IC1 ‘ l PC 1DS7 

; ISE Canada i>.- 19W 

; Macmillan moi-dci In- I99-’ 
iMawx Fersmwi Sloe ■»! 


9 K i 

P* 

9v* 

9". 

or. 

Pi; 

94, 
93 1 


97 r 
f*“ t 

in 

P7r 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


97* 


w: 

*Si 

97 

P7j 

93* 

SOx 

9^* 

99: 

91.- 

s:: 
io-.’ <• 

9S 


9j 

!>■! 

9‘i 

99* 

!*4i 

sr: 

9?i 

9* 

J«1 

971 

l‘Wj 

93 

Q.J- 

ia:r 

94: 

99 


lllchclin 9ipc IfcS 

Midland Ini. tin. Stair 92 
National Coal Bd. 9pt - 19S7 
National Waimnwr. SO’. 1 W 
Nail. w«mnftr. 9pc '?* 'S' 

Ncv-foundlaud Snr \9£9 
Nordic lnv. Bb. Sine I9SS 
Nora,? Kom. RV. V.pc IBS- 

Xorpijw «;p.’ 1999 

Norsk Hydro 9! tic 1992 ... 

Oslo 9pe IKS 

Pons Autoaonics 9r>e 1991 
Prov. i}u«rb-.c 9 pc 1993 . 

Prov. Saskatchun. Siih. '56 
Herd Inwroa nonal 9 pc 19 m 

BUM 9pc 1992 ... 

Selection Trtisi S.pc I9S9 


Bid 



Bid 

OUer 


100 i 

Sti.-lt ln-.l. Flu. SIpc IBM... 

; 

57! 


94 ; 

Sfcond Knskllda 9pc 1KM... 

07 

sot 


9di 

SKF »PC 19S7 

"■ i 

921 



fu-edon ‘K'do.Ti* Slpc 19s. 

Mi 

94; 


100 

United Eiscuilc 9r-C 19S9 ... 

V7 


Oii 

99 

Volvo Spo 1957 ilarci 

92s 

9SJ 

9*i 

97 




95 

SI! 

NOTES 



a*; 

9V5 

Australia 7'P'- 1994 ...._ 

9!i 

94 

94 : 

951 

Bell Canada -tac i'ir7 ... 

93V 

3«= 

Sii 

99 i 

Br. Columbia Byd. 7<pc >5 

9;; 

92: 


95 

r.an. Pac. S:pc 19*4 

nc: 

971 

9 ~i 

94 

Dor Chemical Spc 19:-) ... 

94r 

99 

971 

991 

ECS 7 iW 19 a 

9+e 


92 

94 

ECS Sine 1959 

9i; 

94i 

9:t 

g:i 

EEC 7jpc 1952 

95 


99 

91 

EEC 7ipc 19S4 

94 



Erwo C.atro:: SIpc 19S4 
Gotavrkcn T.’pl 1992 .. .. 

K-jc>unia Spc losa 

M.ci’olta S’-pc 19S3 

Mouwai Urban SIpc 59S1 
New Branwick spo 19W ... 
New Bran? Pror. Sta'. 1 S3 
New Zealand Sip: 1956 . 
Nordic lnv. Bk- 7tar 1934 
Norsk Hydro Tip.- 19S2 ... . 
Nonray T’.po 19*2 . 
Ontaro Hydro ?pc I9S7 .. 
S.Tjc.T Sloe 19*.’ 

S of Elec. S ; Oc i Qi l 
-ITdom- T!o-.- !9‘2 
s-.-'dlsh state Co. Tipc M2 
Tctmox 9’nc J9‘l . ... 
Tom.-ro JJpr 59S7 May . 
Votbsaraaen 71pc 19j.7 . . 


Bid 

9^ 

93‘ 


Offer 

9n: 


9** 

9Si 

96 

99 

95i 

91 

931 

!>4‘: 

9.i 

{■••*. 

«k' 

941 

9-f 

9*1 

o-i 

93' 


971 

591 

99 

90: 

99. 

9" 

F47 

?■> 

91 

9N 

7'*: 

9.« 

9V 

0 .-. 

0«t! 

92' 

93; 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLV 


BANCA POPOLARE DI BERGAMO 


U.S. $15,000,000 


MEDIUM TERM LOAN 


MANAGED 2 T 


CITICORP INTERNATIONAL GROUP 


TRADE DEVELOPMENT BANK 

LONDON BRANCH 


AND PROVIDED BY 


CITIBANK, N.A. 


BERLINER BANK INTERNATIONAL, 
SOCIETE AN O NY ME 


wtjerttembergische kommunale 

LANDESBANK GIROZENTRALE 


SOCIETE GENERALE DE BANQUE S.A. 


BANGLUE INTERNATIONALE 
A LUXEMBOURG, S.A. 


STANDARD CHARTER ED 
MERCHANT BANK LIMITED 


TRADE DEVELOPMENT BANK 

LOND ON BRANCH 


CITICORP INTERNATIONAL BANK LIMITED 

AORNT 


MAY 19, X97S 


STERLING BONDS 

Allied Bre-vcr,'? U.P.- *« 

Citicorp .Apt 1991 

Cmirtaal'ls Ptpc 1959 

FCS 9: Pc 1959 

KIR 97pe 19*9 

KIS 97P, 1992 

Finance for Ind. 9 : pc 19*7 
1 maw-*- ror ind. iopc :9SB 

Flfitna \‘j pc 19*7 

iletfeinrr 11 pc I95S 

IN a 1'ipc t?S3 

Rotrntrcc 10 ac '!>SS 

Scars l n 'pc 19SS . . . . 
Tout Mil 9. pc 19« 


9i>j 

Sir 

9; 

04 

9i 

S9 

ftlr 

94i 

!*U 

S*v, 


S'l 


oii 

59; 

93 

M 

W- 

in 

•r:i 

9SJ 

9; 

9li 

?« 

!>n 

3C’i 


DM BONDS 

Aslan n> v. Bank 5rPC 195? 

B.VDE else !9-*o 

Canada 4 1 pi7 19521 

Den Norcke Id. Bb. 6 p-: M 
Deutsche Bank 4iPC 1933 .. 

ECS .7.' pc I W0 

RIB 3: Pc 1990 

F.If A<i*iiia:n* 3 ! pc 19»S .. 

Enraiom :*Jpc 19*7 

Finland Sta*- 195S 

roromarbs 3‘.oc 1990 

Mexico 6nc 19S3 

Nor* cm 3:pc m-'f 

?;or*t:*y i : nc i?*i 

-Jinei; Up.- 19S". 

PK Banben .lipc 19*S 

Prov. Qll/lte.- ilpe !!■?<] . ... 

Hauianinbbi 19-S 

Spam Hnc I9*s 

Trnnrfhi-lm 3*Pt I^SS 
T\'fi Paver Ca. fine 19SS . 

Venezuela *p»: t?5S 

World Banb :*tac 1990 


9ri 

9*.: 

or. 
w- 
97i 
94 ‘ 

94 f 
97: 
97i 
97r 
91: 


s;: 


*4*: 

300 
9-' ' 
9.V, 
W: 
9.1 
3 *: 


05 


*W; 

97 

96 


99 

96? 

mo: 

m 

971 


95 

9.1J 

fllj 


9 -{. 

971 


9.»t 

9fii 

w: 

or: 

97 

8« 


FLOATING RATE NOTES 

Bank of Tokyo 1854 Sipe .. 

BFCE 1954 S'.pc 

B'lP 19S1 * I |Ape 

BQE Worms I9t3 Bac . . 

CCF I9t! *:pc 

a'iMF 1954 S II u pc 


w? 

!<mi 

as: 

991 

99i 


son 

9Bi 

inn: 

991 

99: 

99J 


Source: White Weld S*7curitK-s. 


This announcement appears as a maffisr of tei^nf Qnfjf^ -. 



-V'-. ■■■ ‘~r : 

acting by and tftougblhe : A : . ^ v > 
DEPARTMENT Qr^lNANCE . • 



J 


. 4 . 


.buyer cre#,v— 
guaranteed by EG;GiD. : 




, arrangKi ^ 
And prodded by 


LLOYDS BANK (NTERNATIONAL LIMETHD 

. A'Mdmtiifiiroithe ^doydspaiKQfPMP “ . - : :' r . 





:"£NCY ! 


«£ CROSS 


ftATlO Hi 

» Y< 


■::r.T 


- .... 

• ''I' 1 

4 *V- 


This announcement appears dS dntidtef of recbrdofily* j 


•-.■Jon $$$$*£ 




$25 






,000^ 



(Hidroelectf lea Iberica Iberdupro 



9Vz% Senior Dollar Notes due 





; Smith Barney, Hams 
Banco de Vizcaya 





■r.i.T 

;=C 


r ri- % 

»-r.. tie 


*oney m 

*y la 


°n 


t»c: 


^ s - 137 
q«ii. 


1 




yic. 

: Js 


,0 . m . 

,1 

-tKC- 



|9 ^ ' 

§jt- is*' 


I;.' to f2‘i 
Inc K-- ' lD, r 
IQ,; 105; 


5'-..- IO. 1 * 

v,t tc* 


^A^.Siia 








, ... ‘ , "aw. 

s 

,r . hau- •_ or?. 




““ 50 ? 






l :S ; i 


Siw»lto|wiGan«f) 


- diiigt m PJIzdrf™ 


tSSS/^Si^Si '*Efc stood at BL2 in the mom- 

■. ! gSrSy low level, and attention ^TOKYfuihB " 

' ■ ’was once again focused on tho *■ 6 U.S. dollar . con- 

.- ■ jj 5 . doHar/yen performance. The vfi ied l0 ^ e Eroun, i against the 
bolter may have receiyed some f T f n c- COntmuing ^ wesker trend 
support through Japanese banks on Frt1 ^; 

te ^pndon . and it finished at Y206 - 25 . compared 

’ > arci»* its best levels of the day wlth Y20 ®- 525 Previously, in very 
V^Tvas^no; doubt -helped by a n ®*™» and heavy trading. After 
certain ^amount of buying interest openlc § at.Y2oa.io, the dollar fell 
la -New -; York although this in tQ a record low of Y204.80 which 
; .tantih a y'have represented further , pr p m P ted . some central bank 
. official -intervention. In fact the lr,terv ention. However, this was 
■ r doHar looked slightly softer ?°° n s ^°W»ed after further specu- 
' -overall " although its • trade latlve buying of yen nullified any 
weighted average depredation, as ? ab rising effect attempted by the 
' calculated • by Morgan Guaranty bai, * c » on such a scale. Hie dollar 

- * ™ay have been helped later jn 

"■ ---- ■- ■ the day by the possibility of an 

.. 5»n»,tto lw CB»i« T imminent rise in U.S. interest 

:3 *[ "ill mWi ■ I ,|| z r— n rBtes - Turnover in the - spot 
dmmkuMkddmm A market remained heavy at S634m 

I \ and about $783m in combined 

|B5 ^ . ; I I _ 4 \ _ forwa rd a nd swap trading. 

• J V PRANKFURT — The dollar was 

■ - . h--\ - 6x6(31 at 2.0753 wW <* was 

N I l » higher than levels attained 'in 

16? — r y * +»— early trading. The U.S. currency 

/ » rose gradually in- generally, quiet 

' " / trading in what was seen as a 

. ’ / counter reaction to its recent 

4i “ f] ~ 1 losses. However, market senti- 

' . _ / I ‘ meat seemed to point towards 

’ J flYpl TTHif'H?? the bolter resuming its downward 

irt, f nJt UXJ J. &\sRJLllJ_ trend against the yen througbnut 
C JT MARK’ Uie rest of this week. Trading 

UU — _ - was also quiet ahead of West 

- iqT 7 • lurra I I German trade figures which may 

^ 'rWmWriiV * tai! * or tomorr™. 

■ ■ . PARIS — In nervous trading, the 

‘ ‘ dollar was steady at its lower 

New York on. noon rates, levels against the franc with only 
mained unchanged at 6£ per a moderate volume of business, 
nt. The U.S. currency may 'also The U.S. currency closed at 
ive lacked direction ahead of FFr 4.5560 from FFr 4.5620 on 
S. "trade figures for May, due Friday. It seems probable that 
day. . The Japanese yen con- conditions surrounding -the 
jued to improve to Y205.92* French franc will show little 
am Y207J, having seen Y205J0 change ahead of the Retail Price 
one point Index for May. due later this 

Elsewhere, the dollar fell to week. The French currency 
I’Fr ■ 1.8645 ^against the Swiss improved against the West 
MIC, from SwFr L8650, while the German mark and the Swiss 
est German mark eased frac- franc but eased slightly against 
inally to DM 2.0765 against sterling which closed at FFr 8.4290 
if 2.07621 previously. MILAN: The lira improved 

■' - . , . . ’ against the dollar but lost ground 

Sterling" remained dii the side- to the yen anri other major 
ies and trading took place European currencies at Monday's 
2“ -/ StS A further strengthening in 

Sjff d n ^ H a * the yen showed a record high of 

MNMMM .’nThaT^wri «*'“«» Ik* Tb, djtar 

ry little movement at the dose *■*£?*„ to rp frw ?? . ™ ay /. 

$1.8490-1.8500, a rise of just MM. Trading was s light to all , 
points on Friday's tfoseL On currencies with the West German 
nk of England figures, the nnark rising to L412.19 from 
und’s trade-weighted index L411.78 and the Swiss franc to 
sed slightly to 61.3 from 61.4, L459.01 against L458.31. 


June 28 

B«ni 

raies 

UP 

U.S. 8 

7 1 

Canadian 3 

81; 2. 

Guilder 

4 4 

Helffian Fr. 

5i S 

Danish Kr. 

a l 

U-ilark 

3 

Kite. 

18 

sj«n. 

8 

Lira 

llto 

tfrwjfn- Kr. 

7 

I 1 rWK.-h Fr. 

Sl 8 

MreduhKr. 

7 

Yen 


Austria ich 


Mvi-iw Fr, 

i 


3.85-9.88 

8.42-3.44* 

8.454-b.«i 

WsSBS 

27.5b-27.71l 

i.4»i-i.4fii 


Financial francs 60.50-eo.70. 


1.8490- 1.960 
2.G 820- j. 0.40 
4.12-4.13 
50.20-60.20 
10.86- IU9 
i.bii-4.t.4i 
34.4Ba4.E0 
145.70- 246.85 
I.bBSj-lBBi* 
9.96^-9.974 

6.467-0.47} 

feO-882 

27.60-27.76 

3.44^-2.458 


2J-1J |if jini 7.42 m8-7j pf pm 8.28 
7a - 165 t-, ilj« l2.7fi'f&-4/6 c.pm — 12.9 
l*r 100 i-. .lit, 1-4.72 [26-175 c^lln -2.74 
l«r-8 lire rila U-1.14 04 lire dis -6.W 
8-21 ore ills —1.90 Ij-Sj ure dis — 1.D0 
Ifl-fi |un 7.60 pi- 23 c. )im 1.64 
B»re ]>m-16>irs 0.71 i-1 ure pm 0.94 
rJO-2.20y.p,n 7.40 7.B5-7.Mypm 7.BB 
15-8 cni pm 8.47 [85-25 cro pm 4.54 
314-ZI4 i-.pm 9.57 3-8 c.pm 8.85 


THE DOLLAR SPOT 


Sir -month forward dollar 7. 75-2. 85c pm. 
12-momta 5.15-S.uSc pm.' 


FORWARD AGAINST $ 


| Canad'n S" 
Guilder 
Belgian Fr 
Danish Kr 
D-Mark 
Pori. Es 
Lira 

I Nrwjtn. Kr 
French Fr 
Swedish Kr 
-Yen 

Austria Sch 
Swiss Fr 


33.75^8.12 
2-2225- L2272 
IUMJ 1 
5.6135-5.5200 
2JJW0-2J17SS 

855.00-355.55 
53880-53950 
4 3450-4 3635 
43785-43335 
2(B. 30-205.90 


88.78-8331 

2. 22557 2753 

32.55-3237 

5.6135-53150 

23730-2.0740 

453845.62 

85535-05535 

53880-53890 

4355043565 

4378S437W 

20530-205.50 

14.917-14.9Z7 

3-8610-13620 


D-OHUBc pm 
0344.79c pm 
9354 JSc pm 

D.92-0.87pF pm 

2 35-2. 65c dls 

lUsojsc nit 

B.93-033jr pm 

Llfc-Lllc pm 


cents per Canadian S. 


DEUTSCHE' 

TlMARRl 


Special European 
Drawing Unit or 
Rights Account 


, n . H977 1 \. I' 119781 I 1 1 

l JU - A S 0.N D J F IW A HI J 


of New York on. noon rates, 
remained unchanged at 6fi per 
cent. The U.S. currency may also 
have lacked direction ahead of 
Ufi." trade figures for May, due 
today. The Japanese yen con- 
tinued to improve to Y205.92f 
from Y207J, having seen Y205J0 
at one point 

Elsewhere, the dollar fell to 
SwFr ' 1.8645 .against the Swiss 
franc, from SwFr 1.8650, while the 
West German mark eased frac- 
tionally to DM 2.0765 against 
DM 2.07621 previously. 

Sterling remained Dn the side- 
lines and trading took place 
within a very narrow range 
against the dollar at SlfiiSO- 
Sl.5505. - The pound opened at 
$1 £490-1.8495 and had showed 
very little movement at the dose 
to $1.8490-1 £500, a rise of just 
5 points on Friday's close. On 
Bank of England figures, the 
pound’s trade-weighted index 
eased slightly to 61.3 from 61.4, 


Sturlliu 

U.S. dollar 

Canadian dollar ... 
Austrian schilling 

Reiman franc 

Danish krone 

Deutsche Mark .... 

Guilder 

French franc 

Lira 

Yen ! 

Norwegian Krone . 

FMS„ta ..... 

Swedish Krona 

Swiss franc 


OTHER MARKETS 


Aruenuna tew 

Aiioiraltn LMIar.... 
Fimuip* Mflikka.... 

i.rnrit C'nireiin 

Greece Drachma.... 
H.-.iiu Kieie UiJlax. 

Iran Kial 

Kuwait [imnr(KI>i 
Lnsemlonnj Fruni 

Malaysia Ur.liar 

Xew /*n land Dul la r 
oau-;< Arabia iflyal 
SinuaiKre Dollar... 
S.mi h African Hanal 


1.460-1.464 789 .40- 791.5i Austria...- 

1.6060 1 6221 0.3686-0.3763 * Hr Him 

7.8607 8637 4.2525^.2645,/ienrruirL 

32.76-53.76 17.71-18.25 I'nihv 

67.490-69.158 36.49-37.39 Germanr 

8.5725-8.6000 4.6460-4.6460 lialv 

126-132 68.1271.37 Ua|«n 

0.50 1-0.511 0.2709-0.2763 Nee herlan.1 


6.32-6.42 j 3.42-3.47 Switzerland... , 
4.27404.287012.5185-2.5195 United Staler.. 
1.6003 1.6 17 1 0.8653 -0.8743 lYiipnsiarta 

Rare sriren for Argentina la free rare 


£ 

Notes Hate 

2711-28.0 

60-6U? 

10.30-10.49 

8.40- 8.60 
2.80-5.85 
1560-1590 

385-395 

4,05-4.15 

9.85-10.00 

80-84 

1.43-1-46 

3.40- 3.50 
1.84-1.86 

34-36 


Place and Local Unit 


Afghanistan a fghmi 

Altanla LuK 


Three months p^. 
o.B4aj»c pm n J2 
2J1-2 J5C pm 3.91 
ZLS-24C pm 2.95 

2.75-2-71pf pm 50.7 
7^5-835c dls -3.99 
L150J5C dls —1.37 
Z.7»ZJ5y pm 5J9 
3.28-J J3c pm Mb 


Albert*... 

Andmia. ....... 

Angola 

Anllgua |S| — 

Anteniina .... 
Auxtralui (S) . 

Austria 

Azr.re».... 

Bahamas (S) 
BanfrladeahiS) 
Kb U m 111 ■£$)... 
Balearii- tries 
Hartwdcr. 16).- 


Utmr 

1 French Franc 
ia^wnubFeieia 
Koran* 

K. Caribbean S 1 
Ar. Pe*r, Free Ra. 
Australian S 

hdiillms 
Poring:. Escudo 
Ba. Dollar 

TaK* 

Dinar 

Si«. Pe-uria 

Barbados Stt 


88 JM 
10.1151 
7. <532 
8.45 
145.75 

DA 

4.9881 

1,482 

1.61405 

27.66 

84.65 

1.8486 

E7.M(«ju 

D.717 

145.75 

5.688 


CURRENCY RATES (CURRENCY MOVEMENTS 


Book of Morgan 

Juna 26 England Guaranty 

• - Index changes*. 

Sterling 6L30 -4L7 

U.S. dollar 87.62 - 6B 

Canadian dollar ..... 84.80 -13.0 

Austrian schilling ... 140-23 +1S.S 

BcUuan franc ll£l.fc£ +125 

Danish Krone 11556 + 62 

Dcniache Mark 140.71 +35.9 

Swiss franc 18256 +762 

Guilder 120.82 +185 

French franc 9855 — 4.6 

Lira 56.45 — 46.1 

Yen 143.95 +42^ 

Based on trade weighted changes from 
Washington agreement December. 1971 
iBank of England Index =100 j. 


Belgium B. Franc 

Belize B 8 

Benin C.F-A. Fiona 

Bermuda (Si- Brta. 8 

Bhutan Indian Hu pee 

Bolivia ......... Bolivian Peso 

TVit»w anatSi.. Pula 

Brazil Cruzeiro !: 

BrVirgml'lst U.S. S 

Brunei (Si Brunei S 

Bo I cans Lev 

Burma Kyat 

Burundi Burundi Franc 

Camero’nRpC.P-A. Franc 

tnuada Canadian 6 

Canary Isle... Spanish Peseta 

Cafe Yetrtl 1. Cape V Kv-urto I 
Cayman I»|S) Cay. 1.5 j 

Cent. Af.Kp.. C.F.A. Franc 
Chad C.F.A. Franc 

ChHe C. Peso 

China Ranmlnhl l'uan ! 


j (em)G0.26 
i|fni>50.60 
3589 
421 l a 
1.8085 
76.2801 SCI 
36.98 


ChHe C. Peso 

China Ranmlnhl l'uaj 

Colombia V. Pewi 

Comoro-. II*... C.F^. Franc 
Congr* (B'llei. C.F.A. Franc 
CoMe Hire Colon 

Cuba— Cohan Pes-^ 

Cyprus (Si.... Cyprus £ 

Czechoslovak Koruna 

Denmark .-. Danish Krone 

Djibouti Pr. 

Commits iSl E. Canhlean S 


| <Bk) 58.67 

I.* 6.1SB5 

! iF) 78.4585 
4211- 
4211; 
15.906 

1.6B56 
0.7CBD 
1 ic>>milD.10 
J- <en 128.20 
' I iT) 17.5s 
1G.38ls 
510 
4.; 523 


Ecuador ...... outre 

Kgypi... Egyptian £ 


Ethiopia 

Uq'l'l Guinea 

Falkland I& 

(Si 

Fsru Ie....~... 

Flh la 

Finland... 

France * 

Frf'tj inAJ" 

Fr.Uulann .... 
Fr. Par. to,..: 


Elbiopton Bin- 

Peseta 


Danish Krone 
Fiji s 
Markka 
Frvw. h Franc 
l’.F-V. Franc 
Ln-al Franu 

L'.F.P. Franc 


no, 46.0! 
UFJ48.47 
iil>|D.754 
t(T) 1.37 
(D8.S52B 
145.75 


Gabon C.FJV Franc 

Gwmhw |S|... Dalasi 
Germany 1 

iKa«tl) 08tmrk - 


Dcunm. Hep.. Dominican Pe*>ii 1.0496 


* Thai part of the French community in 
Africa formerly parr or French West 
Africa or French Equatorial Africa, 
t Rupees per pound. 


Germany 

West 

Ghana ( 6 ) 

GilintliMriKt. 

Gilbert Is 

Greece 

Greenland..... 

I'lft-nana iSj... 

Guadnlnupe... 

(Juam 

Guatemala.... 
Guinea Hep- 
<]uiiHa|i|>Mu 
Guyana .(Si ... 

Haiti 

Hini'lura-. Kel> 
Hi«i;Kiiic i5i 
H ungarj- 

Iceland (S)... 

India 119I..M,,. 

InlriDau 

Iran 

Iraq 

Irish Kep-ik,.. 

Israel 

Itilj- 

Irnry Ci*»t... 
Jamaica 16 )- . 

•lafau 

•Ionian Im 

Kampnchea- 

Kenya is> 

Ki'res l.Vilu... 
Korea 01 hi... 
K 11 nail tSth,. 

Laos 

Lebanon I 

Le sol In I 

LlteriH 1 

Lilya 


' Deutschmark 
C'edl 

G ibraltar £ 
Aim. Dollar 
Drachma 
Danish Kroner 
E. Carnbean 5 
Lix-ai Franc 
IS 8 
Quetzal 

*iy 

Guyanese $ 

G uorde 
Leiniiira 
H.K. 5 
Fonnt 


1 Krona | 

I ad. Rupee 
Rupiah 
Rial 

Iraq Dinar 
Irish £ 

Israel £ 

Lira 

C.F_A. Frank j 
Jamaica Dollar I 
Yen j 

Jordan Dinar 1 
Kiel ! 

Kenya Shilling 1 

Won • 

Won | 

Kutrair Dinar I 
Kip Foi Hni j 
Leban»e £ 

6. African Hand. 
Li ho nan 3 j 
f^bian Dinae , 


Uevht'nstTi... Swim franc 
Luxembourg . Lux Franc 


'Macao — •— 

Uoiiein.. 

Malagasy Rp. 
Malawi (St.... 
Malaysia (Si- 
31 aid ive Is. (Si 

Mali lip. 

.Malta (d) 

Martinique... 
Mauritania ... 
Mauritius <S). 

.Mexico 

Miquelon...— 

.Vlonom. 

Mongol la ...... 

Monoerrar 

JlniWl" 

Mozambique- 


Para.n 

rpitug'H-Kacudo 
MG Franc 
Knacha 
Kinagtt 
Mai Rupee 
Mall Franc 
Maltese £ 

Lore! Franc 
Duguira ; ■ 

M. Hu'pee 
3leziian Pe«o 
t'.F.A. Fmne 
French Franc 
Tugrik 

K. Darrihean S 
Dirham 
Mre. Bacudo 


9.2677 
84-85 
421 *S 

I. 6754 
4.57275 
7.268 
843 

0.7500 

8.48 

W.674 

II. 5682 
42-16 
42 U3 
B.4S 

(O ib. 64*4(|) 

4.9985 

7.72(60 

81.74 


2-4D(«g) 
1.0C 
1.61405 
SB. 624 
(0.581s 
4.9893 
8.45 
1.8495 
1.8495 
57.733 
84.5501 
4.716 
9.2476 
6.71 
8.58 5s 
(eomj 72.86 
!tl)<iuv36.53 

I 498.6 
15.280(sg) 
767.54 
(A. 129 
0.5404 
1.IM 
62.606B 
1.585 

i 421 Is 
2.B5B7 
281 

1 0.5B0> g. 

! 2.219.4 

I 14.4111 
! 1. 69491 D 

| 600.968 

I 0.506 

568,9 
! 6.64505 

1.60872 
i 1.8496 
, (P .0.5475 


Nauru Is. — - 

Nepal 

Netherlands.. 
Neth. Ant'lw. 
New Hebride* 
N. Zealand [Si 

Niiamgua 

Niger Kp 

Nigeria (Si.... 
Norway 


Aunt. Dollar. 

Nepalese Ha pee 
Guilder 

Antillian Guild. 
1 Fr* in- 

) 4iisiI. Dollar 
N ■£. Dollar 
I'faMM 
t.P.A. Franc 
Naira 

Nrwg. Krone 


Pakistan Pksr. Rupee 18.2525(ag) 

Panama Balboa 1.9496 


J The Augutrs b as replaced the CFA , 
franc. The exchange was made ai a 
rate of CFA Fr 5 to one unit of the 
new cnrrency. 


PapuaN.G.iS) Kina j 1.51276 

Paraguay Guarani I 250.88 

P'pl'a D. Rp 

01 Yemen (S) S. Yemen Dinar (A)0.851604 

Peru Sol exc(A)2B5.14 

Philippines... Pb. peso 15.6216 

Piuralrnla.tSi "J •! 1.79965 

Poland Zloty 1 (Cmi61.00 

) rriei.ao 

Portugal....... Pgse. Sactulo 84.65 

Pi.il Timor ... Timor Ksi-udS 84.65 

P imeipe hie. Peso. Baa ido B4.S6 

Piieiio Hint... 1J.S. s 1-8495 

IJaiar (S) yalnr Kyal 7.17 

Keunlon 

lie de la French Franc 8.45 

Rhodesia Hhr«iwian $ 1.2828 


77.679. 

Based on cross rates against Bunlan 
rouble. 


Romania Lea 1 

Knanda Rwanda Franc 

SC. Christo- 
pher (SI E. Caribbean S 

SL Helena. it. Helena £ 

ail, Lurla K. Caribbean 3 

St. Pierre...... C.F.A. Franc 

st.-Ytueem/Si K. Caribbean 6 
Sal roller hi... Colon 
Samoa (Am).. U.S. S 
Sau Marino... Italian Lire 

San Tome Pgte. Escudo 

Saudi Arabia. Kyal 

Senegal C.F.A. Franc 

SeyoJielle-. S. Rupee 

SiecreLe'nefS) Lome 
Singapore (s'). S Inez pore S 
Solomon I ms') Solomon l«. 8 
Si'imali Rep.... S«- | m SfalllntR 
Sth. Africans) Hand 
S. VT. African 
Tetriroi ies [Si S. A. Hand 

Spain Peseta 

Span. Porta lo 
North Africa Peseta 
Sri Ian Ira ,S.J S. L. Rupee 

Sudan l()i ... Sudan £ 

Surinam S. Gilder 

Swaziland (s.i Li.<angenl 

Sweilen S. Krnna 

Sd-ltzor/and .. SwIm Franc 

•Svna Svnn £ 

Taiwan New Tainan 

rnnninut iS.i.Tan. Shilling 

Thailand Baht 

Togo Ru C.F.A. Franc 

T-mga la. 1S1. Pa'anga 
T ri nil tart iS.i..Tnn. & Tobago 

Tuui&ia Tun I Man lunar 

Turkey Turkish Lira 

TurLa £ C"a... U.S. £ 

Tuvalu Australian £ 

Uganda tS.i. Ur. Shilling 
United States U.S. Dollar 

Uruguay Uruguay Peso 

Utd.A'bEmis. U. A. K. Dirham 

U.S.S.U. Rouble 

Upt<er Voice. C.F.A. Praoc 

Vatican Italian Lire 

Venezuela Bolivar 


(i (cm)S.4B 
1 '(nrnT22.79 
• 188.23 

4.8895 

1.0 

4.99B8 
4211; 
4.98BS 
4.92 
1.B4B5 
1.685 
84.65 
9.57 
421 la 
15.53 
2.0 

4.2805 
1.61406 
(A)1 1.64 
1.80872 


Vteuiam(.\ih) Dong 


146.76 
28.89{sri 

lA)0.759B . 

5.51! 
1.60872 
8.47(4 
5.46 

<Ai7.25B5 
(Pi70.2B 
14.44 
57.15 (ig) 
4211; 
1.6163 

0 4.429 

ir 0.765isg) 

45.76 
1.9(96 
1.6 1405 

14.25 

1.8496 - 

1 (cm 1 10.86 

1 1 (Ini 11.10 

m 7.17 

1.27 - 

4?Us | 

1.6B5 i 
7.94 

l (0)4.4148 
j (T/4. 15l>3 if) 


Vietnam (Sthi Plaofre 

1 3.42 157 - 

\ iniinlf'. U.S. U.S. Dollar 

1.6495 

Western 


Samoa (Si.. Somoau Tala 

1.1145 

Yemen Kyal 

B.SBkcI 

Yu»>»iaviii.... New T Dinar 

54.7725 ' 

Zaire Rp Zaire 

L49775B • 

Zambia Kwacha f 

1.625 

i •• Rale tt the Transfer market I con- 
trolled,. 


tt Rate is now based on 2 Barbados £ la 
the dollar. 

t: Now one official rate. 


EURO-CURRENCY INTEREST RATES* 


Canadian 

Dollar 


IV. German 
Mark 


tahort (firm 
7 daya notice 
Month 


if jr3. * A, 8 Three months 
i?**! M Sis months...., 
I l i i w i One year 


10-1W« 
10-1014 
11 Ills 
Ills- 117# 
12f B -l£2e 
12l8-13ifl 


French Franc 1 

Ita'Lzn Lira 

A*ian S 

lipane *■ Yen 

75s 77s 

8 12 

— 

31(51* 

758 77a 

101; 1H 3 

8-8 1« 

2 A«A 

9 A -!»to 

lilt 12l S 

85«-6i4 

258 4 

»A-95. 

12-13 

85 8 

3A 

10 It 103, 

121 : 13 to 

9-9 to 

3#4lg 

105, 11 

13to-I4lf 

918 91, 

4 lg 41; 


, nte following nominal rates were quoted for London dollar certificates of deposit: One month 8.03-6.15 per cent; three months 8.90-5.40 per cent; stx month 8.70-8.80 

^ ?*. fS f’, L 0 iig-i££ Enrathilto^deposiu: two years 9514-87^ per cent; three years' 97j6-9»i6 per.cem^four years BPwf Uts per cent: five years #Uis-913]6 per cent. 'Rates 
- i t f . < C- ore nominal elodiw-tiK)^ ■» ^ •: — — -■ *- , 

* a -W- W : Short-term rates are coD for sterling. U.S; dollars and Canadian dollars: two-days' notice for guilders and Swiss francs. 

Asian rates are dosing rates in Singapore. , 

EXCHANGE CROSS-RATES 

June 26 1 Pound Sterling! D-S. Dollar [DeutK-heMark Japeneoe Ten | French Franc | Swim Franc | Patch Omlderj Irallen Lira | Canid n Dollar ] Belgian Franc 

•oon-i Sterling T 1.B50 3.843 3B1.0 6.430 ‘ 3.450 4^25 1583 J- 2.0B4 60.25 

Do.iar 0.541 3. Z.078 206.0 4.038 J 1.863 j 8.H30 82 5.9 { 1.U7 32.58 

leuu-che \U ra 0.360 ^,481 Z 99.15 " 2.194 0.898 1.074 472.0 0^42 ! 15.68 

SuSeTtmLOOO eilaS 4:854 10.09 1000. 22.13 9.0 55 10.83 j 4155. 5^69 | IS8.I 

* ranch Pranc 10 ! 1.186 2.194 I" 4.668 452.0. 10. " I 4^093 4.895 j 1878. 2.478 | 71.47 

; ; r wlzaFranc MBO ^.SSB . l.U4 110.4' 3.443 1. - 1.196 1 • 438.8 0.604 | 17.46 

■uicii Guilder 0.242 0.448 0-932 92.36 2.044 0.836 1. 383.8 0.505 14.61 

ilSn tora 1.000 0 . 6 Z 2 1.168 _ 2.427 _ 240.7 3.323 2,179 2.606 IQuO. 1.316 j 38.06 

tnaiUan Dollar 0.480 -0.eB8 1.844 182.9 4.046 1.656 j 7980 . 759.8 I 1. 28.92 

“taiTpraS! UO L680 3.070 6.378 • 632.4 13.99 5.726 ! 6.846 2627 J 3.458 100, 


Great personal achievement 
has a lot in common with merchant 
banking at its best. 


INTERNATIONAL MONEY MARKET 

New York rates steady 


GOLD 


Interest rates were fairly steady 
New York yesterday, with 13 
i ; *?eek Treasu/T bills at 8-84 per 
••nt, compared with 6£8 per cent- 
ie Friday, and 6-S4 per cent 
rlier that day. There was little 
iange in 26-week bills at 7.35 per 
nt, compared with 7.34 per cent 
rJy Friday, while one-year bills 
ire 7.73 per cent, against 7.72 
■r cent early Friday. . 
Federal funds were slightly 
mer from Friday at 7 11/16 per 
nt. but unchanged from open- 
» levels. The increase in the 
^•«*vte set for federal funds by the 
>deral Reserve System’s Open 
^ trket Committee, which was 
nounced last Friday, _ led to 
rther suggestions of an impend-. 

rise in bank prime lending 
.es. One or two . small provincial 
5. banks have already lifted 
me rates, but First National 
nk of Chicago remained at S3 
' cent yesterday. 

•’ Sankers acceptance offered 
es were unchanged- at 7.70 per 


cent for 30 days and 7.S5 per cent 
for 60 days, but slJghly finner at 
J£5 per cent, compared ’with 7.90 
per cent early Friday for 90 days. 
Rates for 120 days, 130 days and 
180 days were unchanged at 8 per 
cent, 8.05 per cent and 8.10 per 
cent, respectively; 

High grade commercial paper 
was also unchanged from early 
Friday at 7.70 per cent for 30 
days, and 7.85 per cent for 90 
days, with 60 days slightly easier 
at 7.75 per cent, compared with 
7. SO per cent. 

. PARIS— Day-to-day money was 
Slightly firmer yesterday, at "i 
per cent, compared with 7j per 
cent on Friday. The interest rate 
on call funds tended to fall over 
most of last week from a high 
point of Si per cent on Tuesday. 
Towards the end of last week 
M. Rene Monory. Economics 
Minister, repeated his earlier 
prediction that French banks will 
cut base lending rates. It is 
expected to happen some time 


this week, but will probably not 
exceed 0:30 per cent Base rates 
have-been steady at 9.30 per cent 
since last September. Longer term 
rates were steady at Friday’s 
levels in the money market 
yesterday. 

BRUSSELS — Ca II money was 
firmer at 4j-5i per cent, compared 
with 33-4) per cent on Friday. The 
one-month rate rose per cent 
to 5±-5J per cent, while three- 
month and six-month funds were 
unchanged at 53-5} per cent and 
61-6J per cent respectively. One- 
year money rose rfe per cent to 
74-7} per cent 

FRANKFURT— In ter ban k money 
market rates were unchanged 
from 3.55 per cent for call money 
to 3.75 per cent for six-month 
funds. 

HONG KONG— Money market 
conditions were tight, with cal! 
and overnight funds dealt at 5j 
per' cent and 4} per cent 
respectively. 


UK MONEY MARKET 


Very large assistance 


lank of England, Minimum 
reading Rate 10 per cent 
(since June 8, 1978) 

‘rading was fairly quiet in the 
idon money market yesterday, 
tough expectations of a pos- 
e rise in Minimum Lending 
e at some time has led . to an 
! to the reversed yield curve, 
rount houses are also taking 
liriy cautious view at present, 
o$ing yesterday to take up 
it of their allotment of 
isury bills, ahead of today’s 
hf £30 on Exchequer 12 per 
: 2013-17. 

ay-to-day credit was in short 

NOON MONEY RATES 


supply, but the amount of help 
given by the authorities was 
probably overdone. They gave a 
TCTy large amount of assistance 
jw lending a small amount over- 
night at MLR, to one or two 
houses, and also bought a very 
large number of hills fr<» m th® 
houses, some for resale at a 
future date. 

. A moderate amount of Treasury 
bills were bought from rue 
houses, and the Bank of England 
also purchased a large number of 
eligible bank bills. ^ , 

Apart from the substantial 
Treasury bill take-up, the market 


was also faced with a slight rise 

in the.' note circulation. These 
more than made up for the 
surplus balances carried over from 
Friday.by the banks, and a slight 
excess of Government disburse- 
ments over revenue payments to 
the Exchequer. 

Discount houses paid up to 9J- 
9! per cent for secured call loans, 
but closing balances were found 
at 71-8' per cent. 

In the interbank market over- 
night rates opened at 9H0 P 0r 
cent, and touched 10? per cent, 
before easing to 8 per cent, and 
closing at 9J per cent 


— — ; i mm. Discount Eligible 

Sterling Loe*' Company Treworr B*nk Fine Trade 

Certificate Interbank Authority Derain Dtf£tF Aepran Bill® * Bills* Bills* 

of deposits deposits nonnB — 1 

■ i i • VU-USa — ■ — 


Little 

change 


In very quiet trading gold lost 
SI an ounce to dose at S184J-185J. 
Alter opening at $1S4J-185L the 
metal improved slightly to S185.10 
at ihe morning fixing and S 185.25 
during the afternoon. However, 

f Juae 'J 6 1 June 23 


Uni,! Bunion lanne' 
onnvn I 

Dote „.ISlB4M86i 

Openlna _....|Sl84j-l8bi 

Morning fixin«._... S166-ID 

Afternoon fixing.. ...SlBb.CS 
(£160.187) 

Gold Coins 1 

ilomenlrel iy 

Krugerrand .S1B1i-19S4 

iiciaji-iMi 

New Sovereign* 

(£2*t-Mlt) 

OW S p vrrelgnz — ..-S54i-6Gi 
h£234-5Di) 

Gold Coins j 

internationally 

Knisomunl 131801- 1921 

KC10B-I04) 

Sew Sovereigns.,— .$58-66 

|(£28J-29J) 

Old Soreralirna ...... iS544-b64 

'(£284-4041 

5 2D Eagles. !5;7bj-J7cl 

SIC' Eagles— '*196-141 

ft< En-'ai — :S-7 1D2 


|9 1852-166j 
IS18S-1862 
IS 185.20 
f£ 100.374) 
■' 31B5-6S 
|{£100.626> 


.51922-194} 

1 1£ 1041-1064) 

jSMt-tfi 

1855-57 

[l£49i-30i, 


j'S 1B0}-192j 

!(£10S;-1B4D 

,$53-66 

;i£282-292i 

SS5S-b7 

l(£29]-30ji 

‘S2753-2782 

31S54-1U4 


despite a slightly weaker tendency 
in the U£. dollar, it failed to 
maintain the higher morning 
levels. 

In Frankfurt the 12i kilo bar 
was' fixed at DM 12,390 per kilo 
($186.05 per ounce) compared 
with DM12.415 - ($185.50) 

previously. In Paris the 12} kilo 
bar was fixed during the 
afternoon ai FFr27,350 per kilo 
($186.46 per ounce) as against 
FFr27,375 ($186.67) during the 
morning and FFr27,500 ($187.32) 
on Friday afternoon. 

MOREY RATES 


| NEW YORK 

| Prime Rate 

! Fed. Panda — — 

Treasury Bills I13-w«1c) 

Treasury Bills (25-weefcl 


ujrhL.... 
* DOttL-C. 

»or 

> notice, 
mnrh... 
Moth-'.. 
mould- 
•wild'... 

months 

-■Ml....... 

■«n 


10-1010 - 


lOA-Bft 

10i 8 -9« 

lQlg-10 

102«-10rj 

lOSe-lOia 

lOSB-lO^ 


97 8 -101i 
10 l»- 10 U 
IOIB-IOI 4 
101 s- 101 * 
1014-1038 
10 f D -lOia 
1036-10*2 


\ 10101b 

976-10 - 

97*119(4 

10-1019 

lOh-lOU 

l0i 2 -10 s 4 


1040 9 to 

101»-978 

1014 9‘e 

1014.334 

10to-»»4 

iOM-9to 


■«n. i - I — 1 ■ 

— " ■ - . ■ 0£ , BPn fl -vy fixed. LM«er-ienn local aoidonty moruuse rale 

IMI *nd finance bouses seven floss - noiiec^oinere mt cent. ® Ban* bill-raiea in Table are 

alii -rears per cent; «W ywr* 1 , * -U .S? r h ^fc C hfns # I? per eent: fouMnonm trade bills JM per cenL 

Paper. rales for bins t c f r w<HIIGC a) 9 * pe r and ibrewnonth »52- 

*SmnR rates Tor- one- man lb Treasury Ml* ^ cent: and two-month .9HW-H per cenL* and 

sri»M MW for onc-moatb bafilt WU» D «L r „ m; smI three months m per cenL 

It Rates tfor small sums #JS46 per cenL 

»» Bills: At erase tender rates t» aisraum . 


“ GERMANY 

— Discount Raw ......... 

103« OTernifihi 

103* One month 

105a Three months 

IDSb Six months 

^ FRANCE 

Dfscoum Rale — 

Overuisbl - 

Be rale One month 

We are Three months 

-oL Six months 

3 B55Z- 

?££ 1 a «n 

t Bank Discount Rate 
r cent. Cali rUncondfiloRall 
Bills Discount Rain 



AssemDty at Pnisiarche in RanMun/Main {13in Genbry} 


For the ultimate in financial advice 
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the far comers of the world and pro- 
viding sound advice on investment 
opportunities. 

BHF-BANK serves nine out often 
top German concerns and its inter- 
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advise multinational companies 
around the world. It is active in most decisive financial centers, 
■with own branches or subsidiaries in New York, Zurich, Luxem- 
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Although today’s available financial instruments are more 
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Financial Times Tuesday June 2? 1978 



i 


8 


I 

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t 

t 

1 

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t 

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srru 
the 
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large 

OV’ 

Unit 

a.5re- 
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man. 
Vor!- 
ljrgi 
on i 
is r 
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penp 
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Wall St. drops 10 on interest rate fears 


INVESTMENT DOLLAR 

PREMIUM 

$2.60 t» £1—110^ '(111%) 

Effective $1.8495 (+9W <50%) 
SHARPLY LOWER levels were 
recorded over a broad Front in 
moderate trading on Wall Street 
yesterday, reflecting risiny interest 
rates and conrinuins weakness in 
the dollar. 

The Dow Jones Industrial Aver- 
ape fed! a further 10.74 to 812-S 


ferreri. Arntco were up S{ at Husky Oil were active and up 
S2hL S-' at $47 J no 1 .721.000 shares. 

Cutler-Hammer moved ahead apparently on talk of a hid by 
SJ,‘ to S-17S — Eaton, which already Occidental Petroleum- 
holds 32 per cenl of Culler Com- 
mon, offered to buy the rest at 
MS a share. Eaton held unchanged 
a I #38. Kepperw — w heih owns 21 
per cent of Cutler Shares, shed 
s; to sail. 

Penn 
moved 


Also active were Resorts Inter- 
national ** A."’ down $3i 3t SS0« 
on 23H.S0Q shares. Loews Theaters 
Warrants, down SI at SIR on 
147.200 shares. Ozark Airlines 
Warrants, up SI at S15 on HS.SOO 
Central were active and shares and American Motor Inns, 
ahead S; to S3;, after down *2 at 811J on 71.000 shares. 


Australia 

AUSTRALIA — Lpailiaz Mining 
and some industrials 
firmer. 

Northern Mialn? v^ere 1 if led 


Switzerland 


Prices were slightly lower In 
closed quiet trading, with investors hoici- 
irw back -in view of the easier 
tone on Wall Street and the 


l radio" as hissrh as S4S — trading 


and the NYSE All Common Index W as bailed late in the session and 
dipped another 71 cents to 8aa.l9. didn't resume. 


Canada 


while losse sled pains by a Four- 
to-one majority. Trading volume 
expanded 720.000 shares to 
Tlie dollar firmed somewhat but 
not before again hitting a new 
low against the Japanese yen. 

And analy-tts are predicting a 
rise in the Prime Lending Rate 
to 9 per cent from the widely 
prevailing SI per cent. 

Following an increase in Hs 
target rate on key Federal Funds 
late last veefc. the New York 
Federal Bank (Fed) is expected 
to tighten credit further. Analysts 
say the Fed may raise its target 
rate further and increase ius 
Discount Rate to as much as 
71 per cen; From 7 per cent. 

‘The “Cation Group" reversed 
direction amid profit-taking and 


F.S to 


Squibb gave way S2J to S34 — 
n block of 269,900 shares traded 
at #33 and a block of 220,000 
crossed 0 1 833. 

Reliance Group gained SI; to 
#3f. — it plans an offer for up to 

3ni n! its Common at S32 each. --- - - £l ,-, in 

Green Giant jumped 821 to 823 J. Minerals lost 4.4 to Hli.Wl. 
but :i knew of no reason for the 

activity in its slock. 

Macandrew-s Forties improved 

SI; to S20J on preliminary merger Reilman's shed $1 to 515J 
talk# with several parties. lower first quarter earnings. 

A number of Glamour and Blue q Broadcasting climbed S4I to 
Chips ran into selling pressure. 513 — the company's president 
IBM dropped 8*1 to 3258; Tele- pJar|S l0 buy 60 000 shares for $12 
dvne to S35J. Du Pont $1J to a ^hare 
SI 122 and Polaroid S1J to S37. “ - . 

McDonnell Douglas rose $9 to 
$ 35 ; — it won a near $lbn Air 


IS cents to ASl-38—ii is involved uncertain dollar, 
in a diamond search with CRA, Banks and Financials were 
up 10 cenl?. at AS2.34. steady, .\snonz mostly steady 

.Southland Minins were active Insurances. Winterthur Bearer 
and closed ai a high for the year io«t ground. 

of 32 cents The hurst of activity in Industrials, Roeo “A" were 

CANADIAN PRICES also dosed wa}i reportedly' due to 0 recalcula- easier, 
lower in moderate trading. «Uji tion or the value of a Fluorspar 
the Toronto Composite Index off niierallon it has in l:aly. 

4.5 at 1,123.7. Western Mining vaineo * < ents 

The Gold Share Index gave way 10 AS 1.-17 and Pan rontinen la I jQ 
11.7 to 1.402.1. Oil and Gas dipped ccnus to AS14. . ° n 

1 . 433.5 and Metals and cents to A5W.10 and Rcmson 10 
cents to ASW.50- 

Among Industrial-. HH I sained 

. - r.c- „k;i« Rank i>F 


UeW. 

Schneider lost about 3 per cent 
on . lower group share in coi 
dated profits. . 

• U-S. shares were down m line 
with Wall StreeL Germans and 
International Oils were lower, but 
Dutch issues and Gold Mines wra 
firmer. Coppers were 
changed. 


1 June 

Jonft i June j. 

i 26 

29 t 22 ■ 

lndo>tri*l...t BUL28 

aza. 8^827.7^ 

ffme Un'd*‘j SI . 52 

87.6fl| 87.83 


aie.BiHO.es! 

Urilltlw- — ; 184-18 

1B4A8;7B48nj 

Trading **>' ■; „ 

000'i»t » 2o*2&0 

1 1 

2&3Mh 27.168} 


cents to A$l,05. 

Retailers were steady. 

Tokyo 

TOKYO— Prices closed lower in 

Consolidated Canadian Faraday mixed trading led by Export- 

■■ * ’ ----- jgjjues. following the 


Johannesburg 

JOHANNESBURG— Golds were 
„ _ J , quiet and narrowly mixed, refiect- 

Douiestic Bonds were barely j n „ y,- ea sier bullion price flxtnr 
steady, while Foreign L-^ues were Buffets ] OS t 100 cents to R17.0. 
-titghUy weaker. Financials tended lower. 

In a quiet Foreign sector. De Beers rose 5 cents to R6.9S 
Dollar stocks and Germans were on the announced go-ahead of the 
lower, while Dutch Internationals premier Diamond Mine expansion 
were barely steady. of operations. Ana mint out on 

100 cents to R72.0. 

U nnD Platinum shares Bisplat at R1.44 

rtong ivong Lydpiat at Ri .05 each shed 

HONG KONG — Market closed 3 cents, 
lower across the board, following Industrials showed moderate 
much local profit-taking and some either-way movements In lack- 
margin Account selling. . The lustre trading. 

Hang_ Seng Index fell 11.13 to 

h'obr Kong Bank at sHKiT.60 Amsterdam 

and Jartine Math esc n at 13.40 AMSTERDAM — Share prices 
Swire Pacific were weaker in thin trading, with 



busmens to 
ini'ii -t 1 08m 


Hurrah 

off si j ro SIS!. 

Rowan were active and dciv.’tvd 
S2! to S22S — it siyte dan _agrt’e- 
menc to acquire Amim’s SO tier 
cent interc«l in two Roman 
drilling affiliates for .l.«O3)0t» 
shares of Roman Convertible Pre- i4.4jni) shares. 


added SI at S32i 
lost Sli to S64>. 
foreign cigarette 
Philip Morris for 


Oils 


$42 «f pound lo an Italian Govern- 
ment agency. 

Foodex Systems gained $3 to 
•.iw.iii n i iimii S8«— minority holders plan amend- 

THE AMERICAN SE Market Value ments to the terms of amalgams- appnec/ation. 
Index moved down l.CS to 145.59. tjon of Foodcs Systems and Consumption 
Declines outnumbered gains by Foodex Investments. slignuy. 

Volume rose to 5.54m The Montreal Industrial Index 
lost 0.77 to IS0.82. Ltilities 0.62 


Rlhf 49 e ptfr w nt-o w n ^ by sharp 1 sfn apprertatina in Tokyo, each fan 40 cents, Swire Pacific were weaker in to 
da? agreed " Lf L.™ at VohSne lROi^ shares. 23 cents to 71M), whOe Hong Kong RLM dropping F! 12^ to FI 142 

- * 8 — '* — Victor Company of Japan shed Laud at 8.25 and Hutchison on large offerings. 

30 to YljMO and Pioneer 30 to Whampoa at 5.95 eaoh declined Unilever gave way 

20 cents. 

rose on the yen Wheelock dipped 10 cents to 
while Domestic 3.025. 

shares hardened Hong Kong Telephone fell 
SHK1 to 3S.00. Hong Kong Wharf 
Sanyo Electric put on ^ to Y2«l 70 ceDlts to 2100. Hong Kong 
on reports its L.S. subsi diary E!ectric 23 cents to 5.75 and 


Yl.680. 

Some 


NEW YORK 

4 im- ' lun- 
Sr.^-L 23 


.Sr,*-I> 


£* 


1 fi'miiu Gl*—. • 

1 1 ‘HC I nr'li'l !■ -nut. 


AUhU Lair. 

A’tareaswKTn|ili .. 

Aetna Lnei'.a*.. 
Air l'nr.luda 

-V ilpi 

AlutDAtuiiiiliiuni' 

Al.sa 

A'les. Lii>lliiiii . 
AUeylieny P"P i-r 
A'lie>l Cheiniml- 

AUte.1 <tore» 

Allis i.'haiiiKr>... 

A M AX 

Aintn>li Hfcs?..... 

Anier. Airline*... 
Amer. Ui , aii>W.... 
Anier. Unutli.’fl-t. 

A >ier. L'au. 

Anier. L'yausm M 
Amor, til’ll. Tel.. 
Amer. Kiev. Po't 
A nier. 

Ainor.Home Hr-*', 
Amur. Mo.lii’al.... 

Anier. Al'iliini...... 

Amer. X*t- (iu..| 
Anier. Man.<ar<l.. 
Amer. Sii’W-... 
Amer. T«l. X Tel.j 

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18k 
98 


■keck 




tT. »i| wortli 

«\viy.„ 

Xrtn;. 

Kapil* 

/.emtb kaili-r. . 
C.S.Trca.fl’J l*'i 
|.5Tn,-;:>i(i.f; 
L.a. Xiiiai bill*. 


18)s 

4 

rO>i 

15k 

13), 

r3- 


IB38 

4 

50k 

lok 

14i, 

S*.'. 

803, 


6.88.. 0.84 0 


CANADA 

Ai'iiilii Paper.. .. 
.Vgriir-i Cagle.. . 

1 Ican-Vlumlniun' 

A (gum* Steel—. ■ 

trleibe 

Bank ”t llnnlni 
Haul JiMINvIn 
Ha- ic lie-iums.. 
Ileli Teleplwoe . 
Bo«r Valley lud... 

PP Canada...—... 
Hra i%n . 

Urine 

taiga rv P«iUQr... 
t'ai'cll"*' Miner.... 

C sru'la Ceitiein.. 

■ kiiada YW Inn. 
CRn.liiip Uk.LViui 
Caha’Ib I lulu.’ t . 

1 Can. Pmctnc 

' 1 an Pa. ilie Inv.. 
Can. ?u,%;r Uil 
1 ariing O'Keefe. 
Ca*MNr Asbe-ior. 

Cbiel lam..... 

Cut 

lull'. IValliurl 


121 , 
6.00 
90*8 
. 1 
43:.i 
.2 
/Ok 
4.6J 
a%» 
29k 

J4.i 
Irk 
t4 2 
;8-k 

1 4-4 
11 
111 * 
;-a 

2 J 
18'? 
19k 

..5 

* a > 
ilk 

. 91 , 

,r, 

<k 


tun*, ivtiuuri . ^ 1 

Cun-n met Ga*. . 17 

' I'.apL, k^inint** 


i.ireL Ke-tnirv- 

Cieiam 

Liaun Hevel 

L'em-nn Mine*.. 

Him Minte 

I\.me Prtrvleun. 
Iicniinum Urwlg- 

Uomiar. 

lhiponl 

Fakt*n'se»-kel. 
Fonl M.snr can 

G malar 

Giaui YeKwIinii'.- 
Gulf Oil c ana-la.. 
Hawker Sul. Can. 

Helltngei 

Hnnte Oil -A' 

Hudaoa Bay Alog 

Hurl vii Ibi'. • 

Hudvni'il A Gas 
I.A.C 

I QLBM.H - 

Iui|<erial <>il 

I llO* ' 

laila] 

Inland >ai. fia* . 
InCjv, v l'i,ie Lin*: 
Kaiser K<*-iur.-e'. 
Utun Fin. Oliy 
Lublaiv L.V,ui. -U’,' 


)c 

• -v. . 

:5 ‘ 

143. 
e 21 S J 
•/4k : 
17k 

S", 

t'5 ! 

291* 

2 67s ! 
.2*1 

41 i 

lik > 
203a ! 
-»3sa ! 

I9>, j 
397 % 
!P5 3 j 
• 7.* I 
ilk 

1U3, 

14., 

15 

83, I 
3.95 


!2k 
6 L2 
30k 
,1k 
43 
<2k 
203, 
S 

:6is 

29 U 

151, 
lt>i, 
{4.2 j 
s8 

14 .g 
11 
11 )* 
28 
20k 
1 8 k 
1953 
-71, 
•3.80 
Ilk 

1 9 
-7lj 
2ii, 
177% 
1‘1 
13 
9 

123, 

85 k 

62k 

25 

(7k 

l!J% 

22k 

76 

29k 

125- 

T 

f 4k 

41% 

IV, 

L-Ok 

A4 

19k 

93k 

18k 

177% 

12 

10k 

147* 

15 
9 

4.00 


AJifniii’n hi- -.ti.1 1 83j 1 lBJ, 

vi 1 ■ ; iv 


Ma>aey Pert ' 1**1 

Uclnt.vre " 

Moore U-rtm 

MountainMaleks 
.Vuranila Mines... 1 , 
Xorceti Energy... 
Nlbn. Teie ’'Tii ...! 
Nunuu- Oil A. Gat, 

!Mkir.-<hl pHtl’nil 

t%etlleC* %.|-vt M. 

Paeifii-Per roleumj 
Pan. tan. Pet'mJ 

l^lin*. 

Pei,*.* I'epi S. .' 
Plai-eCaii..’. till. 1 
Fle'’*rl'c>.iu|iini' 
Pr'r.ei 

■ Price .. .. 

| U'Ud**- *1 lirgVtl 

! L'angei ' •■( ] 

1 llcel Hi** .... i 

I 

j llurnl IIU.i, 1 "an. 

| l.'uyai Tm*| ! 

[ Sofplrc lr.iHiire, 

*eagi«ni- 

-■“hell I'llU'U. . .. 
*bemti 1 .. Mims 
>ioNii- o. G... 

*lu»te’.n . 
-I«H i.ti 1 en.uU,. 
MMi'IV-d. Ir>>o„ 

Te»r»' Carui’U... 

1 T-* r..nt.-. iMm.m. 

I Trails Can Pi, ieLui 
frail* M i-i hi Oje' 

1 n/e.- 

Inani'ir., .. , 

Itil.je’eHua, 
W alker ll'rnrii.. 
IVe-U"., i | ran". 
(I’wli.n ii... .. | 


12 
23k 

973, 

9.75 

25 

la 

91 

95k 

4.00 

1.90 

9Sl* 

321; 

1.53, 
- .80 
0.90 
22 
lbk 
19k 
1.3s 
3. 1 % 
ilk 
3lk 

921, 

19 

7 k 
15., 
(3k 

287 S 
. k 
255, 
2 8s 
• »>, 
19)% 
ICfT 
9 
713 
11 
7 k 
33H 
1", 
17k 


12 

24 
375a 
3.65 

25 
19H 
31 
343, 
•i.Oa 
1.95 

951* 
32k 
■ 6 
* 80 
0.96 
aX 

lek 
13k 
1.40 
93k 
!«■ 38 
31k 
92k 
1 187% 

77a 

26 
19% 

Sk 

29k 

sk 

255» 

2.89 

391* 

19', 

16 

V 

13 

103, 

I* 

38 

ilk 

I7k 


t Hrn 


i Aatert { frartaa 
Slet <rm%c 


EUROPEAN OPTIONS EXCHANGE 


Clpl'uK 

July «vt. 

Price Cl’We Vol. flow V.J. 

Jau. 

CJi'M- V r .|. 

fi'iuiiv 
| p|u«c 

ABX 

F360 - 

- 8 3 

— 

F362 


F30 - 

_ 1.60 IO 

2.50 II 

F29.30 


r32.SO — 

1. 10 : 10 

B 30 7 

F29.30 


S50 

' 5.10 ; 2 

•- 

5501; 


S50 '4 

10 ' - 

’ 

.555.06 

K. Kolnk 

S60 ', 

s - - 

3 9 

+ 53:06 

fit k*.T|i 

!)2S <2 

3 — 

2 11 

>23.08 

IBM 

:iE60 = I* 

4 

— . - — 

'<£62 


S280 1 

23 5i, e 

10 4 



F150 

6. SO 36 

10 22 

F140 


FI 60 1 1.50 

20 4 35 

B ■ 8 

F140 

KLM 

F170: 0.80 

68 3 23 


IF 140 

KI.il 

FlBOi 0.50 

45 ' 2 35 

5 , 12 

FI 40 

KLM 

K190 . — 

- i 2.50 5 

i 

F 140 


F200 , 0.40 

1+ 1.50 23 

8 10 

F140 

KLM 

FZ20 , — 

— Q.60 65 

2 ! 20 

F140 


FlOO 

; — 

0.50 1 

F104.30 

Nat N+d 

F120 , — 

_ 1 1 1 



V 104. 30 


F25 ’ 2 

16 — - 

3.40 • 11 

+ 26.40 

Philip- 

1-27.50 ’ 0.20 

53 . L ; 27 

1.80 . 90 

FZ0.4O 

IL J). .Shell 

F120' 9.80 

8 1 11.50 IO 

13.50 . 1 

,F 129.30 

K. T>. Shell 

F130 > ~ 

' 5.20 3 

■ — - 

>'129. 30 

It. I). Sh+il 

1*140 0.10 

3 ! - 

2.70 5 

F 129.30 


5-90 : — 

_ : 5.10 1 

, - 



fi 10 ; — 

_ • 12 5 


,F 130.50 



_ j 5.10 a 




Uni Icier 

K130 . — 

_ 1 1.40 IO 

- 

FI 20. 50 


BASE LENDING RATES 


A.BJV. Bank 10 

Allied Irish Banks Ltd. 10 % 
Americao Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 *5, 

Henry Ansbacher 10 

Banco de Bilbao 10 ^ 

Bank of Credit & Crac c. 10 

Bank of Cyprus 10 % 

Bank of N.S.W 1U % 

Banque Beige Ltd 10 ^ 

Banque du Rhone 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 *7, 
Bremar Holdings Ltd. 11 
Brit. Bank of Mid. East 10 

I Brown Shipicy 10 "T, 

Canada Perm’t. Tru.*t 10 4 n 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10 

I Charterhouse Japbet... 10 *V» 

Cboulartons trj w, 

C. E. Coates II 

Consolidated CrediLs... 10 
Co-nperutive Bank ...’-in 
Corinthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 

Duncan Lnwrie JO *7, 

Eagil Trust 10 »■;, 

F.nglish Transcont. ... m 

First London Secs 10 q:, 

First Nat. Fin. Cnrpn. 11% 
First Nat. Secs. Ltd. . . 11 «r 

I Antony Gibbs TO % 

Greyhound Guaranty... 10 % 

Grindlays Bank ilO 

I Guinness Mah<m 10 % 


Hambros Bank 10 % 

I Hili Samuel §10 % 

C. Hoare & Co t 10 % 

Julian S. Hndge 11 % 

Hongkong & Shanghai 10 "o 
Industrial Bk. of Scot. 9 % 

Keyser Ullinann 10 °& 

Knowsfey & cn. Ltd.... 12 % 

Lloyds Bank 30 % 

London .Mercantile ... 10 Q& 
Edward Man-son & Co. 11 \ v 0 

Midland Bank 10 <?, 

\ Samuel Montagu 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Retain & Co. ... 10 % 
Kos* in in. tier Acccpl’cs 10 
Royal Bk. Canada Trust JO % 
Schlesinger Limited ... 10 "Ti 

E. S. Scbi-.ah lli°& 

Security Tiu-st Co. Ltd. 11 'Y, 

Shenley Truti 11 Ti 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Truster- Savings Bank 10 *?i 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whit»away Laidlaw ... 10 V% 

Williams & Glen's 10 °r, 

Yorskhirr Bank 10 

| JUmh.-rs .if Accepting Houses 

ranunin-. 

•-'1'i.v iIiouj-n , nimin dop«iis 

' d ’«: 'Icpo-u, 0 n ,inn-< of £t".'W 
■me iiri’ii r >i , up :o C-.tWO Ij',. 
jud o’. .r (g/Mimi j.-.. 

‘-•J C.-pp-.::. mvr il.uod 7ti- 
D»* , nsn’l >l |-i.|ii ;; . 




cents 

China light 20 cents to 23.50. 

Germany 

GERMANY — Prices eased 
slightly on a general lack of 
interest, although dealers noted, 
no specific reasons for toe 
sluggish trading. 

Kartiadt gave way DM 7 to 313 
but Demag firmed DM 1 to 15S. 

State Loans were again weak, 
with losses up to 40 pfennigs. 
The Regulating Authorities 


FI 1-3 . to 

FI 120.7 and Hoogovens shed 
60 cents to FI 32.7 lo lead Dutch 
Internationals lower. 

Elsewhere weak share included 
Van Ommeren, off FI 3.8 to FI 143. 
OCE-Van Der Grinten. off PI 2 to 
FI 152 6 and Pakhoed, off FI 4.6 
to FI 37.4. Bijenkorf. MMdeo 
standsbank and Fokker were 
among toe few higher issues. 

State Loans were steady. 

Milan 

MILAN — The market dosed 
irregularly lower in thin trading. 

Leading Industrials, however, 
were scarcely changed. Monte- 
dison firmed marginally against 
the general trend. 

Asslrnrazionni Generali firmed 
in Insurances, as did Generate 


* Diixed FinanciaLs! 


Friday. 

Paris 

PARIS— An irregular trend pre- 
vailed with still no sign of the 
customary start of Account firm- 
ness. 


Brussels 

Belgian shares were mostly 
higher in quiet trading. 

Astnrlenne. Yteilie Montague, 
Hoboken, and Solvay each rose, 
while Etectrafina, ACEC and SL 


The expected small cut in the ® a **' ^ cU - . 

present 9.30 per cent Commercial Most Steels were little changed 
Banks’ Base Rates before the end as strike action continued m the 
of the month has been fully dis- sector._ although Cockeilll rose 
counted, so the one-eighth point BFr 25 to BFr 446. 
increase to Ik per cent, in Call In Foreign stocks. UK, Dutch 
Money had little impact. and VS. issues gave ground 

Michel In shed a further Frs.17 Germans and French shares were 
to 123S on its lower consolidated mixed, while Canadians were 
1977 profits. little changed. Gold Mines were 

Chemicals and Utilities were also little changed. 


Indices 

NEW YORK-»>^™ - 


into iaincecoaipibu-B 


81 !- SO 


19 j Hii* j Low | High , Low 


tiwaj 


742.7! 


221.17:222^4 


HU] 

rtuffi I (OS/2] Vi 1/1(751, 
WAS 1 St JO | - 
p,i> ,tb6) ! 

Sfi! JA | 1W>-A1 ' 279.88 
(W6) ! (Bill \«M68\ 
17038 - UH-M 183.82 , 
13/b I (2&Q VdCV4ftW) 


I 

M51.70! 41.22 


15JM 

rt/7/iat 

10 -sa 


Jisrla of Index I'huftf tram August 2% 


Ind. dra. yield * 


June 23 ! Jew IB i June 9 ( Year aso iappros.i 


' I 8-68 


8.88 


8.43 


4.83 


aTAJTBARD AKD POOBS 


famce Compufit' 


» . ; i -j ■ wiu '0 h«l«iuhi'» 

•Janv Junf < JjfPg j Jqnei Jtmc j Jmpc ; l ' J — 

i 7S E3 1 28 | 21 f 30 - 18 \ I Law j {fifth } Lon 

•i D duArw^'~>M.48 iQB-sa; n9.4i.ioe.nl tM.ss. uq.7^ hajs : as^z I 734^4 i usi 

* , - j I.' !■ ; * WA VU, 1,73^30(6(32) 

tCompnrite MSS HBM 88.2* 88JI1 36-5 Ii W.« 180321 Sfl.rt j 12S-4& 4.«0 

^ I n 1 ! t ,6*1 hU/l773 tL*(3ZJ 


t 

Jnne28 1 Jmh 14 


'> 6*1 

June 7 


l Trar Bfio wpprai j 


Ind. dif. % 

8.07 ; 

4J0 ' - 

4A8 j 4J7- 

Ira,. P/H Ketto 

9.11 

9.44 

9^1 . | 10.22 

■ ^ A%g Gort- Hoad jtoW j 

i frAB' 

1 8.44 

i 8.43 ] 7J57 

S.Y.S.H. ALL OOMXOX 

Bases and °a11b 

; June 26^ June 2a, June 3 


as 


23 


22 j 21 


BS.ia 66.9ft 


High 


tttaea 

F%lta. 


308 


' 64.07] &3-81. 

i ■ i J — 1 

MONTREAL ^ 


5t ja 
IK6» 


4 431 
ifrS) 


. LBS7 

SB6 

Hixha J — 

*«w 


698 

748 

440 

31 

4Z 


747 

653 

458 

21 

42 


v T 'J 


fr. 


■iune Jane I Jane I Jane L 
36 25 I 22 I 21 j 


1479 


fillEti 


Low 


Imtiwttiel 1760-821 — 1 t81-5Bj «2JS 186-08 H 6161 j tB2.»0 1 - 

Combined j 189.7^"— | 78056 79 1.57j - IMJW ft*) j IIC.1C .JOiliT 

rOHONTO Cbm|»'twjTH 8 j; I T2S.5 7.128-6j IKI./t II48JtUw6> 1 '^-2 ( 9 U L 


i/i h AW SE8BTTRS 
Cowl 
Indiwirial 


9XLX 225JT 1 2H-t ! 2243 1 2243 121 (6) 

238A 239 J: ! Z40J ) 241.9 | 242.2 (20*) 


183 J) 120,4) l 
184.5 (13(3)' 


June I Frc- 1 ISIS mti 
26 | rtnor ! Hi*b : Low 


Auatxalin(T) 
Belgium mv 
Denmrk i**), 
Prance (Ft) 
Gennsnytiti 
ffolland «•! 
HnrtC f Kona. 

mv 

ilb.It cur 


492.53 | 439.76 
96 SB 1*9523 
94.48 ' 94J88 

&A ■ 88.7 i 

> I 


Japan te 

Singapore : 

(41 


788.1 j TB5.Z ; 
84 .e ] 83.4 - 
53B J5 ' 548X8 ; 
EL 8 S 6LS7 j 
412J6 41Ai2j 
33SJ39 > 332^7 r 


601.34 44 US, 
fliai) "ilfSt 
PLlHi 90.43 
W/6J 1 {5S9.CJ 
96.13' 94X0 
».1| ; C6*2) 
7L£ i 4iJS 
liDty fi* 
ste.7 7 = 9.4 

m am 

- c7J) - rtLO 
0*7 ■ (4.4) 
6 BJt ibSjftt 
(il l! 6 ) A tie lj 
' CC.«5 
Vtttt I Ki,l) 
416. U 36 *J» 
•If-*) ' (•ihe 
532.77 8331 
03(8) ; |L6l 


1 June | Pre- ‘ 
j 26 } nod* 

1918 

HiEt, 

Drit 

Low 

Spate wv ! ict ' 102 A 0 

110.7c 

«jm! 


WO) 

(IV) 

Sweden «i 37S.46 1 576 >3 

M?jfc 

sKj.74 


(AO) 

fi.l* 

Switreri'dii, 293-5 : 395.9 

S2S.1 

■-7MJ0 

! • 1 


(25 s, 


■V-br 




: .i’fWfi,’. 


Indices and h ade d ate* CaB tnae valnea 
tfti' mn* NT8B AH Common - 80 
Standards and Poors — 1ft and Toronto 
300-1.080. me law named Oaaee no Iftiftl. 

. excluding bands. . > 4» iwluatafe. 
; 400 torts.. 40 . U dimes. <0. Finance and 
28 TransDOK. (It Sydney All Ord. 

■ ID Belgian SB 81/12/03. l—» CooenbaBeo 
SF I (1/78 mi Paris Rwp. ■•••I. 


MONDAY’S ACTIYE STOCKS 

Change 

Slacks Clostiw art 
traded price do) 

Ramada. Ians 138.388 s; 

Penn Central 1X28308 Hi 

Squibb 814,388 34- 

Plaihor 739.980 23 

AUetAam Airlines. 048.80ft 10 * 

Texaco 489X90 .531 

Caesars World 330.100 23] 

Thra chemical 322X00 2» 

Rowan- — 271800 22} 

Bally life 281X90 231 



mi C ounn c r snaak Dec-,1253. (IS) Arnamr. 
dam. Indnstrlal UN. <tf» Han Sene 
Battc 31/7(01. Ittff) MU*o 2^(73. to) Tokyo 
Now SB 4/1/ag. (biStraJta Times iftML 
(eiOascd. (d) Madrid SB 30/12/77. 
tet Stockholm ImtuatrioJ 1/1/58. « ft Swim 
Rank tin n> 4«v UnanllaMe. 


GERMANY ♦ 


Jane 60 


Prv-e 

Urn. 


i+j r i D ;- 


Tu. 


• •Prieee ; + or , 

Diy.iY Id. 

; * 

June 29 

1 Yen : — 1 

% [ * 


VbU 

I I*nr Ver*irti... 

miff 

r>A>F • 

naiet...~. — 

naret. Hvmo 1 

Oliver A p^em-liKJ 
. ihalm.Sai.wn-l 


76.8—0.3 - - 

S87 I-l I 31.2 3.8 
243.5-0.7 >43.481 5.7 
128.5 b) — L8 : |B.«: 7.3 
137.6 — l.o; I8.7& 6.8 
281 -1 28.78. 5.0 

312.5 -2 18 I 2.9 

165 i — I - 

225.7,-0.5 17 1 7.5 

74 


Gunmen hank 
•Junt .. 

Itsimler benv j 296.8a) +0.3 

I We item • 258 1 — 1.5 

uemac ‘ 158 1+1 

■ >%•<« H-he Hank.^.;300.5 al —8 
237.4,-0.6 


irexlner Hanh.ij 
.'vt+erh’iir/.emi J 
i.iutehii'Tnuriu. — | 
Ht|*. Li*’i*l 
!lrr,mri..„....i 

H.wc-11 



Nan urvi .S, 

rvar-Tll.il 



aiicknrx UMKri 

KHU 

Kni,. |* 

Uo-ie. 

U'seniiian 
Uniban-a 
xlA.N .. 

limine oiann I 

vleisiiue 

Hunciienei Kuca 

inraeniM nn. 

r'reu- md UK W..i 
ifneinWe-i.B'ei.’i J 
'vuernu;-........—. 

*iameti- 

5a.' iSucia...^.. 
r-.j-en AS.— 

Kuu 

» KKA 1 

Verr-m-a "Vl Kk' 
Vo ! 


19/*' + 2 
206.5.-0.5 
119 '-8 


—2.1 i - : - 
28.12! 4.7 
17 3.3 

14 ; 4.4 

28.12 4.7 
28.12- 5.9 
9.38^ 2.5 
12 ! 2.9 
'14.04' 5.8 
5 
4 


in ioa...| 


._ 294 — 0.8 -.18.72, 5.5 
... 185.B — l.Z 14.7^ 7.4 
45.9-0.1. 4 ! 4.4 
129.5-1.5 9.5613.6 
156 —1.2 il4.U4) 5.1 
315 -7 1 / 3 . 44 I 3.7 

815.5a» : W7»i 4A 

90 -0.5 i-l- 
182 J -1.5 1 18.76, 5.2 

94.5 - - 

243 l-l { 28 5.2 

1.410 — 25 ! 8.9 

109.8— 0.7|9.36| 4.3 
197 1—0.5 12 ' 3.1 
158 !— U.5 11.1?, 5.4 
217 '.+3 10 I 2.3 

548 i-l 18 I 1.7 

129.5 - ; - 

115.1,— 0.2 J — . - 
188 — 1 ! 25 I 66 

266.7—0.8 128.1/1 8.4 
288.9:-U I lb ! 2.8 

244.5 4-3.6 28.561 5.4 
116.9 -1.1 IMS 7.5 

174.5 -0.5 14 | 4.0 
X18.6-l.6l 1/ 5.0 
290 -1 j 18 3.1 I 
208.2 -2.6 . 25 6.0 


TOKYO 1 


A -all 1 Ij 

anon..— 

."eaw 

t.’hmmi 

■All \lp|awi 
Fuji I'huU. - 


544 
487 
bll 
365 
542 
544 

illnu-ln i. 249 

Heraia Mi«n 1 375 

Iraue Phn* 1.16J 

- H«h..-^.... ■ 229 

1 he YnknHn 1.3&0 

la**. 698 

LAX. :2.b50 

■vanaai KIM. I'e.jLlnO 
amnaipu I 349 

Ali'i+a. 280 

- > iHn-Cermm ie _ 14.080 

•Ulwi-inia III _.! 718 
rtilaunuhi Han*..! 279 
JiLfiiiium He«n] 126 
■lit-ultiahi 431 

4H-UI A tie. | 317 

■litauwhi 576 

*i|Smn Den an 1.380 

'llipm Shinfun... (39 
)l-en Untur-.—J 798 
Fioneei — ....'L68J 


; 14 ■ ko 

—3 : 12 1 L3 

-12 ; 25 ! 2.0 
-5 20 -; ZJB 

.^.4 ! 18 * 

'-6. ; IS 1 1.4 
i-l 12 2.4 

•j. 1 is : 1.6 

t-lj I 35 i 1.5 
+2 12 < 2.6 
30 l.l 
13 ; 0 S 


-20 
+ 18 
+ 1U 
XlO 
+ 1 
— 1 
-20 


—1 


•«njij Knarani’ 

•eel-ui Pmrati-...; 

Ill-eutn 

aau 

L*l«hn Marine.— 

taiiWIa UiHn» 

. Uk 

eljui 

• okHi Marine-... 

• uttm kierr twe 1 
.•ikvn 

• ■ wto •lureura.., 

"or.,.. 

»’4« u 1.4 


471 
855 
1.110 
1.670 
254 
37 S 
2,040 
121 
487 
1,030 
612 
143 
143 
991 


-3 

+1 


10 

18 

16 

5b 

20 

10 

1Z 

13 : 

14 
20 


AS 

dJO 

2.7 
0.4 
1.4 

1.8 
4.8 

1.3 
2.2 
L.7 
0.6 
0.8 
1.0 

1.4 


AUSTRALIA 


June 25 


:+ or 

Aurt.* 1 — 


-io 1 is ! 

— n , 12 ■ 

X6 

— 30 j 48 
+3 12 i 2.a 

1— 3d ■ 20 03 
40 j IJs 
+ i 1 11 I 2.4- 
r-7 1 15 ; 2J) 
1 + 10 | 30 ! 0,7 

t— 1 l 10 1 4.1 
11 I 1.1 
a 3.9 
Its 1.9 
10 1 3.5 

1U 5.3 
20 | 1.0 


+ 10 
!+4 


+ 1 
• — 2 
:+2 


AMSTERDAM 


Jam 26 


Pri’.e 

Fla. 


I + or | Dtv.iXYi 

I - ; % ! % 


Source Nikko Securities, Tokyo 


8RUSSEL5/LUXEMBOURG 


Juno 26 


Price 

Fra. 


About (HJWt 1 

\uro(FIJ0) I 

A cem BaatFiliX’l 
AMKV IF'. 10). — 

Am robe alt iK’.iOi 

■ igeakon 

Boko Weu'm trail' 
Uurbrm lrttoradej 
Kiaevier Vtfi.8J).j 
boniaX.V.t)earei| 
KumComTat F1.1 l: 
•iiw Un>»iea<Plt’ 
HeinaaemFUfti. J 
. |..iih<vou \F.J63, 

. lunter li.(F..llAJi! 
n.L.M. (F .UX*).. : 
■m. MuilurtlA'i. i 
.itanien |V<.1U|-., 
)ii.leilg-,K.lvi 
VMl red Bk(F’J3Li 
\ut M hi Hkir-.w; 

,k* (M. M 

Van Uunooreu j 

.■akluwl IF . A‘H 
t’hm\m iPt. I0j._. 

itjn.'X’U V «\Fi.lOC 

ituixvo 1 F 1 aO, 

■ii'iiiun 1 F 1 . all... 
ibireato iKi. 30) 

1 UurcfaiF'dM 

•Bvenimru 

levin Grptfi^aJil 

lUMi'.iPac. Ulda.B’ 

untie ver tri. XCn . j 

viaineUea.lncfthl 

rt’eot lau' rtn. Hank' 


107JI-0.1 , i21| 3.4 
29.3'. -0.8 ; - ' - 

362 28. K 7.9 

79ml +0.3 50 | 6.3 
75.7;— 0.1 1 23.6 6.0 
93.21+0.7 26 I 5.6 
120 1-3.5 | 80 1 6.7 
73.6'— 0.2 , 26 t /.0 

280 1 27.9 2.0 

la 6 .fr — 0.2 ' 37 .S 5.5 

67.9' I 94.9 5.1 

36.11—0.5 j 25 6.3 
103.fr — 0.8 1 14 3.4 
32.T — .8 ; - 1 - 
26.41 + 0.2 j 12 i 4.7 
142 1 — 1S.5 1 o . 5.6 
47.7-0.1 1 19 I.v 

36.0 ' 1 2.0' 3.0 

104.3j— 0.9 ; 48 ; 4.6 

6a.Oi. 21 ■ l.s 

193 1+1.5 | 22 i 5.7 
152.6—3 j 36 1 4.7 
141 1-3.8 lb j 0.6 
37.4-1.6!— ! - 
26.4' — .3 17 ( 6.4 
-0.5 - - 


-0.1 [jBftkj 7.5 


83 
171 
131 

122.81+0.1 1 14 J 6.8 
129.9: — 0.8 ;5a.7B e.3 
2 o1.d! — 0.5 W 7.6 
133 1-3 /7»! 4.1 

122 42 . 30 . O.o 
220.7 — 1.3 .-42.7 1 7.1 
41 1 + 0.2 20 I LI 
405 ‘—0.8 ! 53 ! 4.0 


COPENHAGEN * 


Price j + or ' Div. ‘i'W. 
Kroner! — ! * , ^ 


Vll-IFI 4VIIMUJI .„.j 13413’ 

11 8-2 

iturni'+i W....,,.' 440 

IS i 3.4 

i)ui.kr faiili 123 j+U 

12 ; 4.3 

Ka<4 A«IkM Cu. ...' I 6 II 41 — 11 , 

12 i 7.5 

r'mva hankvn.... | 129^4 1 

13 MO.O 

. or. Bracenor.— : 361 | 

12 | 3 to 

r«r. I*af*r 75 j 

- - 

t laii.1 le+auk I IU4 ,+ M 

12 ! 8.9 

ii.NM>'nH.IltrVCi; 3t4l»l + l? 

12 > 4.1 

.»ur-l Kabci 1 IBS', J— 1*1 

13 I 6.4 

•■idalTik — .i 781 e!— U 

1 

I'nratiaux I 1291*1+14 

— . 8.6 

Pir-TinOaillk ] 136 j. 

J I ! ?.l 


13 I 3.i 

*ll|trftO»...aaa»— *■— * 

. / 

12 6.7 

1 

VIENNA 

. rnot . — ■« 

uiiv.’l-i. 

JiiikSS i n, ; *■ 

% i « 


IO ( a.B 


9f i-l 

C+. 1 - 597 '-I 

36 | 8.2 


— i — 


Or : 4.4 

IH 1 Vsldll^l. —1 

14 5.9 


irtwi >2,399 

dq. Bnc. Lama. ...Il ,685 

bekert ”tr 11.925 

v.d.K.Uement — IL150 

^■xJvwi' I 448 

KHIfc 12,260 

i+.ttUw- — 0.430 

Fabnnne flat 12.695 

O.B. I nno-Biu 2,165 

Uevaan ! 1.308 

Hi /token 12.270 

mlen-oiD j' 1,7 3 6 

Area ie* bank 8.790 . 

La UovaJe Bwee.J6,590 

Fan Unxiina ,3.640 

Ftftr>iiirBi ...—...—13.640 
xw Gea 8anque-I2.990 
xx Um Belim>wll.920 

ulina ™i 125 

•-Bay 12.395 

ractktn K'ect 12.580 

OCb i 928 

7IZ 
855 


TDirJ 

+ or Pr*. iTfid. 

— I >« i t 


ITOKm K'BCT K.S 

(Ub J 9 

tn Urn. (1.10k J 1 

rieme Mootairo+Jl.8 


+49 1 - 

' 72 i 4.6 

<— 5 116 i 6.0 

test- j^ 6 

pib'[430 6^ 

1170 6.3 

[+20 I1BO 6.g 
!+4 ; 65 b.5 
+46 ;170 | 7.6 
J — 10 )142 ! 8.2 

' r 30 WJdS 5.8 

(-60 1174 . 4.8 

.: 1205 

+S 1140 

+ 20 <215 

+45 h \21^ 8 S 
-5 1170 


6.8 

7.3 

6.9 


SO 

+ 46 1 - 


6.7 

7.0 


SWITZERLAND • 



Price 

+ or 

Dir-YliL , 

June 86 

Fra. 



% 





1 rtBC-A' 

1.635 

-6 

10 

3.0 


+ 5 

22 

1.8 

Uc>. Kart. Cert- 

855 

— 5 

22 

S S-to 


596 

1—1 


1 i4enl, bun+eu- .. 

2,190 

16 

JS.ti 

1 6<eci,o»atr — — 

L745 

—io 

10 

8.9 

Il J C- : 

660 


b 

5.8- 


74.000 

+2501550 . 0:7 

1>J. us main 

[7.576 

1—25 

85 

0.7 

Inwrfcol II 

3.900 

+ 25 

21 

2.7 


1-440 

+ n 

21 

1.5 


5. 483 

+ 20 

*405.7 

15 

2.5 

Da lieu 

2.220 

+ 3 

5.9 

.(enlkoaU.ir. ssuy.x.SSB 


1.4 


*68 

— i 

16 

5Ji 


3.925 


26 

1.7 

1 Uo. Pacta Gen* 

485 

-5 

26 

8.7 

* tltlklierUlM+luC 

300 

+ 5 

12 

4.1 


3B2 


14 

40 


860 

-5 

10 

4.0 





4.730 


45 

ali 

t omn Han* — .... 

3.110 

La 

80 

3.2 


10.573 

— 25 

44 





MILAN 




■Uiv. 1 

Jime 26 

J— 


Lire 

% 

Ja.p.Wi — 

.■Ml — — — 

4&2 
1.780 xc 




i(o- I*nv.— — 

KSOQxo 

+ lo 

10 1 

all: hlr, 

103 

+ 1.2E 



Ibaicamant— .. — 

11.830 

+ 30 

200 

1.7 


138.5 

+ 5.5 


.llialtubanca - 

33.350 

1.20ft 3.8 







saod. 

1.952 

951 


130 








auVIxta 

717 

■^5 




1 


AC311L (25 cent) . : 

Arrow Aotnlla. — 

Allied ling. Tnlg. Lada. |! ■ 

Anrpol Espfcwa lion. .J 

Ampul Petndeuaa ... 

Aaaoe. Mlneowh- — 

Araoc. Palp B»pcr JL.......I 

A woe. Can. Lnduatrira 1 

AuH.PoundHum Invnc...! 

Aadimco... — 

Amt, Oil A Ga* j '. 

Bamboo Creek Gold j 

Blue Meta! lad... ; 

Bougainville Copper — — j 
Broken Hill Pnprietaiv — i 

BH South 

CarJton United Drearer?.- i 

V. J. Caten-.. - 1 

csKffti).. ; 

Cocfcbura Cement — — ! 

Can*. OoUSeUk Amt. .— ..[ 
Container (ftl>.—..— \ 

Canzmc fikstute— 

Contain Anstrall* 


+0-01 

■+0JB 


!+CJtt 


-8.35 

;-8-az 

+*84 


Dunlop BuHAu- (61) — j 

BSCOK. — j 

KJdetsimlrh — . 

HZ- Indnatrien— 1 

Gen- Property Tnmt — 

Hamaraky— 

H oakar. — — 

Id Australia. J 

LnlerCoroar. 

Jenatoga ladnatriaa — ii 

Janes (Dartd)..- : — .] 

Leonard Ofi--- 

UetalB Exploration— .... 

Kill Hoklinaa — -J 

Mjtr Bmporium 

Hew*. - — — 

Mebotas InCeniaCiodal — . 
Noth BrokcotH'dingi 1600H 

Oafcbridge. - 

Oil Cearch--... .............. - 

Otter UplonrtiavM' 

Pioneer Concrete. 

Keekltfe A Caiman — >-. 

H. e-SW2b.-- ! 

Southland tlliilng- — ' 

SpaqiM Btqrtoratinn .** 

Tootfatft - I 

WM 


10.63 
10.84' 

12.10 
UJS 
TO 82 
tl.14. 

tuts 

tL61 
UJ03 
tL54 
. 1030 
ta46 
10.18 . 
n.io 
n-25 

+6-98 
11.18 
♦ L75 
12.0 
12518 
11.30 
t5-SO 
12^5 

12.54 
1L50 
11.38 
K)-9H 
.12^0 
12.45 
tl.55 
12.60 
10.71 
12430 
10.28 
11.15 

si.it: Hu* 

10.19 Hut 


-tUB 

1+0.10 
40 M 

;-oj* 

1+0.02 

'1+881 


[-0L82 

1+0.18 

(-+MK 

LflLBl 

t+0.02 


Uft-fli 


BRAZIL 


June 28 


I Price ' + or ( Div.:TM, 
•j Crus j — [Crni( £ 


Aresit* OP—...—] 1.06 


kr.ia ji.45 


Banco do BntriL-J 2.03 l-0.0&8.17+fri7 
Buko Itan. — -J 1-28 . Jfl.37 28 J| 


Beige Hineira OPt 2.16 1-flJtfl.Da 3.72 
loju AWMC.OP-: s.12 !-eJlio.20 634 

Petrohras PP 1 8.12 H 1 - 08 ! 0 - 13 14.17 

Plrrtll 1.48 - |0.16 [lO.ll 

Snu» Cnu OP...., 2.61 pi. 14)8.23 >831 

Enlp P£. I 6^9^8.892.29 4.58 

Ta teBinDoeaPP f LflO j .-.+-J8.18 Jl&.Dc 
Thnmven OrOSSSSL ToIbm 8£3m.~ 
Source: Bio'de Janeiro SSL 


OSLO 


Jnne 86 


Bergen Bank... 


10-26 

' 12.10 

11.78 

ta^o; 

10.80 

1L30 

*1.78 

10.11 

10-85 

tl-56 

12.80 

ta68 

+032 

1031 

1L89 

1082 


n aiums. _ — iujo 

Western' Mining (BO eanww 1L57 
Woolwortin^.l:.- ...\ . 11.59 


LOJS 

i+036 

-OJH 

-+L8B 

-0.01 

+0.82 

-4LB2 

+ OM 
+0.81 
,-OJK 
-0.08 
r+0.05 

Kftjn 

+0J1 

+ohs 

HU* 

-OJH 


PARIS 



“Pries ' 

+ or 

1‘iry 

03 

JnneS ' 

Frv 

— 

Pra. 

a 

Beale Aft — ! 

746 JS 

i-i 

4i» 

a& 


373 

-11 

2JJ3 

ato 

Air Liquid -■ 

290 

■+0.9 

lb-b 

-5.7 

Aquitaine— 

498.5 


3S36 

8.3 

mo 

. 510 

— B 

12AB 

8.7 

iSTSUi;:.: 

815 

524 

-15 

+2 

.42 

403 

5.1 

7^ 

Cazrafour...:..'— . . ■ 

LS26 

-9 

'lb. 

4J9 

U.GJL.;- 

342 

—3 - 

31 A 

9.1 


1,078 

+ 7. 

7160 

7.1 


305.1 

1—4.9 

12 

&M 

f 4j M ■'y • ^ ! f 1 

390 

—2 

I1JK 

2 3 


119 


12 

W.i 


74 

— i . 




707 


sa.75 

+8 

Fri Petnriea- 

13B 

+1 

H.TO 

10.1 

Gen. Ooddeatale! 

187 

— !■ - 

AS 


ImetaJ 

60.5 

-AS 

B.7> 

9.4 

Jarquea Borel..... 

113 

—as 


— 


198 

767 

+0.1 

iffif! 1 

Loyraral-r. 

1.605 

— 6 


Lij' 


-4S4« 


39J 


Hlcbelin “B n — 

1,238 

—17 

KJS 

2.6 

Most Henneaaey. 

■464 

—7:. 

12-F 

2.7 

HsuUok 

147 . 

+a : 

A. 

2.1 


ErndJCkenen — — 


Norsk HydmkrJO 172 & +3.7S 
Storriaand--- 68^5 ) — Ui 


«ac) 

104 1+0.5 


+ I , 
+OJS 
+0JB^ 


9.7 


nuftw. — — 

(*ecbuu(V 5 

Pernod-Sicard. 

Peuttentr-Oltrwn..! 

PortaJa- 

Radio Xra-hnique. 
Kednuta.' — . . — — 
Shone Ponlenc 
St. Gobsin-.. ! 


J60 


B8.5f— 1 

8sui-i.e 


199 

412 

858 


trkis RtoMignoI— .[1,860 


pue* 

TWwiiwniqiia- . 

Thomson Brandt. 
Usin or 

STOCKHOLM 


250 

725 

1924 

31. 


-OS 


IKS. 

- 7.6 8.3 
-.,,7.6; 2 J9 
573. 5| — 3.5 i77lSi 4.6 


-VLB: - 
+ 1 1 25 
27 


' 96.fr+0.2l. 9 


6-8 
6 JO 
8.4 


13848 1435:10.6 


l-.3B : (-2.4. 
— 1 26A 10.2 

-1 1 263. 3.5 
—3.0 [18.75; 7.9 
1.8 


Jane 26 


AOAAbtKr^d).. 
Alb lawlOIKiM 

ASRA fKr.W) 

Arias Copco (KiftOj 

BOIenid— 

Botin 

Cardo— .... 

CelluUw* 

Rtectlnz ■ B’titrtO, 

Brfo»wn.‘ff (KiW 
Bsaelte “BV_ ._ 
Fagersta 1 

riraast* ifreet— ...! 

HaznUestaankai...' 
Marabou 

ltd Ofh DumituJ 


Knskilda .j 

rik-*B" Kt50 

LJiidcbultn .... J\ 

Vetto tkr- 50)— .1| ' 


Prloe 

'Krone' 


206 
145 
.81 
124 
71 
. 115 
205 
237 
141 
141 
280 
95: 
51 
-333 
100 
63 
280 
63 
134 
73 


+ OT 


b - r 


+o 
+3 
+ 1 
+ 2 
+2 


Sir. 

SL 


Tld. 

•at 


ae i . 2.7 
'.5 t *S 

■frr-as 

6 . 4.8 

4 R8 
w4 -i.5 
5.75 2 JB 
-IO - 4.3 
6.3 ■ 45 

5 .i 4.8 


8.751 


+ 1 

2Lt5* 

. — ;~i 8. 

. . ' 8 
58.B) +0.5 j 
69.fr +0.5 j S 


2.9 

.413 

4 J» 
8.0 

xia 

7J3 

5 JZ 
6.8 

K7 


JOHANNESBURG 
June SB Hand +or- 

Anglo Jtmertnan Corpn. fiAfixd 

Bast Drisfoontin — 12J0 44.38 

Slatons. - - — lJBml 

Harmony — 6-33 +0.13 

Kinross * .... ■■■... 6 . 0 b 

Klnof — — SJ.0 

Rnstentonx PUdnom 137 . 

St. Belem. — - — — — 114.75 

Bombvaal — : ' 8.58 

OoU PteWfl SA — — 23 SO 

Onion Carporarion i» 

Dr Been Deferred ASA +0.0591 

BlyvoornUridrt . SB0 

But Band Pty. •— — — UN 

free Slate CednM 127 50 

Presktew Brand — ■ 15^5 

President stem — 12J0 + 0.33 

Senanttefn 450rd 

Wetkom 4J5 + 11.15 

West DrieBwteto 38.0ft 

Western Holdimts 33.08 

Westem Deep 14.00 + 0.15 

' WDUSTHIALS 

AKCI ■ to-../. IM 

Anek+Amer. Ifldoattul — *-8.£ft 

Bartow Band — 4.00 +o!ii5 

CNa Investments L73 + 0.05 

Carrie Finance .: — .; 6.7ft — 0.81 

Bdgara ConBaiUataft Inv. IN 

Edgars Store* — 12 SS . +0.2* 

Bmnmaady sa ti.7» 

FMerale Volkstielegstnga IM 

Creatantaans Stores 1223 

Guardian Assurance <SA> IBS -0.6* 

Bnlatts - — — 11.05 ' - 0.03 

JJA 1.85 +0^i 

BtcCaithy Bodwiy U.S0 

NwlEank — 2.82 

OK Bazaars — 7AB 

Premier UOJfns — — 5B5 

Pretoria Cwneot : - f3J« 

Pro tea HoldtoKS 2 . 2 s 

Band Mines Prepettin— 2.17 

Rembrandt Grasp +55 

Kotos ..m— - i — ' 8 J 8 

Sane HoKUnss L38 

8APP1 ;. — s — u.; 2.82 

c. G. Smttn Sugar lbs 

SA Breweries ;; IM 

Tiger "Oat* ant NatL MIg: 10.00 

Untsec -- — — — us 

Securities Rand SUJSJ1.72 
(Discaunt of 2VM%) 


Banco Bilbao 

Banco Aiiandco 0.8881 

Banco Central . 

Basso Exterior - — — 

Banco General 
Banco Granada CLfflM) - 394 

Banco Htspano ' 21 * 

Banco Popular 72A 

Banco Santander <180) . 412 
Banco' " a motto . OJMN» 

Banco. Vtacara 

Banco Zaragoaano 

Rankiadon ' — ' — 

Bunt AndalneU 
Babcock Wilcox . 24 

cie - a. 

Unucadoa • ~ - • - 776 

Inmobcnir — 

K. 1 . Aragonesaa 
Bapanola. Zinc — 

Expl. Sio Ttntfl 

Fees* . 0 . 000 ' 

Pcnoea rum ) - 
Gal. Preciadofi : 

Grnpo Vatozq n aa. C4881 

41 drain ' — 

merdtiero 
Olatra 

Pmpeleras Bennldaa 
PetrolJter -U. 

FArtroteoB 
sarrto Panain 
IhIir — 

Sasafiaa 
Tetefonica 
Torraa Hosteoeb .. 

TWwoex 
utdon Bee* 


i 


F.^r* • 

'fwO. , 


mm- 


'“•45 

ffl 

-fl.83 

?*& ;D- 



+«.M 

if 


s s 

+#.» 


































Times Tuesday June 27 iQ7sr~ 



EEC ini talks for world 
pact On dairy trade 


&Y MARGARET VAN HATTEM 


PROPOSALS . FOR 
• 'anal framework 



an inter- 

... ; agreement 

I' ffSffi to dairy products, in* 
ambilateral agreement on 
£B®C imports of New Zealand 

Mijfeddar cbeese will be discussed 

■acre tomorrow. 

^3^r- Brian Talboys, the New 
'Z&tonti deputy Prime Minister, 
■ipilr be; bolding discussions with 
;- jfc Tinn. . Gundelach, . the EEC 
Alriciilture Commissioner. 

; Gundelach is understood to 
^giFe : discqssed> the proposals with 
Hr.-.-Kobert Strauss. President 
CartfePs-^ecial trade negotia- 
tor; in .Geneva today, - 
..w;5Pbe ; framework agreement 
.’Weald include general provisions 
fox’ the exchange 0 F information 
on ; production and. marketing of 
'dairy products between the EEC 
flew Zealand, the U.S., and 
possibly other countries. 

It could also include an agree- 
sieot on -milk-powder: -prices and 
the bilateral agreement on 
pheese: ■ 

.‘•'Opposition to the latter is 
:exppcted • from Ireland, which 
fears- that reopening the UK 
market to New Zealand Cheddar 
’may cut Irish cheese exports to 
.Britain, Mr. Jim Gibbons, the 
Irish Agriculture Minister, made 
this dear during last week's farm 
council in Luxembourg. 

- The Irish export about 40,000 
tonnes Of Cheddar a year to 
Britain, where New Zealand — 
which five years ago ' was 
shipping 00,000 tonnes a year to 
the UK — dow has no guaranteed 
access. 

-- The • New Zealanders are 
seeking guaranteed access for 

15,000 tonnes which the British, 
who consume 220,000 tonnes of 
Cheddar a year, say would be 
easily absorbed without barm to 


Irish exports. 

However, Mr. Gundelach has 
said: any concessions on cheese 
imports would have to be 
reciprocal. This is generally 
understood to mean that the New 
Zealanders will get their quotas 
if the EEC can get increased 
access, to the U.S- market for its 
own dairy products. 

However, lamb and mutton, 
rather than cheese, are expected 
to - dominate Mr. Talboys' "talks 
with Mr. Gundelach, as they did 
hia meeting with Mr. Roy 
Jenkins, the Commission Presid- 
ent, here today. 

tJespite repeated assurances 
from the Commission that its 
Proposed regime for sheepmeat 
will not in any way affect access 
to EEC markets, the New 
Zeatanders are still worried that 


BRUSSELS, June 26. 

the proposals may he changed in 
passing through the Council of 
Ministers. 

The Commission is clearly 
irritated by the increasingly 
successful New Zealand publicity 
campaign within the UK in 
recent months which it believes 
has built up public hostility to 
the proposed regime. 

If UK retail prices for lamb 
and mutton increase after its 
introduction, it will be because 
of higher UK exports to France. 
Commission sources said today. 

Since the French demand is 
mainly for very high quality lean 
lamb, the scope for expansion of 
UK exports is limited in the 
short term, and in the long term 
could increase export possi- 
bilities to the UK for New 
Zealand, they added. 


Farm support cost 


BY OUR COMMOOfT/ES STAFF 

THE INTERVENTION Board for 
Agricultural Produce -last year 
spent £3 12.3m of UK . Treasury 
and European Community money 
on supporting .the UK. -farm 
market, . 

It also collected £71.1m in 
levies and a further £2Q.lro from 
the sale of cold store stocks of 
butter, beef and other com- 
modities. 

The UK’s share of spending 
was lower than in 1976—£85.5m 
compared with £92.5m— mainly 
because the bulk of the cost of 
subsidies paid on butter was 
taken over by the EEC farm 
fund. 

Most of this went on buying 


in surplus dairy produce. Almost 
£43 ru — twice as much as in 1976 
~-was spent to buy unwanted 
skimmed milk powder. Spending 
on surplus butter also increased 
by the same prcoortion to 
£20.5m. 

There was less need for sup- 
port in the beef market and the 
cost of both support buying and 
deficiency payments was greatly 
reduced. 

Bid for the general butter 
subsidy, mostly taken over by 
the EEC, cost £14m, compared 
With £67m in 1976. 

During the year a total of 
32,508 tonnes of fish were with- 
drawn from the market. All but 
a tiny fraction was mackerel. 


Rise for Polish stock farmers 


... BY CHRISTOPHER BOBfNSKJ 

‘THE POLISH authorities have 
-raised the prices paid to meat 
i producers in an attempt to boost 
production after a slowdown in 
.recent months. Beef producers 
.will get another 16 per cent and 
-pork producers another 9 per 
‘■cent 

— Meat deliveries and prices are 
-one of the most important fac- 
tors which determine the mood 
;of -the population and the issue 
has brought- factory stoppages 
rand demonstrations twice since 
1970. 

■* Consumer prices for meat 
have- not been changed since 
1967. 

Feed shortages- and rising 
costs have hit farmers hard in 
•the past year. Potatoes are cost- 
ring 60 per cent more- than last 
•■‘ytar ifl some areas as .a result 
.of wet weather 1 at harvest time. 
*, It is - estimated that today’s 


decision will piit around 6.5bn 
zloty (£106m) extra into the 
farmers! pockets this year , and 
their income next year will 'rise 
by ZL 14-5bn. 

It also means that the 74 per 
cent subsidy paid by the state 
towards consumer meat prices 
will rise to S3 per cent; • 

Voices, in Government circles 
have been raised warning about 
the inflationary effects of such 
a. decision and arguing that the 
fragmented structure of the 
farming system is at the root 
of the problem rather than low 
prices. 

Meat production in Poland is 
to a significant extent based .on 
smallholders who keep one or 
two animals and who need large 
price increases to . stimulate, 
production. 

Larger farms, it Jiff- argued. 


WARSAW. June 26. 

would be less susceptible to 
temporary fluctuations In produc- 
tion costs and smaller price 
increases would be effective in 
securing production growth. 

Moves to raise consumer meat 
prices were also revealed today 
by the rural party daily Dziennik 
Ludowy. 

According to tbe daily, around 
300,000' tons of better-quality 
meat out of the total annua] 
amount of 1.6m tons sold to 
Polish consumers will be sold 
in “ commercial ” shops and 
delicatessens where prices are 
up to 100 per cent higher than 
in normal meat shops. 

The shift of the better-quality 
meat to the more expensive 
shops leaving the lower-quality 
.meat,, at ihe old prices will be 
done,- the daily says, " slowly and 
with care.” 


Egg farms 
heed glut 
warnings 

By Our Commodities Staff 
THE DANGEROUS expansion of 
British egg production appears to 
have stopped. In April placings 
of layer chicks in egg batteries 
fell 1 per cent below the figure 
recorded in April last year. 

In the first three months of 
1978 placings were 5 per cent 
more than during the comparable 
period of 1977, This surge 
followed increases during the 
second half of last year averag- 
ing 3 per cent above placings 
in 1976. 

Until April, fanners appeared 
to be ignoring repeated warnings 
from the Eggs Authority about 
overstocking. 

Producers are now feeling the 
impact of their earlier expansion. 
Egg prices are low and some 
farmers are reported to be 
losing 12 p on every dozen sold. 

Placings in the EEC as a 
whole were 2 per cent down 
between January and the begin- 
ning of April following six 
months when placings were 7 per 
eent higher than a year earlier. 

Placings in Belgium fell 4 per 
cent, France 5 per cent, and 
there was a reduction in both 
Italy and West Germany of 6 per 
cent In Holland, however, expan- 
sion continued. 

Zaire copper 
production 

KINSHASA, June 26. 
ZAIRE'S COPPER production 
this year is likely to reach about 

380.000 tonnes, compared with 
nearly 460,000 tonnes in 1977 
and the 525,000 tonnes originally 
projected for 197S, sources close 
to the mining industry told 
Reuter today. 

Output in Kolwezl — main 
target of the rebel invasion — 
seemed to be down to about 
one-fifth. Elsewhere in Shaba 
Province production continued 
closer to normal. 

Kolweri production was run- 
ning at about an annual rate of 

130.000 tonnes of concentrate 
and mine crews were using ore 
stockpiled before the invasion. 
Norma] concentrate production 
is about 650,000 tonnes. 

The sources said at present 
skilled technical personnel were 
limited to eight Zairean 
engineers and about a dozen 
expatriates who are being flown 
in regularly from Lubumbashi, 
the provincial capital 200 miles 
east' of Kolwezl 


Quality tea sale 

By Our Commodities Staff 
THE AVERAGE price of quality 
grade tea sold at the weekly 
London Tea auctions yesterday 
fell 3p to 132p a kilo. Medium 
quality fetched 124p— down Ip— 
and plain grades were unchanged 
at 80p a kilo. 


CHIPBOARD MARKET 


Imports squeeze UK mi 


BY A SPECIAL CORRESPONDENT 


BRITISH CHIPBOARD manufac- 
turers have warned the Govern- 
ment that if imports continue to 
take their present share of the 
UK market some milk will be 
forced to close. Tbe loss of jobs 
in the Industry itself would be 
relatively small but as the effect 
worked back to transport and 
forestry workers and ancillary 
service trades the number would 
mount. 

The British industry is 
probably in a position to rake 
a clamour which is dispropor- 
tionate to its size for at least two 
of the mills are in politically 
sensitive areas. The Government 
majority in the constituency at 
Cowie. where the Caberboard 
mill is situated, is in the low 
hundreds and the Weyroc Hexam 
factory is in an area of high 
unemployment. 

In a written answer to a Par- 
liamentary question last month, 
the Prime Minister said the 
Department of Industry was con- 
sidering assistance for Hexam 
under the Industry Act. 

Certainly trade statistics give 
point to The plight of tbe British 
industry. In the first quarter 
of this year imports rose by IS 
per cent compared with the first 
quarter oi 1977. The production 
from British mills dropped by 
25 per cent 

Chipboard production in this 


country has always been vulner- 
able to the peaks and troughs in 
the demand from its two main 
customer industries— construc- 
tion and furniture manufacture 
—■and is really viable only at 
times of strong demand. 

Since the war a number of 
mills have closed or have been 
acquired by one of the larger 
units and subsequently run 
down. Tbe present crisis, which 
in varying degree of severity 
applies .to the whole of the in- 
dustry in Western Europe, is -the 
direct result of production 
capacity in Europe being far in 
excess of demand for the past 
four years. 

Recognising the trend early 
this year, British producers 
lodged a dumping complaint 
against the Swedish and Spanish 

exporting mills with the EEC 

commercial division in Brussels. 
Following a meeting early in 
February these countries agreed 
minimum prices at which they 
would ship their board into this 
country for the next 12 months. 

It is significant that the statis- 
tics for the first quarter show it 
was Belgium, a member of the 
EEC against whom no dumping 
action can be taken, was our prin- 
cipal supplier, some way behind 
was Sweden, then Finland, with 
Spain in fourth place. 

With minimum prices estab- 
lished from two directions, tbe 


British mills hoped that their 
trade would as least stabilise or 
even improve, but this has pot 
happened and the April figures 
show a continuing decline and an 
increase in supplies from Finland. 

There is some evidence that 
the attitude of the EEC Commis- 
sioners towards the British pro- 
ducers is hardening. At the 
February meeting, the Swedish 
producers had to agree to limit 
the fulfilment of their future UK 
contracts at the old lower prices 
so that a number of contracts 
had to be renegotiated at the 
higher minimum prices. 

The Finnish producers were the 
next to be taken, to Brussels and 
accused of dumping ' by the 
British mills; again minimum 
prices were agreed, but the Finns 
were allowed to fulfil their out- 
standing contracts on tbe original 
terms. 

The British mills then, com- 
plained that some Swedish pro- 
ducers were not abiding by the 
February agreement But afier 
another investigation, Brussels 
found that this complaint failed. 

In a series of meetings between 
the Department of Industry and 
the importing trade the Govern- 
ment appears to take the some- 
what naive view that the 
importers who are also distribu- 
tors of home-produced board, 
should first fill the British mills 
with orders to the full extent 


of their capacity (about 40 per 
cent of our total requirements; 
and only import the balance. This 
ignores entirely the complexities 
of quality, specification , and ser- 
vice. 

Some home mills do not pro- 
duce tbe sizes demanded by the 
furniture trade. Where further 
overlaying with melamine, pvc, 
real wood veneer or other finishes 
is required, special qualities in 
the surface of the chipboard are 
demanded and again. some UK 

brands are not acceptable. This 
cuts them off from much of tbe 
cabinet furniture and kitchen 
unit end uses. 

Over the yeans many furni- 
ture factories have established 
their production on imported 
brands whose qualities they 
appreciate and trust. They see 
do reason to change. 

The importers and distributors 
maintain that they do not dis- 
criminate against tbe British 
production and if the sizes, 
qualities, and service demanded 
by the end-user industries were 
all available in tbe British pro- 
duct at the right price then it 
would sell. 

In tbe present state of demand 
it is difficult to see tbe British 
chipboard industry remaining 
intact at its present strength — 
either there will have to he one 
or two mill closures or the 
Government will have to step.-in 
with aid. 


Feed companies lose 
their EEC lead 


BY CHRISTOPHER PARKES 

THE BRITISH animal feed 
manufacturing industry is the 
Cinderella of the Common 
Market. Its output and labour 
records compare badly with 
those of companies elsewhere 
in the EEC, a market survey 
published by Jordan Dataquest 
shows. 

British compounding, bigger 
than any other EEC country’s 
feed industry in 1970, produc- 
ing 22 per cent of total EEC 
output, has now been overtaken 
by West Germany, France and 
Holland. 

The survey notes that the 
number of compounders In 
Britain is declining. Livestock 
numbers In the UK are 
also failing. Wages, on the 
other hand, have increased 
“markedly,” and staffing levels 
have risen. 

Between 1970 and 1976, total 
production of compound feeds 
in West Germany, for example, 
climbed 35 per cent to 13m 
tonnes a year. This gave West 
Germany’s industry a 20.3 per 


cent share of total Community 
output. 

In France, the relative in- 
crease was even more startling 
— up 6l per cent In Holland, 
too, production rose 44 per cent 
to 11.39m tonnes. 

In the UK, output increased 
only 3 2 per cent to 11.35m 
tonnes, giving Britain's com- 
panies 17.6 per cent of overall 
Common Market prodnetion. 

Tbe survey points out that 
part of the loss of ground can 
he attributed to the technical 
and structural superiority of 
the British feed industry in 
the 1960s. 

In spite of the contraction, 
the number of - jobs in the 
Industry has increased from 
30.100 in 1973 to 31,100 during 
1976. 

• The International Wheat 
Conncil has increased Its first 
estimates or world wheat out- 
put this year to between 400m 
and 410m tonnes, compared 
with an earlier forecast of 
395m to 405m tonnes. 


Coffee smugglers hit 
Uganda exports 


BY OUR OWN CORRESPONDENT 


NAIROBI, June 26. 


OUT OF 12,600 tonnes of Arabica 
coffee produced last year in 
Uganda, only 2.600 tonnes were 
officially exported. “It is pre- 
sumed that an estimated 10,000 
tonnes of arabica was smuggled 
out of Uganda into neighbouring 
countries,” said Brig. Moses Ali, 
Uganda’s Finance Minister, 
presenting his budget over the 
weekend. 

Uganda's economy recovered 
last year due to tbe high prices 
for its coffee exports, said Brig. 
AJi. Coffee production in the 
1976/1977 crop year, which ended 
on September 30, increased from 

137,000 tonnes to 156,000 tonnes. 
Of this robusta coffee accounted 
for 123,000 tonnes. 

Cotton production declined 
from 133,400 bales in the pre- 
vious year to 74,300 bales in 
1976/77. Production of tea, 
tobacco and sugar also fell. 

“Management problems” were 
blamed for the decreased output 
of the manufacturing sector. 

Due to the high world prices 


for coffee Uganda's exports had 
risen by 65 per cent over the 
previous year. The gross 
domestic product rose by 1.5 per 
cent, but prices bad gone up due 
to “unscrupious businessmen and 
women who took advantage of a 
difficult situation to charge very 
high prices." 

In London meanwhile, Mr. 
George Ford, chairman of the 
International Coffee Organisa- 
tion, said there may be a return 
to a more normal world coffee 
economy if there is no serious 
frost in Brazil this July and if 
there are no other major 
disasters in other producing 
countries. 

Mr. Ford said between now and 
September, 1978 the coffee pro- 
ducing and importing countries 
are due to review, and maybe 
revise, the international coffee 
market price which, when 
reached, would trigger off the 
introduction of export quotas in 
coffee producing countries. The 
present level of the trigger price 
is only 77.46 cents per lb. 


COMMODITY MARKET REPORTS AND PRICES 

H.nw c 
•flic i*i r — 


PRICE CHANGES 


BASE METALS 


CGPPJSR 


COPPER — PHghtiy firmer in juhdved 
trading on tbe London Metal Exchange. 
After dipping! to £717 Initially oaring to 
abort selling 'on the pre-market forward 
mwal rallied -'o £720 following tbe large 
JaU in warehouse stocks, la the afternoon 
the price edged higher in mu'et. trading 
,to touch £723' prior to closing at £723.5 
.on the Ute kerb. Turnover 3.350 tonnes. 

Amalgamated Metal Trading reported 
-that In T mowi)Tiy three months wire- 
’bars traded at £721/. 22. SI. Si A SI. 20 J. 
*20. Cathodes, cash MW. 95 j. three months 
f 715.5. Kerb; Wlrebars, three months 
£7lo, 10.5, 2d. 31.5, 21. Afternoon: Wire- 


Wrrebars 

Ceah ' 

6 month*..! 
deUl’m'nti 
Cathodes 
Ua*h—.~ 

5 monthn.J 
Sett) 'in' nti 
C-S.fimt.1 


16B9.&-7M— 1.5| 
780-.5 1 

700 i — 1.5| 


r 

» '—l.i 


696.5- 6 l.Bi 

715.5- 6-1 

696 1.5| 


p.m. 

Unofficial 


IT-Kv 


70S -.6 
723.5 


>2.6 

+ 3 




699-700 

719-20 


1 + 3 

+3.5 


TIN— Barely changed- Forward metal 
opened on a steady note at £6.650 despite 
tbe substantial rise In the Penang price 
wilh trade and hedge selling following a 
smaller than expected decline in the 
warehouse nocks. The price eased back 
to £0.645 on the morning kerb and fell 
further In the afternoon to touch £6.610 
before recovering on the back of some 
consumer demand which lifted It to 
65.335 on (he late kerb. Turnover £.193 
tonnes. 



COFFEE 


•66-5-68 l 


ban. three months £723. 23.3. 24. 23.5. 33. 
Kerb: Wirebars. cash £703. three months 
£723.5. 53. 25. 21.5. 25. 22.5. 


. i 

n.m. 


TIN | 

Offlci*' 

V- 


LG. Index Limited 01-351 3466. September Cocoa 1791-1802 

,,29 Lamont Road, London SWlO OHS- . • • 

1. Tax-free trading on commodity futures. 

'• • 2. The commodity futures market for the smaller investor. 


ART GALLERIES 


ACHJM MOELLER GALLERY, Gjoj- 
vanor Street, oti Bond street. W.I. Tel: 
433 7611. Selection of fifteen galntinos 
hy KANDINSKY and 20TH CENTURY 
. MASTERS. . ModMHanf User. Braque. 
- Mondrian, Ernst. Mira. Klee. Pfcasio w. 
. throoBh jnlY. ■ 


MALL GALLERIES. The Mall. SW1. Society 

• Tchl&ltion. Mon.. 

Until July 4th. 


of Wildlife Artists 15th Exhibition. Mon- 
Frl. 10-5. Sacs. . 


Adm. 20p. 


. 10 - 1 . 


AGNEW GALLERY. 43. Old Bard St, 

J IM. 01-629 6176. OLD MASTER 
AINTIHGS. Until 2» Mr. Me n.-Frl. 

9:30-530- Thurt. until 7. 

BLOND FINE ART LTD.. 33 Sackvlfie 
Street W.I . .01-437 1 230. Bernard 

- Menins+v — Paintings. Gouacltt s*. Until 
1 5U> July. Weekdays 10-6 p.m. Sats. 
10-1 P-m. - 


BROTH ERTON GALLERY — WATER- 

COLOUR SKETCHES BY CHARLES 
. BOWBOTHAM (1658-19211. Until 30Ui 
. June. Mou.-Fri. 9-30-S.WV Wed*; 7. 

Saw. 12-30. 77 Walton Street. S.WJ. 

■ $89 6848. ___ 


david carritt limited, is JJ o 
■'St. James's. S.W.1 . 18th CENTURY 

FRENCH PAINTINGS. DRAWINGS AND 
SCULPTURE. Until 7H > July. Mon.-fri. 
ID-5. ■ • • 


fWt AST SOCIETY. -148 NewJtoM St.. 
W.I. 01-629 5116. EASTERN EN- 

-COUNTXBS: 19s -Orientalist Painters. 


J.P-L. FINE ARTS, 24 Davies SWceL W.I . 

01-493 2630. CAMILLE PISSARO 

■ draw! nos, watercolours. June 1-Julv 5. 
M on. to Fri. 10-5. 


LEGAL NOTICES 


In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Mztrera of 

Xo. 001949- Ot 1973 
THE FAtRLlGHT COM PANY 
PHOTOGRAPHERS LIMITED 
No. 001950 of 197S 
• FIRXNASH LIMITED 
NO. W1957 of IK* 

• • TOPGLEN LIMITED - 

.NO. flOttSS Of 1978 

SILLY'S (MANAGEMENT I LOOTED 
No. 001 959. of tm 

■ ■ JODAY (OUTDOOR! LIMITED “ 

and in the Matter of Tbe Companies 
Act, 1948. 

NOTICE 7S HEREBY GIVEN that 
Pennon? for the Winding-Up of tbe above- 
named Companies by ihe High Conn of 
Justice were, on the'lfth day of June 
1978, presented to tbe said Conn by 
THE COMMISSIONERS OF CUSTOM5 
AND EXCISE of King’s Beam Home. 
39-41, Mark Lane. London ECSR THE. 
and (hat the said Petitions are directed 
to be beard before the Coon sitting -at 
the. Royal Coons of Justice, Strand. 
London WC2A ill. on the 24 m day of 
July 1978, and any creditor or contribu- 
tory of any of the said Companies 
desirous to support or oppose the making 
of an Order on any (X the said Petitions 
may appear at the time or hearing In 
person or Or JUS Counsel for that- purpose; 
and a copy of- the Petition wlH be famished 
by the undersigned to any creditor or 
conuibetorf of any at the said Companies 
requiring such copy on payment of the 
regulated charge for the. same. 

C. F. CLOAK, 

King's Beam House, 

39-41. Marit Lane. 

London ECSR THE. 

Solicitor ihe Petitioners. 

ROTE.— Any pereon who . intends to 
appear oft .»h« hearing . of any of the 
raid Petitions mi»i serve on. Or. scM 
ay post 10 tbe above-named, notice In 
rating Of his Intention so to do Tbe 
notice must siale tire name and address 
5f the person, or. If a firm, the name 
ind address of (he Ann, and man be 
signed by the person or firm, or lu or. 
cbelr Solicitor & amO. and must be 
served "hr. « po»«L mwa 
p«n in jufiMenr dine to the above, 
named not later than four 0 ««* 'P* 5 
afternoon at the da* « Ju ® ***■■ 


MALL GALLERIES. 

Specialist Prtntmaklnfl - 

Polytec+nlc. Mon.-Frl. 10-5; SaB 
Until July 4th. Free. 


The Mali. S.W.1. 
0 Group. Brig Won 


OMELL GALLERIES. Fine Brltbh and 
French MODERN PAINTINGS and 
Mooern British MARITIME PICTURES. 
40. Albemarle Street. Piccadilly. W.I. 


THACKERAY GALLERY. 18 Thackeray St. 
Kensington Sq.. W.I. 01-937 5883. 
SUMMER EXHIBITION. PART 1. until 
29 July. 


THE BKAD5HAW room, 17 Carlton House 
' Terrace. S.W.1. MARGOT HARR ISON — 
Watercolours and imill oils. 27 June. 
11 July- Mon.-Frl,- 10-S. 


THE PARKER GALLERY, 2, Albemarle 
Street. Piccadilly. W.i. Exhibition of Ola 
marine, military and snorting and topo- 
graphical prints and paintings and ships 
models. 


COMPANY NOTICES 


AFRICAN AND- EUROPEAN INVESTMENT 
COMPANY LIMITED 
incorporated in the 
• • - Republic of South Africa) 

NOTICE TO MEM8ERS 
NOTICE IS HEREBY GIVEN that the 
seventy-third annual genera / meeting of 
members ol African and European Invest- 
ment Company Limned will be held at 
■44 Main Street. Johannesburg, on Tuesday 
August 1. 1978 at 12H30. for the follow- 
ing- business: - 

1. To receive and consider the annual 
financial .statements for the fifteen 
month period ended March 31. 197B- 

2. To elect . directors In accordance with 
the provisions of the company s articles 
of association. 

3. To consider and if deemed fit. »p“» 
with or without modification toe follow- 
ing resolution as an ordinary resolution: 
•■That the directors be and they, are 
hereby authorised to allot and Ibm 
all or any portion of tht 320 OOO 
unissued ordinary snares of Ri each 
In the capital of the company, at such 
time or times, to such person or persons, 
company or companies and upon such 

" fi om s ana conditions as they may 

- The transfer registers and the rritilTerS 
ol members ol the company will be closed 
from July 'll to August 1. 1978. both 

‘•ilolSSr'St stock warrants to bearer 

under which stock warrants M ocarerare 
issued. A member entitled to attend 
and vote at the meeting is entitled to 
appoint a proay to attend and speak jM. 
on a poll, row In his stead. In addition, 
a proxy appointed to represent a corpora- 
tion may vote on a show ol . ha nds. A 
prow need not be a member ot tne 
company. . 

By order ol the hoard 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
Secretaries 
per W. q. Mint. 
Companies Secretary 

London Office; 

40, Holborn viaduct 
EC1P 1AJ. 

June 26. 1978. • 


THX BRAZIL FUND 5A — SOCltDADE 
OE INYESTIMtNTO D.L. 1401 
November 1975 and July 1977 Issue 
Bearer Depositary Receipts "SDRs 
Issued, by European Overseas issulno 
Corporation S-A- 

DIVIDEND COUPON NO. 5 , 

Coupon No- 5 will be pevable from 
27th June 1978 onwaroa at otto of Ihe 
undermentioned offices. *T the rate of 
U.M1 51 .9508 Per 1 .000 Deposit* rv 
Share* and U.S.S1 JS16 508 per 10.000 
Depositary Shares, less any addlunal 
withholding , tav that may be deductible! 
— £hase Manhattan Bank N-A-. 

, WoolBata House. 

Coleman Street. 

London EC2P 2HD 

—Band ue Internationale a Luxembourg. 

2. Boulevard Ravel. 

This C amoimt represents tne wrktendaf 

2S 


6650-70 U97.fi! 6650-50 



Grade « 
675D-B0 


6780 

6760-70] 

6630-40 

6770 

IJS1736 


p.m. 

tJnodlctB 


l+sLfi] 6730-50 


SoJ 

Rg ft 

Fresh liquidation fallowing a trouMe- ' 

free weekend saw Rnbustas prices lower 
again at the ooeung- reports DrexeJ 
Burnham Lambert. Mixed Interest j„t y 
through the afternoon caused a general 
ebb and Bow of valoes and « the close jiy-d^. 



Prices 

••72p stated, 
average 
,ier cent. 

average 64. 7p i+o.7). 

MEAT COMMISSION— Average fatsoefc 
prices al representative markets on 
June 58. GB cattle 72.47p per kg. I w. 

( '-11.23 1 . UK sheep 147.3p per kg. qsi. dew 
(-7.41, GB pigs 81. Sp per kg. Lie. (+0.9). 


per tonne unless otherwise 



June 86 
1978 

+ or 

Month 

ago 

Metals 

Aluminium- 

£680 


£680 


+ 49 - 

1+52.5? 673040 
4-5251 6620-5 
+40 | — 

+35 I, — 


T+or _ _ 

prices were ES.5 to £35 down on balance, uct-tiee' 

Dealers said there were no new lociors j*„. ju r | 

t to Influence their thinking bat noted the Aw-Jne! 

-B Brazilian weather situation gave them do jiy-^pr) 

tjj cause for concern at present. Oet-bH 

Jan- Marl 70.20-79 28' 70J»-70.0Bi 70.20 


t 


70 

+ 26 


Mooting: Standard, three months £8.849. 
30. «, 30. Kerb: Standard, three months 
£6,650. 55. 50, 43. 48. Afternoon: Standard, 
three months £6.836. 25. Kerb: Standard, 
three’ months £6.610. 15. 94, 40. 35. 

LEAD — Steady In routine trading. 
Forward metal traded within narrow 
Umlig aod was finally £377.5 on the laie 
kerb. The fan In warehouse stocks was 
broadly In line with market expectations 
and had bttie effect on sentiment. Turn- 
over 3,325 tonnes. 


COFFEE 

Tw-t+rday'' 

Cio*+ 

+ OT 

Husmeai, 

Done 


£ per umae 



1562-68 

—16.5 

1575-1536 

September.. 
November 
January— — 

1460^3 

1370-80 

1295-1502 

1225 40 

—20.0 
— 8.5 
— 24.5 
-50.5 

1479-143G 

1380-1840 

1315-1278 

1235-1206 

May 

1180-90 

—25.0 

1190-1160 

JniV. 

1110-70 

—55.0 

1160 



SMITHFIELD Pcnce^ per poundi— Beef: jjlckel 


Sales: 189 <6071 lots of 15 tonnes and Scotch killed sides 56.0 to 59.0: Ulier Free AUraei iClft ibilS 185 

11 (23 » lets of 5 tonnes. hindquarters 73.0 to 76.0. foreouarters ' 

Physical closing prices (buyers' were: 35.0 to 37.0: Eire hindquarters 73-0 10 
Spot 5SJ»p (56.751; August 59.5n (samel; 76-0. forequaters 35.0 to 37.0. Lamb: 

Sept. flop. English small B2.P >0 64.0. besi onallty ITanilumtroy 0 ®.. 

60.0, medium 60.0 to 64.0, heavy 55.0 

CAV A DE A. TV HIT? A T 6! - 0: Sw,lch medium 58.9 to M.O. Imported Quicksilver (761 b.l 
jU I ADtAll JtlcAL frozen: NZ PL 5X5 10 54.0, PM S2.5 to sliver trey oz. 


Commodities reports. 


araBI cas— Close 1 no business don el; 
June 180.00-95.00. Ann. 160.00-75.00. Oct. 


lVaepfey +>wj 
j Close | — I 


5.0 to’ 41.0. * 3 months...... 

COVENT GARDEN (Prices Jo sterling WoUium I E-Oaibcifl 


1-08 

|£1S3.0 

1X131.4 

8123(281 

2BB.2p 

295.Bp 

£6,735 

£6,622.6 

5130,56 


per package esccpt where otherwise ^j nc "♦J ~.|£305.625i+L87b|S323 


LHAU 


Official 



S3. 95 
1 2.05 

1 1*120.5 

1—0.7 U: 136.4 
+3.0 |S 125-SO 
I— 0.75i2B6.3p 
k0.65'293.3r‘ 
— 10.0U:6.370 
+2.6 £6.597.8 
IS132-57 


£ I £ 
306. 6-. 7 5 +.375 


306.75 I+-2S 


£ 1 £ 
307.8-8 1+1.25 


016.5-7 | + .7H517.2$..5i+l.li 


31-33 ! Z'-I 


C«h_ 

5 months- 
-fat'in'oi 

P.-Lripot. 

Morning: Cash £206-5, three months 
£317, }fl_5. 36. 16.5. Kerb: Three months 
ft»7. Afternoon: Three months 1317, 
17.25. 17, 173. 17.23. Kerb: Three months 
£31743. 17. 10J. 17. 17.1 
ZINC— Firmer although trading was 
featureless. Forward metal traded 
between C02 and £313.5 before dosing at 
the -latter price on the late kerb. Turn- 
over 3.450 tonnes. 


ZINC 


cents per pound': Colombian Mild \r-jj' "' -1 124.D+/7.0— 0.25' — 
Arabicas 187-75 1 unavailable 1 ; unwashed ,, e '128 Qu-29.91 + 0 fiO'ttB-fiO 

Arabicas 174.00 t unavailable): other mild I 20 00-30 fit o'Jo - 

Arabicas l«t.«7 < unavailable I : Robusta* Augu.^.-.Jim.o^e+iAaE, 

145.00 t unavailable?: Dally average 153.34 
(unavailable). 


Sales: 54 1 151 > lots of 100 tonnes. 


Stated 1 — Imported Prodace: Orange* — - 3 month* £313.75 

Cypriot: Valencia Lates 15 kilos 4.00-3 20; Producer*...- 18650-600 

S. African: Navels -l.ff0-t.6fl. Lemons— Oils 

Coconut (Phi It 5670ji 

Groundnut. l£724 

„ .... . Linseed C'nrte ir;.l£36S 

S- Wrican: 2.. T2 3.4M aO: Jaffa: 20 kilos Palm Malayan...... S625fc 

2 90-4 10. Apple* — French: Golden De- 
licious 20 lb Sts 3.00-3.50. 72s 3.20-3-90, 

Jarnble Poxes, per pound 0.164.17; West Seeds 

Australian: Granny Smith 9.20: Tas- Copra Phillip J 

martian: Stunner Pippins 8.20-8 SO. Granny Suva bean rU.s > 

Srallb 8.S0: S. African: Granny Smith 9.00, 

White Winter Pe arm a in 7.40-7.00. Starting 


SUGAR 

. nunrtii nan v pure , , Delicious 8-20+.40. Golden Delirious S.&0. Grains 

CONDON DAILY PRICE fraw Sugar) Yorks #"D-S.60: Chilean: Granny Smith u.-IrTt 


8470a 

8276.064 


+2.5 £333.25 
| iS&5(MOO 

+ 10.0 8600 
!£74B 

£365 

+ 25.0 3615 


+5.0 [S417.3 
— 4.1 '$300.5 


GRAINS __ 

LONDON FUTURE5 (GAFTA1— The ‘Jti* Yorks *— O-S-80: Chilean: Cranny Smith airier EEO 


£62.25 


tr^^ 0 ras rdaiIypr,ce . 

cu.w a sa a ^ ssarauK wr su T ow 

a “^^d^'osed lO?hSlh«^n*Sw!! "t 0 *?** ™ qU1 ^ a low wmL^pfrtam^ Trium^ii.S^JwphSi 


a.m. - or; p.m. |t+or 
I — Ui 


Aril reports. 


WHEAT 


volume, repons C. Czartdkow. 


OffUoal 


Unofflcia! — 


Cuh.. i302.5-.75'+l-l('303.25^ |+1.B» 

5 nwotitt^Ja 12.5-.7S ■+ 1.1 j; a 13m-4 + 2.8 

5’mpnt ; 302.75 i+.7B; — ( ~ — 

Prni.WestJ - [ 29-31 .1 

* Cents per" pound, t On previous 
official dose. KM per pfcuL 
Morning: Three months £313, 12.5. 12.75. 
Kerb: Three months £312.8. Afternoon: 
Three months £313 J. Serb: Three months 
till. 13.73. 


M’nth 

Yesterday' a 
vione 

+ OT 


84.95 

+ 0.10 

Nov. 

87.60 

+ 0.06 

J»n. 

90.30 

+0,05 

Mar. 

92.90 


Slav 

95.55 

-0.08 


BARLEY 


cloae 


fcij|£lkr 




Prel. 

YwwdRys| 

PtWlCHiB 

Buslnes 

Comm. 
Conn. 
S 


’ Close 

Done 


79.50 

82.85 A.UJT. ... 

87.60 Sw “. J 

_?O.lO_+O.05 jun-j, 

Business down— Wheat: Sept. 8S.0M4.9S. 

Nov. 87.8537.60, Jan. 90.5640.48. March S'y I 

W. 05-93. 00, May 95.7945.70. Sales: 45. r 1 ' 
Barley: SeuL 7S.70-79.W, Nov. S2. 45-82.25. 

Jan. 8S.L5-MJX). March 87J0-S7.70, May 


£ per tonne 


9 00. Peaches— Spanish: standard trays Untriish Mlnim-Jcids 

- 0 M.M: tiahan: lante UMJJ: Frenrit OotSAtfmJSSuMB 21.828 
1.7 Q.-.6 0.. Grapes— lCTaell: Pperiett^ 4.a0. _ Future 6ept [£1,796.8! + 15.5£ 1.767.1 

5BI.S 

'11 ■: 


Plum*— Spanish: a kilos Japs 1.20-1.40. Coffee Futim..„. n 

Santa Rosa 1.40-2.40. Apricots— Spanish: l£ 1,461 A'—ao.O 

5 kilos 2.00-2.50. Banmnas~^T amalcan : per onxnx *A‘ fdd«L. . 1 J ' 

paired 0 15. Avocados— Kenya: Foertc fc,) 0 

97 AO .97 &Qi 97 7 n H ctii: rvn l4-’24s UN.bO: S. African: Fuerte 4.30- Sugar (Rawi, 


:b6 


3.26 


£79-95 

£106.5 


....... I£95.5 

+ o!& L 102 


72.15e 
S8.25p 
£95 


lul.fiO-Ol-flW 
100.6(W»a.70l 
112.20-12.401 
115.00 16-001 
118.60 19.25 


85-89.75 m.OU^jS.OO 


576 

[71.2c* 

— 0.5 l56|. 
(£101 


!KSfl!K“ ,sraoH: X25: Eayptlan: !M: SMnls,,= 

II8J0.I6.9M llb.60 
Ud.1fi.19jJ 110.90 


• Nominal. s Unquoted. k August. 

L J*- no 2.50. Potames-Cyprim:' *»;' BnnaoF-- "* ? 1 'S, e ' AU8 ? st * PJurt ’ AU « 

250: Jersey: 55-U» 3.00. Tomatoes— ^ June-July. a: Per urn. 

Dutch: 3J10-3.30: Guernsey: S.40-3.M; Jer- 
Sales: 1,881 (1-771 Ion of 50 looses. w: 3 20: French: 3.00. Carrots— French: 
international Sugar Aoreomeut: Price Nets 2.50: Nantes boxes 3.50: Italian: 


SILVER 


Silver was fixed 0.75p an ounce lover 
for spot delivery in the London bullion 
market yesterday at 28SJp. UJS. cent 
equivalents of the fixing levels were: spot 
533.0c. unchanged: three-month 343.1c, 
down 421c: six- month S33.Bc. u nch a nge d; 
and 12-momh 576.2c. up 0.5c. The metal 
opened at 28TI-3S1P (532-53340 and 
dosed at 2fi7.9-38S.9p laEi-SHcj. 


IMPORTED— Wheat: CWRS No. 1, 13i for June 23, U.S. cents per pound fab and 330: Cypnot: 2.S0. Aaparagus— Callfor- 

per cent, June £28 TUbanr. U£. Dark stowed Caribbean port: Daily 6.96, 15riay than: Per lb 1.40. Beetrow— Cypriot: 

Northern Spring No. 3, U per dear, Jane average 7J5. —lb 2.90. 

184.75. July £83.00, Aug. £85.15 tranship- Tate and Lyle ex-refinery price far English Producer Potatoes— Per 5Mb 
mom Bast Coast sedera: EEC Feed June granulated basis white nigar was £242.40 2.56-3.00. Lotuice— Per 12 0.60. Ces 0.90, 

and July £97 JO. Aug. £96.00 East and ■ (eamc) a tonne for home trade and Webbs 0.70. Onions— Per 564b 1.50-1.60 


INDICES 


West Coast sellers. 

Maize: U.S. /French Jane and July 
£163.50, Aug. £9035 transhipment Bast 


£155.00 tsame) lor export. 


SILVBK 
- Vtr 
troy ns. 

Bullion 

.ftxuw 

pricing 

+• o® 

L.M.E. 

close 

. 


spot ..u. 

288_2p 

-0.75 

288.65 p 

+0J5 

smooths.. 

2S5.9p 

-0.88 

296.45p 


■> munth*.. 

303.7p 

—0.8 

— 

— — 

lZmnmha. 

320.3p 

M».5 

— 

- — 


Alii. u ajK-iiwixeui E.UL mAAT rTKmilvnA 

Coast seScrs: South African White June- WO OL F UTURES 

AUS. £75 JO Glassov: south African Yellow _ • * 

Juno-Aua. 175. 00 Glashow sellers. LONDON— Tie market was 

HGCA— Location ex-farm spol prices tmehanged in sUsmiy better volume, 
for June 28: Feed wheat— E. 5hlfDlk £98.00. Baehe reports. 

Feed barley— E. Suffolk £30.60, N.E. Scot- ‘(*en« »r tdio) 

land £82.50. 


Tfte UK monetary .coefficient for die . 

week bcglnmng July 3 is expected to Greasy w«*i| Hows 
remain unchanged. 

mark LANE— The market was 


+L5 


2 ii.oo-so.no 


LME— Turnover -75 (J51 l«a of I0,(»0 
oss. Morning: Three months 2S&2. 96J. 
Kerbs: Three months 3K.4. Afternoon: 
Three months 235.8, 5.9. 5JI, 5.7. MJ. 
1.9. 6.4. F>rbs: Three months 2984, 6JL 


COCOA 


extremely quiet with attendance psrticu- JaljF— 

larly scarce. New crop, however, is October MO.MZ-O 

beginning to attract improved baying Uwwibor-. JM.445.0 

lhicresL Hi Ulna wheat delivered London: Mnrefa W6.048.0 

July ZWE.M, Aug .-Sept, (new eropi £3L50. ilny...- M6.IMB.0 

0tt.-Nov.-Dec. Denatnrahl* July — ....... J46.MB.fl 

quality whom delivered East Anglia: July October ...... 247.0-50.0 

196.50, Sept. £85.00, Ott.-Nov.-Dec. £88.75. April ^{248.0-58-0 

Barley 'dc.hreredLEut Anglia: July £83.00, g^j^; g (ail) lots of 15.900 H]os. 

Sept. £73.00, Ort.-fidY.-Dee. £54.00. SYDNEY GREASY — tin order buyer, 

seller, business, salesi. Micron Contract: 


Yeeterd 'y*,+ orf Business 
Done 


Rhubarb— Per lb. oatdoor D.(6. Cucumbers 
—Per tray 12/24s 0.90-1^0. Mushrooms— 
Por lb 0.50-0-S3. Apples— Per lb Bramley’s 
0.10-02! 0. Tomatoes— Per 12-lb English 

, 3.0M.20. Greens— Per wale, Kent 1J30, 

waB about Cabbage 1.50. Celery — Per 12/18s 2.50- 

3.00/ Strawberries— Per Mb 0.1M.20. 
Cautfflowcrs— per 12 Lincoln l.SW.M. 
Broad Beano— Per lb D.KMI.TO. Pea* — 
Per lb 0.1241.13. 


Rubber output 
down again 
in Malaysia 

By Our Own Correspondent 

KUALA LUMPUR. June 26 
PENINSULAR MALAYSIA’S 


Alter a mrfrt day wiib producers and 
consumers sidelined, prices rallied strongly 
on the dose, reports GUI and Duffn*. 

' “ ' fStemayV or~7~ Boilnew 

CUCOA I Close | — I Dow 


IUTF M8.5-S43A 2 : ocl v&.y rubber production fell for the 

^ ^secuUve month In 

DUNDEE JUTE^Flnn pnee® C Vld i 4 ./ A n Jnlv taj a ..i Maroh. hrinoinr* pnmiilitivra 



FINANCIAL. TIMES 


Jane 2$ June 2*. 

Month ego 

Yftne acp 

246.44j245.33 
(Base: Jnl 

R£ 

254.67 
y l ias2= 

UTEft'S 

253.22 

100) 

June 26 1 Jane 23 

Month ago 

Yqar apo 

1492.3 1 1494.9 

1502.7 

1576.4 


DOW JONES 


Dn* 

Jones 

June 

28 

June 

23 

Month 

*R° 

leer 

agn 

Spot.;.. 

Futures 

365,65, 

350.381 

363.62 

350.59 

359.39 

358.70 

393.83 

361.81 


MOODY’S 


Mooly’s 

June 

76 

June 

£3 

Month 

■flo 

sple Cotnmty 

923.41 

92 1.4j 933.2 


(December 31. 1931=11X11 


.VftpL”«ar’r.( - 

lu.y ;lSfil.D- 53.fi 

«5 k i17S6.fi-Sd.il 

Dec.... „,.1/50— 61.0 

lUreb J172S.u.3a-fi 

,1710—15.0 

J '1B86.U-9B.0 

*i4 .....'fanj-nas.- 


+ 40.01655.0-1000 

;+15.S:kB8JM/60 

+ 7.5 176B.0-17S2 
+ 18.0 1729.0-1700 
+ 10.0' 1715.0- 1680 
l - i — . 

— 5.5 :?«75.0 


Sales: L295 (2X161 lots of 10 tonnes. 
laurintlMal Cocoa DrautaUan lU^S. 


Steady, quotations C and f UK for June rngf A T / VPYSE'T A D* rc less than the comparable period LIVERPOOL COTTON. Spot and shlp- 
sJupmem: 10 -oubcc 40- inch £9.91, THmnw JntAJ/ t tlUCIAlJLJb^ JaSt pear. mm amounicil (o 93 toiweg. re 

£7 75, per 100 yards. Jffiy 0.98. £7.K. ^EAT COMMISSION— Average Faisiock This reoresents a decline MC* F *'■ TaowuH-'Ofden verc iiifn- 
Aug. -Sept. £9 9a. £7.61. B twiUs 66 8L Dr ^ al represoniallre marker for week 0 C QS re Pre5eniS_ a necime OT hut some mquiry developed in 

S7.09. £27.32 for the respective shipment j™ , e jl. GB canto 72 5Sn per * Production ID Middle East qnalIMps. parbcuarly Russian 

penodfi. Yarn aad cloth very quiet <+OOli, UK ahecn m’.7p per March W3S 87^67 tonnes. and Turkish. African styles also attracted 

miDDCD kg.est.dc.w-. i-jD;. gb ptg S gL^ per The decline in palm oil out- * tlciuic,n - 

KUBntK 

.UNCHANGED ooening on the London 
physical maitaj. Latte interest through- 



KLfeBi T ii?ygffrf^W8B| 

Wheat loan 
rate rise 
aids market 

HEW YORK. June 26. 
ijEJ'.VLS WERE featureless with no major 
incentive. Soyabeans finned on basis ot 
a positive export figure, while the wheat 
loan rate was increased by 10 per cent 
hi dins support to that market. Platinum 
was up H on speculative buying. Sugar 
and coffee trading very light. Baehe 
reports. 

Cocoa— July 14«.B0 (147.201. Sept. 14L90 
H41.95I. Dec. 138.65. March .133.35, May 

131.10. July 129.00. Sept. 126.95. Sales: 6S& 
Coffee—" C ” Contract: July 162. 00-152. 50 

(J60.90). Sept. 147.50 ( 145.93 1. Dec. 136.50- 
137.00. March 126.5iV127.25, May 123.33 
oom.. July 110.00-120.50, Sept. 116.S0-117.50. 
Sales: 2S0. 

Copper— June 58.50 (5P.3H. July 59.50 
<59.40t. Autr. 65.30, SepL 60.70. Dec. 62.50, 
Jan. 63.10 March «.!0, May 63.10. Joly 
66.1Q. SepL 67.10. Dec. 6S.60. Jan. 69.10, 
March 70.10. Sales: 3.705. 

Cotton— No. 2: July 5S.71V59.00 ( 59.07>. 
Oct. 61.9v-62.0D <62.<H>i. Dec. 63.33-63.43. 
March 64.40-64.50. May 65.13-63.50. July 
65.73^6.00. Oct. 63.00 bid. Dec. 64.75 bid. 
Sales: 3.230. 

•Gold— June 195.10 (155.901, July 133.10 
ISft.lOi, Aug. 158.50, Ocl 199.40. D&X 
192.40. Feb. 193.40. April 198.50. June 
201.60. Auk. 204.70, OcL 207.80. Dec. 211.00, 
Feb. 314.20. April 217.40. Sales: 3.393. 

+ Lard— Chicago loose 22.50 (not avaiL). 
tiY prime steam not avail able. 

tMalze — July 2561-2501 i2W|i. SepL 257- 
257i i23St>, Dec. 259:-230i, March 2S6i, 
May 270i. July 2H2. 

IPIatinum— July 245.50 1242.40). Oct. 
247.80-2+S^O .'244.S0J, Jan. 250.86-231.00, 
April 253.6ll-S53.fiA, July 256.10-256.30. OcL 
255.90-239.10. Jan. 261.90-262 JB. Sales: 
1.156. 

VSIIver-June 333.00 4530.701,' July 533 JO 
(331.601, Auc.' 537.10, Dec. 552.40. Jan. 
556 ;jJ. March 564.60, May ' 573.30, July 

582.10. SepL 591.10, Dec. 604 80. Jan. 609.40, 
March 618.90. Sales: 7.100. 

Handy and Borman spot 532.50 (same). 
Soyabeans— J uly 691.633 i 679i, aub- 0S3- 
654.1669}), Sept, 6601, Nov. 641^424. J an. 
645. March 052. May 556454}. July 656. 

Soyabean Oil— July 26.35-26J0 1 25.55 1, 
Aug. 25.80-25.70 124.97V SepL 25JJ0-23.15. 
OCL 24.40-24.45, Dec. 23.75-23.6o. Jan. 23.3a- 
23.30, March 23.15, May 23.00-23 JO. July 
22.85-22.60. 

JjSoyabean Meal — July 174.50-1 74. 79 
(113.301, Allg. 175^9-175.00 (173.90). SepL 
175.SO-175.00. Oct. 174.00. Dec. J7l.50-in.80. 
Jan. 171.70-171.8(1. March 174. 00-174-30. May 
174 3M7S.U0. July I75.M-I76.lW. 

Sugar— No. 11: July OAr^lB^jr^Sept. 
15 1 7.09-. Ocl. 7.27-7.28. Jan. 7.60-7.75, 
March 7 .9*4.00. May 8.15-8.16. July S.3S, 
Sept. 8.60. Ocl 8.72. Sales: 3.2S0. 

Tin — 550.00-569.00 tiffin. I.555.7M70.00 
pom.). i 

**Wheat— Jnly 321 (32U>. SepL 323h32Si 
13224). Dec. 330-2301, March 331j. May 
323. July 3191. . 

WINN' I PEG, June 26. ttRye-July 196.30 
bid (106.00 bid). Oct. 1D3.80 asked (105 50}, 
Nov. 103.90 bid. Dec. 105.00 bid. May 
unqunted. 

TtOats— July 74.70 bid (76.50 >, Ocl. 74.10 
bid (74.50 bfdi. Dec. 72.70 bid. Marrti 
72.40 bid. May 74. 50. i 

ttBarfey— July 74.40 bid 1 74.50), Oct. 
74.50 bid C73.20j. Dec. 74 SO bid. Marti 
"4.60 asked. May 76.00. ] 

SjFlaxseed— July 235.00 bid 1234.40 biflj; 
Ocl 240.00 asked (237.00 1, Nov. 240.90 
asked. Dec. 235.80, May WM asked. •• 
1i5Whc«— 5CWRS 13.5 per cent, proteip 
conteui clt Si. La wrence 169.22 (163.44), . 

All ccuts per pound cx-warehfiugfi 
unless otherwise stated. * $s . per troy 
ounces— 100 ounce k>IS. tChlcaco Ifiosh 
*s per UHl lbs— Depl. Of As. prices pra- 
m-ms day, Pnmc steam Job. .Vi' bulk 
tank cars. 4 Cents Per 58 lb bushel of- 
warehouse. 3.000 bushel lots . 5 Ss per 
iroy ounce for 50 0Z units Of 99.9 pot 
>.vm purity delivered NY. (j Cents per 
iroy ounce ex- warehouse. j| New *■ g 
enmraci in Ss a stArt t«n (or bulk lots 
al 100 short tons delivered f o b. care 
Chlcnco. Tolcdfi. St. Louis and Alton. 

- Cents per 6S lb bushel m store. 

* Cenis ocr 24 lb buaheL 7r Cents per 
4S lb bushel ex-warehouse. Js Cents per 
■w lb bushel ex-warehousc, 1,000 bushel 
lots. S r j5C per tonus. 


\ 



3S 


Financial Times . Tuesday.; Jtoie - 2 ? j 4&78 


-ef 


STOCK EXCHANGE REPORT 




lead fresh retreat in uncertain markets 


to f while 30-share index loses 3.3 to 453.0 


Account Dealing Dates 
Option 

"First Delia ia- Last Account 
.Dealings lions Dealings Day 
Jun. J 2 Jun. 22 Jun. 211 July 4 
Jun. 2 B Julv 6 July 7 Jwlyl* 
July 10 July 20 July 21 Aug. 1 

* " Mew lime " dealings maur lake place 
from SJfl a.m. two &«*<«** days earlier. 

Worried by the general un- 
certainties. investors continued to 
bang fire at the start or the new 
Account yesterday and the result 
was a further deterioration in 
both British Funds and equities. 
With few major pointers 
scheduled this week, the funds 
were reflecting concern about the 
trend in short-term interest rates 
not only in the 175 . but also at 

home. Inflationary and election 
pressures were also being 
registered. a combination which 
led to the longer-dated issues 
showing losses to | during the 
early session. 

Views that part oF the selling 
was necessarv in order to finance 
inday's call "nr £30 on the Ion? 
tan Exchequer 12 per cent 2012-17 
w« re not conclusive but selling 
pressure nn the stock lessened 
considerably. Attempts to rally 
larked substance until the late 
aFrernoon business when the 
shorts am-acted bear covering and 
eventually regained l or so to 
close a maximum of 1 down on 
the day. Longer maturities 
followed and similarly reduced 
their losses fo 

Equity markets went lower 
with the Fund 5 and recovered in 
accordance with that sector. 
Selling was of little consequence 
— bargains marked at 4.394 were 
the lowest Tor the start oF an 
Account since January 3 — but 
genuine buyers refuses! to he 
drawn bv the cheaper price levels. 
The FT Industrial Ordinary share 
index was 5.0 down at the 1 p.m. 
calculations but closed a net 3.3 
easier at 4 o 3 . 0 . its toivefft since 
Anril 17 . while the falls to rises 
ratio in FT-quoted Industrials 
widened to 3 -to-l. 

Influenced by the latest set- 
back in the main funds. Corpora- 
tions Inst as much as a Full point, 
while recently-issued scrips such 
ps Southend-on-Sea 12 per cent. 
1987 . and Barnet 121 per cent. 
1987 i both £ 10 -paid). were around 
i down at 81 and f»J respectively. 
First-time dealings were uneven t- 
fnl in three new Preference 
stocks, all issued by way of 
capitalisation to Ordinary holders: 
Allied Leather 9 per cent closed 
at 90 p. while JB Holdings 10 per 
cenr settled at 97 d and F. Miller 
11 per cent at 95 p. 

Notable only tor a marked lack 
of activity, the market in invest- 
ment currency drifted lower and 
the premium cave up a point 
finally at 110 per cent, after 109 ? 
per cent Yesterday’s SE conver- 
sion factor was O.OfiSS f 0 .fi 66 fiJ. 


After a fairiy busy morning 
session, interest in Traded Options 
later waned and subsequently 
only 100 contracts were added to 
the mid-day total of about 256 . 
Grand Metropolitan with 118 con- 
tracts done, provided nearly a 
third of the modest total, while 
ICI followed with 76 . 


Sporadic small offerings in an 
unwilling market left Gussies A 


Insurances easier 


The threat of an insurance 
exchange similar to Lloyd's of 
London being established in New 
York additionally unsettled 
Insurance Brokers which closed 
with falls that ranged to 5 . Minet, 
I 83 p. and Willis Faber, 247 p, were 
both that much cheaper while 
Alexander Howden gave up 4 to 
i 5 Sp and C. EL Heath declined 3 

to 240 p, after 237 p. Leslie and 
Godwin. however. displayed 
resilience and edged forward a 


penny to a 1978 high of 107 g on 


renewed bid speculation, 
where. Pearl lost 8 to 220 p among 
Life issues where Britannic 
relinquished 4 to 156 p. 

The major clearing banks 
moved within narrow limits and 
closed with modest losses. Else- 
where. Hong Kong and Shanghai 
shed * to 305 p but Standard 
Chartered held firmly at 3 S 5 p in 
front of today's preliminary 
results. Mirroring the dull trend 
in silts. Union lost 10 to 303 p 
among Discount Houses. Profits 
in line with forecasts and a pro- 
posed 20 per cent scrip-issue 
helped Cattles Holdings harden 
1* to 531 p. 

'Leading Building descriptions 
encountered small selling and 
finished with modest falls. 
Richard Coslain, ex the scrip 
issue, opened 4 lower in an 
attempt to establish a trading 
level, but remained untested and 
ended that much down at 17 $p. 
John Laing A. 170 p, and Taylor 
Woodrow, 35 Sp. also eased 4 . but 
occasional speculative buying and 
a litile option business left 
Norwest Holst a couple of pence 
to (he good at 9 $p. Buying 
interest also developed for 
Francis Parker which added l to 
Ifilp after touching a 1978 peak 
of 17 p. Elsewhere, Wettern 
Brothers shed 3 to 95 p in res- 
ponse to the Board’s rejection of 
the offer from W. J. Glossop, 
while Modern Engineers of 
Bristol lost 2 to 35 p on small sell- 
ing in a thin market. 


and Mothercare down 4 apiece 
at 262 p and 153 p respectively. 
House of Fraser relinquished 3 
to 130 p and Marks and Spencer 
dosed a penny lower at 139 p, 
after 138 p. Elsewhere, modest 
demand in a thin market lifted 
Furtnum and Mason 20 to 675 p. 
while Walker and Staff hardened 
a peony to 24 p in response to the 
higher annual earnings. Empire 
declined 4 to I 60 p as did Austin 
Reed A to 88 p. 

Thom were notably dull at 
317 p. down 7 , in kHe Electricals 
where Electrocomponents edged 
forward 2 to 430 p In front of 
tomorrow’s preliminary figures. 

After absorbing early profit- 
taking. John Brown moved for- 
ward on further consideration of 
the better-than-expected annual 
profits announced last Friday and 
closed 4 up at 376 p. Other 
Engineering leaders, however, 
failed to follow and drifted easier. 
Elsewhere, John Booth (Bolton) 
became a late casualty at 30 p, 
down 4 . in reaction to the sharp 
contraction in preliminary profits. 
A weak market of late following 
the poor interim figures, Westland 
Aircraft cheapened 1 j more to 
30 p on reports that the group is 
on the point of sending dismissal 
notices to 2.000 workers at its 
Yeovil helicopter plant. Staveley 
Industries. 235 p. and Wolseley- 
Hughes. 180 p. fell 7 and 9 
respectively, while Whitebouse 
dipped 5 to S 5 p. A Press pre- 
diction that the company will 
report bumper annual results 
today helped Tecalemil to pul on 
2- to I 33 p. while Huidrive. at SOp. 
recorded a Press-inspired improve- 
ment of It. G. M. Firth were 
wanted at i’GJp. up 21 . and Green- 
bank hardened a similar amount 
to 49 p. 


Indusrial leaders. Glaxo led the 
retreat at 540 p. down 12 , while 
Unilever declined S W 613 p- 
Beecham lost 7 to R 30 p and 
Bowater gave up o lo 191 p. A firm 
market of late in response to 
excellent results and a proposed 
100 per cent scrip issue. PHWng- 
ton receded . 6 to 320 p xd. 
Secondary issues were featured by 
a further gain of 3 to 69 p, after 
70 p, in Toye on continuing bid 
speculation, while buying in front 
of today’s results helped Henwick 

add 4 at 45 p. A combination of 
investment and speculative 
demand helped to bring a gain of 
2 to 79 p, after S 0 p, in Bath and 
Portland. Barr and Wallace 
Arnold Trust “A” improved 3 to 
103 p. Norcros touched S 5 p follow- 
ing the record results before 
dosing a fraction dearer on 
balance at 84 $p. l.C. Gas. on the 
other hand, lost 10 more to 338 p 
on further nervous offerings in 
front of today's results and 
Sotheby Parke Be met at 27 Sp. lost 
7 of the recent rise which 
followed publicity given to it’s 
record Von Hirsch on auction. 
Lower profits unsettled Whiteeroft 
which shed 5 to 207 p. while Low 
and Bonar came on offer at 167 p. 
down 6 . 

Motors and Distributors showed 
the occasional modest loss. Dowty. 
which reported preliminary 
figures on July 21 last year, 
reacted 4 to 194 p. while similar 
falls occurred in Lucas Industries. 
293 p. arid Appleyard. 89 p. Henlys 
shed 6 to 120p ex the rights issue, 
while the new nil-naid shares 
opened at 16 p premium **N. r ire 
drifting easier In liehr trading for 
a close of 12 n premium. Against 
the trend. Hanger Investments 
improved S', to 45 p. 


KiotmtSr 

gained: 


all 


cent stake in the British National participant— Cowinc 
Oil Corporation’s concession and climbed 6 - to - 36 p. 
hopes of an end to dividend Base-metal mmere _ 
restrictions drifted 7 lower to ground. Western Muting, 150 p, 
540 p on lack of buyers. Small 8 H South. U 4 p and North Broken 
offerings left Lasrao -ops” 7 Hill. 125 p, registered nses. of 
down at 31 Bp, while Oil Explore- between a and 7 while Bongafe- 
tion suffered further profit-taking vfUe hardened 3 to 117 p. 
and shed 10 at 230 p. Favourable Press comment. 

Sime Darby, 3 better at a 197S lifted Metals Exploration by ZJ 
peak of Sfip, provided an isolated to 29 j. In Uraniums, Pan--, 
firm spot in otherwise little- contnwntal added l at £13 and. 
changed Overseas Traders. £2 Industries closed o firmer 235 p. 

Investment Trusts drifted gently -Among South African /ssnasDe 
lower, mirroring general market Beers continued to attract a. good, 
conditions. Jardine Securities, a deal of attention: after opening- 
firm market of late. lost 4 ? to ?t 41 lp and touching 404 p follow-. 
ISHp, while continuing concern mg London selling, the Prtpe; 
about the success of the Barclays Picked up to close 5 cheaper on* 
Bank Post Office Pension Fund balance at 407 p following news of: 
bid clipped 4 from Investment the extension of the life of the: 
Trust Corporation at 257 p. In com nany’s Premier diamond mine. j 
Financials, Britannia Arrow On the other hand. Souffc 
finished a penny harder at 15 ?p AMcw Gold shares tended > 
helped by Press comment. drift in subdued trading reflecting 

Apart from Common Bros., S off the easier bullion ppjx vhlchr, 
at J 22 p in a restricted market, closed Si down at S 18 a.l 2 o pan 
losses in Shippings were limited- ounce. ■ A.- 

to a penny or two. Losses however, were erfiwxr* 

Awaiting today's interim report, *ted by some mines going ex 
BAT Industries Deferred attracted the June dividend payments. The 


financial times stock indices 



Government sea . 

Fixed Ior«wt 

Indus trU' Oidh*My._ 

Gold Bine*- 

Old. Bit. Yield... 

BurniacfcX'WStfuiiinl 
t*(E Ratio tnetifftt- 
DealtncrB marked 
Kqnlty turnover 45 m .J 


. \ 


jjqultr tntoiJ — I_ 16 „ 69 W 


la am 453 . 8 . 11 am JSirilaoQ'.lStOV: 

•l.wn 4514 . 3 pm 45 L 5 . " 
Latest Index & 2 »J 0 Ok- 


• Based on S per cent conwnBrnr tax. t-BDS= 736 . ~ 

- Basis loa Govt Secs. iSrtMM. Fixed. lot . 1328 ; . Bid.' O&LOtf/H. _Gt>M 
Min»« 12 /S/S 5 . SB Activity. July-Dee; lML -ICmai.dlv. 188 J. r . Z 


highs and lows 


SiEv ACTIVITY 


Govt, boo- 


Fixed InC... 


Gold llioes. 


vm 

•ilnreCompil*ik)n 

Hijjn 

!«*: 

:aieb' 

. .Low: ; 

78 . 58 ^ 

65.79 

- ia ^4 , 

49 . 1 a/' 


• (W«> 


tiil/Kf . 

81^7 

70.73 

15 UA-. 

-WJS- 

( 5 / 1 ) 

• ( 6 / 8 ) 

'ftuHNIt 

Cd)ll 7 »> 

497 . i 

4 ^ 3.4 

549 JB. 

49.4 

•dill 

- « 2 tf) 

• IMi/Tt 

( 26 / 640 ) 

168.6 

180.5 

442,5 

' 43.5 J 

rtJiSi- 

d>/Si ■ 

iZfb-TSy 

( 26 /KWlTl 


—Omits 
Giiv-Kdg« 
jridcsfaaBB 
BtwoBtntire-Z! 
7 itol 8 ihMliil.il 


Gut-kd 

lO-ltjfe) 


sj^entottre^L 405 


i 


June' 


- 1 SL 3 - 

lai* 

45.9 

•loao- 


tSL 8 

164.7 


107.3 


lone- 

23 - 


132.6 

151.5 

59.7 

101,0 


182.1 

165.3 

59.9 

107.6 


•e 


NCW HIGHS AND LOWS FOR 1978 


only a” sroail busfness and closed Gold Mines index relinquished S. 4 ^ 

to t.iS.l but the index, in cum- attained new hhid ana Lowe tor 1976 . ■ corpora 


2 easier at 274 p. 

Guthrie came to the fore 
Plantations, rising 13 to 235 p 
response to small buying in 
restricted market. 


was only. Lff'- 


a 


NEW HIGHS ( 24 ) 

FOREIGN BONOS' ft) 

were s ' <d amsricans «)• 


in dividend terms, 
in easier al 160 . 5 . 

London-based Financials . _ ... . 

generally a few oence lower Sntems c °"^ 2 d, ngs n , 

, .. svmnathv with UK equities, whffe Francis Parver M 

Australians firm South Africans marked time. . Z'/iiowd and * 

Australian mining issue« Elsewhere. Anglo United. • - pbafeitv a wo stores n> 
e.vtended Fndav's ralJv as a Develooment advanced 21 more h) enoinecring ia> 

strong showing in overniaht 2 Sfin for a two-dav gam of 52 . . Comcwott imt 

Svdney and Melbourne markers Sahlna came in for Irish 
prompted jobbers to mark «ip Canadian support and closed B Arnold -a 

higher at 6 Sp. 


. TfON LOANS <37 
Bristol 7 kuKr' 79-01 LCC«i^>c I 9 & 8-90 
CJasBoMr au« 

FH 1 Spc 1981 : - IC^ 7 »«cADb. 

- tnw. ' 

* 1 ' -BmeiGN bonus m • 

ass-Soc 


, BANKS (2i 
: ea- 93 JWtW«St 


INDUSTRIALS t 5 I 

nm] g 3rr A w»<»ce 


Ren wick better 


Fortnum & Mason up 


ICI typified market conditions, 
easing 4 to 366 p after 365 p, but 
Fisons held steady at 360 p aided 
by favourable Press mention. 
William Ransom shed 10 to 190 p 
in a restricted market. 

In Televisions. Trident im- 
proved I to 46 p. after 46 Ip. on the 
interim profits and the chairman's 
optimistic remarks. 

Leading Stores began the new 
Account on a quietly dull note 


Comment on last week's 
dividend omission and profits set- 
back created a fair amount of 
business m J. Lyons whicb closed 
another 2 cheaper at 72 p in 
lacklustre Foods. Spiders finished 
a shade easier at 28 p, while Tale 
and Lyle. 172 p. and Associated 
Dairies. 220 p. shed 2 apiece. Of 
the isolated firm spots, Highgate 
and Job hardened 1 ? to 47 p xd 
and Meat Trade Suppliers moved 
up 2 to S 3 p. Supermarkets finished 
narrowly irregular. Following last 
week’s activity generated by the 
results, interest in Trsro subsided 
and the shares closed a shade 
easier at 42 p xd: sentiment was 
not affected by news that the 
former chairman Mr. Hyman 
Kreitman had substantially 
reduced his shareholding. 

Political and economic uncer- 
tainties continued to deter invest- 
ment interc«t in I he misrpllaneonc 


Newspapers drifted lower on 
lack of huvers and a few small 
sellers. News International. 245 p. 
and Thomson. 230 p. hath cheap- 
ened 5 . but Dally Mail A firmed 
3 to 29 Sp: the last-named is due 
to announce annual results next 
week. Elsewhere. Associated Book 
Pnhli«sbcrs. 230 n. ga»e back 7 of 
Friday's sneculative risp of 14 and 
Mills and Allen lost a like amount 
to 17 np. 

Pronerties gave ground in thin 
trading on a revival of dearer 
credit fears but closed slightly 
above the worst Stork Conver- 
sion cheapened 10 »o 22 So. In 
contrast. Avenue Close mirrored 
Newspaner comment and firmed 
41 to Top xd and. awaiting the 
outcome of bid discussions with 
an unnamed Continental group. 
English Property hardened frac- 
tionally to 44 p. afler 44 '.p. Bell- 
wav Holdings added a penny to 
« 3 n on continued speculative 
interest. 

Increased London selling 
pressure »eft British Petroleum 10 
easier at one stage, but the close 
was only 6 lower at 944 p. Shell, 
firm la«r Friday on itc 24 5 ng-- 


RISES AND FALLS 
YESTERDAY 


prices from the outset of business. 

Thereafter, renewed specula- 
tive and investment demand 
enabled them to move further 
ahead and close at the day's best 
levels. 

Rises were widespread and 

often substantial. The two aim 

Australian partners in the Ash ‘on p QrB i g * Bands 

venture exploring for diamonds industrial 

in the Kimberly region of Financial ami Prop. . 

Western Australia both enjoyed a gj 1 * , _ 

good day: Northern Mining gjfgg 1 "— 

advanced 17 to 107 p — a two-day Recent Issdc**!!T-'-~ 
gain of 27 — while the main*- Total* 11 ' 


Biddle 


•^S?" Ribboni ; 


ACTIVE STOCKS 


Stock 


Xo. 

Denomina- of Closing 
tion marks price (p) 


Chance 
on day 


1978 

.high 


Wooo >AJ 
INSURANCE il) 

. 1 ) 

Avenue Close 

G.'.T. Jioa-> SUmcO. . 

Scot. )nr r 0 nt. In*. 

OVERSEAS TRADERS IU 

Up Dm Sam* &lm8 0Jr,r, RUBBERS «» 

3 U - T Cbenonf^o "a Kroonp 

TEAS m 

, _ „ Blantve 

1 » MINES IS) 

176 533 TS2 Mincorp Sunoel Bef< 

I » « NE w LOWS (80) 

II J IS BRITISH FUNDS > 29 ' 

^ J J Tve*» «*rx 1930 

* *. --*• Two*. 9 -oc 19 BO 

3 18 T» .a«ch. I Jpe I 9 B 0 

283 99 * Uftt Treas. 9 -.-V 19 B 1 Trees. 1 Jpc 1 990 

cwt. ■>.«. 'wi -Traas. ( 2 UOC 1992 

Ewh. 9 ';oc 1961 Trees. 120 C » 99 S 

Trees. Vanjo'e 1*81 E»ch lO^or 1995 
e»c*». 12 **ot 1 ?S* Treas. )S'«oc 1997 
Trees & -or l° 80-62 Tre*». Bpc 2002-06 
E»ch. 9 ',-k 1962 Tntas. S--pc 2008-12 

E»ci>. 9 'jnc 196 ? A Tnaas. 7 lR»c 2012 - 1 S 

(079 - -• E.th 6 Unr *983 Each. I 20 C 2013*77 

t" . . E*rh W I 98 T Cvnun HOC 


. E«ch. IQpc. 1 983 


Funding S<ipc 62-84 
Troas. 7 '. 


MM. Bfc 7-20C % 

. • -«EZRS ( 2 ), • 

.Ouimer iH. P.»*,- HTQMend OtettlHMaa 

• • • - BUILDINGS < 4 ) 

GJerson iM. J.) ModemEog. 

Kent >M. Pj Want HW, . 

DRAPERY AND STORES <« 
Aflotenodlc • • 

. cUcnacALS (s» 

1 -vmcoScot- Thom .Elect. 

ENGINEERING (SI 

AKop Aluminium " TaN> Irtvs. 

Hunt Moscrpc ' Vlckurt ■ 

SercV - ■ Wlressoe 

. w -Boon* II) 

• LorlnvoodS- ~ ~ . 

- - INDUSTRIALS ( 0 > - - 

ASOflV. NauCarbonBloo 

, 1 reach iT 4 . ' RandaliVi 

Gleoo* bttw Utd. Gas Inds 

•.MAMS -WHsoo WattpA 

. INSURANCE iSI . • 
Bo*vrtnp-iC:T.) MMMM WrtaMaoa 

- FouttvaodXaw' . WUUs FstW 



. Ce"l*w»inc(a» • > «f»n Inv. 

Do. Cap. . Larva Investors 


•4* 198.5-88- - OornoBtof, -j 


low 


Ocean Transport , ''PSO d*M. 

SHOES fO s ' 

m > . ■ 

H0m,W : TRUSTS (S) 

Ardumedes toe. - Kwrtla in. PJ 

> C^RSCAI TRADERS III 


BATi Dfd 

De Beers Dfd. ... 

ICI 

Bowater 

Shell Transport... 

Grand Met. 

BP 

Brown (J.) 

GEC 

H K. & Shanghai 

Lloyd's Bank 

Land Securities... 

Lonrho 

Ultramar 

Unile'.er 


25 p 

14 

274 

- 2 

296 

227 

B 0.05 

12 

407 

— 5 

412 

285 

£1 

11 

3 fifi 

- 4 

396 

328 

£1 

10 

191 

— 5 

205 

163 

23 d 

8 

540 

- 7 

5 S 6 

484 - 

5 fip 

7 

102 

- 1 

117 } 

87 

il 

6 

844 

- 8 

892 

720 

£1 

6 

376 

+ 4 

376 

231 

25 p 

6 

251 

- 4 

278 

238 

SHK 2.30 

fi 

305 

- 8 

327 

208 

£1 

fi 

250 

- 2 

297 

242 

50 p 

6 

203 

- 2 

228 

190 ' 

25 p 

6 

fill 

— 

78 

60 

25 p 

6 

23 dXC 

- 2 

27 B . 

182 

25 p 

fi 

512 

- R 

548 

478 


-• : ^.a- WfipfW'X;^- 

DEALiNG DATES - ; . . ’ RacaJ EIectronleSj. Queen’s If oat. 
Firs! Last Last " For.V I 3 ”* 15 * 6 property, • J/ Eyons, 

Deal- Deal- Declarer ..Settler' ^ Ainali^ated.lM^^ 3 ^ 
ines foes (ion men r Barker . a«d Dobson* Grand 

Jun. 20 July 3 Sep. 14 Sep. 26 Wetro^i^^UDTvTAnd Secnii* 
July 4 July 17 Sep. 28 ■ . OcLi«^;. ■ Audnj 

July 18 July 31 Oct 12 -Oet.24 .A put 

For rate indications see end 'd/ wasjdog* to B arker , an? D&bson, 
Share InfobhtUton Service': 


while doubles war« arranged in. 
Lorcrho, * English - Prq^rty. 
Money was given for the call Barker and Dobson, Audlotronic. 
fn Flfeh laivell. S. and' < 7 .. Stores.- and Ward /While. •' 


INTERNATIONAL SUMMER SCHOOL 1978 


Financial Management 
for the 

Non-Financial Executive 


LONDON JULY 10-21 1978 


The increasing amount of accounting and financial management needed to 
run a modem successful business is placing great strains on middle and senior 
management not trained in accountancy. To meet this problem, the Financial 
Times and The City University Business School, of London, have arranged a 
tw o- week course entitled ‘Financial Management for the Non-Financial 
Executive’ to be held in London on July 10-21, 197S. 

This course was first held in 1977 and attracted substantial support from 
Britain and abroad. The suggestions of tutors and course participants in 197“ 
have been taken fully into account in preparing this year’s programme and the 
sponsors believe its value will have been increased still further. 

The course will be headed by a former finance director of a major 
industrial company and a merchant banker, and the panel of 22 distinguished 
lecturers are drawn from universities, commerce, accountancy and banking. The 
participants will be divided into study groups of fifteen people beaded by a group 
leader. The ten days of instruction arc broken down into lectures, case studies 
and various group exercises so that the students take an active pan in the 
programme. 

Apart from being a thorough two-week programme of studies the Summer 
School also offers an authentic insight into the workings of the City of London and 
provides opportunities for making useful contacts with people and institutions. 


Tht, list rf distinguished speakers includes: 

Mr N. Goodison Chairman, The Stock Exchange Council 
Air A. W. John formerly Finance Director, Unigate Limited 
Mr S. R. Harding Director, Hill Samuel & Co Limited 
Mr R. T. Fox Director, Klein Wort, Benson Limited 


Mr R. T. Esam Head of Group Taxation and Corporate Structure 
Royal Dutch Shell Group of Companies 


Mr D. C. Hobson Senior Partner, Coopers & Ly brand 
Mr R. S. Napier Group Treasurer, Fisons Limited 

Mr R. C. Westmacott Assistant Director, Barela vs Merchant Bank Limited 


To The Financial Times Limited, Conference Organisation. Eracken House, 

to Cannon Street. London EC4P .jBY.TcI : 01-236 43S2. Telex : 27347 FTCOXF G. 
suid mcfurihtr derails of INTERNATIONAL SUMMER SCHOOL 197S 


NAME 


BLOCK CAPITALS PLEA 5 F 

COMPANY 


TITLE 


ADDRESS 


LONDON TRADED OPTIONS 





July 


Oi-toljn- 

Juniisrv 



K.-'rei-e . f lit-iau 


CWwIDu- 

C Imran 

Equity 

Opt MU 

prue 

"ITer 

T t .J. 

"ffer 

Tnl. 

■ r-lTer 

VoJ. 

BP 

750 

98 


112 



132 



84 t|. 

UP 

800 

48 

— « 

72 

— 

92 

— 

„ 

HP 

850 

12 ■ 

— 

44 

— 

1 63 

— 


BP 

900 

2 1 


L 2 

2 

50 

— 


i-Vm. fair'll 

140 

6 • 

— 

14 

2 

J 13 

— 

142 p 

3 Ci*m. L-aino 160 


6 

5 1« 

52 

9 >= 

— 


fou». Ur.lil 

160 

13 

— 

20 

5 

23 


171 p 

C«'U*. Ciolrl 

180 

2 

12 

8 

10 

1 15 

3 


L'nurrsj/W- 

100 

H ’2 , 

— w 

. 19 

— 

; 20 

— 

115 p 

f, mrui|lil> 

HO 

6 • 



11 

9 

: 131 * 

— 

,, 

fourtm/i-ls 

120 

1 ‘: , 


■ 51 Z 

13 

, 91 * 

— 


C-jurtsuliii 

130 


— 

2^4 

4 

5 

— 


V.V.C 

220 

33 1 

3 

40 

— 

! 47 

— 

251 p 

OEU 

240 

l i f 



' 26 


34 

— 

„ J 

1.5 Kf 

260 

8 

; l+k: 


. 23 

2 

„ 

UEf 

260 

n* 1 



( 7 

— 

, 1 J 

— 

„ 

B Grand Met. ' IOO 

4 • 

10 

! 9 

— 

1 141 - 

— 

102 p 

Greml SI el. 

HO 

IU ' 



• 4 S| 

21 

BI4 

7 

- 

Greud SJet. 

120 

U 

4 

2 >l 

30 

1 5 U 

46 


ICI 

330 

59 . 

10 

; 46 

19 

51 

6 

36 E| 

IU 

360 

il*: ; 

18 

: 21 

6 

! SI 

5 

ICI 

390 

2 ! 

— 

10 

3 

! 18 

2 


ICI 

420 

i« ■ 



: * 

5 

11 



U»n-t Sec*. 

180 

23 V» : 

4 

; 28 

— 

, 32 

— 

202 p 

Land see*. 

200 

5 i: : 

4 

13 H 

— 

1 171 * 

1 


Lai id Sees. 

220 

*4 ; 



4 

— 

1 71 * 



Mjtrks i Sp. 

120 ■ 

20 1 



25 

— 

i 27 


138 p 

SlArfcs A Sp. 
Marks Sj >. 

140 

3 • 

— 

! 91 * 

— 

. 15 

— 


160 

*1 ! 

— 

31 ? 

— 

) 7 I S 1 

7 


K-lieli 

500 

44 



61 

— 

. 72 1 

— 

641 p 

Sliell 

550 

11 1 

— 

25 

5 

1 41 | 

— 

Mir II 

600 

1 



11 

10 

! 21 • 

1 


T’.'LhIs 



78 


196 


82 




RECENT ISSUES 


EQUITIES 


I liu. : 

Pri.-v =- _ ’ I- 

■ ~ HU;I 




Slick 


L== 1 , 


7 S ; ).»•. 30.-6 
100 : F.P. S <7 
' y.V. 


c 

liy 


fa lir.inmli iU. L i. 1 

I U? Enmrherai 

Tlminf- PHt> 1 -■»•.. 


B 5 

161 

34 


— J . r 4. 5 o.l 8.0 4.5 
-I / 2.64 3 . 0 : 2 . 515.3 
1 ( 2.0 2.3 B .9 7.4 


FIXED INTEREST STOCKS 


■= 1 | 5|5 lass 


■C lli“h Lr>«- 


I ^ . . 

; + «■ 


too r.r. - 


C 9 S 


F.H. 21.7 

eio -w 9 
» - . r.p. 14.-7 

•: , Mi : 7.a 

* - K. (*. I 7;7 
C 100 . - i - 
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II K.f. 25 -e 

■ ’ F. H. 25 8 
e 99 ;ao iso.fl 


l—i -V 

•>v 
' 4 :|> 
12 
*-■ !• 


90 |. 

»■*( 


(I; 


- I' 


'I ' 


I — 


F.F. 11-8 


lJvj| : 


i 109 


F.l». 21,7 
- IS b 
\ : .V. 30-6 
F.P. ' 7 7 
F.F. 21.-7 
F.l*. 21-7 

esai, sio 2010 

£99 £10 21/7 
iij-.i f.i*. at> 6 
£ 9 ai z i .*50 • 1 r 9 
“ F.l 1 . 

£25 


i-, 1 ; 

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Sap 
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3 t, 
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10 * 

M 

!-J“n 

ft 
VU 
9 U 
P 4 , 

■>*»' 


Aanv. Ui*ri. \ nr. I in re Bo?. lt*dj 

Xllii.il Lasllit-r^ Pm,. 

.Vuiuin, 4 .ivie Pi-.u. Pm 

■ •UriiH IS)» !(«•<■ I#/ 

•flivir Dixi mm •>;* ("mil. PrM 

121 . full 1 . I'rf.l. 1973 — <iS. . 

LVwinr-i 1IJ.1 9 .*^ Vnni. l’r*Y 

BOiubiuvii iCitv' 4 ) Vi-r. Kill-' 13 da.. 

h". :. Wiiwc |(M. Prcr. 1 *J 

■Fairvieu E»l». 13 . 66 ^ Di-h 

•jiwnlWJ Milli-II li)^ fum. I'ref. .. 
ir— n»i i L iL-ii. irit ll{? KM. 

-I B JlT' Pref. 

I.H«rrr> \ L->. -.at. I'n 

Miller tf.I It'S Ptef. 

N«i» \en>ii^«au O um. y ref 

Pitum - '.-t « -mu. l-n 

I I'fpnir lC 4 5 ,Cmti Prer 

Ouirls in. 4 J.. lOi PrI 

l!nbiu*on Brve 11 ?, Pref. 

Aubxn 93? Vmn. pm — .. 

-NKii licBif-aa-^ai life Ited. IW 7 - 

5 nutL. TyuwWe KM. 19 B 6 

t'ei *,ii Jt if nr. Un\- Ln-JUPi 

Tyne i ttW 122 - KM. 

IX'irtf IX^lirr-f- Ye. Prvl 

XVpsl Keni rTftter 12 J Deb. t ®6 


' 

« 0 |. 

95 pj ..... 



■ o^pm — >2 

; 97 i ; .. .. 

! 11 ■ 

*« p*cj — 

1 99 pi— >z 

46341— *4 

I Wk : -- 

'luu , 

: 95 p : 

91 p — 1 

97 Pj 


UB'j-l 


99 

io 9 p; _. .. 

97 p. „.... 
8U.L-S0 
9 Ur-SB 
96 J + '2 

99 p 1 

2434 i-Ii 


** RIGHTS 99 OFFERS 

if ! 

IVli-v =-s J 
p: ! <£ i 

Idle-i 1 

Ueiiiinc. • 1 97 ? 

1 W 1 . S»oris 

0 ■ ; Hi^li J Lm , 

[Charinxrf- 01 
! P nee — 

, t'l | 

30 : F.P. : 

13 6 

; 1 

7 ' 7 : 133 1 IIU 'Urtnt Chemiml- 

)' ! 

j 18 E >1 

45 AH 


18,’8 lSpm iOvUt British &r Pruriucte 

“""i ‘sS“: i 

70 ‘ ! 

I616 

21 .- 7 . lftJia- -Jd -Lintwon Pork Inda 

i 96 w- 3 " 


82 

108 

erf 

143 

ss 9 

130 

te«S 


Nil 

Ail 

F.P. 

F.P. 

Nn 

Ail 

An 


30)6 25/8 11.1 ' HI F*lmw twrrt* 

7.-7 18 ' 8 , Z£.\m? lt|»iii;Hnrn\cll* 

— — l 3 [int‘ 1 i<iii Hi>nl,i> 

22 . b iy.- 7 j ■ -n jHiMmr 

16 >b 21 i 7 l I'mz : Ln iHiWihm .Atexamiuri 

4 7 2 B.' 7 ilo#i'Hi| , ‘spi'i.Hj-nmn i!..tr;.i 

— 1 lllpii' laij'in Lcish Inlwri-w... 


7 ; 7 

J o 


28 ; 7 aupin 1 Cf^oi aketi-Iiley... 


i 1. 1 .i‘; •*••• , 


, ill 

12 pm ;— 3 

•i 

98 Ui 

! 154 '-5 

lZpnr— I l 

..' 181 j[iiii| ... . 

. ' Xoiat-ni. .. • 
. 1 ill s! ... . 


hi-nuitCLjiioii (ijiv. usuolU Uu>( W ror avkum ere** ol siajnp duty. 0 Kiuurva 
■ux-u IHI MutoudciHs cMiliMlu. p Assojned dividvuil and yuld. a Fokuusi dlVKiend: 
yokor imwo nn ptx-viuui, ,«rs niraiux. ♦ Dindcud and yn-ld bjj«d on pruni/viius 
vt uUi-.t oihyui % ^iiiii«r t -a lur n.i u Cross 1 i-woresi dBiuuicd. : Cuvl-i anu»' 
lor lunterawn 01 aiiurca ngi now ranking lor dividend or rani- in a only for rtstricieit 
jn, Kiel Ida. . F'Luiu: urnx 10 uublic. pi Klfcv unieid oitb/rwiK indiiraU-d. u launi 
u» .euUer.' i| un .rod 10 hulrttra ol urduiar? s*iar?» k ■* ■■ rtslns." *• Imuki 
by »:j> of LdpiuJiuiian. Minimum loader nrice. )S Reintroduced. 53 lasawl 
iu cunnecuon with rgor^MnitBiiun tn-rctr or (aHe-uryr ill: Jniroaucuuii. 3 
it) loriner Pheterence balden ■ Ailuimem le(irr& mr lully DJldf. ■ Provisional 
nr nanb-BaJd aUounent leu«rs. if W11H w«rranu. 


' *"£i _ > 


FT-ACTU ARIES SHARE INDICES 

,• 4 * * . _ . -t * * .' * 

These indices are^he joint cet^rilation of tbh. Rnaneial Times, the Instifrite of Actoanes 



; / 

/ 

and the Faculty of Actuaries 


'i ; 



. 


EQUITY GROUPS 

Moil, Jane 26, 1978 

'■PrL 

'Juntt. 

23 

Tbura. 

June 

22 

- We« 
jane 
' 21 . 

Toes. 

June 

28 

Year 
. e«o . 

( 814 * 80 .) 

GROUPS & SUB-SECTIONS 

Figures In parentheses show number of 
stocks par section 

Index 

No. 

Day's 

Change 

% 

Est 

EannnM 

Yield% 

CMaxJ 

Corn. 

TsxSft 

Gross 

Xfr». 

Yirid% 

(ACT 

Se 

Ratio 

CNeQ 

sa 

Index 
• Nix- 

Index- 

No.- 

*1 

Tlndex 

rwp. 

■i? 

Index 

Wo. 

1 


20631 

-U» 

1839 

5.86 

7.63 

208.64 

208.38 

1 21405 

21285 

38423 

O 


18432 

- 1.4 

18.95 

5.92 

739 

18695 

28755 . 

18856 

19022 

15337 

3 



- 0.8 


427 . 

6.93 




- 340.68 




rrm 

-L 4 

15.74 

4 J 7 

.659 

WM 

44^.25 

r 439 ; 6 S' r 
« 

• 44234 

4509 9 ' 

1 

5 


304.96 

-L 2 

1957 

30835 

31«5 

■31736 

26136 

6 


166.75 

- 0 . 7 . 

- 0.7 

1934 - 

541 

■2 21 . 

16750 - 

- 36930 *- 

isz.eof 

pa 


8 


359.94 

17.91 

850 

- 7 ja 

-.16152 


15 L« 

11 

1 KV tl ; 1 1 > R-vj 

190.79 

22535 

-to 

17.81 

555 

C3JHZ, 

759 v 

19263 - 

lgt r rA l >'8 



J 

12 


-LO 

16 . 07 / 

:« 77 ' 




39667 . 

13 

14 


172.73 

— 0.4 

-LO, 

16.82 

2059 .; 

'.653 

. 832 
650 

li ii T '1 



fct; 'rf A H 



.,* 56 . 



32159 

133.63 

in 







21 


19354 

-LO 

^1658 


823 - 

19531 

394 *' 

39683 

39218 

17032 



21754 

-LO 

15.76 

16 . 62 - 

523 

9.83 

2 J 9-71 

24682 



225.47 

180.49 

23 

24 


24336 

' -L 4 

532 

922 

24632 

^Wlft 

& & 

18839 . 


24234 

>03 

16.10 

2024 , 

14.83 

la 

9.01 

.651 

935 

24349 

1*175 

39787 

358 . 47 . 

2 MJ 2 

19157 - 

197.62 

24631 

39477 

19929 

ZSLOO 

213.96 

17494 - 

172.01 

25 

26 


28953 

196.07 

—12 

-03 

19984 . 

32 


35333 

-15 

1132 - 

> 51 . 

1252 


36057:- 


30730 

33 

34 


132.01 

-15 

2034 

HTT 1 

655 



T^Vn’n 

^ 1 ,'m 

; 122.60 


172.93 

- 0.9 

tiff 

472 

1221 

EH 



1714 L 

■34726 

35 


27059 

-13 

■^4 

8.11 

679 

17 L 9 ft 

'37156 
: 24177 

ma 4 . 

177.40 

. 172*2 


2423 S 

-LI 

7.73 

,531 

24484 

. 24477 1 

247 . 83 . 

218.94 

37 


10438 

+0 2 


> 5.98 

637 

10417 

10 ML 

30466 ' 

1054 ft 

100.69 

41 

42 

43 


29052 

-0.9 

IT IB 

599 - 

7.81 

29242 

| 7 frj 

39313 / 


~im 5 


272.92 

248.48 

- 0.9 . 

18.24 

6.40 

T .45 

9"i-7.U 


o^ATi 

25929 


-13 

1 L 89 

4.13 

1051 : 

25 L 72 

21972 

25085 

254.95 

' 0.00 

44 

45 


J2723 

-« 5 ' 

2853 - 


■6 23 

fr j JL '2 


13032 

33263 



422.95 

- 0.7 

27.43 

7.43 

.■ 7.05 

p.v^i 


41734 - 

492.08 

46 


196;66 

- 0.9 

17.88 

6 . 66 . 

752 : 


SfCTZ-B 

20027 - 

20 L 76 

17532 


ft'Ci » <*-'. Rfi d. 

ezjii 

m oi 

EE 1 


1 WFI& 



E 23 

ES 3 



Il '1 l' t^^^^^***® 1 ***** 

rvpE ^-3 be a tj tiiil ffjilii KitHl RitAtM 




v-V-* 




3 rArli 




wsm 



■ i.'f 1 .\k f.l Rrt • 1 1 4 / « 1 1 .':P» 000 ii 

IFT-l 

EH 


■mi 

HE 9 B 1 



py^l' 


. 399 . 48 . 

Bankst 6 ) . — 

176.66 

26 J 79 

635 : 

555 

177.02 

17759 

3820 ; 

- 157.41 

63 


20138 - 

-L 6 : 

• 

. 837 


■ 205.14 

20514 

•20951 

20975 ^ 

17 L 96 

6i 


14024 

+03 

13.94 

55 5 

ES 3 

239817 

m*;- 

' 14457 " 

- 14585 - 

34269 

65 ■ 

66 

67 

68 


127 36 

-1 7 . 



712 

-• 

129 J 7 : 

12129 

129 . 60 . 


moz- 

107.72 

11430 


12034 

—05 


7.09 


mw 

1 

32389 


318.40 

78.45 

—15 

1450 

4 . 92 . 

95 B 

32359 


■mer 

, 32783 . 

29443 


-LI 


633 


7933 / 

.79/33.. 

7988 

* 79,80 

'6636 

69 


V'/ 

-LO- 

354 

330 

46.46 


10415 - 

£ 230 . 97 . 

10738 


190.75 

70 


1 ( 8.43 

^ 0.4 

K .63 


^ 550 = 

103.80 

imsts 

: 8822 

F 7 I 

Investment Trusts ( 30 ) - - 

235M* 

—13 

330 

Scroll 


ETT’l 


am. 

Z 23 .W 

146 .% 

TaV 

Mining Finance ( 4 ) _ 

9725 

-15 

27 . 77 . 

• 725 

. 6 . 79 '. 

‘. 98 jM 7 

at - i>j| 

-9989 

28024 ' 


'Q 

Overseas Traders C 13 ) 

FW 5 I 

KOI 


BE il 




30666 


E 3 S 1 

99 

AUrSHABfi INDEX< 673 ) 


-LO | 


5 . 74.4 

• ;'T“ .1 



Sgggj 

wpEsai 

E£E 

19021 






\y 

Jr 




- * 
- 'A; 


-~TJ 
'«-r c • 
«'•) " 


\ : 




<-i 




'^5 


‘Lw 


toll 


' '-vr! 


FIXED INTEREST PRICE INDICES 


British Government 

Hon. 

June 

28 

Da/s 
chmge | 

.xd »U. 
Today . 

- . . J 

xd adj. • 
ims . 

to date 

1- 

-a 


1 

Under 5 years — 

103.96 

-039 

■ . — ' 

:r-43i;/ 

5 

2 


U199 

-050 


5.95 

8 

3 

Over 15 years ■ - 

117.90 

-031. ' 

/-'I./ 

m 

~7 

B 

4 

Irredeemables. 

12025 

-045- 

8.94 ' 

724 ' 


5 

AU stocks — — 

110.82 

-035 

002 

5L74 

si 


' FIXED INTEREST 

V : TI BJaRr-i-::- v 

Br. Govt. Av. & 9 sg,/J^iL- . T '. 


tor-’ " 5 y^is....._jL M | 

Coupons . . is '.yaite.v.-.'t 

. • ' - - 25 years. — ..j— 


Medium -- • ' 5 , yea«u 


Coupons - IS ycars^. v 

. - ■' ; - 25 years.L.' 1 '.'..'.-l 


High ■ ■•S.-yesia.A.'Jli. 
Coupons iSjeajs^,,'^; 
r: \ 25 ;-ye*sr.A-i-=i 


Irredeemabla. 


M 6 nl 


. 3 ia 

.-Hi « 


■TLHT 


.-BH- 


AjZiilTij 


Fri; 

June 

'^23 1 


“ 8 SZ 


1172 
.1235' 
• 12.41: 


<-■« 
5 T lLW 


iMfc 




Year 

topproxj 


"■■<1 


. 7 J 5 
-.2123 
1230 


moo 

12.00 

12.71 


1088 

1313 

1334 


1245 




lltnidny, JiineSS 


Index . Yield 
Nn. ■ 4 


Ssna': 

■ 


ThW 


.'Wat, 

Jnn& 

21 . .. 




a>,-: 




:Pdd «7 

ifxuss 


m 


is 

20 -yr. Bed. Deb & Loans ( 15 ) 

07.64 

f! 2.90 

&7AO 

/S 353 & 

16 

Investment Trust Prefs. ( 15 ) 

61.54 

1 SJ 8 

61.38 

51.68 

17 

ComL and Indl. Prefs. ( 20 ) 

70.64 

15.10 

70.58 

" 70 ': 53 - 



. . 


- 

- I 




A 




6 7 . 2 ft 


52:18 

7 


•ttia ; 3 ^ 6 B ;ot»j 



iHlnnLLvYw 1 - 

rJotvrff.'-WR 


A. 5 J-W, 








T Rrtemrtten »W«f. Highs and lows rtesrti, tiase^dir _ ... 

Issues. A list of the eenstftuents Is.arslbtide from Uib PnbUsfaw*.— ifw' 
Cendfiii, EC 4 P 4 BV, jH-tca Ujj. by post 22 p- - . 





¥ 

























financial Times Tuesday June 27 197S 


USANCE, PROPERTY, 
BONDS 


AUTHORISED UNIT TRUSTS 


Abbey I' nil Ts1_ Mgrs. Ltd. ‘a* Gartmore Fund Managers f iaXg> Perpetual Unit Trust MnfDt-V (*) 


OFFSHOREAND 
OVERSEAS FUNDS 


Abfoey*Ufr Asmiraace Co. lid. 

1 -H SL Paul's Churchyard. EC4 Ql-S9Snui 
Equity Fluid ... B6.7 3071 — 

FqtttyAre .._ .509 3£H 

Prop-rt y p.l . .. 1472 155. W - 

Properly Ace. . . 153 3 161.$) — 

Selective Fund. ._ B9 1 93 B — 

Convertible Fund . 1305 137.il — 

VMraesrFliBi) . ._ 1211 1*7.3 — 

Peas Properly . . 172.9 IBZ.ltf - 

, Pena. Sciecliwi? .. 84 4 88 9i . — 

Pena. Security . ..130 0 1932! — 

Pons Managed 175.8 lfiS l| — 

Peon. Equity. . .157 0 155.41 — 

OProp Fd. ser 4 _ I26.Z 132. 9l — 

Mton. PM Sot «... - 133.4 339 fl) — 

^Equity FU Ser .4. 34.2 36_ll .. — 

WCoov Fd. Ser 4 »l 4 llT2 _ 

VMnney Fd. Scr 4. . LOT 1 110.3 - 

Pnew si June 20. Valuation normally Tucjdnj . 

Albany life Awareace Co. Ud. 

3:. Old Burtlnglan$i_ «M. 02-079482 

•JCqulty Fd. Acc. 

OFlxess ini. ACC. 
tfGMJSoueyFcLAe 
rlnU.ManlFdAcTn 
l. nProp-FdAcc 


General Portfolio Life Ins. C. U4f 
BO Rartholoiue** Cl. Wnlthara Cnrvs. WN310TI 
Portfolio Fund . 1 1350 | I ~ 

PortfollirCapItai ■ ..[«1 9 44.8| I — 

Gresham Life Asa. Soc. Ltd. 

2 Pnoeo of Wale* Rd B'mouLh. 03K TOTBSft 
O.U Cash Fund . . 96.5 II1U 1 — 

C.L Sou Itr Fund U&7 JJJJ) I ~ 

li.LGlkfVad 1104 U5-3 

>1 U InU. Fund . - . 119.9 12A2J — 

G l. Pjcv. Fund -.954 10151 I — 

Growth & Sec. Life An. Soc. Ltd.* 

Weir Bask. Bra -Thame*. Berta 062B-34S84 
F7e*iWe Fiaazcc - 1 ft*? I I — 

LudbBnk Sees .| 55.00 I I — 

handbook Sen .Ve U6 4 11951 ■ ■ I ~ 

0 & S Super Fd. _ | 17 954 } ..... I — 

Guardian Royal Exchange 
Royal Exchange. E.C-3 01-3307107 

Property Bands —(17*0 102.01 I — 

Hambro Life Anonace Limited ? 


KP1 Pensions Management Lid. 
48.Gluc«chmvhSl-EC3P3HH 01-8234200 

■Managed Fund 1149.9 150.11 I - 

Prices June 1. Next dealing July 3 


•fiL'-tfi «Uteh>WM! Mil ,\ilr*bun 
\hhe> CmmUiI B15 Wj 

Abbe;.- Income Ml 7®- 

AM>x-> In*. T*l. Fd *5 3 37 

Ahl->i-?n T>J (M* 46 


OSW^I l M. Mary H»e.EX2*a8K 


New Zealand las. Co. (U.K5 Ltd.? 
Maitland Mouse. Southend SSI 2JS 070282853 
Kiwi K*y Inv Plan .11425 1069! — 

Small Ca'a Fd. - ..&.4 « 9 -M - 

TerfcnoJsejFd. .fiZ.7 .97.6 -04 - 

ExamlncTPA [88.0 92 4-0 5 — 

American Fd — -flails 106 8-OS — 

PftTEawrd. - 1813 1066 *1.2 - 

GUt Edged Fd. 1034 188L7 — 

Con. Deposit Fd -.196 9 10 L5 — 


Allied Hambro Group? laHg) 
llunilep Hk- . Ilutlim MWMl 
01 -US S8SI ur Rrenhaoud iOCm' 211430 


BaJanenJ tun* 

Vlllod W . 

Bril ld.1.' Fund- 
lirlh Mnr -• 
Elect A Ind Pet 


4JJ 'i'AracnvanTrt *JJ- 
5 95 BrUUdlTsL 1 .Act • 54 1 

4 34 Commodity Share 154 5 
* ErfruJcciirteT-J 

■ /iFatEufI Tr\i*t. JJ • 
Hieh locewe TU 57 9 
Iwoine Fund - J!|- 9 

Ins .Agencies 2? 
Inti. Exempt Fd - |3 J 

i.tlntl Tat .Att ■ 53 6 


01-283333 1 48 Hon 54 . Henley on Thame* 049128808 

J 8.12 rpetonniptith. . |»* 4L8I I 341 l 

-oi in Piecadilly Unit T. Mgrs. Ltd.f-iaKbl 

* , 25 WarthflcllMT.. 38a lc*l»d-p Wall EA-2 S38 0W1 

-0J Sff Extmlm.™ &S x.6l -D.y 990 

-07 ill Small Cus Fd .362 »9 -W 5.«8 

?« « -ft Capital Fund . . . 415 4* ■•«! -04 4J2 
VI 25 [SLErpa i Asads 43 9 « 0* *0 3 . J» 

171 PthaieFund 33 9 365 .. . . «.« 

. .Aceumlir Fund-.. 58J 624 *01 -366 

sa. Ud. Technolouy Fun-L 535 57 J -03 3 72 


||5 Gibbs 1 Antony! Unit T*t_ 3Iga. Ud. TwhMbJnrwL 
358 as RknnfieUM D.2SSAL »l-ssa<ill KLEf" 1 K S_— . - 


-0.11 9 90 
-04 5.48! 

-04 442 


Arbuthnot Sceaffttcs lC.r.) Limited & i5bawni>*grs. 

P O Box 5H 3L IWler.Jmw." " 05347X177 
Cap, Tid iJ«mej.i JUA* I 417 

Next Atahul dal* Job 4. 

E*tfAlnU.T*uCT>..tilS:o lOifl —4 3,85 

Neal mb Jnl) 8L .• • 


Austral ian Selectton Fm^ NV 

Market opportntiUlesi-c-'o Irish Yonag it 


-04| 51? Inennie’ 


Norwich Union Insurance Group 
PO B« A Norwich NR! 3NG 0603 22200 

Managed Fund - .497.0 217 -1 — 

Equity Fund ... 531-7 3494 -1 0 — 

Property Fuad 1284 134.1 — 

Fixed Int- Fund I486 155.7-1.4 — 

Deposit Fund - - 103 6 Ull .. — 

Nor. Unit June 15- 2881 — 


llambmFiind • 99 7 
Hull hr.. Are hrl.. |1140 
Incem* Fnnd* 

High Yield yd 

Hisn Income K 1 
AH. Eq inr - |U 6 


410 44QI-L2I 

534 •“^SiSni'JS- -1 5 « Practical Invest Co. LUL¥ LrXct 

934 ,a..A.t, FarFast ^7^ -I OJB 44. JUon™h««rjr &». WC1A2RA 01^238883 

Pr«eUe«lJuoe21...pi5J-9 16ia ...... J 418 

Gnvcll Ijooniv Arrum. Units -|ZHI 227.9) ...J 418 

689 4 :^^°^“ E *ii«b lru Provincial Life Ins. C«. LULt 

LH» Anum Unit’ jl68 2 13Tj|_!' J 1?7 222. Biahopscat*. E r 1 01^478533 

- .. N*M rtealiur da»’ June 30 . PrcHMIe UnU- - . JS15 -Ofl 342 

Jl« tirieveson Management Co. Lid. High Imiaw _ (1075 115*1 -Ml 36 

5 ” 5pt.reshai»St. EC2P2DS. 014004433 Prwdl. Portfolio Hagri. LuLV (sMbkcl 


- “Tp'-e Inv. ak 
£701 ty Pm JFU. Acc. 

p Fixed t Pec Arc 

j iTtd Mon Pen. Arc. 

“ inti Mh PnFMA.ce 

cl FrouPonAcc 1224 

f , M'pic IcyJeu-Ace. 196 7 


•- _ A.92EV Life Asouranec Ltd? 


\ i - AU3V 

43EV Mgd. 


AJJT2V Money Ft! 
AMEV Equity Fd 
-MEV Fixed lal 
.\-J^>Pr3p.JU_.- 


v :J3^r£a , FSsc 

AUZV (ugd.Pen.-B 
Flexiptao. 


140.0) -23 - 

122« . . — 
uoa . - 

112.7] -ie - 
9561 -03 - 

102.3 - 

102.9 . - 

103^ . - 

1034] ... - 


Arrow Life Assurance 
SI. Uxbridge Rood. w. 12. 
ScLUtFd.Cn.Uikt. .{£2.9 B7 

ScIJStFdJSLUal MS 104. 

F?x Mad. Fd. Sa 117.9 121. 

Fca-Mgd.Fd.-7l. 1115 U5 


7 Old Park Laou. London. W1 814090031 

gSi y ^ t ?! p . :. 1^1 i&S - - 

§1 z 

Managed Acc .. - OT8 179 S — 

Overseas _ 1159 125. 2 — 

Gilt Edged 123 ID 1«J - 

American Acc.. . -988 1104 — 

Pen.FlDcp.Cnp .. 1*75 134.3 — 

Pen.FLDecAec.- 1«.6 1565 

Pen rteji Cap — . 202.7 w J 

Per.. Pmp Arc -.2605 Z74.6 — 

Pen Man. Cap _ 296 3 ZJ7^ — 

Pea. Man Acc. . . 2654 2793 — 

Pen. Gill Eds. Cop . 121.7 $282 — 

Pen Gil: Eds Acc . 1281 134.9 — 

Pen. RS Cap. — 123.9 U0.1 . - 

Pet. 05 Acc ... 140.7 147.1 

Pea. D.A.F. Cap. . IMA — 

Pen. D.AF Act- . . 1028 — 

Hearts of Oak Benefit Society 
1S-I7. Ts.-lslcck Place. WC1H ASM 01-337 9020 

Heart* oC Oak 136 4 3851 I - 

Hill Scmuel Life Ansar. Ltd-9 
NLA Tor. Addueorabe Rd. Cray. 01^88 4355 


Phoenix Assurance Co. Ltd. 

44. Kins Williams^ SC4P4HB. PI -8288876 


- ggtet— r - iFF w 3 - l i ; 

— EbT PJuEq.S. 761 B0.0| 1 - 


Intern at lonal 
PMlI* Fund 
Sews Of Unrnoi 
I S. V Exemp t* 
Specialist Fuads 
Smaller fo ‘a FH 
2nd Smlr. Co'". Fd 
Recovery SiL» 


1687 739 -051 4 IS 

El 679 -od 689 

155 6 4oS -oil 7 21 

ii 

luoo ..“ j .» 


A * r!rtc “n Fund. fBI 25.5*1 -0 11 230 

. ..1 490 Practical Invest Co. LHL9 (ytfcl 

1 0J0 44. Rlnranskury Sit- WC1A2RA 01-8238883 

PrueUealJuoe2i...B5X9 161« .....J JIB 
Arrum. Units.- -|ZM8 2273| -4 418 

oi aBsoo Province Life Inv. Co. Ltd-9 


ai?sas^"- , TWa^ 


ns - ' J SC5ELS4 1 ,.-J — 

Net Asset value June 19 


latL GotLSeca Tl_ 

nSST ^ T ..-- . p 5 ?u iaoo 5 -I — 

Klein wort Benson Limited 


Bank of Amerlcp loxeraa^obai s.A. AMmdMa ^ otfflaaw - 

SSSSSJS S4STj5a? , !i »$a IS . 


& I i 


— *22. Biahopagate. Era 
PrnlUlw Unlu . . [815 
High Income _ . H075 


014476633 
87.S — DJB 3J2 
115 3 -JT) 756 


Met Min. « Odly . f 
n ienea.i Kurm wa t 
F.rpt Smlr Ca"s . 4f 


sa*.i 

sa^i 


Barrington June 31 HU 
< ucutt Units. TUI 
Blag U V-UuneXX. 174.8 


5 11 lAccura Unltsi- 

6 28 Endeat JuneSD 

5 90 1 Amnrv 

4 74 .imchstr Junes 
529 iAccum.l'OiUi- 
LnOBnls. June SI 


452 Hal bom Bars. ECIN SNIi OI-MSazSC 

4 52 Prudential...... (126 8 U7 51-O.SI 4 61 

® Qailter Management Co. Ud-V 


Wldlmrel InconMMJPSaiW QUO -1 6*3 Do. Arrum: -.’ — 1 
Pr ices at June XL Nest sub dq Jane 28 KB Far East Fd. 

Bnk. of LoAl & S. America lAd. I 

««8. Queen Vicuna St- EC*.”. 01.B3023I3 KB-tSTowth. Fd- 1 

Alexander FUud^.^6 ^ ^ 4 - 

Banque Bnuelln Lambert • - . v 

8 Rue D« la Kcsmcu S WOO Brussels . lavfwS WO *34 
Renta Fund LF- .. P-870 WZ81 . 434 780 PO BWctt5.5t.Hrt 


KB Far East Ft.-, vntiio- _. la •- 

KBtnO. Fan* ’. . _ SDOL« _. - Z.QJ '. 

KBJapa=Ftmd SCS3257 0T7 - 

KAUsT&wth Fd . SU5UL96 0» * 

RtflnstBamiuda SUS479 V8S 

•UolhmdsanO 1850 195C -048| 872 

•KB- act as. Luadoa. pa ying agents only. 


4C&) fi/r-Mih 


Prop. Equity & Ufe An. Co.V 
118. Crawford Street. wtH 2AS. 01 4M08S7 

R-SOkPron-Bd.- I ICO 8 | .. ] — 

^teytr-l &\ -.-I- 


33 L“ 

ini — 

Zl . 


JM TbeStk.Eachauee.EC2A IHP. OI«M4I77 
J55 On n dnnl Gen Fd. 0073 *2071 . ..I 4-bO 
J-" Qundnmz fscorae . P27 7 1317} ... .4 7.91 


t r .2«L.+3i 780 PO Box 18&1 St. Hrtier. jersey 1 . 

Barclays Unicorn Int. tCb. Is.) Ltd- 4 ^ 


„ ... — _ _ — . . 3 93 Reliance Unit Mgrs- Ltd.9 J 

Anderson Unit Trust Managers Ltd. Tnj ■ 76S . | .395 Rcimn«-Hae.TunhrtdgeWeib.iu oarasam 

i.tS F* m*hureh M. EC3M 8AA 830231 Guardian Royal Ea. Unit Mgrs. Ltd. Opportunity Fd. 16S.4 69.91 . I 333 

WWiuelT 1493 S34) . I 4 35 RojtmI Exchsyiee. Et^PSUN. OMXSBQll SeidorHeT. lAee.- ..K2 44.1^ -04 SO 

Tnll Msml Co Ltd owGnHhdl T- 1865 mV-97\ 453 SrMorrieT Inr _ fto 1 «2.«-0l| 583 

sn kA. tj a B ' ui *avx Henderson Administration^ (aMcMg) Bidgefield Management Ud. 

Inr Mrmtlib Fund 1165 0 175.8] I 8 90 Premier UT Admin.. 5 Rayleigh R oad. Hutton. 38-W. Kenned} - bt .Manchertee OOiaOBMI 

IFMuinnwim -t Brenraood Fasea- 0777 20 2» Ridfiefield InL UT {U10 M7jBrt —■ | UZ 

Arbuthnot Securities LUL laKci t x f — 1. Ridgefield lncmna.los.o 9t!M ■ ■ I »49 

o-o.--.-ei Iim.lf.ri F>.MH 1BV nl-2365281 I. 'a p Growth Inc |4L3 4A# -QJJ yu Bafh«.kilJ Ic-Il MiiuomimI 101 


Property Growth Amur. Co. Ud* 
Leon House. Croydon. CHS 1LU 01-C800606 


Property Fend. 

P rop m. r FUndfAj 
Agticultarsl Fluid 


Pen.MgAPd.-FT., [ ill s 115.0| - I — 

Barclays Life Aoaar. Co. Ltd. 


232 Romford RA. 6.7. 

BarcUtyboodi* 11235 

Etjully 11L6 

Gilt^dfied 1288 

Tnn»o«7 1919 

Msnnced 1066 

Konro 53.6 

tmJ’iniiAmiia .. 974 

Dc. Initial - 95 0 

CIH EdcPens_\cc. . 945 

Dc. lot ant 924 

Mwey feu. Aw. _ 1683 
Dc. Initio! — ... 97.4 


-0 0 - 
-08 - 
+04 - 


6 Property Uni u . 
Property Series A 
Man aged Units — 
Managed Scries A 
Managed Series C 
Money Units — 
Mccey Series A 


Pea Managed Cap 


U8.fi! . - 

\%i = 

100.7 -04 - 

934 -04 - 

326.7 — 

182.4 . - 

965 -04 - 


bey NaL Fund. .. 
Abber KaL Fd.lAI 
Inreattneni Fund- 
in vestment Fd. 1 Ai . 
Equity Fund.... 
Equity FundlAj 
Money Fund ... 
Money Fund < AJ 
Actuarial Fund. 
GUt -edged Fund — 
Gilt-Edged Fd.1 Ai . 
ORetite Annuity 
dimmed. Aunty. 


:« = 


Prim. Growth hums k Ann aides ltd. 
AJlWthe-- Ac. Ut«J123.4 135.61 ... - 

VA1I Weather Cap. . 122JJ 128.4 — 

Wnv-FAUts 137 0 - 

Pension FA Ull. — 1297 ... . - 

Coup. Pens. FA 2464 — 

Cn*-. Pns. Cap UL 13Z.2 — 

Man. Pena. FA 143.9 . . — 

Van. Pens. Cap Vt 1328 — 

Prop. Pens. Ftf 1458 . .. _ 

PrepJens.Cnp.Uta 1329 .. — 

BdCiSoe .Pan. Ul IMS - 

BSSTSoe.Cnp UL. 120.1 . — 

Provincial Life Assurance Co. Ltd. 

222. BUhnpigaia. KC4. 014478NU 


Pus. Managed Acc. 

Pen Gtred. Cap. 

Pna I'.'lifnl Acc. 

Pens. Equity Cap 
Pens Equity Acc 
PnuFxd.loLCap 
PnaFxAlnUAee..-. 

Pens Prop Cap. - .115. 

Pens. Prop Acc — ,f!5» *w* . ■ 1 — 

Imperial Life Abb. Co. of Canada 
Imperial House. Culldlord. 712S5 

GrowUiFU Junc23_[704 764) j — 

Pens FA June 23^.|65 □ 78J] .. I - 

Unit Linicvd Portfolio 


•Current emit value June IB 


Siealw Life Assnr. Co. Ltd.? 

71. Lombard SL, EC3. 014C31288 

B!k. Horae June 1 | 12276 | I - 

Cscs±i Life Assn ranee Co. 

2-C HI eh Si. Potters Bar. Hens P Bsr Si 12= 
Erty Gth.FdJune2.[ 69J II- 
■Reum. Fed. June 6 | U9J | .. .1 — 

C<aaoa Assarancc Ltd.? 

’ Olympic Wt , wombioy HAWNB oupkwto 


GlWlhFaJunc23_[704 7643 j — 

Pens FA June 23— |h5 0 71J| I - 

Unit Linicvd Port/olio 
Mansced Fund.. — (945 99.4.. I — 

FiMtftnlFA K5J 180.81 . . - 

Secure Cap Fd. — H68 181.8 t — 

Equity Fund B6.0 1814} .1 — 


Ci2t Pha d 20 


Property Unia 
Faulty Bond.'Excc. 
Prop. Band'Zkec.. 
ml.Bd'Erce/Uoi! 
Dupc-ait iToud. 
&iu!tr Accum 
Freper^ Accum. 

Mngd. Arcum. 

Sad Equity.... 

2nd rwpcrtr 

u-ia— 1 


- 1-flOll - 


Irish Life Assarance Co. LtcL 

1 1. Flusbcn-SqBsre. EC2 0J^7S8253 

Blue l-hn J-jne 22. 1717 7551 I 4« 


a§rl = 


2=dM 
2nd . 

Sad 5>. _ 
lad 5q. PenaJAcc. 


nilFro PenaiAec. 
2nd %A Prasi 


1 1. Fi nsbery Sqntre, BCZ 
BlaeCbr June 22-171.7 
Knnagea Fund .., .1221.6 
Eiempc Van. FA -DBU 
Prop- Mod June 1 .1177.1 

Prop UoAGth. 11934 

E2ii£ Sz Shmxaou Ltd. 
52 CcrahjlL EC3. 


Bond Fd Exempt — [18297 1MJ9I-04JI - 
Next dealing dale JuK 5 
Gort.Sec.3d. ..[US 40 Z£5.7ft| I - 


2nd D*ro PenslAcc 
2nd Gilt Pens' Acc. 

LiESLF 

L&ESXF.f ]26J» Z2SI 1 — 

Current value Jane =3. 

C.i;>4iai Life Aacnraoce? 

CoaJrioa Uaaar. Chapel Ash tT^nci 1703223511 

£ey invest. FA | 19141 j .[ — 

raccaaierlnv.FA .| 102.03 I . .. I - 

ChnrierhotiBe Magns Gp.? 

! 3. Cheqc ora fq_ Uxbridge UE81.VE S2IB1 

'.‘hrCue Snercr — p»< «3.«[ . . — 

■Ihrihse. Money 29 a 310 — 

Cirtiac Mannaed- J5.4 40.4 . . - 

lirtnst. Equity. , 356 37.2 .... — 

^JSnaBM-joe.. ... 1246 — 

UefCoMaaased.- 130 J — 

City ef Weairzdnstcr Astra r. Co. Ltd. 
Pl=grtcad Bouse, 0 Wbltehone RoaA 
Troydon CRu SJ.A. 01JBIM84. 

West prop. Fund. ... [S3 4 635| ... — 

llmnged Fund [1733 1C2.M .. . — 

Equity Fund— — B.6 5351 -02 — 

FanciandFund ... .173.5 77.41 .... — 

affttK-— r t “i^f = 

7'ULh Fuad - 16:4 1715) ... . — 

I>=Kl!asA Cap u .|llj3 122fl . .. — 

. Peas' Hngd. Ace.... J1205 126.9 .... — 

FeilO, Honey Cap. .. KSj6 09.CI — 

Pens- ViKMy Acc. ..r<48-3 50.K — 

FetU Equity Cup. 1545 E7JJ -04 - 

reaa EqnltyAeC-o&3. 59^ -C — 


i.myhvm Life Assurance Co. Ltd. 
Lanqiiam Ra. Bo lab rook Dr. NW4. ni 2035211 
Laaeham , A'PlBiu.t63J ,6741 I — 

9 Prop. Bond B41.3 148.71 — 

Wisp (SP) Mss Fdt7»5 8261 I - 

Legal fi: General fCnit Anar.) Ud. 


_ Elnstwood House. Klngswood. Tadisortji 

- SOBE^mM W- 


Do. Accum. — . 974 

Equity Initial 1184 

Do Accum. 1371 

Fixed Initial 1140 

Do Accum. 116 8 

In A Initial ?6J 

Do Accum. 5S.4 

Usnfiged InlUal 114.7 

Do. Arran — 116.1 

Propertylritiai — 994 

Bomcobi MM 

LegcJ A General limit ? 
Exempt Cash tail 196.4 

Do. Accum 9S.B 

Exempt Eqty. I alt 1449 

Do. Aecmr. 123.9 

Exempt Fixed Inii 189.6 

Do. Accum 131.4 

Exempt Mcgd. lull 119.9 

Do. Accua 3241 

Exempt Prop. InlL. 96.4 
Du. Accum. 193.0 


-0.4 - 

- 1.0 - 
-L4 _ 


L6.I • 1229 
14 1C4.4 

M 1062 

It Pnslass) 
i4 1015 

1.0 1034 

3.9 ia.t 

3.9 138i 

96 135> 

4.4 1174 

.9.9 1264 


31 = 

+S:3 - 


Fund ci'rrenU* cicscd to new inventoeni 
ferform Units 1 | .[ — 


City of ITcttnUaaler Asaar. Soc. Ltd. 
Telephone 01-081 PSK 

F.rtt Units D223 123.4) I _ 

r-roperty Unite- ...[505 572) ... I - 

■ConimeTcial Unku Group 
si Helen’s. 1. 1'itJetahafc. 5C3 oi 2S37500 

' rAnArUt Jure 24) 53.« I ..[ — 

.o AasnUyUto-. n 1B.C2 I I - 

ccfpderaiioa Life fnanroeca Co. 

7. Quince ry Lone. tTC2I IKE Oi -2420=53 

•Equity Fend. — .0346 1S92J .... - 

"teangwl Fund „.Bfl • 135 * . - 

'rose nal Pen. Fd .726 76 2 - 

Vjultv Pen Fund _ 374 — 

■xediaL Pea. FA 1924 .. .. — 

imaged Pen. rd 1S>.4 — 

-repertyFen-Fd... JsO.b .. — 

r^mecled In. Pol 374.8 . — 

Contain larraraace Co. Ltd. 
i2CornhlU.EC2 01^85410 


Exempt Prop. lalL.N6.« . - 

Da Accum N«.0 1034] . . .| - 

Legal & General Prop. Fd. Sign. Ltd 
1 L Queen Victoria S4. EC4N 4TP 0W48 BS7B 
L&GPrpFd. Junes (95.9 18141 ... .1 - 

Next sub day inly 1. 

Life Asaar. Co. of Pennsylvania 
3342 New Bond Si. WIT OSQ 014838386 

LACOP Units 1937 18361 ..| - 

Lloyds Bit Unit T»L SSagra. Ut 

71. Lombard SL EC3 01-8^1288 

Exempt IWLl 18341 J 7.89 

Lloyds Life Asserance 
=0. Clime SL. ECSA 4XX 


RelUace Mutual 

Tunbridge Wells. KenL 068322271 

Rol Prop Bda 1 1981 | .. J - 

HothichUd Asset Management 
SlSwKhins Lone. London. EC*. 01-8284390 
N.C Prop. Mar. 31—0144 12L64 ■■ I - 
Next 8 oh Day June 30 

Royal Insurance Group 

New Sail Place. Liverpool. 051=274422 

Royal Shield FA —{1333 1«0.2| | - 

Save & Prosper Group* 

4. GLSLHeien'a Uxbu EC3P 3EP 01JB4 3880 

BaL Inv. FA [1264 1336) -04) - 

Property FA- 052.7 16L6 . - 

GUtYt. 0373 123.7 -L« - 

DeponliFdt 0234 129.6 . - 

sp^p l-E 

GUftvna FA „MJ 96.4 -0.8 — 

Depo*JVqaJ=-Ar_..|«.5 103 7] . .7) - 
•Prices on June 20. 

Weekly dealings. 

Schroder life Group? 

Enterprise House. Portsmouth 0705=7733 

Equity June 20 | 225.9 

Equity 2 June 20 |Z16 T 223 

Equlry3Jun*=n., 

Ftodlnt. June 3) 

Flxedlnti Jane 20. 

InL U1 June 30 

K & 5 GUI June 20. 

E & ScJunc =0 

Mmtd-FU. June 20. 

Usnaged June 30 
Money June 20 „ 

Money 3 Jane 23 . 

Property Jure 20 _ 

P roperty 3 June 20. 

BSraCpBJaneSO. 

BSPs AmB June 20. 

' MnPnCpB' Jane 30. 

MnP»i*cc3Jime20 
Fx A Ir.LPen. Cnp JB . 

F5dJnL?AAcci_ 

Prop. Ran. Cap B. 

Prop. Pen. Acc. B 
Money Pen Cap. 8 
Money Pen. Acc. B 
Overseas 4_.. 


Blt-Gth June S __ 
OpLS Prop J one 22 
CpLSEqtyJuae 
OpL By. Jone 22 
Opt5 Max June 22 
OpL5DepUune23_. 


142458 
138. 

m 

1AL 
153 
127 


London ladncaltyft GnL Ins. Oo. Ltd. 
18-20. The Fortmry. Reading 533314. 

Moo c-- Manager .. -[334 35. A -04[ — 

K_U {ToxiblT B94 30 M -04) - 

Fixed Interest P«.0 35.9) -04j — 

The London & Man cheater Ass. Gp.? 
The Lees. Folkestone, Scat 0303 37333 


C^p- Growth Fond- JZ4-4 *8J| — 

OFlex ExtnnptFA. 13X8 -16) — 

♦Exempt Prop. FA W-S -D.41 — 

OExpt Inv .TSL FA 149.7 ..] — 

Flexible Fund 1245 *04j — 

Inv. Trust FunA — 137.0 +0 6j — 

Property FUnd 82.6 -0J| — 

X & G Group? 

Three Quays. Tower HiU ECJR BBQ 01-438 4588 

Per*. Pension*** —12243 — — 

Coov. Depo-.it- — _ U7.9 1233 .. . — 

Equity Bend** 1363 143.2 — 

Family TWO** 1554 _ . — 

Fsmlly81-SS** 130.7 _ - 

Gill Bond— . ...„ IP6.7 1322 — 

Intern ntnl. Bond*- 182.9 1834 . ... - 

Managed BA— 1363 1434 ..... — 

Property Bd** 154.4 162JZ .. .. - 

Ex. VleJdFd Bd.*. 86.7 K5 .. .. - 

Ei-covery FA SA*_ 633 664 — 

AmericnnFABA*. 33 8 5*4 — 

Japan FA BA* S3 9 56.7 — 

Prices on *Ju=e 2L —June 22. —June 1A 
Merchant Inventor? Assurance 
123. High Street. Croydon. 01-4689271 


'-ip. Feb. June IS. -1235 - , - 

•SSrec. Juno 15 B2.D _ . _ 

inGthrdJun*a>...|lMC 1780 . - 


s Vs&it & Commerce lusoraace 
L ilegbnt SL. London W1K5FE. 01 -4® 7031 

g -'sCJinid Fd... ..1122.0 1320J . I - 

'roms Life Assurance Cjj. Ltd.? 
-'rwuLL 1 ; Hrc . Waking, GU21 UfW 0466=5033 


fnjis/d FUad Acc |97.0 HM2 -OH _ 

. »'ws-dPd Ir.cm. 99.3 icqjj -0.1 706 

lEL^FAlulL. .90.5 303.6 -0 9 - 

■■ r -5v/tePM Act ... :»l; - 

R|U:v FA Incix . . 96.7 1 03.7 5 CO 

Equity FA IniL ..56.7 1CL7 .. - 

Property FA Acc.- 95.6 1006 *0.1 — 

Property FA Incic.. 95.6 1M.6 +0.1 _ 

, Property fa Inn... M3 1NJ - 

1 5 I'll TiL FA Acc... 53 0 1M.B -04 — 

Irv.7et.FA locrn. . 76 0 1310 -Oi 5 Z7 

_ lev TsL FA InlL. . ».7 1WJ.7 -0.6 - 

' F..-.q«J [at“d Acc.. W3 1C0J -11 - 

F-d !r.LFAbKUL. 953 1833-11 1237 

InlOM Fd Arc .1039 1793 +03 - 

lr»FLFAlBcm ... RH.9 1C33 +03 426 

Pnue;; Fd Acc. _ .. W.9 1*1.5*04 - 

MrncvFU Inert...- '.5? 1C0.9 +04 8.75 

i-:*L FA Iscm. 97 8, 1029 -0.9 OJw 

i. rowa Sri- Inv - A‘ .{159 6 — . .. — 

Crucsdcr laparance Co. Lid. 

’‘'•Ural.'! House. Tower PL. ECS 01-0=3 P031 

Gth Prop JuncO. |7D 1 79 51 I - 

osgl; SI sr lasurftndeand Aso. 

• TlfrosrtnecdlcSL.Bra. Dl-Sea 1212 

C*gle 1UA Uol'x . I#70 5171-0.6) 6.33 

i^saity £ Law Life As 3. Soc. IM.V 
‘■mcnhaci Ros.l, Rlgh Wyeqnbe 04fti 33377 


Property ...... _ 152S ... — 

Property Pena. _ 159.4 .... — 

Equity — 564 .... — 

Equity Penn. lfcfi.a ... , — 

Money Market-. . 139.4 — 

Money Mil Pens . im . — 

Dcpocii ... 1226 — 

Depcait Pros 129.9 . . — 

Managed.- , . .. 1*29 ... - 

Knnqfed Peat 12A0 . . — 

InU Equity 1843 . .. — 

inti. Managed - . 1829 — 

iVEL Fmurioos Ltd. 

Milton Court. Drrfclng. Surrey 581 

Nelex Eq 'Zap [7X1 812 . — 

NeloxEq Aecom... 10?.b u£« -0.4 - 

Ncicx Money Cap... 31.3 65J — 

Net ex Ilea jCt 65A 651 . . — 

Nelex GUi Inr 47.6 584 ... — 

Nelex Gth Inc Acc _ 0.6 514 — 

Nel MxA FA Cup _ 47.9 50.< .. .. — 

Nol KxA FA Acc — 484 514 — 

Nest Sub. day July 2$. 

For New Court P rope rt y see gadtr 
Sectsctdld Aroet Managcmeal 


Sun Alliance Fund MaBK°d. Ltd. 

Sun Alliance House, Horsham. 040364141 

Exp.Fd.2nL/uncM . IllMJf 168Jlflj . ...I - 

lot Bn. June =0 1 0435 T .. . I — 

Sun Alliance Linked Life Ids. Ltd. 
Son Alliance House. Bonham 0403 86141 

Equity Fund R243 12031 -Oil - 

FlxMJateratFA ... 153-0 IDAS) -12 - 

Property Fund JIXL4 144-2 ..;. — 

International FA - 107.6 USM -° 5 — 

Deposit Fund 96.6 181.71..... — 

Managed Fund . .[1075 1133} -051 — 

Sun Life of Canada (U.K.I Ltd. 

2.3,4. Cockspur SI- SW1Y5BH 014305400 

Maple IX Grtb ) 194.5 I J- 

Maple LI MangA _.] 232.2 -2M - 

Maple U Eqty 125.7 -2fl - 

PenmLPu FA-. ,| 286 8 I ... I - 

Target life Assurance Co. Ltd. 
Target House. Gatehouse Rd. Aylesbury, 
Budn. Ayfesbury <02861 »«l 

Msa. Fund Inc H803 20641 . - 

Maa Fund Acc 115.7 122-3 -... - 

Prop. Fd inc- 1073 114,4] — 

Prop. Fd. Arc. 2330 ) . . . - 

Prop. FA In*. 

Fixed InL FA lac. 


9 Rd. Aylesbury, 
Aylesbury <02861 &M1 


Dec. FA Ace. Inc—| 
Ret Plan Ac. Pen. -I 


Ret Plan Ac. Pem. . 
Ret. PI unCap Pen . 
ReLPlaoHnn Acc._ 
ReC Plan Man.Cap. - 

■ GUI Pen Ace 

GIU Pen. Cap 


33 = 


The Buildins and Civil Enginering page 
is published in the Financial Times even.’ 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 


TnuiBlDtenuUiooal Ufe Ins. Co. Ltd. 
2 Bream Bldgs- EC41NV. 01-4080491 

■nihp Invert. fU— 039.7 147.2) -2.JI - 

Tbiip Mansi Fd_ 111-2 117.3 -Ljl — 

Man. BoudFA-- U54 lzL2 -2.U - 

Man. Pen. FA Cap.. 217.8 12J.A -2-3 — 

Han. Pen. FA Acc. .[1255 1315) -2^ - 

Trident Life Assurance Co. Ltd-9 
Beoiiadc House. Gloucester 043=3041 

Mansard [122.7 129.9| ... J - 

GW. MgA 144.7 1533 -27 - 

Property 143.1 1561 ...... - 

Equity/ American - 842 CT.2I -0.4 — 
U.fc figulty Fuad 103.3 1093 -Q.7 _ 

High viritL.. U7-2 1«3 -20 — 

GU: Edged U9l« 1263 -24 — 

Money 122.7 I2U .. .. — 

Interna Usual 1024 107. M -03 — 

Fiscal 125 4 U2.H .. . — 

CroirthCsp.. 1252 ma — 


1 Money 

Interna Usual 


CroithCap... 

Growth Acc 

Pena. KngA Cap.-.. 

Pens. Mnsd. Acc. 

Penx.GWDap.Cap.. 
Panx.GtADep-Acc.. 
Pons. Ppty. Cap. 


For details nf I he advertising space 
available on the pauc each week, and coats, 
you are inn ted l r# telephone 

01-24SSIWH). Ext. 3G0 
or w rite to The Advertisement Director 
Financial Times 
in. Cannon Street, London 
EC4P 4BY. 


Ptts.Ply.Acc Ql73 12443 . 

Trtt. Bond [35.3 37J) 

•TWL GIL Bond- .(97.3 - I I 

•Cash value for Cl 90 prenilum 


I Tyndall As«araace/PeBSl<nuV 


IlR Canynge Road. Bristol 


3-Way June 22 | 

Equity June 22 J 

Rond June 2= 

Property June 22 ..I 
Deposit June 22.. [ 

3-way Pen. June ZZ 
O'seas Inr. June 22. 

Mu.Pn.3-W June i .[ 


Do-EquityJuM I , 

Do. Bond June 1.-.. 124 8 

Do. Prop. June 2. .. I 85.4 

Vanbrugh Ufe Assurance 
41-43 Maddox St- Ida. W1R 0LA 
Managed FA ... . 11429 ISO J 

Equity FA- 2=22 233 ' 

tntai- Fund 108.4 105.: 

Fixed Id tarot FA _ 1627 172: 

Property PA 1405 147.« 

Cun Fund 1135 124.1 


0 MSB 4823 


105.71 -o.y 

i72a-ia 



mmm 


mmm 


Cash Fund _]1135 124.8) *0.1) — 

Vutbrugh Pensions Limited 

4IA3 Maddox SL. Ldn. W1R9LA 01 -498 4C23 

Managed [95 2 100 Jj -051 - 

Bquibr 96 0 10j3 -0« _ 

Fixed interest .. 93.7 W|-ia _ 

Property 967 lOLR I - 

Cuuranteod see 'Ins Base Rates' table 
Welfare Insurance Co. Ltd.9 
The Leas. Folkestone. Kent. DOT 37333 

Money maker FA —I 103.4 J *04) - 

For otter fundi, pleue refer to Tne Loudon & 
Unchnler Group 

Windsor Life Ascnr. Co. Ltd. 

1 High Street. Win- isor ■ Windsor 96144 

yfc Inv Pijns . _ 169 3 72 M I — 

Future Asid Glhiai 20 00 l.l- 

FutureAs&d Gthibi | 4309 _ 

get Awd Pen*... .1 E25 09 I — 

flu Ini Grouth . IBS 0 uijJ _ 


..J_U4S Lloyd* iatenudiiranl Mgmht. SA. . 

' -T*X, 7 Rw Ac Rhone. P.O. Bear J7S. 22U Gcnow >2 - 

isstisae si 1 hi 


Arbuthnot Securities LUL laKci 
37. Queen Si London KMB 1BY "Id! 
Extra I net wile Fd I103 S J42M -04 

Hieh Inr F-nd Ml fH "S J 

Of Ac ‘.ui u. L'nltai . 53.6 584 -«4 

lB";% W-<irwt.U}atS36 584 -03 

pT-elerenee ►Vmd- SI 27.1 -0 1 

1 Accum TtiiEsi • 37 3 40^ -0 1 

Capital Fund - 184 M2 -08 

Commodity Fund 59 8 £5 0 . .. 

■ Accum UnilH. . go 935 

flir-.WdrwI l.' i. - 52 3 56.4 . -. 

Fln-iProo-FA 17 3 18.7 _ •• 


RivnlWKd. Fysrx. 

8KCI VA p njult 

<114236 5381 Cap Grosrthlne . 1423 
-OjU 2J.CS Cap. Growth Arc ..HjJ 
-0.3) 951 InremeJt Assets 01.7 
-Oil 951 Dlgb Income Funds 
-ON 951 Hlch income - . -[58 7 
-0 1J 12.34 Cabot Estri Inc. - |S4.9 


Barclays Unicern InL CL 0. flSrt) Ltd- -- - r 

375,- HW UM>- 4 im* 

■.:355a O':.' in AUa^SneaK gsn m l - ■ : 

mSfrSrliit ^ £3 — Aurt Rx-JuneH ..&5224 ISS . I — • *' 

S:roa S«-r.'B| - , 2St»,OjlrtExJ«eai_Bsi28 ljm A .. :: 

Do L qf Han TsL-.. .|457 492...... 16> Isia n o 1321} -5.3 TJ 5* 

Do Manx Muual . [26-1 2j| — } 1.40 lAcrqnVaini : PriJ S(( -09) 9354 ^ 

Bishops^nte Commodity Sex. Ltd. - - - 

P.O Bor 43. PPUgla j. IqM . 0SM.3S11 

ARMArt-JuDcs argCto »ju. i _ 

CANRMfrt*Jui>ea..JOLia -12M ._ I - 

COUNT^IuneS': 4E2512 - 2665} J 297 
Originally Issued at -510 and roCl.Oa 

Bridge Msnwmfiat Ltd. .. ... 
p.o. Box SOB. Orand Cayman. Caiman la Murray. Johnstone flnv. Adviser, . .. 
N^W4dJ<n*2 r _ c .l «S338 1 ■ -J -• 103. Hope SUl3a«BW.C2. 061 -3*1 5022 . r . 

«--wae^g»<rJ 

BTitannl> XA HnfDL (CQ Ui w— 1»« «- 

30 Both St_ SL HriJer. JeCse'- .053*73114 mA. • * -- 

— ■ . . , 10a Boulevard Royal. Unembnurs 

SSSSftmS M j- 04.a ..., 400 KAVjnnea 1 SU»» WW - *- 

lSHI''" NegltLtd. . , .... . 

War ' [raw va 200 Bank td Sencada Bldg*- Hasditon. Brmla. ' 

HighInt-Sti*.T»-_SW 'JM( 4 12.00 VAVJnas I«- (£5A1 . - . 

u5r£^«^ , !^^6 Wl ' sal . | .- Phwtnbc fauematloiul 

I m. High inLTst - L6q — i 95 PO Sect 77. SL Pater Pari, Gue r ns ey- ; i 

Value June 23. Next dealing July 3 . bdar- Dollar FVxsr. [5233 2SU -4 — - 

Brown Shqdoy TsL Co. (Jcragyi Ltd. property Growth Overseas Ud. ■' 

^ 7 i^hl' 28 ca»**»*r ' iGVblOie® . 

Starting Road PA- |O0 JI7 1802, .... I 12J» c&DoHar Fund- i SDSKB9 .1 ■ J — 

Butterfield Hguagement Co. IAd. - ' Starting Fuad---) 023.71 \ I — ': 

P.O BoxlSb. ftandUOd.' Bernarfa. -. : Oaed Fkmd HnnuL.UeiMrt LU.'. . - 


170 Atlantic -banc 20- 

ami R*. JuneZt . 

B5D Gold Ex Jnwil. 

■ OB.' Island — Z 

L4B lAcnsnl'aitil 


-0 1)1234 sccMr Fuads 


■ Accum L : niW>. . 

: i7 3 127, . 3 05 "■ f '|5; 5*3 311 St SwtthinsLaue.2d<uECA 0i«m4330< 

, Giants Fu^d 4- - _ 38 7 412 -OI 290 wrid Wide Ju^effl |n.i 53| —4 467 F* - iTrnffir liilr I* 54 

[ f Kccum. ... 44.7 47.6 -0.4 2.90 ^ p — g. Price on June L3 Ncxi dealing July l ■ 

-B5 4n 7 Z°i ,K Australian . Wi 3651 *fl.4| U6 Rowan UnK Trust Mngt IMLWW 

Smaller Cos FA ' 2 62 282 -02 724 ^o3 249 City Gate Rae- FlnahunrSq- BC3. 01400 inoa 

Eastern 4: inti. Fd . 26.1 3L1 -2D 137 V£S!%^7-\ . - 597 S3 ni American Jtme 22- KA5 ,72S . . 0.97 

<ny WMnsI l<ta< - M.4 27- 1 °- a \ Am GrssJ UOC22 . 1212 17+ *4 I i n SccuriUes June 20. 1688 177.0 .... 4^ 

Foreign Fd W l 92}n 525 543 iflol 2» High Yld. June®. .. 592 56J 7.79 

N. Anief O InL Fd.027 3Al| • •• 3 « ..J", , m-IT+ 7,. lAenaa Unllai— . 75.0 79X .... J79 

. . „„ . . , „ RiU Samuel Unit TsL Mgrs.+ (ai vertlaJnae2i _ . 792 S33 ago 

Archway Unit Tst. Mgs. Ltd-¥ UKC 45 Beech Si, EC=P=L-X Ol-ttSaou (Accam UeUsi |9L8 10171 -1 3*° 

317. High Hoi born WC 1V7NL 01-Bll (BOX. lb l British Trust.. . 11443 154.4) -L2) 537 Royal TsL rs* Fd Mgr S- Ltd. 

Archway Fund ...180.9 86 Ul . J 636 i^lnllTrilsi - - .. 372 Plri -<U yzi 771* 1 _ _ -■ . • *****- “~*v 

Prices at June 32. Ned sub day June =8. it. Dai Is r Trust. „ 77J 82.T -0* 2Jk 5t.JermynStreeLS.RX 01JB9K32 

« , i b' Capital Trui4_ 285 30^ -0.4 4 92 CapItalFd [Mi S3 - -j IS 

Barclays Umcorn Lid. faKgUnc) ibjFTnnndalTnist. r7 J o.l -0.7 4.94 income pa -jn.9 Tjg . J 743 

Unicorn Ho. 20C Rondo rd Rd. ET 01-5845544 tbi IncOTel^.- g-f ^ “2-i Z® Prices at May 15. Next dealing June SO 

nTS5*. J ta! n “"ISa 266 5b!'HSS?Y%i<iT*L'B5 303^ 4:3 ^25 Save & Prosper Group 

Do Auei inc 561 60 6n *0 7 266 InteLV |a||EI 4. Groat St Helens. Ixmdon EC3 P SEP _■ 

S &SiJScr* • IM6 4i IS, ; 

. i; .a -jj ““ u ks - 

fjoJ^ieroi 103 32 B -0.1 629 25. Milk St. ECSV BJC 01^0d707a Capitol. DL8 38.4 k* -03 3J0 


Financial & ITU . ..® 7 
IS oil* Nal Res P 70 

52 1 utensil box! _ 

Cabot [85.8 

i£ imernsiional.. |g-J 
5-S wrid Wide Junes 173 6 


5J 3 “S3 JS Bothschild Asset Management IgJ 

33 S -0^1 634 7=40. Gatehouse Rd- Aylesbury ®88B941| 
N C. Equity Fund .11633 173 ^ - 2«j 3^2 

6281 -031- BIT 6’f Ensy.RcaTst.hfl95 U64, -0.4 • 150' 

57»3-tt'd S 73 NClQ^et-cnd.Kl 152^-05 7.E 

^ ail *73 s c lwJ _ r± , lm . jCq i 95.® -0 1 275 

2521 — OR an NC. Inti FifAcc.nOl 95 .R — ^ 0.1 275 

4J l5 amir <Jo JX FWSSJI IMJj ~ 0 . 1 I 4.66 


Q1J8BMM I 

5l«-j-4 0J6 ■■ 


Rothschild & Lowndes MgmL tai j 

w34ll Hi a SwiihinsUme-Ldn-ECa. 01«fi433dl 

aS 1 467 Newer Exempt -1025* 1320| J 354 

1 1 ' Price on June li Next dealing July 17. 

a *04 Ufi Rowan Unit Trust MngL IXdWW 

4a 249 tr«7 G«e Rae- FlnahunrSq- Bra. 01-008 toofl 

*s^ 234 American June 22 _ [625 72S . .. 0.97 

_’ i ] in Securities June 20. Gm 8 177 0 .... 4^ 

*0jI m*bYlAJ«neC..^2 563 7.79 

333 aao 

1027 .. JJO 


317. High Holboro WCIV7NL 01-B31 *03. (b 1 British Tti 
Archway FUnd ...180.9 86181 • 4 636 i^intlTrua 

Prices at June 32 Next sub day June =8. ig.DailsrTni 


Prudential Pensions Limited* 
Holhom Bars. ECIN 2VH. OIAOSBC22 

BquiLFAJune2I-ICM59 2535). | - 

FxA Ini June 21.— [08.72 18.97] — — 

Prop. F. June =1 _ j£25 71 2658) .. . J — 


Barclays Unicorn Ltd. (aKgfflc) 
Unlearn H*. 2SC Rondo rdRd.ET 01-58 

Unicorn America.. [33.5 3604 “03 

Do AusL.Uc — 713 77.0 +0 9 

Do Ausl Inc.. - .. 56.1 60.6a +0 7 

Do. Capital - . 63.8 69.0 -03 

Do Exempt Tsr ..104* 109 0-0 6 

Da. Extra tnemne 26.9 291 -0J 

Do Financial — .57 6 623a -03 

[*.300 ... —. 70.7 76«-0 6 

Do. General 303 32 B -0.1 

Do Growth Aec.. . 391 423 -0.4 

Do income ^ TsL. 81.9 885 -0 6 

-Da Prf AU* Tsl _fL37-2 I«3 . 


S j7 in "0+1 •>+■ '■■•a. r«- "»*»• "•**> 

—0.4 27h M.Jermyn Street. S.»’l 014098=3 

-0.4 492 Capital Fd )M5 S3 • -| 23 

-0.7 4.94 Income FA -.J729 75 J H 

—03 7.83 Prices at May 15. Next dealing June SO 

4 ij 825 Saue & Prosper Group 

A Groat St Helens. Loudon BC3P SEP 
ni “S’ 73 Queen St- Edinburgh EH24NX . 

01247 7=43 Dealing* to- Ol^St 8800 or 031-336 7351 - 

^ *" Saw & Prosper Securities LttLV 



* Quest Ftmd Ra f oat Uersttrt Ltd.' 


CflDitoL 1 


354 LT.C P4* 

503 Un* Growth [653 

iff lacreaslag tnrronr PUmd 

it* Hlgb-YioW 1521 

633 High tacmae Fouls 


aasate. : Ei a 43 ts jjt\a£.sss=& 

S TnSee^Jod flOS8 llsSuf-O.^ 535 kSs^WjFiI fel -O il 633 High InoaCM Pouds 

UBil :.Ki 

Do. Accum . 168.9 72R -051 5 83 20. FonchurehSL. EG3 Ql-qnaooo ^ F|ln|1 _ 

Barinff Brothers * Co. L(d.9P laHn) g^B^UrutFAAc .-’K*>0 ..i" j sm UK Eq uity- ■■■ K16 

S8.LcxdenballSl.EC 3 015882830 ILB FAIOvTsts ..J 353 nH ... .] 447 FUndriU 

iixo j i a. xi i am w a. r* r r»i« Tn.ct MnumMi i m ■ maape — Kf. 


'SSagCSiSrdW -iff : :J sS po^m»aMiar.Jeiu» . osi«2^« ' i ■ 

Pricex U. UQS^heef acy ^ l0 . . . . ‘ J 1 X 


54.91 -0J, 757 


SIsUn-Fd Inc . ~ 1603 
Do. Accum . 160.9 


ft ^41 


&JI43 


447, -05] 4.99 


ra.LcsdenballSl.EC 0 015882830 ILB FA Im.Tstx ..]SB3 9».6[ ... .J 447 g«m«, Fu 

stratum Tat. [169.4 176.6) ... . | 435 l & C Unit Trust Management Ltd.? S* — 

Do. Accum JaOA ZWfl I 435 The stock Echange. EC2N IHT. 01388 300 UST-. 


92? *0J 
107H +0J 
8031 -0J 


5 LAG Inc Fd .~-.g7J M2H . • J 7.61 Sector Fusd. 

Blshopsgate Progressive Mgmt. Co.? L*c Inti * Geo Fd |993 uofl ~~.J L17 Coma»AHy._ 
9, BiabopucatA EGJL 010886=80 Lawson Secs. Ltd. 9KaKc) 


Bridge Fnnd ManagerriNaKcl 

King William St- EC4RSAR Ul 

Amencan t Geoj. QS.l 265] . 

raceme*. . ... 505 54.9 ... 

Capital Inc.l 35.9 38J ... 

Do Acc .T. - »6 42.7 .. 

Exomptt. . .136 0 144.0 .. 

Interntl in&r - . ..165 176 

Do Ace.t - .. 1B1 193 

Dealing *Tues. 7 wed. SThura. Prn 
aosi-a. 


wi^aa 


oaw wHtufl oew. rreonriml -Seo- . . [702 75.«a< —l 

3*6 63 George SI. Edlnborgh EH22JG 031-2203911 k - , 

IIS «s£MS*-a§ SH tE 2*«5j 

^SdS^-nlgi XS ZZ S^ts Seeurifies.Ltd.? ^ 
ansi i J ^S5S!ta!w"iS'S ml :::. : §i 

143 —Hinh Yield- - — 47.0 513 10JS7 ScUaharw 59 2* 


-0.4) 430 
-OJj 282 
-53 538 


Capital InteritatfoBiaS SfcA-. " 1/ $■ im BdT-T_V ' scs \ * 

37 rue Notre- thupe. Luxembourg. . ", " Priteo at. uaxt t te o t t wg 

CnjdtaQ lot FUud* I SUB172r HflK'-- . .jjf ehjnhMd Ll f C t" U d. 
Charterhouse Japhet ' — 48. Athol Strori.Dourin».20Jd. ; - iWMaiBl* 

L PW«rno«ter Jtow.EOC 01 2489800- 1 — "«< 

AAlrona— ■ [mitlU ‘ 3170 550 

AdtCSSir^r-^- D1M95I- - S^-O^ 307 

» li SrffiS&iirPKS 17*3^3 Ilw 
«S z: £sa BoOKhfld Asset Managhnert (CJL) 
Clive investments (Jersey) Ltd- - .'POtoBLStJWtoaGnw^.MWSBBL 
P.O. Box 320, St- ReUer. Jersey. 063437361 OA'SvySlJi'Sri ra»co3 ”1 fff 

SRSaS IRS SS dSSS M :\ s 


r- 

-i-rifry* 



*Raw Motertslx _. 
•■2 gt.Aecam. Unite* — 
"Growth Fond.. — 


01-6234851 S.AreumUnitei".:.|25.a 27S ”1 050 Sjjjtfejii- »1 4c <Q 

143 "HifihY.eid-- .- 147.0 5l3 J 10S7 Scctoharw 1553 59.24 -051 *52 

'.... *52 ■1AMIB Unite* _|>L0 725) 7 1087 Scot Ex. Gch’4 — B**S 25LM ... J 2» 

321 Deal 4Mon Tue*. ttWcd. iThuro. —PVi. Scot Ex. Yld.** [1672 1753rt . -J 6.9J 

■■ • 3-2 [ Legal & General Tyndall Fund? P™** ■* Juno 14 **« sub ^ im ■ 

J® 1A Canynge Read. BrutoL 0^7232241 Schiesinger Trust Mngra. Ltd. (a)w 

3 51 DU. June 14 ... . -B78 6221.... | 526 a o cotp o r a uog Trident Triistei 

Tice* June 1 .Accum. Unite 1 .. ..J72.4 76M J 526 M0, South Street Dorians- <0308)88441 

alb. day July I- 


Boyal Trau rcn FtL tSgL LUL m "y 

P.O. Box 194. Royal TaL Boo^'Jereay. 8B34 17441 

R.TT»riPA-. BESUfi r.WST- l *9= 

P T .lnri UwjW W. - til 4 3.21 

tmSb. mTum 1 T HntdJBdRii^. 


526 (Incorporating Trident Trustei 
526 MO, South Street. DorionK- 


Scotttsh Widows' Group 

PO Box 902, Edinburgh EH185BI C31SS56C00 

InrJly5«rieaI [XD2.9 182.g - 

In*. My. Series 2 — 97.1 182J .. - 

inv. Cosh June 23- 97 M 11B.C ... — 

ExUtAcc JuaeO 134.4 142J . . — 

ExUtlnc June 21 — 133.8 Ut9 . ... - 

MgdJYnJaneZl--l2U.l 2612] . — 

Solar Life Assurance Limited 
10.12 Ely Flxco London E.CJN8TT. 012422805 

lSl£pSSS^!-BSi SI ^'3 - 

oomr property a — mia 11/a ™.9 — 

Solar Equity 

Solar FXA In 

SoIarCnxh S — .... 

Solar IntLS 990 1052-05 - 

Solar Managed P 1247 1315 -fi.S - 

Solar Property P HU 1172+0 .1 - 

Solar Equity P 1562 164.5 -3-3 - 

SoJ.rFadlntP B3J 3195 -12 — 

Solar Caxb P 995 10L0 ..... — 

Solar lad P 1990 18521 -Oil — 


Domestic 36.0 

Ecerapt _ 1126 

Emm Income 385 

For East ..... ZL0 

Financial Seen- . 604 
Gold & General. _ . M2 

Growth— 76 B 

Inc. & Growth 70.7 

Inti Growth . - 621 

Inreat. Tst . Shires Mi ' 

Mineral*. 365 

NaLHichlnc 78.9 

New Issue - . 33.9 

North Amencan ... 23.9 

Professional 4847 

Property Shares . 125 
ShEBd ....... ...439 

Status Change 305 

Univ Energy PI 2 


-05) 448 
-Oil 733 


20:2122 Next sub. day July 1= 

W ^1^85881 

3 London Wall Buildings. London VtalL me real xflrt c« gxctnytMW.1 

London EC2M SQL Ot^CH^MTB S.fl IS 

cSui Aci:: :T.: » i » 9 -oi 4iJ Uoyds Bt Unit TW. Mngrs. Ltd.? (a) Int HKHnl 

Comma Ind — ... 542 585 -0.6 453 Regutrar'x Dept- Gocingtiy^iea, imTw’ifSta' 

Commodity.. 76.4 822n *05 510 WortSiUtg. wSsurae*. 0I«3 1288 

Domestic 365 »Bu -05 448 First (Balocd < W.9 515) -0.4) *M 

FfiSd.i5^r:- m2 65^-04 if ™ 

}5^rIiSJ? h S i JX l “ ■ 7« Do. i Accum.) ^52 7o!3 -o3 S53 J. Henry Schroder Wagg & Co. Ltd.? 

445 505 -09 554 LJcyd’* Ufe Unit Tsl. Mngrs. Ud mCTicapsJdft EC2 _ 01JW3G4 

.Mineral*. 365 39 6 *05 32S 72-80. Gatehouse Rd- Aylesbury- 028659*1 Capital Ju»20 

NaLHichlnc 73.9 84.9 +02 8 55 . _.|153.0 161? . J 4.17 

Ncvlnuff- ««««— • 33.9 36 5 -03 4.88 ■■ . p. p _ n feruoy^t iWttf 

North Amencan.— Z3.9 311a -02 159 ” * <* Group? (yHCR8l 1 Accum. Unite) 

Professional 4847 499.7B -4X) 4 95 Throe Quays. Tower H0L ECJR 8BO CM* 496 Gmwol Jimo2 

frepmty Shares .125 U-B -0 j 2.V7 See also Stock Exchange Deaiim p. 


<0306)88441 
2221 — 0^ 269 
292 -OJ 157 
262 -05 559 
W.Q- 4.41 

3U . .' *53 

40.4b -04 1025 
0 6rw -05 - 
5L7 -0.2 1ST 
2658 -02 450 

295a -05 4.71 
295 -02 - 

24 08 .. . 1263 

265 -02 450 

256 -02 263 


Save *. -Prosper InfnutttMl 

Deal rag to. r- x- 

37 Broad SL.S£BaUor.Jereey ■ fe 
cs iy te fei" f P8nto_>.' 

xmm&GrnZirp04 -TtSS J- 
parsataran - - KLft • 


RisValim 




■lW... :-'-f — • 


American— f 

i Accum. liallJi E 


Tbe British Life Office Ltd.? fai 


lire niiian luc uiinx lu+t Cmamodlte 

Reliance Use . Tjinteldge Wells. KL 088= 22271 (Actum DniLM- — 
BL BrlLUh lie... M22 51.0) -021 550 Compound Growth^ 

BL Balanced*.. .U61 495 ] 5 61 ConreratoA Grouth 

BL Dividend* |C24 454). | 410 Loarersloiilnt — 

"Prices June 21 Next dealing June 28. Dividend-—. 


-05j i63 AustralasUn .526 

o i.. i.tcema. Unite) 535 

8 Commodity—. 752 

0e8=22Z71 (Arrum Units) £0.9 

-02, 550 Compound Growth. 1045 
] 5.61 Comxrxioft fhwwth 6L9 
I 410 Conversion Inc. — 621 

June 28. Dividend 1135 

i Accum. Unite) 2151 

European 422 

n i j**i nreno r -Aecurn. Units* — . . 492 
SS? Eatre Yield, B.4 


Brown Shipley A Co. LUL? Biropean— — . — «2 

Mnsrr. Founders C».. F33 0149X18520 ££Svjeid’ C "'^ S.4 

BS Unite June 27. 007 4 223.? -6« 5 02 f£Sj» ii^n~.~~" noi 
Do i Acc. i June 27 058.4 277.9 -8t0| 5 02 rjusStero” ~ 56.1 

Oceanic Tresta tel <ci (.Accam Unite) U.4 

Financial. ... -pi 5 35.3) -O^j 422 Fund of Inv TXla.— WJ 

General .57.9 lit -02 3 95 (Accum Unite) 7*5 

Growth Accum.. .144.0 46.7 -0 3 4 86. General 161.8 

Growth Income — 135.0 37.1 -0 2 4 86 CAccum Unite i 2515 

High Income £3 9 314 -02 9.74 Hlshlatome 982, 

IXU_ B0.8 215 -02 3 90 lAccum. Unltil 1663 

Index B35 . 2S.t -02 421 Japan Income IS 3 

Overeeaa U9.4 205c +01 356 i Accum Cm U) 156.7 

Performance |55.9 68.4 -0 5 4 50 Magnum 2035 

Recovery J20J 220s -0 2 59* (ACcum. Unite) 253.7 

Exmpl June !=.._. 157 9 M3* .. 489 Midland 1675 


High Income £3 9 

IXU_ P-4 


Index 235 

Overman..— — . 19.4 
Performance - 35.9 

Recovery 207 

Exmpl June 1=.. 57 9 


Canada Life Unit Tst. Mngrs. LUL? 
2-8 High SL. Potlera Bar. Herts P BarSlUS 

Con. Gen DtsL B70 39 « -031 4.47 

Do. -3«n. -Accum . .44.9 47 J -0 4, 457 

Do. Inc. Dlsl 324 34.1 -0.4) 7.96 

Do. Inc Accum- |42J *4 6| -0 5, 796 


(.Accam Umtei 

422 Fund of Inv Tate— 

3.95 (Accum U'mtei 

4.86. General 

4 86 (Accum Unite i 

9.74 Hl£fa Income .. - — 

3 90 LAccum. Unite) 

4.Z1 Japan Income — a- 

356 lAccum Cm U) 

450 Magmun 

5 94 (Accum. Unite) 

4 89 Midland 

lAccum Unite) 


57, ( *0 4 
802 -05 

1 :gi Scottish Equitable Fad. Mgrs. Ltd.? 

Su 8.4 28 St. Andrew! Sq.. Edinburgh 031 -Joe Sun 

i 1220 b -05 829 Income Unite r|492 K5j J 557 

t 2312 -0.7 8. 09 .Accum Unite — p4_l 99.6) - ...4 557 

513ri -0J 352 Dealrag day Wednesday. 

87.8 IS Sehag Unit Tst. Managers Ltd.? fa) 

I 1173-05 IM PO Sox 311. Bcklhry. Hso- E.C.A 01-2989000 

”■1 “S-5 Sebag Capital Fd. .132.8 3051-051 395 

•|J I»-S SobngIneomoFd.-£9> S3 -0J) 858 

aoj -03 4.65 Secnrify Selection Ltd. 

I io~J IS »B-».Uiicota«nnn«hto.WC2. .Dl-MiaB»B| 

lotto 3Ls in Urol CdlTM JU* ..»2 2SM .._.J 229 

I ■ 1A0 loj 857 Urol Gtb T* Inc _&1 22A4 4 229 

r ^ tS IS Stewart Unit Tst. Managers Ltd. (mj ! 

! Sl+S 1« 4S, ChnriodeSq., Edinburgh. 031-5283271 

'2 15 ?-S Amertren F8»d 

1 S2 "Si Stnadard Unite-. — (64.7 Mil ....J 148 

> 294.1 -f)J 693 Accum- Unite fee 7 743 J — 

819 - 305 45 ; S 3 :...} - 

l ^ ,2 -Stewart RrUteh Omital Fuad 

2T33 —02 559 SUndard D33.4 1449] ..._.| 4JS 

i Si AccmaCBita nsrn^i -£r ' ,5S 

l 2135) *05| 427 Dealing TFn. *we<L 

■ Snn Alliance Fond HngL Ltd. 

1 122-3 M2 Sun Alliance Hae. Horxham 04Q366J-U 

A ^ as 


2 105 98, .... 257 

1261 257 

118.90 726 

.2887 -- 726 

861 957 

iAcenm.Uidta) 101.9 1061 157 

Europe June 16 312 33.0 221 

tni « Accam. Unite). 34.4 365 257 

rS, -Pen&CharPdJnSO 1667 171J . — 444 

im "SpeelSt. June 7 243.1 2586 .. 3.» 

4m ' Recovery June 7. 1U95 1955, . 697 

s ’for teat exempt fund* only 


gssasKjur gg.-das laag' 

CornhiU Ins. (Guernsey) Ltd. - * 

P.O. Box 1ST. SL Peter Port. Goemaey _ yon,3a '■ 

Intel. Man. Ftf. ,__D680 . 3836) --4 — - tPrteoo Mine 2L NextS^Sg JWy 7.' ' 

X>eJta Gnnq> *feral Trort iCtt W. Btet'WA 

P.O. Box 3012. KaauL. Bahama*. - ' ^onLiUTJ^ met - 

DeIUI«rrJu«ta8_1SL39 188,-806) - .* i 

Deatscher Investraest-Trort -- BTlffiuiayj«i-BlT_T 4 Sja \ 

PoxHach 2(WRtrt>ergaxoe8aoaPOOFraiJtftirt. Were 88 ham li. Next doolfaV. !■?. H . . - 

‘SBSsseJSSt - STS! z; am 

Droyfns lntercozxtinental Iiiv. Fd. .^RjS^a.stamier.Jcreey -.'- teoLabm . 
p.o- Box NJfU. Nroow*; Mm*. ’ : o*,- MMnmMt Ptafe > ' * ' ' 

NAV JoseZO — ptSMe -Kq - . DlrPaLIm— — ;J929 7UM.J-M.: 

Emsou & Dudley TaLXgUnyJUtd - ; f g!aME|— g^. J -Jj3 C " 

P.O. Box 'tt. SL Haller. Jeiae$. • 093438081 ycrethAnmrtcant 079 ' A.M — 1 -» - 

EJX1C.T. 028.0 • 5278| ) 350 SapctrtT- — - .0804 15>4 - — • 

IF. A C Mgmt Ltd. tore. Advisers «. u _o.ii i a 

1-2. Laurence Poantney Hill, EC4R OBA. rh__t rijEr^X-I' KreB -' 149-9 -07, 5.19 A 

CetoFdAme2t | 5USp4 >-02^ ." “RSa SS" AJ J179" -• 

Fidelity XgaL A Bed (BdnJ Ltd. »*«* ™ P- 

I P.O. Box 870. H a m i lto n. Bermuda. . . . . “ • .. . . ^ .. . w 

Fidelity am. Aat.— I 5US2M9 ]:=..) -• ^chloitogBr IntBrnsOoMl MnltrLW. .. 

%g& 

FMelinrWrldFd.—i SOSM.40 1*03^ - gj, gjj ^ H 

Fidelity Mgmt. Research (Jersey) Ltd. catfU £.L- rtx , at -oi aa. 

jlSSSMteiJ SS |:::j = • ' .- 

seri« D JAxxuVsojI . £17,66d I - ■ -I “ Schroder life Grtmp ’ 

First TDdnff O nu DO dlty Trastg— EjMmprtm »«>*«. portamooth. «i»»738 . 

& SL George < Sr. Donrfax. toJt ' . ■ 

0824 4082. Ldn. AgtaTbmbar 6 Co, Ud. 

58 Pall MalL London SW178JH. 01-8807857 


ItfaLFdhm 

-ForExalFn 


•Next aub. day June 38 

Schroder Tife Group ' 

EatmiP*rtBroB0. rwrtamnuth -- « WWB 


P Bar 51 122 1 

n -ai a jq X^uaQ UCfl* . -[• 

lad (Accum Unite) 1 

Ifl 3 i ox Specif E 

-n'3 7 04 lAccum Unite 

Special Ised Fuad* 
Trustee 

01 .MS SO 10 


Capel ijaiaesi Nngt- Ltd.? 
lOOOId Bread Si. EC2N 1BQ 01-^6 SOI 

Capital ..B3J 88 7| I 4 9 

Income . . - 178 7 83 8| • I 7 6 

Price* on June 21 Sect del I In* July 5 


. H CharibortdJnneao.l 
57? Chonfd. June SO — t 


58 Pall MAIL London SW178JE. 014007857 

78n3 --i 1W 

Fleming Jason F nnd SA. ■ 

37. rue NOtro-Danw. Unwabanrt 
FTtug-huma— ■) .SOS4952 ) _^4 -f 
Free World Fond Ltd. 

Boturtmld BWg- Hamilton. Bermuda. 

NAVUayH i 5U517925 — 

G.T. Management Ltd. • ; 




J. H«mjt Scfirttfer Ifag* A Ote Ltd. 

ua.Cheap4tde.CC2. ■ . 0I-W84000 .; 

jSrilS 


...-.J 45S 

—■I 9JS 


PM Hxe- 10 Ftatodry Cbena, LonBon EC2. Japan FtL Jn»18..K&M . . 7U] . 02* ; 

Td 01-828 8131. TTJfc 886100 . _ . • . ■ ■■ T *. . 

Sentry Asswane* IntermtHonW Ltd.' 
-iff PA Box 328, Randtom A Bwmuda 

MamwodPtod — .BDSUW MR* . ...| - •; 

-52 Sbgtr A Friedbmder Ldn. Agent* 
2zm » cannon sc- EC4. 01-B4B B848 

is «; 

0 70 Stronghold Management Limited 
• J25 P.O. BoxSlRGL Bailer. Jmw 083A.7M80 

Gartmore Invert. Ltd. Ldn. Agfefc CamwxWTTrest ^^^ 971* :... .\ — 

OMMrtt Snrinvert (Jersey) Ltd. W 


M^'raiaro'Si sort dSiPro r -ii IS ***** **- ***”■ , 

PenaExJunem ...)LMh U9.5, 3L Crartiaa SL, EC2. - Dealings; D2BQ 5B41 

Carliol Unit Fd. Mgrs. Ltd.? laxci Manulife Management Ltd. Target commodity .1355 jg.9+oa in 

Milburn House. NcwcadJe-upon Tyne 21 IMS SL George'i Wsy. Sterensre. - 0088*101 Taram FtaancUl 

Carliol |69.6 7211 ..J J92 Growth Units [502 527, . ...I *» Tm^Oqnl^-.. 

CK> Accum unite |5s 4 as 9) 392 Mayflower Management Co. Ltd. 

Do High Yield. |417 442). | 833 M/18Gre$bam SL. DC2V 7AU. 01-8088080 Target GUt Fund 

Do Accum Unit* .pi 4 344, | 853 i rMK JuncaO ,107. 7 U3.4, . ..I 813 Target Grrrwlh 

•tMdnliivfdmeJwmas 1 TsJI / 553 TsrSiuiU.- 

fhariflrs Official IrtkI F 1U1 — es.-j <u Do. Reul*. Unite 




Do High Yield. 1417 442). | 833 14/18 GrtSbam SL. DC2V 7AU. 01-8M 

Do Accum Unit* .pis 54 4, | 853 [r.ctxQc June 20 D07.7 1114, .. 1 

Junc 25 / 


Charities Official lovesL Fd$ Mexcury Fond Managers Ltd. 

TJ London Wslt. EC2N 1DH 0I-SK8 )81S 30 CrexbomSL, EC2P3EB. 01-8004555 

I ncome June g [132 4 _ I. .1 6 70 Mora. Gen. Jnne 51 .00.9 1955) ....I 4.62 


Accum June 30.. (253.1 . | J _ Acc LYs June 21 ' ZJ89 

61'nnulh rtnly mailable in Reg Chan lira. Mere. InL J one IJ — 64.9 
rhrrfvrh-niM J^nbnrtj AcmnAMa. Jure SI. W.6 


Charterhouse Japhet? 
1. Pale merger Rnu.ECJ 


C J Internat i 
Accum. Unite . 
CJ. Income 
CJ Eure Fin . , 
Accum Unite 
I CJ Fd Ir.v T« 
Accum Units 


„ , - Ace. Lis June 21 _[ZJE9 2542). -1 4.62 

CTianlm. .iScTtobJimc =l„g5 2^ 

Aeon. Ida- Junc Sl.jH.6 74.81 — ■ j 2» 
MercJhct5Uy2S— m* 3 223.® —J 4.C 

01-2483999 Accum Ute. Apfjr7.p555 2661, 4 642 

| l >5 Midland Bank Group 
• ) IS Uni* Trust Managers Ltd.? Cat 


Inc. 

Prat. 

Growth Fd. 


625 -C 5 450 

382* -0.£ 629 

055a! ...- 557 

7W.1 ... 5J7 

U9 t -02 3.00 


290 .-02 520 

292 .... 158 

32.C -02 868 
32.6 -02 323 

1642 ._ 455 

386 -03 852 

151 ... 1155 
283 +0J 421 


Target Tat Mgrs. (Scotland} <»Xb) 

642 IB. Athol Crescent. Edi<L3. 031-228902L8 


TXrgri Amc^BglcC 
Tsr£eC Thistle, . — IE 
Extra Income Fd. —p 


IS 

62.7, . 1021 


Pncc June 21 Next deal I us Junc 28 Grow th 

Chieftain Trust Managers Lld.?(aM£) capW..— __ 


11 New St EI.TM4TP 


1% sSSSSsiaBST' Slre< %ewne'«e*a Trades Union Unit Tst Managers? 

3 66 <-ummodltj-*Gen..l665 715) +0.41 546 100, Wood Street. EC-2. 01-8288011 

366 Do. Accum &7 TOUT June) »02 554, . f 558 

1 ooAccum ~.Z ~ r Si -o| 3^ Transatlantic and Gen. Secs. Co.? 

iMgl Capnal™ »2 iff 91-80 New LoedoaRd OHrim*fcrd(KAS31IDl 


Do. Accum ( 


FL ®h’ Income .. .. 9 _oJ Do Accum--. 61A ^ 

lalernntjAaal Tsl. Sii 24 3 2621 -O.t] 359 5U 553 -OI 

Basic Rcsrcc T^62 28.3 -Olj 2*1 ^^35.;:” 595 . “i 03 

Confederation Funds Mgt. Lid.? (ai 1095 

50 Chancexy Lane. WC2-A I ME 0 1-3430382 Do. .Cccilmvl 103.6 UM^ 

Growth Fund. . ,415 <3 6, | 455 'prices at ltay sL Next deolloG Jua 

Cosmopolitan Fund Managers. Minster Fmid Itoiagera Ud. 

3a Pom Street. London SW « X9EJ Dl-a3»8Mffl MlroW awL ArthnrSUEtA R9BM. 

CotmopoInGth Fd ,171 U6t , 4.93 MlnsbeJaneas BM 37 * +0.11 

Mgrs ' ***■ ( * H *> 

4 HcIviUo '.res.. Edinburcha 031-^4831 “4-n- Km* * ra ***?^~' 

Crescent ilrroth [265 28.4-011 423 OWQneeu Street SWIHaiG 0, -“ 

LMM Intcrnal'l .,58 0 622) 1 0.75 MLA Unite — P 9 - 9 41. 9| .._J 


‘Prices at "May sLNext deoUofi Jos 30. 
Minster Fond Managers Ud. 


_0J J24 »i-wnwwiam 

-05 6W torbteanJ 
_fl,4 t57 lAccum. Unite.) 

-05 120 ' 

-05 7 m 

_8j gj9 (Accam Unite) 
Z05 S59 Col emo June Z 

551 lAccum Unite! 
559 Cumblri.Jun*21 


Glen. June 20 

OVcctmi Units) 
MatfboraJinraao 
f Accum. Unite)- 
9 98 Vte-Givth. Jim 
558 lAccum. Unite) 


vsa’HvJuoe U 
VsnsTTeo Juoeai. 
1333. (Accam UcdteJ 
499 WlckT June 22- 
vwi (Accum UnltsO- 


Crvs Kish. Dust 
Cros Reserve* 
Cre*. Tokyo 


923 Mutual Unit Trust Managers? (aKS> mSirt.Juro® 


ri SU 13. CopthaH Av*_ B^t7BU _ 

Discrelionar, Unit Fnnd Managers Mi£-S£rg.f "Jjl =53 g XSSJSSSEX** 
SL BhHnliaMSt . EC2M7AL. 01-fi»448S R\& Vkf '..^.0 59 3 -0^ 8J* I,KtMDeJtU*=l. .’-»76 

Disc income ,160 8 i7ig | 526 xntlonai »«»< Commercial lAccum Unlisi — ire.4 

E- F- Winchester Fnnd Mngt. Ltd. 31. SL Andrew Square. Edinbureb 08I-8M 01SI JAretm. J Unftei_" 175.0 
old Jr we*. El'' HI-eoaiiRT Income Juno 15- ■ Pfi6f JSJJj • ■ I M? Exempt J use 21 — 1105 

•JrcM Wir.chc« , .cr |U 0 {961 I 674 t Accum Unite) — "8-51 "I ?S (Accra Unite!. 156.0 

CtWh^r reromti 0 2% I «» sL. JB '.J US SSSaM* ^ 


01-6064803 Do. Accam 
-°5J 6.44 is-j.n H 


OMbsMorriOSU 511DI 
78.71 ... 549 

1115 559 

885b — : 453 

' 825B .... 4Jfi 

UQ.1 456 

1294 ... 625 

1563 625 

332 7JB 

58 5 .... . 726 
57X . — 550 

732 .... 350 

5*2 2A6 

611 .._ ; 226 

52.7 3)99 

64.7 3.49 

73.9 ..... 865 

4584 635 ' 

<73 - 663 , 

623 ... . 5.44 1 

7*2 .... 5.49 . 

673 822 

J731 ..... 822 


Hambro Pacific Stand Mgnrt.' Ui. 
ailA. CmneaOX Centra. Bone. Sdoe .* 

SSE5«C2=»fc-«=i2.- 

Hambros (Gnernscy) Ltd J .' . 
Hambro Fnnd Mgrs. <CX) Ltd.- v 

P.O. So* SO. Guernsey Mg - il BI 

CE Fund JMOJO MU '. .Jj lUl 

lutnl.Bopd SUSJMBjBJ 8J8 

Wr^-B 

InL Svsa- ‘V SU^89 . 122) 239 

Priraa on Jnne XL Noxt doalhw -Dmo 28 
Henderson Baring Fund Mgrsj-Ltd. 
P.a Box N472S. Nassau. Bahansu *•'. 

Japan FtL JHSBW TSJM - J '— 

PrioM on Jnna 21. Next doaUngdate Juno 28. 

BOn-Sanmel A Cd (Caenisey) Ud. 

S LeFdm Sl_ Peter Port Guernsey .' CJ.- 
GuoroaarTsL.-; — .,1443 15*4, -12) 335 
BUa Samuel Overseas Fand &Al . 
87. Rue Notre-Dame. Laxanboarg - 

)53&7fi 2&jal-00g ~ 
Inte r natio n al Pacific lev.' Mngt Ltd. 
PO Box R337. 58x rttt Bt, Strdav. AIM . . * 
JawJa. Equity Tsi_ fSA2Jf7 220, . -r- . ' 

J.E.T. Managers Jersey) Ltd. 

PO Box 196. Royal TkC.-Bae- JOravOSMtMfif 
Jersey *ront1tateBfi3J) - 1710) 

Aa SS Her SL Next mb. dayJanaSoT 
jardine Flaming & Cn. Ud. 

Hook Kora 


XSB Uait Trart Managers ( CL ) Ltd -' 
BxqaCcBe Rd - St - Sovtoor .' Jeraej - - 08 M 73986 

%&::}&■ 

Price* on Jsao ZL NexLsnb. day Juma 28. 


Prices oo Juno ZL NexLsnb. day Jono 28. 

TtUreo FMiBc Hojdingr N . V . 

■Intfanlo Management Co. N.V- Ooftano. T ; • 
•NAV- perubote Xune S. 5QSSS5S 

TSdiyii Pacific JBOdgs . ( Seaboard ) N . V . 

lattcria Mana gement Cn S V, Curacao. 

. NAV per ahar* June 18. SCS40.74 • 

T^rtaU Gronp . ,- 

P-Q. Box 2SS8 HkbUMd 6, BU x a. fia.BOTM 

Orerao— iuneai— BOSUt 12S) -..J 600 

(AMmiLUnltx) fog LM • L« _ 

8-WayInL June 22 _pttS26B IS - ...J 



Victor Ronre. Darote latoaf Man. 0tt4 S41U. 

MS»*idJiiDe21_p29.4 nX/f-.... 4 _ 

Uttf J totfnL - BEognurt . ( CL ) Ud . - 


iCMulcratrattrooL SL.ReUer. Jomy. 

U. LB. Fund- — L^SSR* tOUM) .’ ., 826 


United States Trt. tout Adv. Co. 

14. Sue AUrivgtr. Lu xambomy 
US.Tst2ro.ftuL. ) SDSUUR , .—J 0.95 
- Not abet June aa - . 

S. G . WMbRtg A Co. U(L ' 



W tartwi g -Xmest.Hagt.jroy. Ltd. 1 

Jay. CT 033478741 


Mutual Blue Chip 
Mutual Hl«h Yld 


0272 3=241 
. ..J 850 


5 26 Netlonai and Commercial 


•jreni Winch«<ter |U 0 
Ol’Ainch'fr t ' | ’»ai[20 0 


: IfKVRUL UIDW'-n + 

622 Exempt June 21 — 110A 
tg (Accam Unitei .... 156.0 
J{4 bu. Earn Ju ne 21 .30.6 
La* (Accum. Unllai— (271.0 


— j ^nson & Dudley Tst. Mngmni. Lid. National Provident lav. Mngrs. Ltd.? 


— 20 Arlinslon SL SKI 


01-4997551 48 .Jrscechureh SC. EC3P3HH 


Enron Dudlrj T«. |67 5 72 6, .. | 3 80 N.PJ. Glh.Uo.T*t — 

Equitas Secs . Ltd . (ai i K) '- affremrorKra'I 

41 Bishnpscaic. ECT 0,308X0 I 'Accum Uniter*— ■ 

Procreaire ,65 0 H6t -0Z\ *15 1 

Equity & Law l ' n . Tr . M.v laKhNci National VFesta 

^'sr***. ’H94333T7 [SL Cbeapslde. EC 

F-quitj & Lj* Ml 67 2, -0 n) 433 Capitol I Accum 1 — 

Framiinston Unit Mgt. Ltd <ai 

S-7. Izciand Yard. EC LB 5DH oi.swajji Gbiwthlirr 

VaraMn.. . . 50 4 nu 1 no Income — DJ-' 

tAplUITsL .136.4 iSa »S Pnrtfobo Inv. FU. — 

Income Tst- . .. 10L8 lCHL2rt 715 fnlreraa, Ftttd*— - 

Fd - -?SS “US NKL Trust Mai 

Do Accum _ . D09-2 Utffl E44 ..... — - - . 


I 3 80 N.PJ. Glh.Un.Trt — \£'i - ] 1-S (Aecn^Cnllsi . -gg 9 1™ 

.Accum Uniter. —&?, ■■ -1 5g Scot lac Juoeai ..(3634 171 

.*:p[ ersess. Tnut PJJ ° 12 J- 3 ..J 2AQ VPtD Graa p 

'^sastfSS&ftU tteSSfia ji z? ' 

“ 0J| 415 'Mere on Jim 14. Nest deallns Jupo 28. g^fSTonreth 

(aifbXc) National Wes*minster?fai do. accu m-—- . 

9494 33377 isi .TKMBtlito. EC2V 6EU, 014RW SW0 ■ . Flnitocial 7*rtty 


Kiysrfex Unft, Jersey Ltd . - - • 

POBoxOS. SC.-Hfetler-, Juiauj. . iHng. 0 t-QUO 1 W87) ' 

Fonselcx [PnJAK U4B -13, 250 

Bondaelex mlu KS , — . — . . .p— ^ , 

sgssffiw- IS ii ::::: 5 ™ A ' t 

j^snGth-Fuad.- assn mi . . v- ffatM WMt Ciiw t ii Management^ 
Kcygolex J«p«i — JU9" OR .... : JOa Btmlroxrd SnyaL UixenMatrs. 

CenL Asset* C8p._. (EOJ-rt -”+0K -VI'-' PVH VTCC14B7- l_aIM _ 


: »»r v 9fortdw«e Cft S0514J7- f-ROR — 

NOTES ' -• 


1BL Cbeapslde. EQA’SEU. 01 -804 6000 


434 Do. Accum ^ 

BID Fflqh Inc. Priori^ 

rnuminziep VUlt .77 gt. Ltd. (31 IMS STJS -02J 55* Zotentadoaol .. 

5-7, Iceland YanL E9C4B 5UH oi. 3 ww:i GtSrthlro- — ^ 9 -0-6 527 Special Site. ..... -iau 

Unencnn— . 50 4 53.61 1 00 LnMlIlc -PJZ _?Z3 "24 rS TSB Unit TniSts (yl 

XSXiZt :„SK iM 1 nSSSRUXrB 

^ F<1 — JgSS Hfl NKL Trust Managers LUL? <»Kg) rhlT sBG«S?3 lllBs wa'5“ 4 ®5 Sj5 it* 

Du Accum - -5*95 U6.3 144 xujum Chart, ootte-fc&iner ■ ' | „ f* 1 Jbfff rtSSSCril-gi . M 1.5 

ZESJSSta'** Bg Ss« JSS« snsrjw^ Hdua-UK* [| 

ssssks* ^ m na tst i? 4 ^ ^ “ 

G.T. Unit Managers Lid.? Norwich Union Insurance Group (b) Ulster Bank? (ai 

svscs'“ |p~ ’ — - js w ssK£=rs. -« -srs 

EJte Arc. 972 1034 3^ Pearl Trast Managers Ltd. UKgMzl Unit Trnat Account & BSgmL Ud. 

HrrsuiJ i|?l 7.B OMHiChHolbiinLiraYrEH ni405M41 Kin( . WlllllimS| re4B9AR 0I«34*B1 

IT jjpanAllcn W.r fijj 1 Pearl Grinrtti Fd - gJ S3 -o!^ ISI Jg 

OGL Pen- Ev Fd 1334 1395 •••• is? Accum Lalte -. - g>* Mil -ort Fbd. BJJ . 3077 -03 4 39 

•iT.lariroafi 1200 S; " gwrfjp*,-? §7 36Jd -o| 5I0 ^ Ac ™“ P»* - 

G T. Four YrtsFrt U* 57 2 ^ ifZfc 1 1 [S' 7 47^ -SI \» Wirier Growth Fund 

G. & A. Trust laiigi Pelican Units Admin. Ltd. (gkxi Knu Wiiiiam st ecarsar 

f". FlayleiFh Rd Brrnruimd ren ji n * ] Bl Fountain St . Hanrtirelcr Income Unite . ,g9.1 «3 In 2 

'i.i.t 210 nld-lln cm _.B02 ».7I -VM SM Actum L site JD-B . 35.6, -0.^ 429 


*4.y -0J 621 

vsa -0.7 _ 
S3 -05 uos 
45.M -0.4 — 

15.3 -02 5.41 

19.C8 -0 2 - 

64.33 — 0A 823 
32.91 -02 292 

32^-02 525 



+ 2 
'■ + 1 
+ 2 ‘ 
1 + 025 


... J5.' ib> Do. Accum — , — [552. _ 39.0) -0.4, 3.94 


Plilun End. CHitIiIdc 
Friends Pruv v"li .MOB 
&». Accum | <2. 7 


60.7 at -0.2 7.63 

633 -02 7 63 

863-02 an 

53 -02 228 


OJVE INVESTMENTS T.I3HTED 
I Royal Exchange Ave^ London EC3V 3i,U. TeL:-01-2S3 U01. 
Index Guide as at 30th June, 1978 (Base 100 atldJ.77) 


t- J ?' 


Clive Fixed Interest Capital . 128^1 

Clive Fixed Interest Incotpe US.SO 


IG.T. Unit .Managers Ud.9 
18. Fliuhuo Curus EX231TDD 


F. T Cap Inc 
; Tm. Acc . 

GT Inc Fd Un 
i *i r i.'.r inn , 

l*>T Ji(un&l>n 
OGL Pent Ev Fd 
GT. 1st I Fund 
iiT. Four YrtsFrt 


U2323SZ31 
IBM -0 2) 547 


CORAL INDEX: CUtse 459455 


| G . & A . Trust UKXI 

'■. fla? l+iph Rd Brrnrwnqd 

'G.i.A P10 


w .mi a 


JJlri-ff4~S01 FdlC« Unite— .JWJ * n-0« 524 A+rumUalte. 


oi«a*4»l 
-aa 429 
-0.3 429 




INSURANCE BASE RATES 

.t Property 9V&. 

-_■* Vifibnig^GaarAiiteed ,..-..--*---—-.-:-.:. 9 % 

* Address ehciun under lomranre and Property RnmJ- Tah** 7 ' 


+ 1 

- - 8 JB 
.- 95* 


. v:-. 




.M 


4: 






40 



EXPORTERS - 


contact- s. D. k*> 

INTERNATIONAL FACTORS LTD 

Circus House, New England 
Brighton BN1 4SX Tel (0Z73I 608700 

Bi'minphan' Czrtiit*. Lends. 

Lcnevh. Manchester 


Financial Times Tuesday Jim© 27 . 197& 

FOOD,. GROCmCES-Cont 


FT SHARE INFORMATION SERVICE 




Britt { 


rJB-C- 


BONDS & BAILS— Cont. 


1 STR 

Sigh Lflw 


^BRITISH FINDS 

1 i. «l Yield 
£ [ - I In. 1 B«L 




.I rco'iiij Id'.'Pc’TJC 
la^Lr;.: 

mP3Mir> !*'■ Wt .... 
‘Tiu1*..ir. ?-;Pc ^[fc .. 

.’Ajpc 1 1 -FT .. 
Fur.n;n-. v,pc TfM't 
aiv Sl A....-...F '.-h-Txr !.> 'sant; 
!<]& «='■; lT.-v.vnr 1 

' lTr:.-> ur-rJ;i>- IfCMI 
[Triasur.-^pc 1981^-. 
&ch *>• ISflf 

=>h pijv IWl 

lEsASpeBM 

Tress V-manle SIS— 
EjcK IWn: 13*1!=. — 


indi 

87 \t 

111 

ijr» 

°i?V 

100 '. 


ni^!Trei»¥ : pc-9var;..„ 


ojV | Si;l 


iTreasura S|k 7G£ 

FTreiury KprVErt .._ 

Trea*. \ anghfe iC#_ 
Tre.u.uirSVl* E 

nij®- 1982. 

Eihffirci'acA — 
e.- eh. 9 -jpe UK 3 . . - — 


■■0 51 ! 10 52 
..*. J 3 a3 ! 6 54 
9 i 4 Ui. ! « 30 J 11.13 
07 % j-:. ' 976 | 21.05 
oH I 5 'b | 738 

a?tjjgjiis{ 

WRSi" 

■ ‘19 20 iSLU 

fl S3 < 315t 
10 0 E i 11 7b 
J4+ 812 

13.15 10.92 
12 C U75 
q 30 I 11 53 
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AMERICANS 


137! 

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Barnes Grp S6V 

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Bel': Steel a 
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EalonCrp S0.50 

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FiresioneTire IL— 

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Ford Motor SSL 

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BRACKEN HOUSE. HI. CANNON STREET, LONDON EC4P 4BY 
Tel*?x: Editorial 888341/2, 883837. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8800. 

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SUBSCRIPTIONS 

.. Lepics obtainable troni nev saaents and bookstalls worldwide or on recuiar subienpuon frotn 
Sn SutawriplujD Dopartmem, Financial Tmuis, London 


IK* 

High Low 


RANKS & HP— Continued 

I Price | + — 1 S K'ir^(V'! P.t 


CHEMICALS.. PLASTICS— Cont. ENGINEERING— Continued 


Stock 


^5 

81 

298 

445 

255 

92 

427 

591; 

556 

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172 

66 

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